Spend Bitcoin Anywhere

This seems like a good effort to make Bitcoin usable for everyday life instead of seeing if some entity would accept it. By using debit cards, one could purchase items or convert Bitcoin to cash. http://www.linuxjournal.com/content/spend-bitcoin-anywhere

The first thing that came to my mind is, doesn’t this undermine one of the main purposes of cryptocurrency, that is, anonymity? I would think that tax revenue agencies would just love this. Could this be an effort for banks to stock up on Bitcoin?

Well, yeah. If the reason cryptocurrencies are appealing to a person is that it allows that person to commit tax fraud, then, well, I don’t think that’s a good reason :slight_smile:

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Wouldn’t it be amusing to find that a person, who had used his account to receive money from ransomware, thought that this would be a great way to convert it to cash? It could be the latest on Dumb Crook News!

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Malta has been pushing this for a little time too https://lovinmalta.com/lifestyle/technology/thousands-of-people-are-now-mining-for-bitcoin-in-malta

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That article reminds me of the gold rush in the mid 1800’s in California. Very few miners got rich. The ones that really made the money was the merchants who sold goods to the miners, like Levi Strauss.

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It’s like my dad said during the dotcom boom, “In a gold rush, you don’t invest in the miners, you invest in the guys selling picks.” He didn’t invest in tech companies, he invested in companies like Fedex and UPS that were delivering servers, and made out very well.

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My biggest concern regarding using any of my cryptoassets for daily purchases is the highly likely regret of said transaction when I review it 1-2 years from now.

Case in point, I look at my now dead Macbook Pro (video/logic board is shot) from few years back for which I paid 1.8BTC at the time. That 1.8BTC today would be worth close to $9k.

M̶a̶j̶o̶r̶i̶t̶y̶ S̶o̶m̶e̶ A few of the cryptocurrencies are good(ish) store of value, but poor for daily transactions. Any debit/credit card allowing daily purchases with crypto just sets you up with buyer’s remorse a few years later.

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I don’t understand this. Are you complaining that Bitcoin is worth more now comparatively against fiat currency, or that you spent the Bitcoin on a laptop instead of hoarding it speculatively?

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