10 sats \ 0 replies \ @go 9 Jul 2022
In reality I think time is on our side. A few years after “everyone” has encountered Bitcoin they will adopt it. You can’t rush trust.
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1 sat \ 0 replies \ @cryptocoin 10 Jul 2022
- Taxation. ... i.e., treatment of bitcoin as property for tax purposes (nobody wants to deal with capital gains for daily spending)
- Exchange rate volatility
- Initial onboarding (education on wallets and/or signing devices, including how to get set up with a wallet, how to buy / sell bitcoin, how to send / receive)
- UX with Fiat gateways (On-ramp, Off-ramp, KYC when required)
- Merchant payments integration and payment processing in fiat (e.g., to receive in bitcoin but then pay vendors and staff in fiat)
- Regulatory environment (e.g., bans), and industry collusion (e.g., de-risking by banks)
- Scammers (e.g., Fake / impersonated social media accounts providing "assistance")
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0 sats \ 0 replies \ @om 9 Jul 2022
Suppose you want to make a legal business accepting bitcoin. The bank will probably not open an account for you. Even if it will, you'll have a problem to find accountants willing to work with you.
Alternatively you'll sign up for a crypto service provider and then the government (esp. EU) might try to force your customers to KYC with that provider which many bitcoiners (myself included) just won't do. Those who would do KYC probably already have got themselves a card. Most of such cards are debit, meaning that you sell bitcoin every time you use it and trigger a tax event. The only credit card (avoiding the tax event) that I've heard of is issued by Nexo, but at this point it's unclear how solvent Nexo is. All this creates a tax nightmare.
I don't think we can route around that. We just focus on countries without capital gains tax on bitcoin (such as Portugal) and wait for hyperinflation.
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0 sats \ 0 replies \ @nout 9 Jul 2022
- Everything in Bitcoin triggers "scam warning" in people's brain...
- The UX
- Taxes
All of those have some solutions, but we need to do better. Especially with UX I'm happy to help any project or team - just let me know / please forward them my way :)
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