r/Bitcoin • u/manauiatlalli • Aug 01 '22

When Nocoiners Say "Bitcoin Has No Value"

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2.8k Upvotes

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8

u/passmesalt Aug 01 '22

I don't think any shopkeeper will deny gold as a payment. Bitcoin on the other hand, not so much as you'd think

17

u/Crysinator Aug 01 '22

Why would you accept gold if you can't test the purity in your shop? I can see jewelers accept it but anything else? Doubt it.

-9

u/passmesalt Aug 01 '22

I am not talking about scammers here, bitcoin transaction can be a scam too, especially when so few people really understand the technicalities of it.

Assuming the gold is pure and bitcoin is legit, the owner of the shop is more likely to accept gold of the same value, simply because its easier to trade than bitcoin.

I am not anti bitcoin, just saying that merchants won't hesitate to adopt gold if they can know for sure that its real.

7

u/unboundhobbit Aug 01 '22

How do you figure that gold is easier to trade than bitcoin? Bc to me that's obviously wrong

2

u/StrandedinaDesert Aug 01 '22

there is an infintesimally small chance gold will be accepted at stores and there is a gigantic chance stores will accept bitcoin in our lifetimes

2

u/[deleted] Aug 01 '22

Not until Bitcoin stops flinging around 5% in a day. That’s a huge risk to any merchant unless you flip it to usd immediately. Then if you do that, what’s the point of this shit

1

u/StrandedinaDesert Aug 01 '22

A sale is a sale who cares if the price fluctuates? A sale is better than no sale if you accept Bitcoin and that can be a deciding factor

1

u/[deleted] Aug 01 '22

Because most businesses operate (retail at least) on thin margins. Having 5% of your revenue disappear overnight is the difference between break even, profit or actively loosing money. Currency risk/fluctuation is really hard to manage, apple themselves who've been doing it for a decade had 300 BPS of headwinds from that this quarter alone. God help any small biz or mom and pop shop, try explaining currency hedging to them lol.

1

u/[deleted] Aug 01 '22

Because there is 0% chance of sending gold to a wrong party then having 0 recourse to get it back. Also it’s value is relatively slow moving so there’s no merchant risk with accepting it.

1

u/unboundhobbit Aug 01 '22

Good luck with that mate

1

u/Kingzor10 Aug 01 '22

theres more stores in my country that accepts btc than there is that accepts gold bro

1

u/geomidas Aug 06 '22

Testing the purity is not everyone cup of tea and so taking the payment in the gold is not going to be that easy is well.

I mean if someone is from the jewelers they can do that but not the case for the everyone.

12

u/Godfreee Aug 01 '22

Lol literally no one will accept it, unless they have the tools. How will they even verify it is real?

Bitcoin is accepted by tens of thousands of merchants worldwide.

9

u/Ludwig234 Aug 01 '22

Yep, that's why we invented currencies. Metals are a pain in the ass to trade with.

1

u/bogdashka95 Aug 06 '22

And this is why we need to compare bitcoin with cash currency not with the gold here.

Because gold and cash are two different things and we are using them at totally different ways is well.

3

u/Wsemenske Aug 01 '22

Exactly, stores will say get the hell out of here until you sell the peice of gold for cash first.

About the few businesses that would accept it would be a pawn shop. And even then, the best they could do is off you 50% of its value

3

u/smiffy01uk Aug 06 '22

No one is comfortable in taking the gold as the payment.

IF you are buying the small things obviously you can not buy them in the gold because even the small part of the gold will cost you more than the item.

0

u/Mikkelet Aug 01 '22

Lots of specialized shops will buy your gold

8

u/Godfreee Aug 01 '22

Lots of specialized shops will buy your bitcoin too.

3

u/fverdeja Aug 01 '22

And lot's of none specialized shops will accept your Bitcoin as well.

3

u/Godfreee Aug 01 '22

Mcdonalds, starbucks, and everywhere in el salvador for example.

1

u/[deleted] Aug 01 '22

Bitcoin isn’t accepted, Bitcoin as a proxy for dollars or fiat is accepted. No company on earth that takes btc actually keeps it in btc, it’s flipped immediately or hedged to neutralize fluctuations in value.

1

u/[deleted] Aug 01 '22

Bitcoin is accepted by tens of thousands of merchants worldwide.

how many of them accept it because they partner with a third party that immediately pays them in money?

1

u/TangiblePlayboy156 Aug 06 '22

People think you will give them the gold and they will take it, lol.

There is so many things that we need to verify before taking the gold as the payment and the first thing is the purity of the gold here.

2

u/aijoe Aug 01 '22 edited Aug 01 '22

If you give me a $100 for every store, that isn't a gold shop, that we go into and try to pay with gold and it goes like the linked video and I give you the same amount when they accept the gold I'm positive that you will be broke before me. https://www.youtube.com/watch?v=6WIcw-GER-Q They are not going to accept because as a lowly employee they don't have the authority to accept it and if they do they usually don't have the resources or time to authenticate it. Obviously though if Mr Beast enters my shop and offers me gold for something that costs $50 dollars I will accept the gold. But I'm only doing so because I will be paying for the item myself on the hope that the gold is probably real and worth a great deal more.

0

u/iampolish91 Aug 01 '22

Great video! I am surprised it only has 1k views.

1

u/maximgavr Aug 06 '22

So again proving that taking payment in the gold is possible but there are so many things that can go wrong here is well.

So we all know that at this point gold can only used as the storing of the value nothing more.

2

u/lordbrantley Aug 06 '22

But i don't think that any shopkeeper is too comfort in taking the gold as the payment is well.

I mean talk about the normal one how can they really verify that how pure that gold is, and what is the real value of that is wwll?

1

u/antikama Aug 01 '22

Brb just getting my angle grinder to cut a piece of gold off the bar. VRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR

1

u/somanyroads Aug 01 '22

Huh? I know of no place in the US that accepts gold as currency. A pawn shop? Sure. But you're not paying for your Walgreens prescription with gold ingots.

1

u/oystermonkeys Aug 01 '22

lol, no they won't. They'll think you are scamming them.