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A comment on Bitcoin accidentally solved my startup's international banking problem. Parent comment
Bitcoin has very specific flaws compared to country-backed currencies. More specifically:
* Doesn't devalue - which means that it's inherently BAD for transactions.
* You can't readily cash out: How are you going to make your BTC dollars? Even MTGOX has very low hard-limits.
* What about taxes and sales? Okay in Germany BTC is somewhat regulated. But what happens to other countries?
The 3rd issue, is non-existent if your turn-over is from small to non-existent but it's a huge deal if your turn-over becomes more than 15k per year.
Not to mention that a currency that fluctuates that much is semi-suicidal for any long-term business.
Apart from all the above, I wish you all the best in the world mate. Seriously, nothing personal.
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Bitcoin has very specific flaws compared to country-backed currencies. More specifically:
* Doesn't devalue - which means that it's inherently BAD for transactions.
* You can't readily cash out: How are you going to make your BTC dollars? Even MTGOX has very low hard-limits.
* What about taxes and sales? Okay in Germany BTC is somewhat regulated. But what happens to other countries?
The 3rd issue, is non-existent if your turn-over is from small to non-existent but it's a huge deal if your turn-over becomes more than 15k per year.
Not to mention that a currency that fluctuates that much is semi-suicidal for any long-term business.
Apart from all the above, I wish you all the best in the world mate. Seriously, nothing personal.