Most of the businesses who accept bitcoin does it because of the gimmick, because they are bitcoin-related business, or because the owners believe in bitcoin for the long term and wants to hold it( very rare).
So basically most of the unrelated to bitcoin business that you see over the internet are using a 3rd party service to convert the bitcoin into usd at the point of purchase, when you pay them Bitcoin, the bitcoin is being immediately converted into Fiat and the fiat is being sent to the business, they don't operate with bitcoin and don't even need to have a bitcoin wallet in order to accept bitcoins.
Topic: How does it work? (Read 166 times)
Bitcoin helps people who are unemployed or just stayed at home who wants to earned for their families future..
But don't forget that a lot of people lose their money with cryptocurrencies. To do this, they participate in the ICO and trade inside the day.
Bitcoin helps people who are unemployed or just stayed at home who wants to earned for their families future..
Help me understand the "coin" business model in the real world.
What I am not understanding is how the coins and tokens that are attached to contracts work.
Lets say a token is created to get rid of the middle man in a mortgage closing to verify the transaction. So the buyer acquires the token, submits the documents and token as payment on the blockchain. The network verifies the transaction, the seller gets the tokens as payment.
1) What does the seller do with the tokens? Presumably they are only selling one home so to collect many of these tokens does not make sense.
2) Do they sell them on an exchange and go through the same laborious process of getting the money out, no response to support tickets and withdraw limits?
3) If these tokens are traded the values can change on the hour, so do they really want to risk accepting payment if the value rapidly declines?
4) Same is true with the buyer, as tokens increase in value, it will cost more to transact.
I understand that these tokens and the blockchain can have the benefits of reduced fees and immutable verification but I do not understand how it works as a business model.
It would seem that there are huge risks on both sides if you do not bind the value of a token with a stable fiat currency.
I also would love to hear of anyone submitting a withdraw request at one of the current exchanges for 100k+ in fiat and having it get wired without major delays and hassles.
I guess I am having a hard time coming up with a real world model that eliminates the middle man, reduces fees and verifies transactions, and has the ease of cashing out.
Maybe what solves this problem is a highly reliable way of cashing the tokens out. Much more reliable exchanges? I know the crypto purists do not want to have fiat in the picture, but the current reality is that it is necessary for the major of consumers and businesses to be able to convert these tokens into cash.
It depends on you how you work so fast so that we can income of bitcoin for me as a newbie I challenge this kind of opportunity it's because it gives me more idea about bitcoin Maybe in the future it will help my family our financial ,if succeed I understand about bitcoin this kind business is token convert into cash. What I am not understanding is how the coins and tokens that are attached to contracts work.
Lets say a token is created to get rid of the middle man in a mortgage closing to verify the transaction. So the buyer acquires the token, submits the documents and token as payment on the blockchain. The network verifies the transaction, the seller gets the tokens as payment.
1) What does the seller do with the tokens? Presumably they are only selling one home so to collect many of these tokens does not make sense.
2) Do they sell them on an exchange and go through the same laborious process of getting the money out, no response to support tickets and withdraw limits?
3) If these tokens are traded the values can change on the hour, so do they really want to risk accepting payment if the value rapidly declines?
4) Same is true with the buyer, as tokens increase in value, it will cost more to transact.
I understand that these tokens and the blockchain can have the benefits of reduced fees and immutable verification but I do not understand how it works as a business model.
It would seem that there are huge risks on both sides if you do not bind the value of a token with a stable fiat currency.
I also would love to hear of anyone submitting a withdraw request at one of the current exchanges for 100k+ in fiat and having it get wired without major delays and hassles.
I guess I am having a hard time coming up with a real world model that eliminates the middle man, reduces fees and verifies transactions, and has the ease of cashing out.
Maybe what solves this problem is a highly reliable way of cashing the tokens out. Much more reliable exchanges? I know the crypto purists do not want to have fiat in the picture, but the current reality is that it is necessary for the major of consumers and businesses to be able to convert these tokens into cash.
It work so fast and the success, fast approaching also.
Bitcoin helps a lot of individual who are in needs. Because of bitcoin it helps me understand the real standing of coins and tokens in multi media which is known now a days. It gives me idea how to handle the modernisation that what I have been falling into technologies that mellinials got it too. So the purpose of this bitcoin is not just having fun, work but also challenge as to be more good in english which is helps us to drive with other individuals ideas.
Bitcoin helps a lot of individual who are in needs. Because of bitcoin it helps me understand the real standing of coins and tokens in multi media which is known now a days. It gives me idea how to handle the modernisation that what I have been falling into technologies that mellinials got it too. So the purpose of this bitcoin is not just having fun, work but also challenge as to be more good in english which is helps us to drive with other individuals ideas.
Help me understand the "coin" business model in the real world.
What I am not understanding is how the coins and tokens that are attached to contracts work.
Lets say a token is created to get rid of the middle man in a mortgage closing to verify the transaction. So the buyer acquires the token, submits the documents and token as payment on the blockchain. The network verifies the transaction, the seller gets the tokens as payment.
1) What does the seller do with the tokens? Presumably they are only selling one home so to collect many of these tokens does not make sense.
2) Do they sell them on an exchange and go through the same laborious process of getting the money out, no response to support tickets and withdraw limits?
3) If these tokens are traded the values can change on the hour, so do they really want to risk accepting payment if the value rapidly declines?
4) Same is true with the buyer, as tokens increase in value, it will cost more to transact.
I understand that these tokens and the blockchain can have the benefits of reduced fees and immutable verification but I do not understand how it works as a business model.
It would seem that there are huge risks on both sides if you do not bind the value of a token with a stable fiat currency.
I also would love to hear of anyone submitting a withdraw request at one of the current exchanges for 100k+ in fiat and having it get wired without major delays and hassles.
I guess I am having a hard time coming up with a real world model that eliminates the middle man, reduces fees and verifies transactions, and has the ease of cashing out.
Maybe what solves this problem is a highly reliable way of cashing the tokens out. Much more reliable exchanges? I know the crypto purists do not want to have fiat in the picture, but the current reality is that it is necessary for the major of consumers and businesses to be able to convert these tokens into cash.
What I am not understanding is how the coins and tokens that are attached to contracts work.
Lets say a token is created to get rid of the middle man in a mortgage closing to verify the transaction. So the buyer acquires the token, submits the documents and token as payment on the blockchain. The network verifies the transaction, the seller gets the tokens as payment.
1) What does the seller do with the tokens? Presumably they are only selling one home so to collect many of these tokens does not make sense.
2) Do they sell them on an exchange and go through the same laborious process of getting the money out, no response to support tickets and withdraw limits?
3) If these tokens are traded the values can change on the hour, so do they really want to risk accepting payment if the value rapidly declines?
4) Same is true with the buyer, as tokens increase in value, it will cost more to transact.
I understand that these tokens and the blockchain can have the benefits of reduced fees and immutable verification but I do not understand how it works as a business model.
It would seem that there are huge risks on both sides if you do not bind the value of a token with a stable fiat currency.
I also would love to hear of anyone submitting a withdraw request at one of the current exchanges for 100k+ in fiat and having it get wired without major delays and hassles.
I guess I am having a hard time coming up with a real world model that eliminates the middle man, reduces fees and verifies transactions, and has the ease of cashing out.
Maybe what solves this problem is a highly reliable way of cashing the tokens out. Much more reliable exchanges? I know the crypto purists do not want to have fiat in the picture, but the current reality is that it is necessary for the major of consumers and businesses to be able to convert these tokens into cash.
Jump to: