Texas regulator orders oil company to stop accepting bitcoins

Comments (2)
sequoiahugger wrote:

“The price of digital currency is subject to extreme swings, which could affect the amount of money available for business operations”

I’m not a big fan of Bitcoin, but one could say the same thing about the USD. It’s practically a digital currency as only 2-3% of US dollars exist as physical currency. Its value is also subject to swings.

Seems like this is yet another issue of the state wanting control.

Mar 11, 2014 4:37pm EDT  --  Report as abuse
colindean wrote:

This opposition to Bitcoin acceptance demonstrates a misunderstanding of Bitcoin payment processing.

Many, if not most companies that accept Bitcoin, but have no vendors, suppliers, employees, or contractors who desire to accept Bitcoin themselves, immediately convert Bitcoin to USD. Coinbase, Bitpay, and a host of others facilitate this for a fee smaller than what any credit card or bank would charge for a swipe or a transfer, or even a money order!

I’m sure that the judge would think again if this company showed that it was converting, even if it was converting only a percentage.

Conversion is a necessary evil to integrate with the legacy money system until those vendors, employees, and more start demanding Bitcoin instead. Those days are not likely too far off.

Mar 12, 2014 12:08pm EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.