About 3 or 4 years ago PayPal added the option to buy cryptocurrency, which I thought I’d try. (Dumb idea 🙄)
Part of the sign up process was glitched. I retried and clicked submit one too many times, I guess. Now I’ve been unable to use PayPal for years. They blocked me because THEIR SITE was broken, but the web page essentially accuses me of being a criminal and asks for my bank records. No way in hell.
This was just for me to pay others. I can only imagine how awful PayPal is if you are a vendor.
Fuck PayPal.
What? No it doesn’t, you’re just shifting the volatility from your pricing to your consumption.
And that’s fine because you will always buy your requirements such as food, water, shelter, and transportation no matter what the price is. But you don’t need that new Xbox right now. It keeps prices steady, which is what people expect from a currency. And the more people who do it this way, the lower the volatility will become because more people are using it.
The elasticity of demand is not static.