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0 sats \ 1 reply \ @joda 24 Dec \ parent \ on: IMF and El Salvador bitcoin
The Store of Value issue is interesting. You didn't bring it up, but I think the reason no crypto is widely used for transactions is simply that it's easier and more beneficial to the consumer to use a credit card. Zero risk, liability, or interest, works instantly with a tap of a card with no phone/computer needed. Most people, by far, care more about convenience than privacy or sovereignty.
Bitcoin may be "stuck" as a store of value--maybe-- but it is excellent at that, and that is what is most needed today, in most places. Why not spend fiat and save in Bitcoin?
One argument that I've been compelled by, is that Bitcoin is not obligatory for everyone, but it is available to everyone. Not everyone needs to run a node, but anyone can run a node. Likewise if you are using fiat primarily, but save in Bitcoin, you can transact in Bitcoin if you need to, not that you would necessarily choose to for every transaction.
Bitcoin cannot be used as a P2P payments protocol without both buyer and seller breaching CG tax laws unless they perform record keeping and reporting that very few people could be reasonably expected to comply with- thus tax authorities arbitrary classification of Bitcoin as a speculative commodity has crushed any potential for its use as a MoE.
In addition businesses who accept Bitcoin will in most cases be refused banking.
If you cannot see this for what it is- a concerted almost global strategy by bankers and governments to prevent Bitcoin MoE adoption, then you are ignoring reality.
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