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Jason14h · 02-06-2022, 09:15 AM

Can you walk into a store and purchase a TV in Canada with a handful of Euro? What about a handful of Rupees?

No - Currently you convert it to the currency of the country you are in. Now most is done electronically - You pay for the TV using your CC or debit card and your bank converts if issuing bank/card is in another currency

Currently there are crypto wallets with Mastercard or Visa issued debit cards so you can buy anything in real time using your crypto balance

You also can instantly convert to any Fiat currency and withdrawal cash if you wanted to walk into the stores.

There are also companies that allow any online cashier to accept crypto, to any online store can accept crypto directly. (The issue is this is still more costly then accepting CC's so more of a PR play then a cost play at this time)

The economic infrastructure for brick and mortar stores don't have a mechanism to directly accept crypto (yet) so companies are riding the Mastercard and visa rails as most people have no issue carrying a visa or Mastercard debit card around when they want to buy something with their crypto

Buying something in Canada with Crypto is no harder then buying something with any currency outside of the CAD - It gets converted to the currency you are purchasing in at time of sale

The point of holding a crypto currency (outside of just FOMO/Speculative) is believing that it is a better stored of value then a traditional currency. Why do people hold USD over other currencies? They believe the USD is a good stable long term store of value.

Well what happens when people stop believing in countries to manage to money supply ? What happens when it becomes cheaper to process payment without including the central bank or government mandated banking rails?

There are lots of problems with Crypto - It is still expensive to use, accept and create. It is still somewhat tricky (and pricey) to understand the ecosystem and buy, spend, convert, etc.

But every year we are seeing new technology and innovation further reduce these problems. 5 years ago it was very very hard to even buy a Bitcoin in Canada. Now I can purchase crypto in seconds using publically traded companies and spend anywhere Visa or Mastercard is accepted.

Its fine to think Bitcoin itself is garbage and will eventually be overtaken/go away. But just dismissing 'Crypto' is like dismissing the internet as a whole because pets.com didnt have a business model and was built on speculation.

Crypto does not equal Bitcoin.

02-06-2022, 09:15 AM	#1994
Jason14h Franchise Player Join Date: Oct 2005 Exp:	Can you walk into a store and purchase a TV in Canada with a handful of Euro? What about a handful of Rupees? No - Currently you convert it to the currency of the country you are in. Now most is done electronically - You pay for the TV using your CC or debit card and your bank converts if issuing bank/card is in another currency Currently there are crypto wallets with Mastercard or Visa issued debit cards so you can buy anything in real time using your crypto balance You also can instantly convert to any Fiat currency and withdrawal cash if you wanted to walk into the stores. There are also companies that allow any online cashier to accept crypto, to any online store can accept crypto directly. (The issue is this is still more costly then accepting CC's so more of a PR play then a cost play at this time) The economic infrastructure for brick and mortar stores don't have a mechanism to directly accept crypto (yet) so companies are riding the Mastercard and visa rails as most people have no issue carrying a visa or Mastercard debit card around when they want to buy something with their crypto Buying something in Canada with Crypto is no harder then buying something with any currency outside of the CAD - It gets converted to the currency you are purchasing in at time of sale The point of holding a crypto currency (outside of just FOMO/Speculative) is believing that it is a better stored of value then a traditional currency. Why do people hold USD over other currencies? They believe the USD is a good stable long term store of value. Well what happens when people stop believing in countries to manage to money supply ? What happens when it becomes cheaper to process payment without including the central bank or government mandated banking rails? There are lots of problems with Crypto - It is still expensive to use, accept and create. It is still somewhat tricky (and pricey) to understand the ecosystem and buy, spend, convert, etc. But every year we are seeing new technology and innovation further reduce these problems. 5 years ago it was very very hard to even buy a Bitcoin in Canada. Now I can purchase crypto in seconds using publically traded companies and spend anywhere Visa or Mastercard is accepted. Its fine to think Bitcoin itself is garbage and will eventually be overtaken/go away. But just dismissing 'Crypto' is like dismissing the internet as a whole because pets.com didnt have a business model and was built on speculation. Crypto does not equal Bitcoin. Last edited by Jason14h; 02-06-2022 at 09:22 AM.