Business Insider compares spending Gold versus Bitcoin at various merchants in New York City

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Business Insider compares spending Gold versus Bitcoin at various merchants in New York City

Business Insider Compares Spending Gold Versus Bitcoin At Various Merchants In New York City

Business Insider compares spending Gold versus Bitcoin at various merchants in New York City

Business Insider Compares Spending Gold Versus Bitcoin At Various Merchants In New York City



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Business Insider Compares Spending Gold Versus Bitcoin At Various Merchants In New York City

Business Insider Compares Spending Gold Versus Bitcoin At Various Merchants In New York City
Business Insider Compares Spending Gold Versus Bitcoin At Various Merchants In New York City
Business Insider Compares Spending Gold Versus Bitcoin At Various Merchants In New York City

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Comment (66)

  1. their point is accurate. Gold has been proven to be a good store of value for thousands of years, but it is terrible as a medium of exchange in the modern world. The same thing is probably happening right now to Bitcoin.

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  2. Tell the businesses you frequent to install [btcpayserver]( https://btcpayserver.org) – it’ll cost them 1 computer (<$500) and 1 mini-display monitor (<$100, to show customer the QR code for payment). They can own the wallet (no middleman), and can even accept lightning payments.

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  3. Bitcoin is in its infancy too. Merchant adoption is not even close to 10%. Once places start receiving (POS) point of sale systems to accept it. Game Over.

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  4. What makes gold a terrible means of exchange is the need to verify it authenticity as being gold and not a scam metal posing as gold. Bitcoin does not face this issue because it can verify itself via a decentralized network built around the concept of security and so it is easier to use then gold. In other words if you offered me a 4k bar of gold in exchange for a good or service then I would need to verify that what you are offering me is indeed a solid gold bar before I could accept it.

    At least that is my take.

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  5. It’s kind of silly to say it’s impossible to pay with gold.

    Tons of places accept gold, especially when it’s a coin/note instead of a bar, but you need to find someone that actually knows how to identify gold. Their concern is someone paying with worthless gold-plated metal, EX: [Gold Trump Coins]( https://www.ebay.com/p/Donald-Trump-Gold-Coin-2018-24k-Plated-Collectible-Eagle-Coin-Commemorative/12014367074?iid=223153747371&chn=ps&norover=1&mkevt=1&mkrid=711-117182-37290-0&mkcid=2&itemid=223153747371&targetid=537215816048&device=c&mktype=pla&googleloc=9004531&poi=&campaignid=1881946464&mkgroupid=70435645632&rlsatarget=pla-537215816048&abcId=1139336&merchantid=109437509&gclid=EAIaIQobChMI4dDbiKva4wIVCovICh325A5rEAkYEyABEgKa1PD_BwE), worth about $1, but would be $1,500 if actual gold.

    Some states have gone so far as to [recognize gold as legal tender]( https://gsiexchange.com/states-gold-silver-become-legal-tender/), NY obviously isn’t one of those. (However, technically, no private entity can be compelled to accept legal tender, so businesses can refuse, just like they can refuse to be paid in pennies.)

    Of course Subway isn’t taking a $4,200 bar on a $6 sale, but, your local jeweler/pawn shop/flea market is happy to take bullion towards a Rolex. Your local gunsmith will take gold for guns. Your local plumber will probably take bullion over cash. Damn near anyone you barter with is open to gold.

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  6. Yes, bitcoin is about future, but future has not yet come. So there is nothing strange that bitcoin is not accepted in a ordinary store..

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  7. As a store owner who can accept 5%+ swings on their return .. credit card remittance is still lower fee then downside risk of btc.. it’s volatility is the antithesis – traders want to moon but adoption wants stability.

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  8. You can’t compare a precious metal that is naturally found on earth that we humans can’t make to bitcoin something man made. It’s very different.

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  9. The big issue with gold is divisibility. The only way it would really work is to peg a currency to it and issue coins with x amount of gold per dollar. Pure 24k would be hard to make work at modern prices. 1/10th of an ounce is about the size of a dime and worth 142 usd right now

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  10. Gold guys should really wake up ASAP. I am trying to tell them that if they don’t put gold on the blockchain or find some other way to lower the friction of using gold down by some real magnitude they will be having a really hard time.

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  11. What’s the point of this? Enlighten the world that gold is the most established store of value and bitcoin isn’t widely accepted as a medium of exchange? Anything else that doesn’t relate you want to throw into this mess of a video you made? Fucking dinosaurs. Just die already.

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  12. I liked this experiment, for those who are just starting to invest in Bitcoin will be very clearly. I am sure that Bitcoin has great real future and as an investment vehicle it is perfect today.

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  13. It’s just a matter of time. Just wait for the next financial crisis. Mass adoption will happen when the current system falls apart.

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  14. Well, you can sell gold and get cash easily and transfer it. Just like Bitcoin, but actually probably more easily. Also, you aren’t going to be scammed online for gold, in all likelihood, like she described here in this video with that closed restaurant booking people with BTC. Bitcoin is secure in that there is the blockchain but its going to be super easy to scam people with it, as many people are already scammed constantly by different coins/wallets/services.

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  15. Bitcoin is magic internet money.

    We need to get it into the browser, into the chat client, into a document reader, into the download manager.

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  16. they expect some dudes mom to be able to use bitcoin? too early bros. she coulda spent it at my skate part but hows she gonna know that?

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  17. I thought Bitcoins comparisons to gold were meant as a reference to its finite supply, which would make it stable as a currency. I never read that as a disparaging comment about how it would be difficult to use when buying a coffee or something.

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  18. I do get the point, but this is also NYC. From a small country town like myself I don’t know of any store that would turn down gold besides a large chain like Kroger/McDonald’s…. The only two large chains in my town lol

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  19. Crack is an excellent medium of exchange and a terrible store of value. It’s also a great fiat gateway. There’s no need to look for people who will accept it, they will come to you. It has excellent liquidity.

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  20. Even for places that accept bitcoin, its always priced in USD converted to Bitcoin, then just converted back to USD after you pay.

    Bitcoin won’t ever get true merchant acceptance until things are priced in Bitcoin first

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  21. So why do those in charge of BTC want to make it a “digital gold” that no one transacts, ruining the one use case? Surely they realize it’s better to make 0.01% transaction fees on billions of transactions instead of 3% on zero transactions? Right?

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  22. I love the idea of Bitcoin but something about people grabbing it in hope they will or then trade it for other currency is odd.

    If it’s to succeed it will need to replace money, dollar for dollar of what someone already has. Not this stock market type day trading scenario you have now

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  23. Hmm, so they missed on-ramps like the service I work for, LibertyX. They also seem to have missed the apps like Gyft that allow easy purchase of gift cards with Bitcoin so shopping nearly anywhere is easy with bitcoin…and if you use Lolli to get Bitcoin back on those purchases…you’re a pro kid.

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  24. Is it me or…. mainstream financial outlets have been pretty bullish recently in regards to btc… that last run probably woke allot of people up, including myself. not gonna lie, I first got into bitcoin as a short seller, but the more research I did, the more aware I became about how revolutionary this technology is and it turned me into a bull 😂

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  25. At first I thought this was a hitpiece to say bitcoin is awful vs. gold.

    The best traditional anti-gold argument I can make is, “Can you get me 5 USD worth of certified gold in less than 24 hours?”

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  26. But surely she realises that coins used to be precious metals. They only moved to a token form for ease of use, weight and minting. Theoretically you can exchange a dollar with the government for a good of the same value ie gold.

    Bitcoin is great and all but gold is a physical, limited resource of known quantity with many many uses from phones and tech to space craft and research. If you find gold, like on the floor or after a relative dies, you need no private key to be able to exchange it for fiat or trade. Bitcoin as a currency is as doa as gold. They store value in different ways for similar reasons.

    What excites me about bitcoin is that it’s never been broken, the mathematics behind it is elegant and the issues can be resolved with very little physical effort. The parts where it fails are all traditional currency issues that can be sorted with adoption and demand.

    For me the main issue is privacy, if I spend money only myself and the vendor know what I spent in cash. No one is snooping on me and there is no account to trace. Bitcoin is not private enough for me and should not be for most people. I can imagine scenarios where accounts are identified by malicious agents who can then blackmail users who bought certain items from known accounts. Governments are already heavily watching it for criminals and you’re almost assumed to have illegal activity or be making money that gov was to tax. As soon as you dip in, you’re on a radar of sorts. Crypto like monero is the future, the trust issues are ironically far higher when you add in that privacy. It’s as big of a conundrum as the mathematical logic at its core.

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  27. While many merchants do not yet accept Bitcoin, it’s not unreasonable to think that they may in the future when it becomes more user friendly and intuitive. Comparing Bitcoin to gold in day to day transactions is a little unfair. If anything, the upside is that Bitcoin can function both as a store of value and as a medium of exchange, unlike gold, which does not function well as a medium of exchange.

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  28. What this broad doesn’t bother to mention is that while she is lying by omission because you can send gold through plastic cards, the more large scale reason bitcoin is superior SoV and MoE is because it is the “harder money”. It is peer to peer and unstoppable, gold is neither

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Business Insider compares spending Gold versus Bitcoin at various merchants in New York City

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