I really do not know much about bitcoins, so if someone can add more info that would be great.
My question is from when you purchase bitcoin, or convert it back to your respective currency. Does that not have to go through a normal bank, which is still regulated?
Additionally, what is to stop shops from not accepting bitcoins? So you get paid in bitcoin, but can't convert it back to your currency, or no one accepts it as payment wouldnt that just make it worthless?
It's possible to completely bypass banks, yes. It would involve a physical cash to bitcoin exchange where you hand someone the money and they deposit the bitcoins at the address you specify.
Nothing stops shops from refusing bitcoin, but the same applies to USD.
Comments
I really do not know much about bitcoins, so if someone can add more info that would be great.
My question is from when you purchase bitcoin, or convert it back to your respective currency. Does that not have to go through a normal bank, which is still regulated?
Additionally, what is to stop shops from not accepting bitcoins? So you get paid in bitcoin, but can't convert it back to your currency, or no one accepts it as payment wouldnt that just make it worthless?
It's possible to completely bypass banks, yes. It would involve a physical cash to bitcoin exchange where you hand someone the money and they deposit the bitcoins at the address you specify.
Nothing stops shops from refusing bitcoin, but the same applies to USD.
> So you get paid in bitcoin, but can't convert it back to your currency, or no one accepts it as payment wouldnt that just make it worthless?
You've just summed up pretty much any currency.