What about it? What is it priced in? What does a dozen eggs cost in gold? (I dare you to try to quantify the cost of a dozen eggs in gold without comparing it to fiat currency like USD.)
I know that bitcoin is accepted as currency by some retailers (Starbucks I think) If I go to Starbucks, is coffee priced in bitcoin or just a dollar equivalent? With the volatility how could you price an article in Bitcoin.
Not sure about Starbucks, but for sure NewEgg and Cheapair.com The product or service is priced in $ but during checkout is converted to btc and and is valid for a specific amount of time (i.e. 15 minutes) I recommend that you sign up for a Coinbase, Kraken, or Gemini account and purchase $500 worth of btc, and withdraw the btc to a bitcoin wallet on your phone, tablet or laptop Then head over to NewEgg and purchase something you need or go to Cheapair and stay at a hotel and pay with bitcoin You will get the full experience and it might surprise you. Come back here if you have any questions PS: There's a reason Pekelo has not mentioned bitcoin transaction fee costs for a long time as they have been very cheap the last few months, less than $1, and many times less than $50 cents, lol This means you can transfer $1,000 or $10,000 or $100,000 to someone in another country for less than $1 if you use bitcoin, but I digress
I ain't playing with monopoly crypto money. Why bother? Credit/debit cards work fine. Without the ridiculous volatility of shitcoin.... why invent and use fake btc invented out of thin air bs? Name a single advantage btc has over my Visa/MC. if it ain't broke don't fix it. Harrumph
Yeah there is unlimited printing with cryptos too and even more unlimited printing than fiat money. There are crypto's that have no limit in the maximum units of them that could be in existence and plus there is no limit in how many different types of cryptos that can be created. So with cryptos, you have: unlimited units of any of them that can be in existence X unlimited number of them that can be created = absolutely unlimited amount of cryptos or unlimited printing of cryptos. At least the number of countries in the world is finite or is much harder to create so the number of currencies of fiat money is finite unlike cryptos that can be easily created in as little as 5 minutes. So if unlimited printing of currency is your concern, crypto is not your solution.
That's what I suspected. Things are priced in US dollars and the retailer will convert to bitcoin for the transaction. Not unlike the Canadian dollar except things in Canada are priced in Canadian dollars. The problem I found converting Canadian dollars in the US is the exchange rate varies between retailers, even US banks. I wonder if the same thing goes on with bitcoin.
That's cuz gold is not an accepted tender for average grocery items like a dozen eggs anymore. If tomorrow all of the grocery store chains across America or the world start to accept gold for a dozen eggs like how they now accept bitcoin for a couple of coffee in some countries, then we would know how much a dozen eggs would cost in gold. It's an issue of will and choice.
IMO, thought mathematically (and logically) Bitcoin is more secure than Gold. Proof: Imagine a situation where suddenly many gold mines are discovered, maybe even on an asteroid, then there will be an oversupply of gold, and the price will plummet... That exact situation cannot happen with Bitcoin b/c of the mathematical mining algorithm of Bitcoin...
all it would take to tank BTC US and Eu government ban. Game over, BTC does not live in space, it needs hardware to run compare this with asteroid and redo the math on odds.