Fiat currency of course never being used in those.
Cryptocurrencies are an object of value due to scarcity alone. In that sense, it is no different from various rare materials.
The difference with fiat is that governments mandate that it be legal tender, that al who do business must accept it but I am left to wonder, what if I were to open a store and accept bitcoins and euros, as I must operating in an area where euros are legal tender, — what if I simply make the price in euros so much higher than that in bitcoins that no one would ever pay in euros over bitcoins.
Is this legal? can the government tell me how to set my own prices for different currencies?
> Fiat currency of course never being used in those.
The difference is being able to do it instantly across global distances, thereby circumventing regulators/border checks/banks/etc...
> Cryptocurrencies are an object of value due to scarcity alone.
This is sort of a silly assertion. Many things are scarce, yet have no value. If I create a new crypto coin, it would have zero value.
> it is no different from various rare materials.
Raw materials have uses outside their tradability.
> if I were to open a store and accept bitcoins
You would likely go bankrupt by the volatility. Most shops make <10% margin on all goods. You cannot accept payment in a coin that might be worth less than the value of the goods you need to restock for tomorrow.
> This is sort of a silly assertion. Many things are scarce, yet have no value. If I create a new crypto coin, it would have zero value.
But you cannot create a new first coin.
Part of the value is that it was the first, similar to how the first painting ever made by a famous artist, though often of inferior quality to later works, is often more valuable. — there is only first, and that makes it scarcer.
> Raw materials have uses outside their tradability.
I said rare: there are a variety of materials, such as, say, Jade, which have no known industrial application and their value simply comes from their rarity.
> You would likely go bankrupt by the volatility. Most shops make <10% margin on all goods. You cannot accept payment in a coin that might be worth less than the value of the goods you need to restock for tomorrow.
That is irrelevant to my hypothetical of whether I can use such a scheme to effectively not accept legal tender.
You are not actually required to accept legal tender for anything besides debts. If the transaction is simultaneous, you are not required to accept legal tender (at least in the US.) This is why stores don't have to accept cash and be card only.
Edit: I am speaking about the US, unsure how this generalizes everywhere.
Cryptocurrencies are an object of value due to scarcity alone. In that sense, it is no different from various rare materials.
The difference with fiat is that governments mandate that it be legal tender, that al who do business must accept it but I am left to wonder, what if I were to open a store and accept bitcoins and euros, as I must operating in an area where euros are legal tender, — what if I simply make the price in euros so much higher than that in bitcoins that no one would ever pay in euros over bitcoins.
Is this legal? can the government tell me how to set my own prices for different currencies?