I’m interested in how people are having the conversations with their circles of influence that aren’t in the know about Bitcoin and it’s utilities?
12 sats \ 8 replies \ @pi 20 Jul 2022
Most people get the importance of saving for the future. This is why I usually present Bitcoin as the most advanced saving tool available to humanity, especially in these times of inflationary fiat currencies.
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0 sats \ 7 replies \ @lipinip235 20 Jul 2022
Respectfully, I don't think that's wise. We all have to remember that bitcoin has no real value, nothing palpable backs its current $20000+ valuation. Stocks and bonds on the other side are backed by production, profit and other variables, although it's also arguable that market sentiment plays a huge role on stocks valuation. Finally, if in the end people are gonna exchange their bitcoin savings into actual usable currency (fiat), where's the perk at this point in crypto history?
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0 sats \ 6 replies \ @Majjin 20 Jul 2022
Can you elaborate? Its sounds to me like your making the same mistake that gold bugs do when they evaluate Bitcoin. Bitcoin isn't a stock or bond, its money. So it simply needs properties that can make it the most salable good (aka money).
The perk would be retaining your purchasing power. Fiat is guaranteed to weaken over time. So long as Bitcoin survives and continues to function, people will use it and it will have value. Its okay to spend your Bitcoin. Its money after all. Its just better to defer spending until later when its purchasing power is higher and you really need to buy something. Hopefully by the time you do decide to spend it, you no longer have to convert it to fiat and you can spend it directly. But that's not a necessary condition.
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125 sats \ 5 replies \ @lipinip235 20 Jul 2022
Sure. First regarding gold, it isn't used anymore to back any currency in the world (as far as I know), so I don't know about comparing gold to bitcoin. Now, bitcoin isn't money, currently it's just a layer above money. The only thing backing bitcoin at this point in time is actually fiat (the dreaded fiat). Currently you can't go to the supermarket and pay your groceries with bitcoin, hence, it's not actual money--- you have to turn bitcoin back to money to be able to use its value. But make no mistake, I really really do wanna see the day when bitcoin becomes actual money!
Regarding purchasing power, you're assuming bitcoin will become a common and widespread currency, which also at this point in time is unknowable. Fiat is guaranteed to weaken over time just as bitcoin is guaranteed to be maybe the most volatile investment right now. However, "Hopefully by the time you do decide to spend it, you no longer have to convert it to fiat and you can spend it directly.", I'm also hoping for that.
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20 sats \ 1 reply \ @Majjin 20 Jul 2022
Okay I think see where you're coming from. Correct me if I'm wrong, but you wouldn't consider Bitcoin money until its a store of value, medium of exchange, AND unit of account in a large enough market. In other words, its in the process of becoming money, but its not money yet.
On the future of Bitcoin overtaking fiat, I don't think its absolutely guaranteed. I do think that its more likely than not. Fiat is guaranteed to go down in purchasing power. Bitcoin is currently volatile in purchasing power, but I believe it has a floor due to its network effect and some small portion of the market finding its properties very useful. Eventually, fiat's purchasing power will drop below that floor. All Bitcoin needs to do is survive until then. Its not a given. The US Government could suddenly grow a conscious and brain and abolish the Fed. Bitcoin could fail due to a black swan event. But I think its more likely that Bitcoin makes it. I am literally putting my money on that happening.
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25 sats \ 0 replies \ @lipinip235 20 Jul 2022
Yep, right on the money (no pun intended), man. Let's hope indeed bitcoin makes it, in the meantime, I guess we can contribute to adoption by paying (or at least trying to) for small amount goods or services locally with sats. One step at a time, bitcoin will have to work its way up if it's ever gonna become a truly useful and decentralized currency.
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10 sats \ 2 replies \ @pi 20 Jul 2022
How many people would still use fiat if they weren't coerced into it?
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0 sats \ 1 reply \ @BeardedSaintRef OP 20 Jul 2022 freebie
This is so true! We are a historically conditioned people…
11 sats \ 2 replies \ @Ganjamon 20 Jul 2022
Whenever the topic comes up at work or something (which is happening more and more). I usually just start with what people are feeling now. Inflation. Explain how that works with essentially a puppet master controlling a currency backed by nothing. I wait for that agreement and then I bring up bitcoin and why its a better solution. I dont shout about it from the rooftops about how they should buy but I give them the facts and that at least opens peoples eyes to make their own decisions.
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1 sat \ 1 reply \ @BeardedSaintRef OP 20 Jul 2022 freebie
That’s good! You think it’s wise to mention that it’s a monetary system rather than a short term, get rich investment?
10 sats \ 0 replies \ @Majjin 20 Jul 2022
I really like to explain Bitcoin's utility like Jack Mallers and Michael Saylor does.
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It can be used to upgrade our monetary infrastructure. You don't even need exposure to Bitcoin if you don't want it. People use it to simply transfer value quickly and efficiently over the internet. Some people find it very useful and so it will always have some value. If it has some value, it can be used for this purpose. It will replace our banking infrastructure like the internet replaced landline phones.
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Mining can be used to subsidize energy projects like micro nuclear reactors and solar farms. Stranded energy sources no longer need a residential or business market nearby in order to be profitable. Their buyers can come to them. Imagine setting up towns around stranded energy sources like old gold mining towns. Miners always need the cheapest energy so its really easy for new residents and businesses to outbid them. The miners simply get up and leave for new sources and start the process over again.
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It can help bank the unbanked due to its permissionlessness. It gives these people access to more valuable currencies like Bitcoin itself or USD through stablecoins and stable channels.
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10 sats \ 0 replies \ @lada 20 Jul 2022
I go the technical route. I take the stance of "If you have any questions about how Bitcoin actually works, I'll be happy to answer them". I don't try to convince people to be on board because I myself am not certain of the future.
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10 sats \ 0 replies \ @cryptoanonymous 19 Jul 2022
i just start with saying hey do you know about crypto? its the evolution of money and it will provide you more fredom and less bariers between you and your money plus in this communitys everyone its giving free bitcoin!
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0 sats \ 0 replies \ @lipinip235 20 Jul 2022
I'm convinced, I'm just not exchanging hard money for virtual cryptos yet. I guess we need to start making crypto purchases (buying small things, at the local diner, etc.) between us to get the gears moving and push the governments little by little to make the change, not like many crypto enthusiasts that advocate "put your 401k now into crypto, viva la revolucion"... That sounds dumb and irresponsible.
I also think that the sales pitch for non-crypto people should begin on the economics side, not the technical one. Most people won't understand the concept of blockchain, but anyone understands the concept of using some kind of currency to acquire stuff.
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