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RE: What Jamie Dimon Got Wrong About Bitcoin and Tulips

in #cryptocurrency7 years ago

First of all thank you again for your help. Secondly too bad crypocurrency couldn't be at a fixed value with being interest bearing. That would make it so much easier to use. Say you wanted to buy a car and the dealer accepted Steem as payment. You agreed on a set amount and paid it. Tomorrow the price of Steem dropped way down. Now the seller lost out. On the other hand if the price spiked then you lost out. This makes it very hard to use cryptocurrency as fiat and you have to go through a long conversian process. Just thoughts from a dog.

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Merchants usually have cryptocurrency converted directly to fiat currency at the point of sale and deposited directly to their bank accounts so this avoids this type of issue.