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Regarding #Bitcoin, I’ve been thinking about Parker Lewis’s exchange theory of value and how difficult it is to make a solid case for day to day use of #BTC as a medium of exchange in the Southeastern U.S. of A.

Partially, there’s very few local companies that accept it for payment. But worse, in the USA 🇺🇸, the dollar and all the infrastructure built up around it just *work so damn well*. For large and small amounts, Venmo and PayPal scratch my itch as well as anything, and there are excellent services like #Fold and multiple credit cards that offer rewards that sweeten the use of fiat currency.

But as a counterpoint, I think my difficulty promoting or justifying #Bitcoin as day to day medium of exchange (even to myself!) comes down to the *financial privilege* of living in a peaceful country where the world reserve currency is used daily as a medium of exchange.

Also, as nostr:npub1w69ya7xs697hk3hky3gllryz8rwverfa0ylz89chf9qnhfcskc2s64zltw points out, if we want the rails of exchange and we want them better, we need to use the rails. And I’m working hard at that.

If anyone has any suggestions or insight, I’m all ears. Anyone feel the same way?

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Discussion

Detective Deft Defector 1y ago

The baseline of hodlers are what will create the stability, that currently is not a feature, the sort of widespread circular function it would imply would have to be enough to get a not unnoticeable portion of venders, in whatever area, to not only accept it, but broadcast it. If they actually grok it, tbf the broadcast is a given. But since so many companies in the US are running on credit but don't pay attention to economics or Bitcoin, my guess, complete conjecture here, is some key person or group should be the collective goal. If Walmart, Amazon or in my seemingly most optimistic scenario Aldi, accepted it ubiquitously, it would be too apparent to not draw attention, education, an awareness of history that might not come otherwise to those individuals. But those people inevitably hold too.

Until we have enough people living comfortably outside of their savings in Bitcoin, within their means, that coin might as well be lottery tickets because it won't actually have improved their lives yet. And like lottery tickets. It comes with a premium. Every exchange is working with a fee or spread.

Which also leads me to think banks should be exchanges more than custodians, or else we'll never have actual fair market value. But since we already borrow the dollar at interest, that's a moot point.

I don't have it all nailed down yet but here, have this food for thought.