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[–] toobaditworks [S] 0 points 4 points (+4|-0) ago  (edited ago)

Since its arrival ten years ago, cryptocurrency has struggled to enter mainstream commerce. This could soon change thanks to a new initiative, announced on Monday, that will reportedly see big name retailers—including Crate and Barrel, Nordstrom, and Amazon-owned Whole Foods—now accept Bitcoin and three other types of digital money.

All the haters are about to get a reality check. This is just the beginning of mainstream adoption.

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[–] STACKS88 0 points 2 points (+2|-0) ago 

Fuck yeah, this is big!

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[–] BlackSheepBrouhaha ago 

How are they going to set prices in Bitcoin? Will it be a on the fly USD conversion, or will Bitcoin prices be on the shelves?

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[–] toobaditworks [S] ago 

Yes it will convert the USD to bitcoin. The business will not see a difference at all and will receive USD. The person buying will pay in Bitcoin. I think they can choose to accept bitcoin also but I suspect many will just receive USD.

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[–] SurfinMindWaves 1 point 0 points (+1|-1) ago 

Can you BRIEFLY explain how it is legal to just make up currency? Every time I tried to read on it I ended up TLDR.

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[–] BigVern 0 points 1 point (+1|-0) ago 

All currencies are made up their value lies in peoples' belief in them. People believe in bitcoin because of the technology behind it.

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[–] toobaditworks [S] ago 

In the United States the Treasury classifies bitcoin as a “virtual currency.” The Commodity Futures Trading Commission (CFTC) classifies bitcoin as a commodity, and the Internal Revenue Service classifies bitcoin as property.

I don't know how old this article here is but it shows how different countries deal with it.