What are the pros and cons of moving all your monies into BTC and using a BTC debit card?
What are the pros and cons of moving all your monies into BTC and using a BTC debit card?
Justin Garcia
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Adam Russell
Society will have a more conclusive way of knowing that you have Asperger's
Landon Hughes
I'm being serious here user.
Asher Jones
Pros: ???
Cons:
No buyer protection
No insurance for loss of money
Not anonymous - mixers aren't enough and transactions can be traced back to you
Your holdings are volatile
Alexander Cook
One pro would be that BTC will go up slightly if he puts all his money into BTC.
Kevin Diaz
>Op puts in all his 5 dollas
>btc goes up 1000%
yea sure
Logan Lewis
I don't get it. If Bitcoin is supposed to replaced FIAT currency, thereby making FIAT unvalued, then why is its worth based on FIAT currency?
If Bitcoin succeeds in replacing FIAT, then it shouldn't have any value. No?
Tyler Clark
Bitcoin is currently a commodity, not a currency.
Anthony Watson
It won't replace FIAT.
Part of the problem is adoption and acceptance. People will tell you that plenty of merchants accept bitcoin, but what they fail to tell you is that they used a payment processor to immediately exchange that BTC into USD and will charge you the current exchange. The reality is, no business actually works strictly with BTC on its own (i.e not using BTC/USD exchange rates as a guide) except for a few fringe cases.
Hell, I'd let you come to my store and pay in skittles as long as I had a payment processing company that would immediately let me exchange it for USD.
Austin Morales
>Cons:
>No buyer protection
>No insurance for loss of money
>Not anonymous - mixers aren't enough and transactions can be traced back to you
>Your holdings are volatile
Actually you can get visa bitcoin cards and they have all of the protections of a normal visa debit card.
Alexander Sullivan
The cons at the moment are the volatile price and the uncertainty of bitcoins future ,Im getting more confident in bitcoins future as time goes on as its now 8 years old and the Bitcoin protocol appears to be airtight ,and the network strong,I think it's high risk to go all in but i'm increasing my Bitcoin purchases as I'm getting more confident that Bitcoin is here to stay and that it's going to rocket in price when the time is right and all the pieces are put into place.
Scaling is being worked on,anonymity is being worked on (tumblebit) ,it's just not ready for mass adoption yet.
Samuel Miller
The future looks bright user-kun~
Dylan Smith
Even though there isn't any fees attached. Steam and Overstock are prime examples.
Shit I can exchange my BTC for 15% off Amazon purchases.
Where are these "fees" again?
Grayson Sanders
I put more than $5 in, trust me.
Already went ahead and got ma debit card too.
Luis Gonzalez
Like I said, merchants accept bitcoin, but immediately convert to USD. Steam and Overstock are prime examples of merchants who do this.
Luke Hill
> immediately convert to USD
Highly improbable.
I use to accept BTC for sales. I'd hold onto it due to the constant up and downs. It was best for me to hold 18% of my BTC sales than cash them directly into USD @ 3%, when the other 82% of my sales were USD. Especially if I just held BTC for a few weeks, I'd surly be able to cover that 3% fee.
Which is why I didn't charge extra for BTC, I actually loved it when people paid with BTC. Same reason Microsoft, Steam, and Overstock don't require a fee as well. You gotta bet these multi-million dollar companies are trading BTC on the market.
Carter Jackson
well no. The advantage BTC offers is it is indefeasible, unlike credit cards or even banks. Once its it sent you have it, you have it. This takes out a whole overhead of risk that s real costs when dealing with fake credit card transaction or stolen credit cards.
Andrew Lewis
Valve uses Bitpay and that's exactly what they offer. They get a much lower fee for receiving BTC as USD than they do accepting credit cards even.
Lincoln Morgan
The problem is, you're taking the power away from consumers (the overwhelming majority of parties) and handing it over to the corporations. Chargebacks are a real big issue for business, but don't expect consumers to hand over what power they have unless business gives them a real incentive to do so, which will never happen.
Julian Turner
They all use Bitpay?
Isaac Anderson
No clue.
help.overstock.com
Overstock issues refunds in USD value, then converted to Bitcoin, which indicates that they hold no BTC. They simply exchange to and from USD as needed, as I've said.
I understand that a small business owner such as yourself might hang on to BTC to play with, but big businesses certainly do not, it doesn't make sense to do so with such a volatile commodity
Kayden Edwards
Makes sense user.
Landon Hughes
BTC is stupid coin for stupid people!
Waves the best shitty the rest.
Microsoft Apple Wallstreet all use Waves now
Jason Martinez
what the hell is BTC?
Black Thick Cock?
Grayson Jones
Mixers are fine. Yes, you can figure out that your money has been mixed but you can't trace it back unless your mixer is total shit.
Carter Cooper
Don't forget NASDAK
Gavin Evans
bitcoin
Aiden Hill
>Once its it sent you have it, you have it.
not exactly true you can lose btc you had any time like you never had it. the funny thing about blockchain technology is the guy with the sufficiently high computing power can simply rewrite history and there is not a single thing you can do about it.
John Bennett
Explain
Owen Turner
bitcoin protocol calls for the longest blockchain to be valid
if you take a previous link in the chain before a transaction you want to undo and produce a chain longer than the "current one" it suddenly becomes the only thing that ever happened as far as bitcoin clients are concerned. only you never processed the transactions you didn't like or maybe processed a colliding transaction a double spend first that was posted at a later time thus fucking over an user (or a million) very big time.
Elijah Reed
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