StackExchange Friday: How is Bitcoin useful as a currency if so few services accept it?

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Excerpts from How is Bitcoin useful as a currency if so few services accept it?

So why does no one accept bitcoin as a currency? Because it has no inherent value, and it cannot be used to settle a tax debt. And because it is insecure [no authority to assist with payment issues]. And because it does not 'play well' with a modern electronic economy [try explaining to a mom and pop shop how to set up a bitcoin wallet securely, and confirm their payment receipts on the blockchain, vs just paying Visa 3% and forgetting about it]. And because it is deflationary by nature [who wants to pay someone 10 BTC for a pizza worth $20 today, when it could be worth $200k in 5 years?]. And because it is volatile [who wants to accept 1 BTC today for $20k, when it could be worth $6k in 3 months?]

So why does BTC have a value at all? Because it avoids 'know your client' banking requirements allowing money laundering or black market activity. And because people love to gamble. And because it lends itself an air of superiority to its users. And because it makes some hopeful claims about the future (allowing the 'banking of the unbanked').

IOW, no one knows. Be cautious.


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