> converted to fiat, and the fiat can be spent using a Visa Card
That's an accounting detail most people won't care about. Perception matters more than technicalities.
That's an accounting detail most people won't care about. Perception matters more than technicalities.
converting btc to fiat to pay your visa card bill at the end of the month would be one transaction per month.
that's a huge difference.
Given BTC volatility paying monthly could add a bunch of risk (or benefit) to purchases. I imagine most people would want something more stable for their purchasing.
No. A transaction can be denominated in BTC without touching the blockchain. And settled at the end of the month through the blockchain.
It will be game changer - one button in my bank online profile to hold bitcoins/other wallets all branded and protected by Visa. Coinbase needs to IPO yesterday to offload stock to the last person to turn the lights off.
Disclaimer: I am long V holder since $48/share.
"If the fair market value of property received in exchange for virtual currency exceeds the taxpayer’s adjusted basis of the virtual currency, the taxpayer has taxable gain. The taxpayer has a loss if the fair market value of the property received is less than the adjusted basis of the virtual currency."
The other way it might work is if the merchants price things in BTC. Like any other foreign currency, they take the USD from your account and pay the merchant in BTC at the current exchange rate.
Now it's the same exact routine through Coinbase. Upload my ID, wait for them to allow me to actually move amounts more than a kid's lunch money, wait for days on end to withdraw, etc etc.
And in the end some of these payments in both flows are handled by Visa. I'm missing the "wow" part of this deal.