Quote:
Originally Posted by opendoor
And of course you can't actually directly buy things with Bitcoin at Whole Foods. You have to sign up for a custodial wallet with Spedn, deposit funds there (but not too much, since you can't withdraw money and these companies seem to become insolvent with regularity), and then the transaction is funneled through Spedn's payment system (because a blockchain transaction would take too long to be practical) where the vendor immediately receives fiat money.
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Plus before you even pull off the transaction you’ve lost 6% on a currency conversion spread. Then you’ve lost another couple percent in slippage. Then there’s a transaction fee…