Mr Khan said:
The problem with bitcoin is cashing out, from what i've heard. Exchanges like Mt. Gox either have massive liquidity problems or are doing some very shady stuff on the side, or both. You can accept payment in Bitcoin if you are participating in a digital economy (so, say, the silk road people who sell drugs and use it to buy other silk-road services, potentially), but if you're trying to get bitcoin to pay for irl goods and services, it's much more difficult to function. |
Well, it partially depends on where you live. Bitcoin ATMs are starting to show up in some places, and there's plenty of services out there that let you meet up with someone, and exchange cash for bitcoin. Those sorts of services are only useful in major cities, though... and still nowhere near as convenient.
There are other projects in the works, though. Such as a bitcoin debit card that works at any place that accepts mastercard.
It'll be far better when more things can be bought in bitcoin, which is slowly happening. It needs to be easier to convert between btc and fiat first, though, before that happens on a grand scale
