

Ask HN: What would happen if American companies stopped accepting USD? - gremlinsinc

This is a thought I had, what would happen if Papa John&#x27;s or Walmart started only accepting Bitcoin and Litecoin for purchases? Would that even be legal? What would it do to the economy, would the government lose power since they no longer control the almighty dollar?<p>What other questions would this bring up?
======
kirtijthorat
The major problem that I see with BitCoin is that they underestimated the
demand for it. BitCoins can not be mined fast enough to meet demand and they
maximum mineble number of BitCoins will be reached far before demand is met.
It is possible that BitCoin might be able to serve its original purpose as an
alternate currency if it eventually stabilizes.

The BitCoin concept is wonderful. My understanding is that the biggest
strength of BitCoin is that it is designed such no organization can have
central control of it. The value of it is totally driven by market demand
rather than by what faith we have in government, the IMF, or any other
organization. It's totally new concept at this moment but I believe eventually
there will be some sort of resolution that may allow BitCoin as an alternate
currency for the world.

~~~
gremlinsinc
THe thing is, it doesn't matter how much exists, because I could buy a happy
meal at mcDs for .001 bitcoins (pulled out of my arse) -- Bitcoins deal in
fragments so even when all are mined, they will still be valuable, still be
traded, and still be used as currency. Plus, I believe it'll be awhile before
all are mined due to rising difficulty. I think it took 4 years to get to 11
Million, and might take another 4-6 to get all the coins - but don't quote me
on that.

------
sharemywin
If one company did everyone would go to their competitor and the company would
close almost over night.

