I LOLed when I read this but apparently it's true: http://www.zerohedge.com/news/2017-05-23/fidelity-mining-bitcoin-abigail-johnson-says
Question.... So if a vendor takes bitcoin, say Subway or Dominoes, .... and assume that the franchisee owner is not interested in the business of currency speculation, ...do they have to manually convert bitcoins to dollars at the end of the day, or is there a service they join that converts them instantly at the time of sale?
I honestly don't know but I'll speculate. They have an account at a broker like Coinbase where they receive the BTC payment, then manually convert to their home currency ASAP. Heck, places like Coinbase might do that automatically to support e-commerce denominated in BTC.
I was just wondering. Seems like there's a market niche for a start-up that brings ease of acceptance to the mom and pop operations, ...somehow or the other tying this into their existing point of sale devices. They could even have an option for "when to convert to $'s" if they were so inclined to speculate to the upside. There's hundreds of thousands of sole proprietor convenience stores out there. I mean, if this stuff is here to stay, which it appears it is... I see a multitude of opportunities for tech entrepreneurs. I wonder what Square is up to on this. I bet they're working on something. There's going to be big money in bringing ease of use to the masses. Not everybody's a tech geek. Most are lazy. And stupid. The easier it gets, the higher it'll go.
You can already buy things on Amazon with BTC through purse.io. They're a sort of match-maker between "hodlers" (BTC holders) and people with unused gift card dollars.
Most retailers converts it instantly. Times aren't always like this and they don't want to take chances. One big retailer Overstock keeps 1-2% in bitcoin because the CEO is a fan.
A virtual currency worth more than physical gold!!!!!! HAHAHAHAHAHAHHAHAH Hahahaha hahahaha Hahahaha Hahahaha Hahahaha HAHAHAHAHAHAHHAHAH
Bitcon - mania's come & go. Even tulips had a little intrinsic value. Mining bitcon, sounds like some gam that comes with a box of kids cereal along with a secret decoder ring.
You should be comparing total market cap. Bitcoin's total market cap (# of coins in existence * price) is nowhere near gold's total market cap (# of ounces of gold above ground * price). That is how some bitcoin analysts justify target prices > $100,000 a coin (to close the market cap gap).