Quote from: twiifm on March 28, 2014, 05:18:41 AM

Quote from: MinorError on March 28, 2014, 02:21:13 AM

Quote from: twiifm on March 28, 2014, 01:53:07 AM

Its not even legal tender so the merchant would have to convert back to fiat anyways. If they need fiat to operate their business

The easiest way to do this is through a service similar to credit or debit cards. Isn't there some service for this already?

Its a pain to use bitcoins currency. No different if you work for dollars then instead of a checking account you buy gold. When you need dollars you sell that gold back to dollars to make purchases

Right but the goal of bitcoin is to be a global currency, not a commodity. It will never see widespread adoption if the consumer has to worry about tracking the price a BTC was bought for vs the price it is selling for when he goes to use said BTC in a transaction with a merchant. Imagine if every time you spent a dollar, you might be liable for capital gains tax because that dollar increased in value since you acquired it. It's not feasible.

I agree w you. If they designed it as a curency then people would use it as such. But they designed it like a commodity and so no wonder it attracts speculators. IRS has to treat is as commodity due to current laws. Even as currency it can only exchange amongst an internal group like funny money in strip clubs or poker chips in casinos. Even those money are backed by the issuer. Who is backing bitcoin? I think it near impossible to invent a currency to compete or supplant w fiat like USD. Especially one with a political agenda which most people disagree with. The designers didn't really consider the economic reason for Central Banks or elasticity of money.

I think Bitcoin can success even if it is not a global currency, it can success as a global commodity that you can keep without third party risk, you can exchange it easily and you buy quite a number of things with it

When you buy something with it you do have to consider capital gains in the states but not everybody lives in the states and I think it is not such a set back in a long term perspective