Re:As MtGox trading remains suspended, bitcoin price falls f...
by ghshephard on Thursday April 11, 2013 @07:19PM
(#5535516)
As somewhat frequent Bitcoin user - the recent volatility combined with lag in the MtGox exchange (in the United States) - has made it next to impossible to use Bitcoin as a medium of exchange, without a lot of back-and-forth refunds/top ups to make up for the rapidly changing value.
If I send you 2 Bitcoins expecting they will be $200 USD when they get to you, but when you transfer them back to USD, they are only worth $150 - then I still need to send you another $50 in bitcoins.
I can live with 10-20% volatility in currency a year, or even a month - but within a particular transaction? It makes the currency unusable.
One thing that no bitcoin user I've talked to who uses it as a currency mentions, is the nominal value. They would be quite happy (more happy) with a $1 USD BC that never, ever, changed its value.
If I send you 2 Bitcoins expecting they will be $200 USD when they get to you, but when you transfer them back to USD, they are only worth $150 - then I still need to send you another $50 in bitcoins.
I can live with 10-20% volatility in currency a year, or even a month - but within a particular transaction? It makes the currency unusable.
One thing that no bitcoin user I've talked to who uses it as a currency mentions, is the nominal value. They would be quite happy (more happy) with a $1 USD BC that never, ever, changed its value.