Cold hard reality check:
Until bitcoin is as easy to use as pulling a fiver out of my wallet, I will never rely upon it as a primary tender, and I’m willing to bet most people won’t.
Discussion
Agreed. It's better for long-term saving rather than spending anyway.
This is generally how I view bitcoin. An inflation-proof savings account.
I wouldn't want it any other way.
Interesting. You’re not in the 100% bitcoin adoption mindset?
I'm not an extremist. Even though I really love bitcoin. It does what I want it to do already. There also lightning. More adoption will happen maybe even 100%. It would be nice but I don't stress about it. There are other things in life too.
Too many bitcoiners are becoming consumed by ego, greed, and acting like they have a post secondary education.
Honestly I'm starting to get really annoyed by the normie vibe emerging in this community now...
I’m a dumb guy. But the fact that I can drop a fiver into the Salvation Army pail in 10 seconds, vs watching my BTC transaction to pay for Mega without kyc time out because of fees and block speed issues tells me a lot.
Lightning alleviates a lot of issues, but non-custodial means a lot of monkeying around, fees, channels, etc. Honestly, a free checking account is faster and easier.
I’m a believer in the qualities of BTC but some stuff is pretty pie-in-the-sky imo. The issues are still there.
Cash is still king for in person spending.
The high fees have had me thinking about this a lot lately. I currently have no channels open bc i don't really have any reason to send bitcoin daily (though I'd love to) and the cost of opening a channel right now is quite prohibitive without some real motivation to pay the price. The day I can use bitcoin on an amazon like platform, I'll be on a bitcoin standard and never look back.
They want cash gone, not going to have it around much longers way things are going.
Perhaps I should say, “as easy as swiping a Visa card” then.
Ever try the Boltcard ?
No. I tried fold at one point and never got past signup.
I got an LNBits nfc lightning boltcard , tested it out on a coffeeshop in Belfast that accepts corn , pretty seamless. Tap and thats it.
I’ll look into this.
Question. I can just use any NFC tag and program it via LNBITS. Correct?
The answer is no. Or at least I have the wrong ntag type. It needs ntag424 or something. I bought ntag215s.
That use case is many years away. Store of Value not medium of exchange for now.
And that’s fine. Seems by design.
It can be if you use Satscards, but I get your point
If you are a rational actor you would never spend bitcoin when you can spend cash. Unintentionally and ironically legacy finance will open people's eyes to the value of bitcoin by holding it away.
By holding and acting rationally people will begin to pay attention to bitcoin in the masses. This has always been an unintentional backwards thinking by bitcoiners to do everything they can to spend bitcoin. It showed normies bitcoin was not valuable and/or all bitcoinerz are crazy.
Why would you want to spend and encourage spending of the better money. You would spend as a last resort.
If I have a silver quarter and a modern quarter I'd be an idiot to spend the silver quarter. Because although they have the same fiat value at the time of spending the silver quarter is the better money.
Encouraging spending bitcoin has hampered bitcoin more than. Anyone realizes.
I disagree with this comparison, but deeply appreciate the effort that went into writing such a well thought position.
My bone with the comparison is that both quarters have equal immediate spendability. Bitcoin and cash do not. If I am faced with the choice of spending cash or BTC, then it is very likely going to *have* to be cash, because the spendability of BTC is very low. At best, I’m going to have to rapidly liquidate BTC into cash in order to spend it.
This strikes at one of the original conversations about money: you can’t eat it. Its value depends not upon being spent, but upon its spendability. $1 is worth a potato only because I can go to Walmart and exchange $1 for an actual potato.
I cannot do that with BTC. I believe the day I *can* and without converting it (at a loss usually) to another currency, the value of BTC goes up. Demand is half of the value equation, and spendability is demand in currency.
Silver coin can be converted back to fiat (also at a loss) which makes it better than modern quarter.
If I’m starving to death and need 50 cents *right now* to keep from starving - silver coin does that too, which is why as a medium of trade, silver coin still beats BTC.
Just an opinion. 🤷♂️