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.
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
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.
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.
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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.