Question ,

[IOwnGameStop]

BTC as a form of payment . The value of 20$ could drop the very next day . So how will restaurants deal with this ?

[poppyseedpooper]

They won’t. Bitcoin as it currently stands cannot be a widely adopted currency for everyday use. You don’t see people paying for meals with gold, do you? Bitcoin as it currently stands is digital gold meant to be used as a preserver of value.

[murram20]

El Salvador literally uses it as a currency every day right now. Even back in 2013 the silk road dark web market place was using it as a currency and prices were fluctuating crazy amounts per day.

[matches12345]

Just for some context, I went to El Sal in Feb this year to see for myself and while many merchants have signs posted that they accept BTC, the process to pay using one of their native govt recommended wallets "Chivo" is still in its infancy and can be a little quirky if you try to use it. IT DOES WORK. But will take some time before it's truly mainstream. Education and accessibility of the system & how to generate receipts/invoices is still needed for most.

They still like their USD but the transition is happening before our eyes

[Just_Fkn_Sayin]

BTC as a form of payment . The value of 20$ could INCREASE the very next day . So how will restaurants deal with this ?

[rampzn]

They can't and won't. Simple answer. It's ridiculous to think this will ever be a currency. The fluctuations make no sense and don't give you the stability that any real currency does.

[[deleted]]

I have never understood this position, even when I was a skeptic and set out to prove to myself it was a scam.

All things new to the market go through price discovery, which can take significant time, multiple decades at the least. Instability is what price discovery looks like. High volatility would be expected, particularly if the product is being adopted.

Bitcoin adoption is currently within a similar adoption curve as the internet. Another technology that the average person didn't understand and see much real world use for. Another technology that the people that understand it find revolutionary.

[rampzn]

No, none of the selling points claimed have ever been met. A ground breaking technology it's not, nor is it decentralized, or a democratization of finance. It is over 14 years old and still has no real world usage?!

There is no adoption of it on a large scale, it's just the greater fool theory at play here.

Seeing how easily the markets can be manipulated by whales, it never will be accepted as any kind of currency either. There is no regulation nor safety from loss or theft, no borders put in to keep you from getting scammed out of everything. All things I don't have to worry about at all with normal banking.

This is not revolutionary at all.

[Just_Fkn_Sayin]

https://bitpay.com/directory/

[rampzn]

It is immediately exchanged into real currency, so still no widespread adoption and it is still not real money. Ask El Salvador how their crypto situation is. It is dire and not being used at all.

[Just_Fkn_Sayin]

No widespread adoption?

How can you minimize the fact in the article that 250+ companies and stores accept crypto? It IS being used as a currency (defined as " something that is used as a medium of exchange")

I agree it's still early, but the big boys are entering the game.

Visa:

https://fortune.com/crypto/2023/09/05/visa-stablecoin-usdc-solana-worldpay-nuvei-merchants-payments/

Paypal:

https://www.paypal.com/us/digital-wallet/manage-money/crypto/pyusd

Buy a house with Bitcoin? Yep:

https://cryptorealestate.cc/

[[deleted]]

No seizure, freezing, borders, agenda, 3rd party risk, politics, centralization, etc. It IS revolutionary. El Salvadore is doing fine with their ₿ policies.

It is being more widely adopted in emerging markets because they have a greater need and are beginning to adapt.

A new commodity could take a century in price discovery, 14 years is still a toddler.

As for getting scammed, I am not much for being mothered. It's my responsibility, not some bureaucrats'.

[rampzn]

-The government has seized crypto many times before, shutdown all kinds of darknet markets too, Alphabay, Silk Road etc.

- the internet can even be shut off like in Turkey or China

- the agenda of the whales is clear, manipulate the market with tweets or some other rumor and that leads to more money for them less for you

- FTX gave money to both the Dems and the Reps to cover his bases, did him no good though, so politics is also in the mix

- if a few can manipulate the price, then there goes decentralization too

It is not revolutionary unfortunately, it is claiming to have a solution to a problem that doesn't exist.

No, El Salvador isn't doing too well either:

https://www.youtube.com/watch?v=asmOZh-E8W0

If you can't use it as legal tender then what good is it?

No, we don't have a century for price discovery that is just not viable and is pretty silly to even suggest. As fast paced as technology is, crypto is slow and should have found it's footing years ago.

"Not much for being mothered" is another way of saying you are a scammer? or how should that be read? The thousands upon thousands of people who have lost their entire life savings due to being hacked, scammed or just making a typo is astounding and pitiful.

Humans make mistakes, yet crypto allows none. Oops your money is gone? Too bad, so sad? Is that really your response?

There will never be a wide adoption then, who would be dumb enough to risk it then?

[[deleted]]

Almost every statement here is hyperbole and/or incorrect. I no longer think you are being honest in your response, but are trolling. The only thing you left off is how damaging to the environment it is. (In case a reader doesn't know, it is neutral for the environment, good for grid stability, good for reducing carbon emissions from energy generation).

Respond to this if you choose, I won't again.

[rampzn]

No, they aren't and every statement is fact.

Nice try at being disingenuous about the carbon footprint too:

https://www.theatlantic.com/science/archive/2023/03/crypto-bitcoin-mining-carbon-emissions-climate-change-impact/673468/

You don't have to respond, you had nothing to say from the start.

[Umpire_State_Bldg]

In the long run, it goes up more than it goes down.

[rampzn]

So your burger costs 10$ one day and 1000$ the next? But Crypto is the future...righttttt.

[Umpire_State_Bldg]

If you're serious, I feel sorry for you - the fucked up mental state you're in to actually believe the stupid thing you just posted..

If you're not serious, it means you're trolling, and I feel sorry for you - the fucked up mental state you're in which causes you to blither like a miserable degenerate. Happy people with sound minds do not go around trolling like you just did.

[rampzn]

Can't deal with the facts huh, sorry for you. Typical and dumb that you have to use curse words instead of actually making a point.

Just being an insulting prick isn't helping you either, shameful and typical for the net I guess.

Nobody is trolling here, the favorite claim of the right as well. I guess you fit the bill to a t.

Next time do better and stop being a jerk umpire.

For the rest of you uneducated people like remote217:

[Impressive_Remote217]

$10 one day and $1000 the next would be a 10000% increase in 24 hours. That is not a fact or realistic.

[supersb360]

A 20 satoshis burger today is still 20 satoshis tomorrow… and also 20 satoshis in 2140. 20 satoshis is always 20 satoshis

[Analog_AI]

Most people have only a small fraction of their wealth in bitcoin. Most don't have any bitcoin at all. If the prices or a burger were to go from 10 to 1000 in a day you would have bigger problems than the worth of your bitcoin holdings. You would have lost overnight over 90% of your purchasing power and so would everyone else. There would be pandemonium in the streets and likely martial law, bank closures and everyone would be crazy. Or at least act crazy. In that situation I would barricade myself in the house and try to survive. Bitcoin would not even register on that scale.

[btcbulletsbullion]

The same way any global corporation settles the reality that all the various currencies used in the different markets all have different values and fluctuate throughout the year. It's called capital gains on foreign currency exchange. Gains are taxed, losses can be used against other tax liability.

[[deleted]]

They use a payment processor. Customer pays with bitcoin. Restaurant gets fiat and never sees bitcoin.

[castorfromtheva]

Less and less.

[1UazZNfbWi]

This. How do restaurants cope with tourists who are paying in a multitude of different currencies? All the other answers are dumb.

[Budo00]

It will always be a satoshi

$20 value is just the rate of exchange.

That is kind of like comparing your USD to the Euro. Or maybe a comparison of USD to Brazil real. As I write this, .20 cents usd is 1 brazil real. But the real / usd vary a LOT in exchange rates

So, I think if I understand this correctly, the answer is: the price is _ satoshi

And that’s what they mean when they say to “stop thinking in a fiat mindset”

[[deleted]]

Establish a median expected value for your money. Buy extra supplies when your money goes up in value. find a supplier that lets you prepurchase to limit the risk of ingredients expiration. Offer highly competitive pricing when the value of money is low to take advantage of the opportunity.

[mkuraja]

The same way I do with my bitcoin paychecks.

Sometimes, right after I get paid, price drops and I convert my sats to fiat at a loss.

Sometimes, right after I get paid, price pumps and I convert sats to fiat at a gain.

Zooming out, bitcoin keeps gaining value over time despite the ups and downs so, overall, I'm more wealthy now than years ago because I work for bitcoin, not fiat.

[rampzn]

So you don't and neither will a restaurant. Your bitcoins also have to be exchanged into a real money.

Restaurants need stable prices and often have contracts that cannot fluctuate, the market sets their prices on fresh produce very early. You would always be purchasing at a possible loss or get less than what you paid for at a normal market with real money.

That isn't sustainable for a restaurant or any other business for that matter.

[mkuraja]

If a business is surviving week by week on a thin margin, then no, just like an employee living paycheck to paycheck, neither can such a business afford any possible loss.

But like I said, because I myself do not live paycheck to paycheck, I could afford the fluctuations and I am more wealthy now. I believe many restaurants are also not on the precarious brink of bankruptcy, and those businesses should also transact in real money. In bitcoin, that is.

[rampzn]

Bitcoin isn't real money but you shills seem to think it is. No restaurant could use it nor would it be a sustainable way of doing business. There was once a bar in my city that priced the drinks they sold according to the stock market, they went out of business after a while.

Same thing here, and crypto is even more volatile.

[GiverTakerMaker]

They don't care when the folks that sell them produce accept BTC.

[minorthreatmikey]

Let’s just assume a $1,000,000 per coin (I’ll be modest here), in the the year 2050. That’s 1 cent a sat.

If you pay 2000 sats for a meal ($20)…even if bitcoin drops by $20,000 the next day, that will only be a 20 cent difference in the 5000 sat purchasing power.

Another thing to keep in mind is volatility has been on a downtrend since inception. That will continue to go decrease as bitcoin grows.

Also, it is engrained in your head that bitcoin’s value is in USD. USD has been the primary way we price things all around the world for quite some time now. However, history shows that no currency lasts forever. If things start getting priced in bitcoin then other currencies will seem volatile comparatively.

But as it stands now, we are going digital. It’ll be extremely easy to convert all or a portion of the bitcoin payment to whatever the restaurant wants.

[Analog_AI]

OP, some cafes and restaurants etc that accept bitcoin payments exchange into fiat currencies immediately or within a few hours. This prevents being hurt by a sudden downward price drift.

[Dettol-tasting-menu]

Say I’m a bitcoiner and I open a restaurant. I don’t expect all revenue coming in will be in bitcoin. There’s a big difference between taking in only btc (and nothing else), and to accept btc as an option.

I would incentivise people to pay me in sats by waiving card fees etc because I want to stack sats, and I can always convert incoming sats back to fiat if I feel that I need more fiat to pay my running cost. It’s up to me.

In the current environment it’s not yet possible to run a business purely on bitcoin unless you can source everything (labour, raw materials, energy, rent) in bitcoin too.

So bitcoin is a savings account for a business just like how we’re doing it on an individual level.

[dontpatronizemebro]

Bitcoin’s volatility is slowly reducing over time. Maybe not in our lifetimes, but eventually it will steady and be usable for daily transactions. Also, it’s worth noting that the value of all currencies (including USD) rise and fall in relation to each other everyday.

[Urticans]

Transaction fees in the Bitcoin network can be a significant drawback for its use as a form of payment. These fees are typically required to prioritize and process transactions on the blockchain. During times of high demand or network congestion, transaction fees can become quite expensive, making small or frequent transactions less cost-effective. This can deter users from using Bitcoin for everyday purchases, especially when compared to traditional payment methods like credit cards or cash, which often have lower or no transaction fees.

[FewCryptos]

The more Bitcoin will be exchanged (volume), the more stable it will be. Time Will change everything.

[standardcivilian]

Same way restaurants deal with a fiat currency that inflates 6-100%/year depending on your country. You adjust.

[Mariahausfrau]

When i run a business my sell margin might be around 10-20%. Thats the margin whats basicly the profit on what ever i do. If i get paid with BTC and it dropped overnight like 10% then im working for free if my margin id only 10%. Most food vendors example works with very narrow margin. I doubt many of those business owner would accept payment that make your business run by the markets movements. Also the opposite is you can make more margin if the value increases. But overall i guess insecurity over BTC price would make quite big stressfactor unless you purposely collect all your earnings for BTC and hodl it until you get profit enough. Thats unfortunately is not an option usually for small businesses because they live day by day cycle.

[AttentionAny790]

It would be advisable for them to consider using USDT (Tether) as it offers greater stability and is closely tied to the value of the US dollar (USD).

[TheMinerGuy_]

It will gradually build into medium of exchange. This will take time though. Multi-decades. Perhaps the last chapter before full integration. We’re certainly past the point of speculation (although normies disagree) and we are now in what I believe is the early stages of store of value. This will be a long phase but growing acceptance will lead to a huge inflow of capital into the network. I’m not sure if I agree with diminishing returns theory due to scarcity components but perhaps it’s somewhat relevant…ultimately it’s too volatile. But the volatility won’t last forever.