Bitcoin not really accepted here
As news of more and more business accepting Bitcoin spreads, we’d like to take a moment to remind you that none of them are actually accepting Bitcoin. Instead, they rely on often-complex Rube Goldberg-esque “solutions” to sell things and claim they accept Bitcoin.
In most cases, one of two companies get involved. Let’s say Buttcoin wants to accept Bitcoin for the service of mocking and laughing at you. We set up a bank account (a huge one, we’re filthy rich,) and then we contact either Bitpay or Coinbase to do the dirty work for us. They give us buttons and code to insert into our website, then what happens is as follows:
- User buys bitcoins with real money, using some frighteningly shady exchange or ATM.
- User sends bitcoins to Coinbase or Bitpay.
- Some sort of magic occurs; nobody really knows where the funding is from.
- Coinbase or Bitpay send real money to us.
- We mock and laugh at you.
We here at Buttcoin, or Overstock, or the Sacramento Kings, or the Lamborghini dealership, never directly deal with the bitcoins or the risk inherent in selling things for them. Bitpay or Coinbase absorb this risk somehow and deal with the random and violent fluctuations in “value.” In the end, everyone is happy or deluded. The business sees actual currency (whether it’s laundered or not is up to FINCEN to determine,) the middlemen get a cut, and bitcoiners get to shriek and proselytize about how widely accepted Bitcoin is and how it will take over the world, despite having a slew of issues that can’t or won’t be fixed.