Using BTC to buy stuff

[cesfx]

There are better digital currencies for everyday use case. Cheaper tx, faster, stable...
But it would be pointless for small sales in my opinion.
Merchant would have to hedge somehow, until the system runs in fiat.
Those hedges would probably be some sort of immediate conversion back to base currency. Unless the merchant plans to hold crypto.

 

[wxytrader]

I thought that it was the original purpose of Bitcoin and it’s just morphed into a security.

It was at first but then it morphed into an asset class.

The people that run our banking infrastructure will not allow this to happen. It will take legislation to accomplish what you want. But that won't happen because our legislators are bought off by those same bankers. KYC rules are just the start. It will only get progressively worse.

They created the fed for a reason. There's a reason we went into Iraq. Saddam was going to switch to the euro for oil trade, and even in this the euro is attached to the hip to the dollar. Gaddafi wanted to create a bank of Africa, well, look what happened to him. Same with Russia. Only Russia has the ability to fight back.

I don't know how to go about lobbying, and politicking, and so on. I do know how to complain online, though. Anyway, in order for this to happen there would have to be a force capable of out spending or out muscling said bankers.

Once again American xenophobia... It's a big world out there and Bitcoin adoption will continue to grow with or without the US. This way of thinking just reinforces the importance of decentralization. The genie is out of the bottle and it ain't going back.

Anyway it's a moot point that Bitcoin will become the defacto currency...it's more likely to become the defacto store of value if not already, and countries will continue back their fiat/digital currencies with it.

 

[The_Krakenite]

To be fair, Bitcoin is only one out of many cryptos.

I'd much rather own DeFi than a coin that trades through it.

 

[wxytrader]

To be fair, Bitcoin is only one out of many cryptos.

I'd much rather own DeFi than a coin that trades through it.

Bitcoin will remain the king as long as there are crypto currencies...all these alt coins will come and go. The only reason 99% of them stick around is people are hoping they will get rich quick off them. At the end of the day it doesn't matter to bitcoin what coin becomes a currency as bitcoin has established itself THE digital asset. Whatever does become the currency will have billions in circulation and billions added every year with no supply cap. They will probably have controlled burns to manage inflation. The point being that for a digital currency to function, it would have to be useless to hodl.

 

[The_Krakenite]

You seem to have missed my point entirely.

I can only assume you are a BTC maxi?

 

[wxytrader]

You seem to have missed my point entirely.

I can only assume you are a BTC maxi?

No it's just common sense...people who figured that out are driving Lambos around, people who didn't are starting sour grapes topics about how bitcoin has failed as a currency.

 

[long]

I’m getting the feeling that I need to start buying spot BTC in an account that isn’t associated with me. Start from scratch.

 

[Frederick Foresight]

The only reason 99% of them stick around is people are hoping they will get rich quick off them.

Sounds like Bitcoin.

 

[wxytrader]

Sounds like Bitcoin.

Bitcoin is used for equity loans and as a store of value. It also has billions invested in it from huge hedge funds and multiple ETFs. I don't understand your comparison..

Just face it you missed the boat. Anyone who gets a Bitcoin Lambo at this point can probably afford a Lambo anyway.

Lambo = 350k minimum so if you buy 1 btc and wait for x10 minus cap gains plus luxury tax you'd probably get one.

 

[The_Krakenite]

No it's just common sense...people who figured that out are driving Lambos around-

Alright old wise one. Where is your Lambo?