There’s a monkey jpeg restaurant that accepted crypto but stopped because nobody actually paid with it lol. They interviewed some of the patrons and they were like, why would we pay with something that could go up in value?
The story blew up so I think they started accepting it again tho since it was so ridiculous.
I think the majority of people who actually buy or sell things in crypto are probably just people who can't or don't want to use credit cards and they buy/sell the crypto shortly after the transaction.
That use case makes sense
I know a lot of the retail services that allow you to accept bitcoin just instantly convert it to cash at the time of purchase and charge you a fee.
If that’s the case then it seems like it makes more sense to not accept the bitcoin and just accept cash
What’s the incentive for accepting bitcoin?
You can keep it.
Are you saying you dodge your taxes with crypto?
That’s not what I’m saying. If you run a business you report it as cash equivalent, but use the bitcoin as a savings asset.
Oh I thought something automatically converted the bitcoin to cash.
Yeah, if your goal is to accumulate bitcoin it makes sense to take payments in bitcoin.
I’m not sure exactly how it works, but I presume they accept the bitcoin on their wallet and then transfer the cash to your bank account. I don’t think most businesses want the volatility and uncertainty, esp since you can’t play suppliers with bitcoin.
Yeah. The part that you keep in bitcoin would not be able to be part of your operating budget.
Some people will only pay/pay more in bitcoin, so it makes sense to offer them the option.
Also true
There are a lot of evangelists too, but I doubt businesses that accept it see many bitcoin transactions. Even in El Salvador, only about 10% of businesses have ever had a single bitcoin transaction.
Ironically the evangelists are probably part of what makes it such a bad currency. Treating it like a stock and constantly shilling/over-hyping it makes it's price fluctuate wildly, which makes it bad for businesses and individuals looking to use it as a currency. But since the hype drives up demand for it as an investment, the price gets big spikes now and then (which nosedive once people start cashing out lol).
This then becomes a cycle where most of the market wants bitcoin so they can later trade it for more $ than they bought it for, while its actual use as a currency is limited due to the volatility.
A monkey jpeg restaurant?
But yeah. Exactly. Why pay with something that could go up in value.
I truly don’t understand the overarching vision bitcoiners have and any time I try to ask questions about it here I just get yelled at.
They don’t have vision, just a tribe, and Bitcoin is their flag.
I understand the pain. Everyone hates how the dollar is manipulated nonstop and wants a viable alternative.
Unfortunately, trying to meme bitcoin into viability is about as good as meming Donald Trump into the White House and expecting that to fix the nation.
Yeah, that was the BAYC burger place in LA. Who the hell would go there?
To LA, or that particular restaurant? lol
It's hard to give a bite-sized one liner. If you're truly interested, I'd recommend an article like this: https://vijayboyapati.medium.com/the-bullish-case-for-bitcoin-6ecc8bdecc1
Thank you
