Quote:
Originally Posted by MatthewKlein
Maybe you're the one to help me understand. So far to me bitcoin seems more fiat than standard dollars.
No one is compelled to take bitcoin as payment for a transaction. I cant buy gas or groceries with bitcoin. To spend a bitcoin legally I need to convert in into dollars.
Outside tax evasion, I don't understand the benefit.
Do you have an idea of what legal transactions are completed daily with bitcoin?
I can understand the desire to give the government a big middle finger, but I don't understand how this can stay viable long term. The government LOVES it's taxes.
thank you
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Until such time as wide adoption of Bitcoin happens (if it happens at all) it exists in a state of only really being useful as an investment tool as an asset class against dollars.
Peer to peer transactions take place on wallets all the time, but again like cash who knows what’s being transacted.
The problem with trading it is what may or may not happen with the dollar specifically. If the dollar inflates beyond reason, or the government and institutions start restricting what people can and can not do with dollars, then Bitcoins, uses cases broaden.
Guns are always a hot topic, but it’s a good example. There is already ample evidence that payment processors and banks are cutting down on legal purchases of guns and ammunition because of a political agenda. So what do you do if you’re a gun shop owner and now your livelihood is at risk? You can accept payment from a crypto currency like Bitcoin. Because it’s decentralized, there’s nobody that can say no to the transaction.