Post
Topic
Board Bitcoin Discussion
Topic OP
Who walks into with Walmart a gold coin to pay a cashier for the new TV?
by
the founder
on 11/04/2013, 13:10:56 UTC
Bitcoins are not a currency.... never have been.. never understood why it was marketed as such... it's more like Gold or Silver that is easily divisible. "give me 1/1000th of an ounce of gold" .

That's roughly how it's traded... it's not like a freaking fiat Dollar or Euro.

Right now it's not being traded though, it's being horded, which makes for bad currency but decent store of wealth.

Who walks into Walmart with a gold coin and tries to pay a cashier for the flat panel TV?

The Cashier knows it's worth about 1500 bucks
The Buyer knows it's worth about 1500 bucks.

But that transaction isn't going to happen in Walmart... That's roughly where we are with Bitcoin.

Stop marketing it as a currency,   it's not one.   It's a commodity like Gold or Silver.

If an individual business wants to accept Bitcoins,  it's roughly akin to putting a sign on the front door saying "we accept silver and gold" ... yes it's cool... but most people are not going to use that to buy something.. not with the said gold and silver increasing in value everyday.

Treat Bitcoins like Gold and Silver...  you'll gain a bigger market acceptance... and occasional trade..   just like gold and silver are today.