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0 sats \ 2 replies \ @mallardshead 20 Aug 2023 \ on: BTC for the masses bitcoin
Saving your money in bitcoin is an example of using it, and since it's a store of value on a long, difficult, and organic road to becoming a medium of exchange, the biggest incentive is to save it, which is the smartest way to use it, on this side of monetization. There's no hurrying this process along, like other projects think they can do by leapfrogging steps. Or like the myopic drivechain buffoons think they'll accomplish. Bitcoin's monetization to a global currency and base layer money is contingent upon the velocity of decline in the petrodollar, the expansion of green energy, how long countries can service their debt, how inflation reorganizes risk, how frictionless the BTC/USD pair becomes, and so forth.
On the other side of monetization, it won't be bitcoin's quote price that shines brightest, but its first principles, which must exist for bitcoin to exist.
As for current incentives to use it for businesses, if you're not a bitcoin-related business to begin with, or a darknet marketplace, or a business that needs to bypass some restriction, then there's no reason to use it other than to say you do. This will change, but several things must happen before it does.
I have a similar theory... Basically, as worse the economy of a country gets, more incentives people will have to use BTC. I got your point about the 'petrodollar' but I don't think that It'll be enough to make people use for everyday businesses.
Take my country as an example, Brazil. Between 1900's to 1994 we switched many times between different FIAT currencies. Just a few had used dollar to counter balance the almost useless currency they had back there... My point is, even if US drops the 'petrodollar' it will keep creating mechanisms to impose dollar, and I think most of people will simply accept.
Also, for Bitcoin, there is a very specific characteristic... It's not imposed by anyone, the user must go after Bitcoin, not the other way around.
That's why I believe we need to teach others how to use it then they'll decide if it is good (or not) for their use case scenario.
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The US won't drop the petrodollar, it'll just fail to be useful because its utility is based on the ability of oil and fossil fuels to be the fastest expanding type of energy, which it no longer is in peacetime — green energy is. Don't put it past the dollar to form a more frictionless and intimate pair with bitcoin than it already has through 93% of bitcoin's issuance.
I like your idea of making content showing people the ways to use bitcoin. It will be important for countries with currency that already is, and currency that will become more volatile than bitcoin is. Also, don't let anyone tell you saving bitcoin is not using bitcoin.
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