Maybe to you, just like the INR is useless to you as a currency (because you don't live in India). Many people do use Bitcoin as currency, and transact with it every day.
> Maybe to you, just like the INR is useless to you as a currency (because you don't live in India).
Apples and Oranges.
> Many people do use Bitcoin as currency, and transact with it every day.
Do they really? To buy what? Other cryptocurrencies?
Virtually nobody accepts Bitcoin as a currency. Some shops accept Bitcoin as the vehicle for transactions in USD or EUR, or whatever. They use services like Bitpay, who pay out in ordinary currencies. Prices are calculated based on the Bitcoin market price in ordinary currencies - plus a markup for volatility and transaction fees, which is generally more expensive than just using the ordinary currencies themselves.
That's not Bitcoin being used like a currency, that's Bitcoin being used like a payment provider, like PayPal. Millions of people transact with PayPal every day, but PayPal is not a currency.
Of course, that one time some guy bought a Pizza or even a House with Bitcoin. That's Bitcoin being used "like a currency". Exceptions to the rule.
> Virtually nobody accepts Bitcoin as a currency. Some shops accept Bitcoin as the vehicle for transactions in USD or EUR, or whatever. They use services like Bitpay, who pay out in ordinary currencies. Prices are calculated based on the Bitcoin market price in ordinary currencies - plus a markup for volatility and transaction fees, which is generally more expensive than just using the ordinary currencies themselves.
I mean if you just want to ignore the fact that all over Europe, you can pay rent, buy groceries, and live your life solely by using bitcoin, then I guess there's no arguing with you. You live in your own little bubble.
> I mean if you just want to ignore the fact that all over Europe, you can pay rent, buy groceries, and live your life solely by using bitcoin, then I guess there's no arguing with you.
That's a massive exaggeration. I can guarantee you 99.99% of landlords will not accept Bitcoin as payment. Most major stores will not accept Bitcoin.
Are there a couple of hipster places in major cities that may accept Bitcoin? Sure, presumably you can waste your money exclusively dining and shopping there, if that's your thing.
Pretty much nobody is going to do that in their daily life though, except to write one of these "I lived only on Bitcoin for a month" blog posts. That's because Bitcoin sucks as a currency. Right now, a single transaction to go through in about ten minutes will cost almost a dollar. It's just not practical.
Of course you can also get one of these Bitcoin credit cards and pay almost everywhere in the whole world. Again, that's not Bitcoin used a currency, that's Bitcoin used as a gimmick payment platform.
Look into Bitpay and others. Square has it built in too. It's rare but it's around. Look for the sticker next to Visa, MasterCard. Ever head of Diners Club? Ever heard of buying a sandwich with stock shares? Me either.
Apples and Oranges.
> Many people do use Bitcoin as currency, and transact with it every day.
Do they really? To buy what? Other cryptocurrencies?
Virtually nobody accepts Bitcoin as a currency. Some shops accept Bitcoin as the vehicle for transactions in USD or EUR, or whatever. They use services like Bitpay, who pay out in ordinary currencies. Prices are calculated based on the Bitcoin market price in ordinary currencies - plus a markup for volatility and transaction fees, which is generally more expensive than just using the ordinary currencies themselves.
That's not Bitcoin being used like a currency, that's Bitcoin being used like a payment provider, like PayPal. Millions of people transact with PayPal every day, but PayPal is not a currency.
Of course, that one time some guy bought a Pizza or even a House with Bitcoin. That's Bitcoin being used "like a currency". Exceptions to the rule.