Quote:
Originally Posted by Jason14h
You are correct that the infrastructure is no where close to supporting accepting a crypto currency at a POS
But I can easily transfer Bitcoin to someone relatively instantly and they can withdraw as cash at the corner store to get cash in their local currency.
Big deal right . Just use your bank card! But most people are approaching this from a Western Europe/NA standpoint with relatively mature banking systems, stable currencies with liquidity, and trust.
Bitcoin is just a store of value . You can trade it as a commodity, or protect against holding a traditional currency, or use as a transfer of value.
In NA I agree it’s a speculative buy or something for fun - excluding illegal
Activity
In a lot of countries it is an alternative to holding cash/local
Currencies.
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I outsource a lot of work to Macedonia, India, and the Philippines...those guys want to get paid in Bitcoin
There are a few tech companies that accept bitcoin like cash...Microsoft, newegg, some web hosts. But yeah normally you need to pull money out via online banking or an ATM (which I'm sure has massive fees)
This idea that its hard to cash out bitcoin is FALSE though...you can convert to cash at anytime