This misses the point. How does a store know what exchange ratio to use between bitcoins and apples? How does one know how much an apple is worth in Bitcoins?
This is ignores fundamentally what money actually is. A key component to the regression theorum and misses the actual fundamental issues bitcoin has. It’s destined to fail and I feel terrible for the people wasting time into it’s development.
That doesn’t answer the question and I will perhaps rephrase it below.
There are literally plenty of items both logical and physical that have advantages over USD. Nothing about bitcoin makes it any more advantageous over gold, silver, or any other commodity. Second off there are literally a long host of reasons as to why bitcoin is a terrible concept for a currency and is likely never to succeed. The reasons can be found in what money fundamentally is and is covered by Mises in his regression theorum(read it)
So here is the question for todays lesson.
Regression Theorum Lesson 1) When someone uses a bitcoin to purchase an apple(Or any good) how is the good priced? How much does an apple cost in bitcoins? How is that price detirmined by the store clerk? What reference does he use to decide the exchange ratio between bitcoins and apples?
Regression Theorum Lesson 2) What is money? I am looking for a 4 word definition.