Exchanging coins worth in terms of purchase?

Rao777

newbie

Activity: 18

Merit: 0

Quote from: sann111 on December 17, 2017, 06:25:52 PM

Lets say we buy bitcoin and other altcoins, when it comes to exchanging for lets say restaurant, hospital, electric bills,
would we have to pay 1 bitcoin or fraction of it to purchase? Lets say a hospital bill now cost $1000, how would they decide
how much to pay in bitcoin? would it be based on dollar?

Yes every merchant payment received based on USD. It doesn't matter you pay with Bitcoin or any other alts , Bill count as per USD currency.

jseverson

hero member

Activity: 1834

Merit: 759

Well judging by the fact that Bitcoin value is measured in USD, I'd say the Bitcoin value you would pay would be roughly equal to its USD cost. Would you pay in Bitcoin if you were charged quite significantly more than what you would have been charged in USD? I'm guessing no, right?

Service providers like Bitpay make this easier by being the middleman which could pay out the vendor directly. Guess what value they base their charge on? Yep, USD.

Chris314

sr. member

Activity: 672

Merit: 266

Everything is still based on fiat, so it is indeed a problem when purchasing in BTC as he's still very volatile. BTC will need to be less volatile in future to be accepted as a currency for everyday needs.

squatz1

legendary

Activity: 1666

Merit: 1285

Flying Hellfish is a Commie

Of course, it's going to be based on the dollar (USD). Just because the Bitcoin price is going up this doesn't mean that people are going to instantly want to change to Bitcoin denominations in their everyday life. You'd have to work something out with the person that you're getting a service from on the amount of Bitcoin that you're giving to them, as the volatility of Bitcoin could have price differences in SECONDs of trading -- let along when a confirmation is made 5-10 mins later.

USD.

sann111

jr. member

Activity: 196

Merit: 1

Lets say we buy bitcoin and other altcoins, when it comes to exchanging for lets say restaurant, hospital, electric bills,
would we have to pay 1 bitcoin or fraction of it to purchase? Lets say a hospital bill now cost $1000, how would they decide
how much to pay in bitcoin? would it be based on dollar?

Topic: Exchanging coins worth in terms of purchase? (Read 132 times)