Community Trust ScoreVerified
- Bitcoin is always too risky for Merchants
- Get Bitcoin (BTC) Facts Straight
- APMEX accepts Bitcoin as payment.
- El Salvador uses bitcoin as a medium of exchange. Coerced by law .
Peter Schiff shared: No one uses Bitcoin as a medium of exchange. When it’s up people won’t spend it as they don’t want to miss out on future gains. When it’s down people won’t spend it as they want to hold on until they get back to even. Merchants never want to accept it as it’s always too risky!
Community Response: No one uses gold as a medium of exchange. Merchants never want to accept it because it’s too cumbersome, expensive to store, and there’s always the risk of fraudulent gold-plated tungsten in the market (Bitcoin solves all these problems btw).
What do you mean? When we were on a gold standard everyone used gold as a medium of exchange. It’s the only lawful legal tender established by the U.S. Constitution. Soon many people and merchants will be regularly transiting in cryptocurrencies backed by gold.
But we aren’t on the gold standard and the dollar is being devalued every year. In times of high inflation and low.
What nonsense! If the dollar goes to zero, it’s even riskier to own Bitcoin (or any financial instrument pegged to fiat currency).
No need for attacking anyone; don’t allow your emotions to dilute your professional contributions.
I’m calling him out for his hypocrisy. If he’s going to attack Bitcoin to last 5-years he needs to at least get his facts straight.
Just like no one wanted to bank online at first, but fast forward and everyone does.
No. the Same thing. Some people don’t see what’s happening as soon as others. Happened with the light bulb, the automobile, the internet, the smartphone, social media, and now money.
Comparing apples and oranges.
Bitcoin: you can take it to your grave and it will just as worthless there.
Right—“just as worthless” as 38,000 dollars per coin.
Merchants do accept it. The largest online bullion business, APMEX accepts Bitcoin as payment. You should know better.
Bitcoin Incentivizes Savings. Fiat incentivizes spending. We will spend our fiat until they stop accepting it. PS volatility is necessary whenever something is going through a major repricing, but of course you already know that.
Volatility is not a characteristic of a store of value. You Bitcoiners can’t have it both ways. This is true. Volatility is a necessary characteristic of price discovery. You can’t go from pennies to 40k in a decade without it. If we go from 40k to the world reserve currency we will see even more. Eventually, it will stabilize, I can’t give you a time-frame.
The monetization process happens in stages. Bitcoin will become more of a widespread MoE once the purchasing power starts to level out, probably somewhere above $10 million per coin in today’s dollars.
El Salvador uses bitcoin as a medium of exchange. Coerced by law isn’t necessarily “adoption”.
Sounds like you attempting to divert the thread as a distraction. El Salvador does not willingly use bitcoin as a medium of exchange. Coerced adoption is not adoption. No country willingly uses Bitcoin BTC as a medium of exchange.
I have used Bitcoin as a medium of exchange for years. It just depends on what you want to buy.
People who say Bitcoin is the best money ever have never tried to buy anything with Bitcoin. It sucks. It’s expensive to use, every transaction costs you like 20 dollars and takes an hour or longer to complete. As a regular user, Bitcoin sucks as money.
