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.
YnoT
npub1c4…3m2mj
2024-05-23 15:08:13
in reply to nevent1q…9vxk
Author Public Key
npub1c4n8g7dyak2v6w5xf440mkvs2564w47pmud2wys9qhjyuxc2xfuqf3m2mjPublished at
2024-05-23 15:08:13Event JSON
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"content": "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.\nI 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.\n\nAnd 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.\nUnit 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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