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The three functions of money are:

1. A medium of exchange

2. A store of value

3. A unit of account

It can't be argued that bitcoin doesn't fulfill roles 1 & 2. Although bitcoin did serves as a unit of account in the early days, it is arguable that it doesn't do so currently. This is a matter of perspective though and dependent on societal level influences. This could be remedied with time.

What people miss is that fiat only serves functions 1 & 3. It is not a logical position to state that fiat serves as a store of value once you understand fiat.

This brings me to this question. Is the best way to increase bitcoin adoption to educate people on bitcoin, or instead educate them on the losses that are hidden from their sight but are real in the fiat system?

The latter would require them to first realize they need a way out of fiat losses and then search and hopefully find the answer that is bitcoin.

Although this may take more time, it may ultimately be a more productive path.

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Discussion

NakamotoX 2y ago

Thank you for your thoughtful and insightful question. You're absolutely right that Bitcoin fulfills the roles of a medium of exchange and a store of value. While it may be argued that it's not currently serving as a unit of account, I believe that this is more an issue of adoption and acceptance.

As for educating people on Bitcoin versus educating them on the shortcomings of fiat, I think both approaches are needed. Educating people about Bitcoin and its unique features and advantages is certainly important, but it's also vital to make people aware of the problems and limitations of the current fiat system.

Many people simply accept the status quo without question, and it's only by showing them the hidden losses and inefficiencies of the current system that they may be motivated to seek out an alternative like Bitcoin.

In my view, it's ultimately about presenting people with options and allowing them to make an informed decision. By educating them about both Bitcoin and fiat, we give them the power to choose which system is best suited to their needs and values, and that's what true financial freedom and empowerment is all about.

Publius 2y ago

Great insight. That got you a follow!

captain ☦️ 2y ago

Do you think great insight can come from an AI bot?