I canceled my credit card of 29 years yesterday.
As rates go up, fiat mechanisms like credit cards make less and less sense. One of the realities of hyperinflation is that ironically, there's no consumer credit to be had anywhere.
I've always thought that Bitcoin as method of payment would come about when merchants demand it. Now I'm thinking that there might be some pressure on the consumer side as well, as the cost of credit cards goes up.
Credit cards don't cost anything to the consumer if the balance is settled month to month. If merchants start charging for credit card payments then it makes sense to cancel/stop using it.
All the while I haven't paid for but one flight in at least 4-5 years because of my points balance.
But accepting Credit cards is very expensive for small merchants in central europe.
So pls think twice before you use your credit card to pay a small amount to a small retailer.
Maybe the merchant shouldn't allow for credit card purchases under a certain limit. Happens all the time in the States.
How will you book hotels and flights etc?
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A credit card is the only way I can have zero fiat stored at all times.
Put all my monthly spending on it, then sell BTC to clear the balance every month
That’s what I do too
When there is a market created of buyers and sellers who refuse any other settlement mechanism… the extent that one can effect this is the extent to which that person/group can supply/demand goods and services only denominated in that particular medium of exchange. I am reminded of Atlas Shrugged when Dagny Taggart wanted to purchase something Galt’s Gulch and they refused to use money from the outside.
