Posted on 02/19/2021 11:29:47 AM PST by bkopto
Credit cards are allowing that because the transaction rates are so tiny. It’s a novelty to be hip, cool.
Just wait until a town, state, or city decides to issue a bond to buy bitcoins. One company is doing just that. Seems a little 1920s.
All novelty acceptance to be hip and cool.
What is the maximum theoretical rate for Bitcoin transactions per day? Research that.
The hip and coolness will wear off when the accounting departments have to do their taxes next year and have an enormous number of capital gains transactions to post.
” But also to be clear, none of the companies have independently confirmed they are accepting cryptocurrency. “
Starbucks, one capital gains entry on their tax form per cup of Bitcoin Joe sold. ROFLOL!
I’m not talking about the scalability to completely replace all other currencies across global markets. I was addressing your claim that you can’t just walk into retailers and make purchases with it. That isn’t the case. At least, not entirely. Cryptocurrencies are showing significant upticks in retail market acceptance through a number of avenues like apps and services that bridge the divide between the retailer’s aging point of sale system and the new cryptocurrencies.
But now that you mention it, scaling beyond a certain point really isn’t that important since you have credit systems functioning as buffers. There aren’t 4,000 individual US Dollar transactions happening at Starbucks each day. What’s happening are 3,990 credit transfer transactions between the cardholder issuing bank, the payment processor, and the merchant’s acquiring bank. Those credit transfers can be denominated in US dollars, bitcoins, Japanese yen, or in Xanxabarian mud shoes. What actually needs to hit the blockchain in that case are periodic settlements between the buffers. So 4,000 transactions at Starbucks, times 15,000 Starbucks locations becomes 100 bank-to-bank blockchain transactions instead of 60 million individual transactions.
This is how the larger economic financial system operates these days.
I have yet to see a security. I have yet to see a debt obligation.
When I buy my groceries, I use a credit card. The store gets nothing they can see. What they get is a promise that somebody will pay them. I haven’t seen a promise before. When I bought my car, I didn’t hand over a dime. Phone calls were made and money was transferred from a bank. I’ve never seen a money transfer. Just a bunch of electrons inside wires, really. An entry in a database that says the car dealership has money.
Gee, that sounds familiar. How’s Bitcoin work again?
That’s a complete FAIL when the value of Bitcoin is so unstable. Processing payments like that are only possible because the US dollar is not wildly gyrating like Bitcoin or other coins.
I don’t think you have thought out your batching idea very well. What is the point of sale terminal accepting from the customer? A credit card transaction? What gets sent to the CC merchant gateway as the amount?
Thank you!
Here’s a search engine for finding products; https://spendabit.co/
Here’s another; https://bitcoinwide.com/
List of places the take Bitcoin; https://cryptomaniaks.com/latest-cryptocurrency-news/where-can-i-spend-bitcoin
Microsoft and Overstock.com accept them.
It’s also an investment and it’s only one of many hundreds of cryptocurrencies.
Due to the lockdowns, a lot of people must have got into it because some have gained in value by 500% in 2020.
There are also stablecoins that are tied to fiat currency like USD.
Saw a thread here recently on something Andrew Torba of GAB wrote and he mentioned getting into Bitcoin. I just decided to at least find out what cryptocurrency is and have been reading about it most of the day.
When Beck had his show on fox he had an analogy. 1oz gold in late 1800s was $20. It would buy you a really nice suit. That same 1oz of gold today would still buy you a really nice suit. What will $20 get you for a suit? Trust the almighty dollar. aka Trust the government.
What's that?
It’s all done by people with large climate controlled rooms full of single purpose computers these days.
Same thing as most fiat currency in the world is. Bits of electronic data. They don't have to print USD like they used to. They just create money like a Dominion Voting Machine. We're mostly a cashless society aka data money. Insert, Swipe, Tap. PIN
Well if they can just ‘poof’ create it, then they don’t need to steal it from me anymore, right?
Thank you!
Cool.
A life-like statue of Hugh Hefner.
How much did that cost?
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