Yep, and nobody loses money. Everyone is getting rich, all you have to do is get in now!
Bitcoin breaks $200
- Thread starter schockergd
- Start date
Why do BTC fans get so upset when people ask basic, due diligence, fundamentals oriented questions?
They'd also have to be constantly cashing out in case of a price drop which defeats the purpose of converting your fiat currency.
Edit: Holy shit I agree with dchuk on something.
Not really, I understand how a transaction works. Bitcoins are supposed to be a currency, not a stock. Merchants want to transact in a stable currency.
Right now, my company accepts Paypal. Paypal could do all of it's transactions in "Paycoins" and as long as it was stable relative to USD, then I would continue to accept Paypal.
The second that "Paycoins" started fluctuating 10-20% over the course of a few hours, I would immediately stop accepted Paypal and only accept USD. It's too risky. I can't run a stable business if i'm not sure whether i'm profitable or losing money because I accept an unstable currency.
This is the kind of sheeple mentality which I despise. Having absolute conviction in something when you probably don't know any more than the next man.
It's not so much the real-time price of BTC that's the problem. Technology easily solves that, and loads of payment processors out there handle currency -> currency transactions in real-time already. Adding BTC into the list is far from difficult.
This will never be accepted as a currency though, or at least not in its current state. You're not going to see manufacturers sending invoices in BTC ever, because depending on industry, there could be a 30 - 90 day delay between sending the invoice and receiving payment. During then, the value of BTC could change 15000%.
This will never be accepted as a currency though, or at least not in its current state. You're not going to see manufacturers sending invoices in BTC ever, because depending on industry, there could be a 30 - 90 day delay between sending the invoice and receiving payment. During then, the value of BTC could change 15000%.
Why would anyone want to trade in bitcoins when the value is so unstable?
The seller has no risk if he can convert it instantly into BTC, the buyer is OK with paying for items at the current price BTC is at... same thing as selling it to an exchange, getting the cash, and using that cash to buy the very same item from the seller.
Why would a buyer pay in bitcoins when the value is skyrocketing?
Good question
Why would a seller accept bitcoins when the value could suddenly plummet?
It doesn't matter if they can convert it instantly into USD, which they can
The seller has no risk if he can convert it instantly into BTC, the buyer is OK with paying for items at the current price BTC is at... same thing as selling it to an exchange, getting the cash, and using that cash to buy the very same item from the seller.
Why would a buyer pay in bitcoins when the value is skyrocketing?
Good question
Why would a seller accept bitcoins when the value could suddenly plummet?
It doesn't matter if they can convert it instantly into USD, which they can
unfortunately, 'stabilization' of a currency usually requires some for of a 'central bank' which is the anathema to bitcoin
Major retailers may be hesitant to to accept bitcoin if the price fluctuates too much, but as the price keeps rising retailers have an incentive to accept it so this is not a concern for now.
Bitcoin worked well as a totally decentralized currency when it was very tiny but if the money supply approaches $10 billion or more, some form organization or centralization will probably occur. If 1000's of major retailers are accepting bitcoin and the price falls they are going to want someone to prop up the price or risk losing lots of money and stop using the coin leading to even more selling and a chain reaction.This is where centralization can help.
Still wish I could buy more things with bit coins. Snagged some domains awhile back and rolled some dice but that's it. I know of a cam site that takes them, and know there's a few btc to usd type services but it's depressing looking for places. No one I know with bitcoins uses them for anything on a regular basis except for arguments.
Sent from my phone paid for with bitcoins
Sent from my phone paid for with bitcoins
Because I already fucking answered it. And its been answered at least 3 times on wickedfire.
Merchants want to accept bitcoins because it saves them processing fees and prevents chargeback and fraud. They can use a payment processor and have no currency risk.
Buyers want to pay in bitcoins because goods are cheaper (when the merchant passes on a portion of their savings) and they get privacy from cc companies. They can buy bitcoins and pay instantly and have no currency risk. Or they can hold bitcoins, and replenish whenever they buy goods using them, and not care about missing out if their holdings go up in value.
Without fail someone will bring this up again in the next few days.
That maybe fine for one transaction and for transactions instantly done. But what about transactions related to work being outsourced that isn't being completed Instantly but over a course if a month. The price agreed today could be -99% to 1000% different. Also if your conducting hundreds of transactions a day you may not get time to convert it for a few days, which is fine if it keeps going up but not so good if it drops or crashes.
A merchant saving a 3% or so credit card transaction fee is kind of pointless if there's a risk of the value of the coins dropping 10%+ any given day (which is basically the flipside of the current boom in the pricing of the coins right now, so it's not outside the realm of possibility).
I wouldn't want to be running a SaaS where people sign up to it at a bitcoin price of say $200 and then when the next billing date comes around, bitcoins are valued at $100. I'd either have to charge them twice as much (which consumers aren't going to be cool with at all, variable automated pricing just isn't acceptable), or eat half the revenue.
Someone correct me if I'm wrong here, didn't get a lot of sleep last night...I think my logic is sound though.
you can pay rent
https://bitcointalk.org/index.php?topic=73712.0
from March 24, 2012.
This was a while ago. Have read about users buying cars and paying rent more and more with BTC.
http://mashable.com/2013/03/22/house-bitcoins/
The amount of bitcoins to send when paying the rent should be less than...let's say, 1 week ago. I mean, the amount of $US remains the same, but the price in bitcoins should be less.
To celebrate this union of opposing yet great minds, I'd like to order FOUR $5 hand jobs.
Send me a bitpaycoinbubblegoxdollar invoice please.
I think what they are trying to say is that you can have your prices in usd and then just convert it for every transaction.
Not that it would make sense to integrate anyways, people are clinging to their BTC now and when it comes down you won't have anyone to sell it to if you are a vendor.
wow
this is a powder keg ..wait until mom & pop retail gets in on this. $2000 is not out of the question
the list will be in the 100's of thousands with people from all corners of the globe, of all socioeconomic backgrounds wanting in
the bitcoin feeding frenzy have have just begun
Mt. Gox verification queue: 15500 : Bitcoin
this is a powder keg ..wait until mom & pop retail gets in on this. $2000 is not out of the question
the list will be in the 100's of thousands with people from all corners of the globe, of all socioeconomic backgrounds wanting in
the bitcoin feeding frenzy have have just begun
Mt. Gox verification queue: 15500 : Bitcoin