"Stupid" because those who are already converted to the concept may think so
and becasue I have not read the million explanations there might be already out there
Somebody in this forum said "Crypto currencies are akin to a regulated ponzi scheme...
Keeping that aside and also all the hype aside, would it be fair to say that
"Unless enough people and business around the globe use these crypto currencies this has no meaning?
I will try and explain that with an example,
Lets say I am a restaurant and in a a spot where there is lot of international business so place like Singapore/ HK. London etc so I am used to accepting payment in various currencies but my base currency is XYZ of the country I am based in and my input costs are in same XYZ currency
Now If I have to start "accepting" bitcoin payments, and lets say 10% of my turnover is in Crypto... now when I wish to "Use" that amount in REAL life for my input cost/ distribution of profits etc UNLESS somebody else is prepared to convert to the XYZ currency that "Crypto balance" I have accumulated is useless!
You may say as counter argument that
"there are exchanges who would give you real life currency , dont worry it woudl be easy to convert"
Does this answer it self not imply that unless somebody else is there or alternatively everybody is a convert this is literally useless.
Another point, Bitcoin is one crypto currency what happens when another 2/3 start colonizing! are we not in same situation as now ie EUR/USD Yen etc
AT big business level lets say British airways wishes to pay Boeing in Bitcoins, unless the suppliers to Boeing accept Bitcoins what good is this?
So why bother! it all cryptic
and becasue I have not read the million explanations there might be already out there
Somebody in this forum said "Crypto currencies are akin to a regulated ponzi scheme...
Keeping that aside and also all the hype aside, would it be fair to say that
"Unless enough people and business around the globe use these crypto currencies this has no meaning?
I will try and explain that with an example,
Lets say I am a restaurant and in a a spot where there is lot of international business so place like Singapore/ HK. London etc so I am used to accepting payment in various currencies but my base currency is XYZ of the country I am based in and my input costs are in same XYZ currency
Now If I have to start "accepting" bitcoin payments, and lets say 10% of my turnover is in Crypto... now when I wish to "Use" that amount in REAL life for my input cost/ distribution of profits etc UNLESS somebody else is prepared to convert to the XYZ currency that "Crypto balance" I have accumulated is useless!
You may say as counter argument that
"there are exchanges who would give you real life currency , dont worry it woudl be easy to convert"
Does this answer it self not imply that unless somebody else is there or alternatively everybody is a convert this is literally useless.
Another point, Bitcoin is one crypto currency what happens when another 2/3 start colonizing! are we not in same situation as now ie EUR/USD Yen etc
AT big business level lets say British airways wishes to pay Boeing in Bitcoins, unless the suppliers to Boeing accept Bitcoins what good is this?
So why bother! it all cryptic
