How many products and services are bought every day with Bitcoin?
I suspect BTC will have as much impact on conventional currencies as a fly landing on an aircraft carrier.
How many products and services are bought every day with Bitcoin?
I suspect BTC will have as much impact on conventional currencies as a fly landing on an aircraft carrier.
Companies like Tesla are buying Bitcoin, not because they intend to transact with Bitcoin but because it gives them protection against inflation within the US economy, and it gives them a stash of money that cannot be forcibly shut down, allowing them to do business even in jurisdictions that don't want them there.
If you are looking at just the "products and services" you are missing the forest for the trees.
Until people start accepting bitcoin for bread, rent and salaries, Tesla most certainly does not have a “stash of money that cannot be forcibly shut down”. It has something that might be able to be exchanged into a local currency to buy those things.
What’s more, that stash of bitcoin most certainly could be forcibly shut down at the stroke of a pen. Tesla is a public US company listed on a US stock exchange. If the USA decided tomorrow to criminalise BTC, Tesla would be left with a huge 1.5bn hole in its accounts and a huge number of very pissed off investors.
Moreover, if Elbonia doesn’t want Tesla there, how in the hell are Tesla cars going to arrive at ports? How are they going to be registered? How are Tesla going to deploy charging infrastructure? BTC has exactly squat to offer in terms of dealing with jurisdictions that don’t want them there.
BTC isn’t some magic wand that lets you operate in a fairy dimension where none of the rules of reality apply.
Bitcoin is already accepted by many for rent and salaries. Bread is not likely to ever happen because transactions are too inefficient, but that doesn't mean you can't viable have an economy based on larger exchanges.
If anything, I’d say that’s more a reflection of the poor state of the USA banking sector than its currency.