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Why We Should All Hope Bitcoins Go Mainstream
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JasmineMcTigue
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JasmineMcTigue,
User Rank: Strategist
2/26/2014 | 12:14:45 PM
Re: Big, big money
The exchange fee, even with larger brokerages is still a fraction of what card processors charge small businesses, and like Lorna says, if the currency is more widely adopted exchanges may become a moot point. The real issue is stability, which ought to come naturally with maturity. 
micoin
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micoin,
User Rank: Apprentice
2/26/2014 | 11:39:23 AM
Excellent
Excellent article, I would like to see more of your thoughts on the Bitcoin protocol and further uses of it, such as smart contracts.
Lorna Garey
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Lorna Garey,
User Rank: Author
2/26/2014 | 11:10:24 AM
Re: Big, big money
Right, that's my point about fluctuation. However, if Bitcoins were more mainstream, why would you NEED to exchange them back to dollars? You as the deli owner would simply pay your bread supplier with the bitcoins you earned selling sandwiches.
Lorna Garey
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Lorna Garey,
User Rank: Author
2/26/2014 | 11:10:24 AM
Re: Big, big money
Right, that's my point about fluctuation. However, if Bitcoins were more mainstream, why would you NEED to exchange them back to dollars? You as the deli owner would simply pay your bread supplier with the bitcoins you earned selling sandwiches.
famin
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famin,
User Rank: Apprentice
2/26/2014 | 10:46:25 AM
Re: Big, big money
You will still have to pay the fee similar to what CC is charging.

Instead of at the time of transaction, the fee will be charge at the time of exchange back to $.

 

Basically,  $100 = X Bitcons ≠ $100

Or due to the fluctiaiton it can evan be, $100 = X Bitcons ≠ $70


Will you take $100 worth of bitcoins that MAY reduce to $70 when you exchange it back to $?

 
Lorna Garey
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Lorna Garey,
User Rank: Author
2/26/2014 | 10:01:07 AM
Big, big money
Establishing a competing payment system to challenge MC/Visa seems akin to taking on the Comcast/AT&T duopoly - prohibitively expensive and with such a regulatory obstacle course than only an entity on the scale of Google or Amazon could really make a go (Google Fiber).

Even PayPal and Square can be pricey for small businesses. On the downside for cybercurrency, however, are the sometimes wild fluctuations. An SMB accepting payment for your sandwich in bitcoin can't be sure that next day, it really gets the full amount. Do you see any cybercurrency addressing that issue?
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