Re:Bitcoin Is Having a Civil War as It Enters a Critical Month
by aianus on Tuesday July 18, 2017 @12:11AM
(#14794216)
If you buy stuff via bitpay with your hugely appreciated bitcoin you probably have a good shot of successfully evading the taxman. I bet that's what a lot of that traffic is.
That and you can buy cash-like goods like gold bars which would be prohibitively expensive or impossible to purchase via credit card.
Re:Bitcoin Is Having a Civil War as It Enters a Critical Month
by buttershakes on Monday July 17, 2017 @06:03PM
(#14792642)
Well, that's a narrow definition of P2P. All of those are centrally cleared systems vs a decentralized one. Buying a car is an application of money. The killer app for Bitcoin is better money, that's the vision I subscribe to and the one I would like to see proliferate.
Exchange trading is not really using bitcoin, it is buying/selling bitcoin. This is like saying buying a car is an application of cars...
Having said that, Bitpay is processing more than I thought. The data in that article would mean it's about $5M per day... I'd love to see a breakdown of this to figure out why people are spending bitcoin for everyday things if it'd be better for them to just use a credit card (to get rewards, to not have to hold a volatile currency, for consumer protection, for faster payments, etc.)