Trying to unload 10,000 BTC would crash the market.
volume of transactions is 100M per day ... in USD : https://blockchain.info/fr/charts/estimated-transaction-volume-usd10 000 BTC = 10M of USD.
not a problem ...
Topic: Flow of money: Bitcoin needs some B2B adoption (Read 948 times)
volume of transactions is 100M per day ... in USD : https://blockchain.info/fr/charts/estimated-transaction-volume-usd10 000 BTC = 10M of USD.
not a problem ...
This will happen as more and more businesses onboard with CoinBase and other payment processors.
I was thinking about the flow of money:
1. I buy something at a local business;
2. That local business buys their stock from a vendor;
3. That vendor buys parts from another supplier;
4. That supplier pays my salary.
When Bitcoin succeeds, all of these transactions will be in BTC.
However, at the moment, it seems most Bitcoin transactions are B2C or exchanges:
1. I exchange my USD for BTC using bitstamp.net or localbitcoins.com;
2. I purchase something from overstock.com;
3. Those BTC go back to an exchange.
For Bitcoin to go further, it needs to be used for business-to-business purchases. Are there some examples of where this is actually happening, or any ideas on how to make it happen more?
1. I buy something at a local business;
2. That local business buys their stock from a vendor;
3. That vendor buys parts from another supplier;
4. That supplier pays my salary.
When Bitcoin succeeds, all of these transactions will be in BTC.
However, at the moment, it seems most Bitcoin transactions are B2C or exchanges:
1. I exchange my USD for BTC using bitstamp.net or localbitcoins.com;
2. I purchase something from overstock.com;
3. Those BTC go back to an exchange.
For Bitcoin to go further, it needs to be used for business-to-business purchases. Are there some examples of where this is actually happening, or any ideas on how to make it happen more?
StevenS I really like your attitude but BitCoin is not ready for such application. We are still far away from being able to replace standard currencies. It just won't happen in next month, even not in next year - it will take time.
Currently Bitcoin has relatively small market capacity (~11 billion USD), it looks nice but in fact it's nothing compared to daily spending in U.S or any country of G20.
Next thing is that believing that Bitcoin could somehow replace a standard currency is irrational. Its not purpose of alternative currencies, not to mention that from community point of view that is crazy. Currently there is estimated to be around 1.32 Trillion USD in circulation so to replace this value in bitcoin (after we will hit bitcoins amount limit) 1 BTC will have to be worth ~62857 USD so each person that own 20 BTC will be a millionaire and how is that fair for community? In general even right now its not fair to work in BTC environment because in front of early adopters we are on lost position.
Money/currency need to be a form of value, a real value.
As much as I love Bitcoin idea I don't want to leave in world where this would be a major currency.
Reasons this isn't happening:
- Way too much volatility.
- Not enough liquidity.
- No legit exchanges.
- Wire transfer fees don't go up with the amount.
These are all good reasons. B2C may help with the liquidity part though, users buying coins to use to buy things. Hopefully institutional investments are going to take care of increasing the market cap for us, and then at that point B2B will be a lot more likely...
Reasons this isn't happening:
- Way too much volatility.
- Not enough liquidity.
- No legit exchanges.
- Wire transfer fees don't go up with the amount.
There are exchanges in the US that are licensed and regulated because they provide exchange to/from USD. I would call them legit.
Also, 10K BTC would be over $8 million USD right now. I must be working for the wrong kind of businesses, because an $8 million dollar transaction would never happen. Even an $8 million dollar contract would be paid out in small payments each month, not all at one time.
Reasons this isn't happening:
- Way too much volatility.
- Not enough liquidity.
- No legit exchanges.
- Wire transfer fees don't go up with the amount.
any ideas on how to make it happen more?
Tell your law makers you want the ability to pay business taxes in Bitcoin.
I was thinking about the flow of money:
1. I buy something at a local business;
2. That local business buys their stock from a vendor;
3. That vendor buys parts from another supplier;
4. That supplier pays my salary.
When Bitcoin succeeds, all of these transactions will be in BTC.
However, at the moment, it seems most Bitcoin transactions are B2C or exchanges:
1. I exchange my USD for BTC using bitstamp.net or localbitcoins.com;
2. I purchase something from overstock.com;
3. Those BTC go back to an exchange.
For Bitcoin to go further, it needs to be used for business-to-business purchases. Are there some examples of where this is actually happening, or any ideas on how to make it happen more?
1. I buy something at a local business;
2. That local business buys their stock from a vendor;
3. That vendor buys parts from another supplier;
4. That supplier pays my salary.
When Bitcoin succeeds, all of these transactions will be in BTC.
However, at the moment, it seems most Bitcoin transactions are B2C or exchanges:
1. I exchange my USD for BTC using bitstamp.net or localbitcoins.com;
2. I purchase something from overstock.com;
3. Those BTC go back to an exchange.
For Bitcoin to go further, it needs to be used for business-to-business purchases. Are there some examples of where this is actually happening, or any ideas on how to make it happen more?
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