BITCOIN

Scottex99

 I’d be grateful for some enlightenment then.

  It can’t be used as an alternative for cash in anything other than a handful of places
  It’s a poor store of wealth when it’s value rise and falls so dramatically
  I don’t think (and here I am ignorant) that you can secure a reliable / re-occurring income from it

 So what is it doing 24/7?  If the answer is ‘provide an alternative to FIAT’ then I’d suggest that if any major currency went that far south, we’d have far more important societal problems to worry about than getting hold of some BTC.

I’ll have a go, did one google search - https://www.nerdwallet.com/uk/business/companies-that-accept-bitcoin/

that handful of places will grow in time and ironically it’ll get harder to spend actual cash too I think. Some places already card only. Although both fiat ofc.

its a good store of value against any fiat since its inception and will continue to be so imo.

you can lend out your coins and get yield, if you are willing to assume some counterparty risk. Can be very risky in a black swan and bear market as seen with FTX/Celsius/BlockFi etc ñ.

Agreed that if fiat goes to 0 tomorrow, there will be bigger problems than the “savior” BTC but it doesn’t have to be that extreme.

What it’s doing 24/7 is existing, in a secured immutable transparent way. I can send some anywhere I like at any second of any day, nobody can stop me.

Fiat is not going anywhere any time soon but the history of all fiats follows the same pattern each time and the money printing and debt is so obviously not sustainable. That’s why crypto is worth consideration in my book.

Do I want it to bring down the banking system? No.
Do I think I’ll make money holding it this year? Yes.

I’ll also largely be trading the profits I make back into fiat to put into savings/stocks/property whatever, not everyone that believes in Bitcoin automatically thinks that “dirty fiat” has no use case 

Qyburn

Scottex99 said:

I’ll have a go, did one google search - https://www.nerdwallet.com/uk/business/companies-that-accept-bitcoin/

that handful of places will grow in time and ironically it’ll get harder to spend actual cash too I think. Some places already card only. Although both fiat ofc.

How many actually set their prices in Bitcoin? As opposed to a more or less fixed price in GBP but accepting payment in Bitcoin at whatever exchange rate is in force at that moment.

Scottex99

True, good point.

Some places will set it in sats and use the lightning network, coffee shops etc.

but I imagine most revert back to fiat pricing, still a method of payment though.

If I wanted to buy a car with my BTC today (I don’t), I’m sure I could find a way 

flaneurs_lobster

Scottex99 said:

If I wanted to buy a car with my BTC today (I don’t), I’m sure I could find a way 

Buy a car from a private seller? Maybe.

Buy a car from a commercial car retailer that was able to accept BTC and credit same to it's company accounts?

I'd suggest that you would struggle.

Scottex99

Yes, not denying that, it wouldn't be easy.

But in time, if there is more crypto adoption (or BTC has a huge pump in value) the there will be more every day.

My company has a client that rent supercars, they came to us because their potential clients were coming to them asking about BTC/ETH/USDT etc

If the demand is there it will happen

noitsnotme

flaneurs_lobster said:

Scottex99 said:

If I wanted to buy a car with my BTC today (I don’t), I’m sure I could find a way 

Buy a car from a private seller? Maybe.

Buy a car from a commercial car retailer that was able to accept BTC and credit same to it's company accounts?

I'd suggest that you would struggle.

There are add ons to Xero Accounting Software that allow businesses to track crypto payments in their company/business accounts.  I use Xero and would happily accept crypto but my customer base are not typical crypto users.

gravel_2

Another thing holding this kind of development back is the HODL philosophy... BTC hardcore don't actually want to use BTC as currency (right now), as that means holding less BTC. You don't want to be that guy who famously bought a pizza with 10k BTC or one of the thousands who spent millions in today's money on Silk Road.

This is also why platforms like Celsius and Nexo exist. People with large holdings would rather securitise their crypto, take tax-free cashflow in fiat and release their holdings later for the cost of interest payments (paid in fiat). Functionally BTC acts more like a fine art collection or property portfolio than currency in that market, and such market is geared only to those with significant holdings.

flaneurs_lobster

Scottex99 said:

My company has a client that rent supercars, they came to us because their potential clients were coming to them asking about BTC/ETH/USDT etc

If the demand is there it will happen

Does your company accept payment in BTC?

HHarry

Scott,

 Thanks for taking the time to reply.  It’s one of the rare positive posts that doesn’t revert to name calling stereo-types, shout ‘to the moon’, cites uncheckable facts and didn’t introduce a strawman argument.

 I don’t agree with everything (store of value) but learnt that a yield is possible.

 Have a good day!

MeteredOut

Cus said:

Boomers - i'm sorted, milked the established system, don't like the idea that someone younger knows better about investing, let's mock the whole thing/ don't actually understand it.

Millennials - the economic world has screwed us, bitcoin is the future, and will revolutionise finance, and get one over on the boomers, fiat is going to blow, and I've got no other option but to go all in on crypto.

Gen x (me) - maybe I should punt a few grand on it, but don't get too serious.

It's incredible that people born 1 day apart will have such a completely different outlook on things. Do you believe in astrology too?

Or, more likely, generalisations based on date of birth are a crock of the proverbial.