Hacker News Reader

It would be foolish for a business to enter into BTC-denominated contracts because that would expose them to a huge foreign exchange risk in return for nothing.

View on HN

So you're saying these people don't want to use BTC? If they used BTC exclusively for everything this wouldn't be an issue. Dollar denominated contracts only matter if all you have is dollars. By that I mean that if you buy 0.01 BTC today and hold them until the contract is completed then you face zero foreign exchange risk.

If you don't possess the BTC on the day you signed the contract then you basically created an option with a zero dollar strike price. You aren't truly using the currency the way helloworld1 and others imply.

If they used BTC exclusively they wouldn't have foreign currency exchange risk. Instead they would have alternating periods of hyperinflation and hyperdeflation, coupled with highly uncertain tax liabilities, because taxes are still paid with real money. So, not much better. And this is assuming that there are no technical limitations or prohibitive costs preventing the adoption of BTC as exclusive currency.

People don't "want" to use credit cards or PayPal, either.

They do so because it gets the job done.

You'll get really tired from all of these gymnastics trying to convince everyone already using cryptocurrency that nobody's using cryptocurrency.

Reply on news.ycombinator.com