What does adoption mean?
The use case for bitcoin is not cash for groceries. It's electronic gold to be used as reserve at a central bank, collateral for fiat loans, long term store of wealth and only as cash to settle large financial transactions.
If we think bitcoin is the hottest shit since sliced bread because it's infinitely scarce, ever appreciating against fiat, etc etc etc, using it to pay for podcasts and pencils is plai. dumb. It's like having land and using it to pay for groceries.
There’s a podcast clip somewhere that impacted my thinking on this, on living on bitcoin.
Basically - to the extent that one can, but MORE sats than otherwise planned and spend those sats. So you’ve got your stack (the dormant BTC) and you’ve got your cash flow that you spend.
And actually, and maybe to your point) an even more hardcore version of this is to spend only credit card fake money, and pay it off at the month using sats (or just fiat income and the sweep the remaining to sats)
Anyway, I’ll always agree that spending Lightning or ecash is a bit cumbersome while we wait for bitcoin to become the unit of account.
Could you share the link to the podcast episode?
Took me a bit but I found it
The whole thing is useful as context if memory serves. But 23:30-24:01 was the most salient part in my memory
By 28:30 I think most of the idea has been said
Watched the first 28:10 just now. Will watch the rest too.
Comments: I am already doing exactly what Sahil explains, except that I don't trust a third party with my BTC (in his case, Level).
I pay for my daily stuff with fiat, just like Sahil does, mostly credit card and ALWAYS spending less than my income is, and I have some fixed monthly payments set on my fiat bank account by SEPA (like ACH). Just like Sahil does. And whatever is left after that, I stack sats with.
So the result is that every month my stack grows while I incur minimal fiat-holding risk.
Additionally, just like the host of the show, I do not trade BTC. In fact I can say that I have never, not once, sold one single sat. Never.
All this has little to do with what I was saying though, which is this constantly shilled idea that we have to pay for our daily expenses with sats. Which goes against the very idea of maximizing the growth of your stack.
First off, congratulations. This is the way :)
And you’re right. I got too excited that I found one of the relevant episodes and lost track of the fact that it wasn’t the precise one.
If a person is spending sats they would otherwise stack then I 100% agree with you.
But isn’t the idea you buy sats using USD you’d normally spend, and you use those sats for spending instead?
In that sense, it doesn’t impact sats stacking at all, it just helps to pressure bitcoin as a payment acceptance.
Sounds like you never zap then?
Thanks a lot Mate!
Bitcoin is much more than only a store of value. It’s money and thus it’s also a medium of exchange.
It’s not dump to have a circular Bitcoin economy, because than the producer gets something accurate for his/her work as well.
And when you stack more than you usually would and spend it with people who sell their goods or services for Bitcoin, than we can speak of hyperbotcoinization bc everything is valued in Bitcoin.
Your theory is still a fiat world with #Bitcoin as savings technology, not really a revolution bc we had the same with the Gold Standard.
What would be the difference when everyone is holding their coins in hardware wallets for eternity and not spending a single day than with holding gold in vaults?
It is Gresham's law in action.
There will come a time when it doesn’t apply anymore. This will happen bit by bit, when people decide it is worth it.
It could be for example that spending bitcoin is more convenient, quicker or cheaper then the alternative.
Then it will become the medium of exchange and later on unit of account.
It is the gradual process of becoming money. This definition will not be true for everyone at the same time.
