Hacker News new | ask | show | jobs
by LeBleu 5488 days ago
Isn't the ability to sell bitcoins also important?

Unless you think farmers in Colombia and electric companies in California are going to start accepting bitcoins directly?

1 comments

Yes, but you don't need to sell your BitCoins, the people you are buying goods from are the ones that do that. It's similar to how you can't directly accept credit cards, but Amazon can, so they are still very useful.

When the governments decide to shut down Bitcoin, it will probably be in the "exchanging bitcoins for money" area, since that's relatively easy to regulate. But it's hard to convince Offshore Bank Of Unfriendly Country to not exchange Bitcoins for money in person, so big "dealers" will have no trouble making the trip and getting their cash. This will involve more effort, so prices for goods sold in Bitcoins will increase.

Similarly, if everyone could grow and sell their own pot, prices would come down. Make that illegal, and people want more money for their work. The same effect will occur if cashing out Bitcoins becomes difficult.