That's called going through a re-seller. Of course, they also make sure to get a cut.
Still just about anyone not doing business below the table is going to prefer USD, or some other state-backed currency.
97 karma · joined February 25, 2013
Still just about anyone not doing business below the table is going to prefer USD, or some other state-backed currency.
100% true, at least for vendors, since they'll be waiting for confirmations. Otherwise they're facing double-spend scams and things like that. Fear, uncertainty, and doubt aren't bullshit, but it's cute that you deflect a real argument with an acronym.
There won't be a time where any intelligent person would have all their holdings in Bitcoin, because it is nothing more than a proposal that got out of hand. The guy who came up with it even said it'd be stupid for someone to use it like a real currency. Furthermore there will still be transaction fees, since those are what's planned to support the network operators after coins are mined.
Regarding chargebacks, having a currency forbid them is not the appropriate answer to fraud that involves them. No consumer would have any faith in the system without some basic protection in case their stuff gets stolen. For all the problems caused by banks, it sure is nice to have someone who is regulated provide some kind of security in case I lose my wallet.
So there you have it. Bitcoins are bad for merchants, as well as consumers.
Edit: I love the quip about how a bad merchant's reputation will suffer. That doesn't work. If you want proof, just look at the bitcoin talk forums. Tons of scammers. If they get a scammer tag, they just come back under a different name. Reputations may matter face to face, but they're worthless here.
No one wants to buy anything with bitcon, and no one wants to go through the trouble of selling anything with bitcoin.