people save in harder assets. They 'spend' the softer ones. If they run out of money generally, they will sell or spend what they have to (otherwise why would someone sell a hard asset for example like a house unless it's productive/necessary for them to do so?)

In other words, bitcoin is likely the hardest asset generally speaking available anywhere... so why would someone spend it generally speaking if they have alternatives?



028559d218

conspiracy

Why Bitcoin is not being Widely used as a P2P means of Payment.

Solomonsatoshi

I hope you are right but how do you get that critical market scale adoption to happen as things stand?
To enable widespread use as MoE you need both merchants and consumers to move to Bitcoin payment but the current arbitrary tax designation of Bitcoin as a commodity makes the tax recording and reporting obligations so complex that very very few of either consumers or businesses are going to even start the process.
Even in El Salvador where it appears that the tax reporting complexity of using Bitcoin as a MoE has been removed, adoption by consumers and businesses is hardly widespread- by all reports it is very limited.