where to buy gold in ireland?

Jim2007

sheepsh4gger wrote: »

You seem to think that converting into traditional fiat currency is the key to using crypto. I don't get that argument. You can buy goods using crypto without exchanging to fiat. The crypto itself has value.

Why are you willing to accept payment in crypto currency? Because you expect to be able to use it to pay for what you need later on and that includes the ability to convert it into the common currency of the market in which you want to make your purchases. Try paying for a bar of soap at the corner shop and see how far you get with dollars, yen or crypto...



Now if your ability to convert a crypto currency or any other one for that matter into whatever currency you need is restricted, how willing will you be to accept it as a general method of payment? Most likely you'll only accept an amount that you feel your are like to be able to use in the near future...


Your faith in crypto currency is entirely based on the fact that others have the same believe, nothing else. If that believe is shaken then you can expect that there will be major financial losses and the fact that it is entirely automated means that it will happen very quickly.


This is nothing knew, confidence in a currency has been an issue right back to Roman times, when the head of the emperor was put on coins. It's why the gold standard, central banks, various fiscal policies etc have evolved. Because we've been here before. In historical terms crypto is back in the middle ages, it's entire worth is based on nothing more than confidence.



Finance and investing in particular is a very strange field of endeavor, so much of it is based on human behavior and yet in constructing financial products it gets ignored or even worse is reduced to some kind of math formula that gives false confidence, which will fail in the end.



We have an abundance of knowledge and experience when it comes to currencies and yet we have people coming alone claiming that a currency has some kind of intrinsic value, when it reality all it enjoys is the confidence of the population at the time.


At one stage I did some consulting work for a jewelry manufacturing business and on another occasion for the precious metals department of a major Swiss bank. And when you do, one of the things that strikes you is how little they trust the metal - everything is tested and verified. And then we have individuals buying physical gold over the internet, when no means of verification, just confidence because some set of random individuals on the internet told them they did the same thing.....

Lazy Bhoy

Governments could possibly restrict peoples ability to convert crypto into fiat currency through centralized exchanges like Kraken or coinbase. However, those types of exchanges are no longer the only game in town.



Decentralized applications like Bisq allow people to privately trade crypto and convert to fiat currencies using a number of different methods like "Face to face meets", SEPA transfers, Western Union and many others. Because the application acts as a decentralized exchange it cannot be frozen or taken down by a government or another malicious actor and trades are carried out on a p2p basis.


They cleverly use a multi-sig system to lock funds during trades and insure that both parties to a trade honor their part. There is too much to go into to explain it all here but anybody who is interested can learn more on the Bisq website where their documentation is published and they also have a great forum. There are also a few YouTube videos about it. But if you want to privately buy, sell or trade crypto then it is definitely worth a look.



https://bisq.network/