Post
Topic
Board Economics
Re: Paper bitcoins. Is it worth it?
by
deisik
on 12/12/2016, 17:40:32 UTC
Well let's think about this issue again. I beg you pardon but I still believe this is going to be an issue. Let's assume I have deposited 12 coins and have gotten 100 bitnotes 0.1BTC each. Let's assume 0.1BTC is valued $10 fictitiously. Now let's assume we need to pay for our dinner which costs $27.99. On top of that let's assume that the Bitcoin price will be fluctuating like it is now and the price constantly changes every other couple of minutes or so. We don't have to tip the waiter and want to pay the exact sum it's on our tab. How would we manage to assemble the exact same amount with our bitnotes without going short or paying more? Mind you the Bitcoin price is changing as we are talking to the waiter and fiddling with our bitnotes.

I'm curious if you know why there are such prices at all (like $X.99)?

Other than that, I don't think that you would want to pay for a dinner with bitcoins (unless you have a "dinner" for a few thousand dollars, of course). Bitcoin is "officially" considered as digital gold (at least, in this thread), but you won't be able to pay for such a dinner with either physical or paper gold (gold certificates). As I have shown earlier with a Woodrow Wilson 100,000 dollar certificate, gold certificates were used for transferring pretty large amounts of wealth. I don't think it will be much different with Bitcoin. Indeed, you might claim that you could just as easily make the transaction online (and by far safer at that), but cash is cash, and people love cash (especially those folks who are not quite law-abiding citizens)