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West Major 10mo ago

Okay I’ve got another question (thank you to everyone helping me learn here). Maybe this is a stupid question.

Is the goal or one of the goals amongst the bitcoin community to eventually get to a world where everyone uses it - day to day - for every transaction? Your employer pays you with bitcoin, you buy your groceries with bitcoin, you rent Netflix movies with bitcoin?

When that happens, what does the price of bitcoin look like day to day? Is it more stable? Or will it still be down 5% one day, up 20% the next?

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Arotags 10mo ago

One day the fiat conversion won’t matter to those living the Bitcoin standard. 1 BTC = 1 BTC

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PDJ 10mo ago

We’re all here because we believe that future is inevitable. When that’s happening you’ll see your products priced in sats and won’t need to do dollar conversions. For many people here they are already living on that standard.

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Drew 🐂🚲 10mo ago

Short answer, yes, that would be the ideal.

However, shitcoins, fiat and metals will likely still exist and be used as well for whatever someone finds value/use for. It'll be similar to the majority of the world today wanting US dollars vs pesos, bronze, diamonds, euros, etc.

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Matt 10mo ago

There wouldn't be a price in same sense. The "price" would simply be replaced with various goods and services that can be purchased for a number of sats. Just consider how fiat works. It's only worth what you can buy with it. That's true for any money. 1000 sats wouldn't be worth X dollars. You car would just cost 1000 sats to repair. It takes time for markets to work that sort of thing out. I suspect we are decades away from that and there may never be a single currency. It could be the case that we end up with multiple just like we have now.

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Matt 10mo ago

My guess is that the better currency will just keep attracting more people slowly over time. Currently, the best is Bitcoin, in my opinion. I've already switched mostly. USD is a tiny portion of my wealth. People tend to figure out what works best and try to get it.

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West Major 10mo ago

Okay awesome. Thanks for this feedback. Still trying to wrap my head around it haha

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karo 9mo ago

just like how we don't think about what the price of 1 USD is when we buy groceries. a dollar is a dollar. that dollar is buying us less these days but that's another conversation.

this is why you hear people say 1 Bitcoin is 1 Bitcoin. that's the eventuality. One day a Bitcoin won't be priced based on another currency.

I think we'd be hard pressed to see it happen in our generation or even our children's generation. All the more important to instill a sense of work ethic and self responsibility in our youth because that drives Bitcoin adoption.

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elsat 9mo ago

What future do you want to see?

Where do you spend your time & energy?

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Contra 9mo ago

Not a dumb question at all. If everyone used Bitcoin daily, the price would probably be more stable over time. Right now, it jumps around a lot because people mostly see it as an investment. But if it became the main way to pay for things, there would be less crazy ups and downs, kind of like how major fiats work today.

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Jay 9mo ago

Yes. It would be more stable in value at that point, yes.

But the most important part is that freeloading bankers can't collude to make more of it. So they can't magically steal wealth from everyone else like they do now.

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bitcoinpoorguy 比特幣傢伙 🇭🇰 9mo ago

When everyone is ready

Bitcoin will have no fiat price