Just spent 3 weeks living in a Bitcoin circular economy.
Here's my #1 takeaway:
If you're scared of spending Bitcoin, you have too much Fiat.
Discussion
Felicitaciones đđ«Ą todos los dĂas hay que usar bitcoin
claro! y si te sobra Fiat, pues gastas BTC y repones lo que hayas gastado.
Itâs true
BTC will not be the medium of exchange.
A store of value is exactly that, a store of value. You donât spend your store of value.
At some point itâll become medium of exchange. Or we are all wasting time here with lightning network.
Well, unless you actually do live in places like Uvita, where you don't need any fiat. 30% of restaurants accept directly and all rest you can pay via the SINPE integration.
Bitcoin is the medium exchange there already.
And how many people know what I itâs is? SINPE?
How easy is it overall to use?
Either way, itâs good to know thereâs one example. But most people wonât want to spend their store of value, theyâll want to spend something else and borrow from their store of value.
Everyone there knows SINPE. 98% of adult population used it at least once.
The 98% stat may actually not be correct. I found references to 76%, but it really depends on what exactly they count.
Costa Ricaâs Mobile Payment Surge Fuels Widespread Tax Evasion - The Rio Times https://share.google/fNDms5gllrnxnOEaP
76% is significant.
Thanks for sharing
That's nonsense. Money is the most highly valued good. Once it is universally accepted as the best store of value, few people will ever be willing to work or trade for anything else.
Whatâs nonsense is thinking someone will want to give their store of value away.
Just because something is valuable doesn't mean it's convenient to trade. For example, a physical 100 dollar bill has about the same value as 100 digital dollars, but if someone has an online business, there's no way in hell they're accepting physical dollars.
ââMoney,â is the most highly valued good.â
Is it? Because weâre moving from âmoneyâ to bitcoin due to âmoneyâ being infinitely abused.
BTC is not and has never been designed to be a store of value. That's gold. BTC is a currency that is meant to be spent like dollars.
False
Show me where Satishi said BTC is supposed to be digital gold or a store of value. He didn't.
Satoshi is the architect, not the dictator.
But if we're using it as this thing it wasn't designed for, we're sitting atop a house of cards.
Gold is a store of value. Maybe property if done right. But BTC is a cryptographic currency with no intrinsic value. Other cryptocurrencies are technologically superior to BTC, too.
If the masses jump ship to the next big thing, what is remaining value of Bitcoin?
This is an existential question that I donât have the answer to.
However, why do people need to jump to the next big thing?
I imagine they'd jump to the next thing for the same reason they jumped into Bitcoin. Bitcoin became a pyramid scheme speculators looking to get rich.
So for example, let's say some shiny new AI gimmick comes along that is yielding BTC 2011-style gains. Those speculators would take their money out of BTC and into the next get rich opportunity.
I don't have a crystal ball, I just see vulnerabilities in BTC's position and am being cautious.
If BTC was just used as a currency like it was supposed to be, the price wouldn't be so inflated right now. It's a looong way down if it pops.
Hundreds of âTreasury Companiesâ are popping up because those corps want to jump to the next best thing.
They want a store of value they can borrow from.
Theyâre putting billions into it because they believe in it.
Theyâre not going to spend it either. Theyâre going to borrow against it.
Theyâll borrow against their store of value.
Arenât*
Those corps seem to believe in BTC, we'll see if it's well placed or not. I see this inflated price as leaving BTC vulnerable to banking-style contagion if confidence is lost.
Let's say the speculators take their money out of BTC to place it on the next pyramid scheme. Would the price not drop? That isn't a store of value.
Or what if large owners like Blackrock sell up to put the money in something better, what happens to confidence?
And in contagion style, other big holders get out and save their money before it crashes?
It's not like gold where the value remains despite temporary drops in price. BTC is just electrons. It is a currency, nothing else.
đŻ
If you save, so to shall you spend.
Sounds great, where was that?
Sir, this is a Wendy's.
No lies detected.
How did it go for you? And how did you manage to pay in Bitcoin when the merchant only accepted fiat?
Absolutely đŻ