Post
Topic
Board Economics
Re: New Hampshire bill to allow taxes to be paid in Bitcoin falls short
by
gentlemand
on 17/01/2020, 10:58:48 UTC
But unfortunately, people were given the option, decided they didn't want to bother using it. The Ohio people decided it was too expensive to maintain a system that no-one is using. And New Hampshire looked at their experience and decided not to bother either.

You see a similar story with ecommerce. A business enables bitcoin. No-one uses it, but it's a hassle to maintain the wallets or maintain the upgrades demanded by the payment processors. And when the costs exceed the benefits, it gets removed.

The biggest problem with bitcoin is the community. People talk about how lovely it would be to have this that and the other, but never actually support anything with use.

I get where they're coming from. It's stupid to keep a portal open that is totally ignored. But there is an element of if you build it, they will come.

However it's a bit like merchant adoption or its use as a currency, people got it the wrong way around. Those'll be the last elements to arrive, not the first. Merchant adoption probably peaked in 2014 and has been going gradually downhill ever since.

Before earning and spending becomes commonplace it needs to settle in the store of value phase. Right now it's still pure betting and it's understandable why people don't want to give up their bet for bread and butter stuff.

The tricky part is the actual demand may arrive someday with nothing in place to serve it as all of it was abandoned years ago