Re:Visa Plans to Enable Bitcoin Payments at 70M Merchants
by hakfoo on Thursday March 18, 2021 @10:24PM
(#26509657)
Fundamentally, we're stuck with conversion and middlemen until we have real products that are priced "natively" and stably in Bitcoin.
People aren't willing to say "this load of bread costs .00004534 BTC" because tomorrow it could be significantly less or more. And conversely, that reinforces the volatility, as there's no anchoring of BTC to real-world purchasing power.
So for the foreseeable future, we're looking at a conversion model and that requires someone to backstop.
So how do we create products priced in BTC? We can't even get, for comparison, shops pricing their goods in grams of gold or silver, a more stable alternative.
People aren't willing to say "this load of bread costs .00004534 BTC" because tomorrow it could be significantly less or more. And conversely, that reinforces the volatility, as there's no anchoring of BTC to real-world purchasing power.
So for the foreseeable future, we're looking at a conversion model and that requires someone to backstop.
So how do we create products priced in BTC? We can't even get, for comparison, shops pricing their goods in grams of gold or silver, a more stable alternative.