Retailers will be using the same Visa Card terminals,
which accept fiat currencies today, and they will be accepting cryptocurrencies in a similar manner.
Not exact matches
The power of B2G - Ecosystem will be realized when it will be
accepted and utilized as a substitute of
fiat currency which will provide more personal privacy, account security, resiliency, mobility, speedy transactions at lower fees and unparalleled opportunities for the community.
For each conversion, i.e. the withdrawal of cryptocurrency into
fiat currency, you
accept that you are selling digital content the value of
which is subject to market fluctuations.
In this case, Amazon would set a date after
which it would no longer
accept fiat currency on any of their platforms.
Poloniex does not
accept fiat currency,
which means deposits are only possible online via cryptocurrency.
While this could be seen as strength, the fact that Bitcoin is a
fiat currency which is
accepted only on the perceived value of other bitcoin users makes it highly vulnerable to destabilization.
Keeping the competition alive, OkEx, the internationally functioning body of the now redundant Okcoin announced the launch of its very own P2P trading platform
which will
accept a vast array of
fiat currencies along with CNY.
Some exchanges
accept digital
currencies only,
which means you'll need to first use an exchange that
accepts fiat currency.
This chicken - and - egg scenario in
which bitcoin co-exists with existing (and more commonly
accepted)
fiat currencies means that
currency conversions must still occur at each end of the transmission,
which then requires intermediaries in the form of bitcoin exchanges and the fees they will necessarily levy.
This means that if there's someone willing to
accept your local
fiat currency, you can purchase Bitcoins for it,
which is pretty awesome.
The Venezuelan government has also published a buyers manual
which states that investors can purchase the cryptocurrency either in
fiat currency or cryptocurrency, but they do not
accept payment in Bolivars.
Another limiting factor when it comes to Bitcoin is that it's not yet as widely
accepted as
fiat currency,
which often limits the user's spending options.
In this regard, most cryptocurrency holders are forced to convert these digital assets back into
fiat currencies which is widely
accepted in the real world.
ZM: For our individual users, the Saifu app,
which lets you easily manage your crypto and
fiat currencies in one account, and the linked Saifu prepaid Mastercard,
which you can use anywhere Mastercard is
accepted.
Which crypto and
fiat currencies do you
accept?