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As long as bitcoiners see fiat as money we are giving this system some legitimacy. I believe no bitcoiner can truly want that.

We have to become the change we want to see in the world, that means adopting bitcoin as SoV, MoE and UoA. Never said it was easy, but we all know it’s absolutely necessary.

YnoT 1y ago

Do you like to spend your bitcoin though? How does it feel? It doesn't feel good to me. Feels much better to spend fiat. Spend and replace is a possibility but seems to me like an overeager attempt at bumping Bitcoin up to medium of exchange when it isn't really there yet. Taking on additional fees in the process.

I started to listen to my gut on this, which is why I don't spend Bitcoin if I don't have to. And sometimes I have to. Because I'll be transacting with another pleb who won't take my fiat. He just doesn't value the fiat enough, compared to Bitcoin, to give up whatever he's trading against it. Or I'll spend time at Bitcoin events where nobody will take your fiat, because they all get it.

And this is where I believe the phases will transition very naturally. Because for someone to accept Bitcoin as MoE he'll have to value it first. The more people value bitcoin the more will want nothing else for their goods and services.

Unit of account is another issue. To reach that we'll need a much higher degree of price-stability. And I'd argue that anyone who claims he's already using Bitcoin as Unit of account is lying or delusional.

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Discussion

the wise rabbit 🐰⚡️ 1y ago

Honestly, I like the idea of paying people in the best money I know. Otherwise it feels like I’m betraying them.

The people I pay usually value bitcoin too, it doesn’t make much sense if I spend it, and they receive fiat.

I try to use it as a UoA, although people will definitely think that I’m delusional, since the fiat equivalent of a house or a car is laughably low.

On everything you buy with fiat, there is opportunity cost attached, since you didn’t buy bitcoin with it and once you’re All-In Greshams Law doesn’t apply to you, since you don’t have bad money to spend anyways.