this post was submitted on 24 Jul 2024
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What if I want to buy a cheese sandwich today with BTC?
A cheese sandwich can remain the same fixed price in dollars for years, with only the relatively slow change in actual value due to inflation.
I've seen BTC swing 10% in 24 hours. Does the cheese-sandwich-maker have to look up the rate this instant and calculate a spot price for me?
Will they have more or less dollars at the end of the day, when they need to pay their bills and buy more cheese from their suppliers?
"Just buy cheese from someone who takes BTC", doesn't help, it just kicks the can further down the road.
"Just add a bit of a buffer in the price to take fluctuations into account", means that I go buy a cheese sandwich with dollars from next door because it's 50 cents cheaper for the same thing.
As an investment vehicle, BTC is doing hot laps of the track, but until its volatility issues are sorted and it becomes "boring", it's not going anywhere as an actual currency.