Thursday, April 11, 2013

Dollars accepted here

Having grown tired of waiting for MtGox to update, I had a look at Bitfloor [which folded not long after I wrote this].  Its order book seems to work considerably better.  From that, it looks like the Bitcoin market is moving again, which does not come as a great surprise.

Then I had a look at Bitcoin Store, where you can use your Bitcoin to buy goodies like digital cameras, memory and other such.  Prices are quoted in dollars and Bitcoin.  The Bitcoin price is simply the dollar price converted at the going rate from MtGox.  That is, if Bitcoin moves against the dollar, it's the Bitcoin price that changes.  The dollar price stays the same.

While it's perfectly legitimate for Bitcoin Store to say that it's accepting Bitcoin, and it is taking on some risk in the doing so, if it's pricing in dollars, it's effectively accepting dollars.

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