Most people will never save and spend in two different currencies. Thanks to fiat most people can't afford to save at all.
If you tell people bitcoin is for saving but not for spending, you are class locking it and excluding the people who need it the most.
GM
It can be both some people use it purely as a store of value some people use it a unit of exchange and some use it as a unit of account. The beauty is it is up to the individual how to adopt it and why. A lot of bitcoiners like to project their way as the correct way, which in fact any way you chose is the correct way as it is open and permissionless.
Money should do all 3. If we can't we haven't invented a better money.
It does all three. Bitcoiners are not bitcoin. Users choose how to use it but it functions as all three.
Right, but the people who need bitcoin most can't start saving until they have an honest unit of account that they can use for transactions where someone isn't stealing from them constantly by altering the account records.
If you are paycheck to paycheck bitcoin that needs converted back to fiat to spend will have to happen so fast you'll never profit after fees. If you can spend directly we just cut your fees in half.
I know you are thinking river or strike are 1% conversion fees. Great, you just spent 2% of income to not be able to hold long enough to make 2% in fiat gains. If you have never lived like that it is hard to imagine, but for a lot of people that 2% would be a full 2% more than they can afford. A one way conversion cuts their cost in half. Getting paid in sats make it go away altogether.
Or we may just be talking past each other because I was talking about the national reserve legislation legally defined bitcoin as only a savings vehicle and you missed that frame of reference.
Ah never saw the national reserve mention.
Bitcoin will continue to work as bitcoin and it’s up to users how they use it and whether they comply with local legislation or not.
The legislation in my opinion is written in a way to not threaten USD since the government would never do anything to jeopardize USD reserve currency status.
The middle classes in much of Asia do exactly that. I hear Africa is the same.
If the ancient world could stably circulate physical gold, silver and bronze, the cryptocurrency world can too...
I think this happens pretty regularly in the global south...IIRC, 2/3 of US printed $100 bills are held outside the US, not because they're transacted with, but because it's a way for people to store value in a way that's better than their lousy local gov't paper.
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