Why would they be priced in BTC when USD is their unit of account? How is that a fail for Bitcoin?
Discussion
Customers have to do the conversion in their head when they look at the prices on the menu? I guess?
Also prices in BTC won't be stable?
They won't be stable until the asset is fully monitized. At least 10T Market Cap but realistically 30T asset class before the can happen. So like over a million a coin before the prices are stable enough to price things and not have to change it daily. But you could theoretically do it sooner if you're okay with slippage and you can price that into your margin. Customers don't have to do any conversation in their head. See the price in dollars, scan the invoice and see how many sats that'll be.... Why would anyone have to do it in their head?
I don't have a steak and shake in my area but somehow I imagined you go in and you look at a menu and look at the items and prices and decide on what to buy depending on what it costs (amongst other things).
How do you know how much items on the menu cost in BTC if the prices are in fiat? Do you convert in your head, for each item?
I know how much a dollar is worth... I can make my decision based on that, then pay in the current equivalent in Bitcoin. What's hard to understand?
You normally want to see prices in the currency you pay.
You normally see prices in local fiat currency. Your statement doesn't make a lot of sense.
Yes because most everyone wants to pay local fiat.
Most everyone doesn't have an option at most places... It's not a want, it's just a need. I didn't understand why your being so obtuse to try to skew the fact that Bitcoin now being accepted at a bunch of locations is somehow a fail because price is in fiat where fiat remains legal tender by law.
Legal tender by law doesn't dictate what currency shops price their goods in. Steak and Shake could just put BTC prices on their menu just like that. Like in addition to fiat prices or have a separate BTC menu altogether.
That local shops price in local fiat is catering to what customers want. Along the border to Canada tourist shops price in Canadian dollar sometimes (in addition to USD) to cater to the preferences of tourists from Canada, and no, the FTC hasn't shut them down just yet.
I never said it did? It's not that the law says to price things in fiat, obviously. It's to say that the population will obviously all have fiat of the government that business is in, so logistically it makes sense to price your good in the currency you know everyone has to have to pay their debts in the eyes of the government. Pricing goods in local fiat will be the obvious choice for any merchant until it becomes worth nothing one day.
> It's to say that the population will obviously all have fiat of the government that business is in
That's not a legal requirement or obvious in any way. In shithole countries people keep their money in USD and swap for government money on an as needed basis.
People in America like USD because it's a stable currency and therefore prices in shops are in USD.