Replying to Avatar hh

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.
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Carl B Menger 2y ago

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?

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Kevin 2y ago

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.