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The Greatest Bitcoin Explanation of ALL TIME (in Under 10 Minutes)
Posted on 12/16/23 at 12:28 pm
Posted on 12/16/23 at 12:28 pm
2 months ago: The Greatest Bitcoin Explanation of ALL TIME (in Under 10 Minutes)
LINK ]
LINK ]
This post was edited on 12/16/23 at 12:33 pm
2
Posted on 12/16/23 at 12:34 pm to tigerpawl
Does this count as an explanation of BTC when he doesn’t ever explain how public ledgers work? 
Posted on 12/17/23 at 6:26 pm to tigerpawl
If you had a business, would you accept bitcoin as payment for your goods or service?
Posted on 12/17/23 at 7:14 pm to SlidellCajun
quote:
you had a business, would you accept bitcoin as payment for your goods or service?
Would be a waste of time since Bitcoin is useless as a currency. It is limited to 7 transactions a second.
Soon some Bitcoin enthusiasts will tell you that is solved by an L2 like lightning, which is funny. Since one it is such a giant piece of shite that no one trusts to use it all and two it goes against evening that they tout is great about Bitcoin. Decentralized and trustless. Lightning is neither, but not even Bitcoin enthusiasts will use it since it doesn't work reliably at all.
The narrative has moved to more like digital gold at this point.
Posted on 12/17/23 at 8:04 pm to SlidellCajun
When people pay me on Facebook marketplace, I ask for bitcoin 1st.
Posted on 12/18/23 at 9:41 am to 21JumpStreet
quote:
When people pay me on Facebook marketplace, I ask for bitcoin 1st.
That’s your prerogative but it’s not a stable form of currency as you probably know.
You could sell something for $100 and by the time you convert the bitcoin to USD (as everyone does), it could easily have lost 5% or more just because of its volatility. That is a business risk to take.
When it comes to business transactions, there is not more stable currency than the USD.
Posted on 12/18/23 at 10:26 am to SlidellCajun
quote:There is not a single person on this site that would disagree with your statement, including all bitcoin maxis.
When it comes to business transactions, there is not more stable currency than the USD.
Posted on 12/18/23 at 10:26 am to SlidellCajun
Ok, if I had a business. I would accept bitcoin as payment.
Posted on 12/18/23 at 12:32 pm to 21JumpStreet
quote:
Ok, if I had a business. I would accept bitcoin as payment.
Is there any particular reason why considering the higher than usual risk ?
Posted on 12/18/23 at 12:59 pm to SlidellCajun
Obviously depends on the health of the business and how much cash flow covers expenses. As a business owner, I'd hold in cash what is needed to cover expenses. The reason is as you stated - USD is king currently. All excess I'd keep in bitcoin as my treasury.
Posted on 12/18/23 at 1:27 pm to SlidellCajun
Because I could store it or convert it, depending on the health of my business. I'd be willing to take the risk/reward.
If that's the only form of payment my customer can pay in, I'm not turning them away.
If that's the only form of payment my customer can pay in, I'm not turning them away.
This post was edited on 12/18/23 at 1:37 pm
Posted on 12/18/23 at 4:34 pm to 21JumpStreet
quote:
Because I could store it or convert it, depending on the health of my business. I'd be willing to take the risk/reward. If that's the only form of payment my customer can pay in, I'm not turning them away.
The first part really doesn’t make sense. Your business need to buy goods, pay employees, overhead… and bitcoin isn’t usually going to be accepted.
“Storing” bitcoin is an unusually business practice but maybe you could pay yourself with bitcoin as the business owner.
That could make sense as long as you don’t need it to pay for your sustenance.
If you have a customer that says they can only pay you in bitcoin, it’d be a business decision but I would question why that’s the case. Bitcoin is almost always convertible to the USD afterall.
I find it interesting that when people cash in on their bitcoin, it’s generally the USD… seems counterintuitive.
Posted on 12/18/23 at 5:51 pm to SlidellCajun
Yep, it's definitely too early to be used as a medium of exchange but with time it will get less and less volatile
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