“Bitcoin acceptance is virtually zero and shrinking,” Morgan Stanley stock analysts said in a July 12 report, "
Ouch. Everyone wants it, virtually no one accepts it.
When I explain to people what bitcoin is, the next question is almost always “What can you buy with it?”.
It’s a pretty short list. Speculators have driven up the price, and it won’t stay there forever.
With it’s lack of acceptance as a currency I’d say it’s current real value is a lot closer to zero than the market is indicating.
ETA: https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/
Not a very long list.
There are quite a few small businesses here that accept bitcoin, according to decals they have posted on their doors/windows.
There are quite a few small businesses here that accept bitcoin, according to decals they have posted on their doors/windows.
Don’t spoil rusty’s thread, here. Let him have his bitcoin pity party.
There are quite a few small businesses here that accept bitcoin, according to decals they have posted on their doors/windows.
Don’t spoil rusty’s thread, here. Let him have his bitcoin pity party.
Well, in fairness, I kind of agree with him.
People are stock piling it on speculation right now. They’re not going to spend their investment to buy groceries any more then someone would sell a share of google to do the same.
It will be interesting to see how these types of currency evolve over the next few years/decade though.
No question there’s a speculative bubble. And bitcoin itself is flawed (vs. ether, et al). I predict that these initial currencies will remain playthings of audit-the-fed-libertarians and geeks, but the underlying blockchain tech (which is genius), will remain. Maybe not even for “currency” but for other purposes.
Yeah, that’s more or less how I see it as well.
There was a story on the radio recently about a local guy who hit the jackpot with bitcoin. Essentially he bought some and also purchased a bitcoin mining setup I think back in 2015 and just let it run in his basement, and forgot about it.
When bitcoin started making news again a few months ago he figured he would check in on it and see how he was doing. He is now $300k richer!
It’s not well accepted as a legitimate form of currency. There are some marketplaces where it’s widely used, but you won’t be able to buy Subway sandwiches or limo service.
The current value of it baffles me. I understand what has driven the price up, but I can’t understand why so many people are rushing into it lately.