AMA: Long-time DU lurker and democratic supporter, know everything there is to know about bitcoin

[Rassah]

63. You are right, it does depend on support

so in that sense Bitcoin is like a foreign currency. If no one near you accepts it, it isn't of much use. Luckily, more and more online services and brick&mortar stores around the world are starting to use it. Here in US I can't buy gas with it yet, but I can already use it to buy doughnuts, groceries, and even refill my phone (Gyft app helps a lot with that). Plus when I travel (and I do a lot), I can often either just spend my coins directly (9Flats let's you pay for lodging, and some travel agencies let you pay for plane tickets with bitcoins), or find someone local to swap my coins for local cash for me for pretty decent fees, compared to what exchange charge. And there are no worries with carrying $100 bills to exchange, either. Just a phone with a password, and a backup file at home.

BTW, I LOVE Italy. I remember using lire to buy gelato on a beach when I was a kid. And Kinder Surprise eggs. *sigh* Good times

EDIT: Oh yeah, and besides computers, you can store and use bitcoins on cell phones, and there are small keyfob sized and credit card sized devices being developed that will let you carry and use them anywhere. Also, since a bitcoin is basically a string of characters, they can also be made into coins (with the characters protected by a hologram sticker), or even just printed on paper. Though you still need an internet connection, or someone with an internet connection (even someone you are talking to on the phone) to verify it's authenticity...