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21 sats \ 2 replies \ @aoeu 11 Mar \ parent \ on: Easy exchange to fiat helps increase merchant adoption bitcoin
In an ideal world (and the coming future), a circular economy would be preferred but it isn’t necessary to have a 100% circular economy or nothing, if those are the two choices.
IMO being able to pay someone in bitcoin for a good or service is a good start, even if they want the ability to convert back to fiat. Money works as a nonconsumable thing that has no other use than the ability to facilitate trade between two parties. While not ideal, if a vendor accepts bitcoin, then bitcoin is serving its purpose as a means to facilitate the exchange of value regardless of what they choose to do with the bitcoin they receive.
Since I am willing to give up some of my sats for the good or service they provide, I value that product more than my sats at that time. If they choose to keep the sats, great, but if they choose to sell them, then they just value fiat more than those sats. They’ll HFSP and those sats will get distributed back to the bitcoiners that understand it.
Read and learn: #576140
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That’s a great article.
When you finally convinced the vendor to accept bitcoin, do you monitor them to make sure they do not sell any of it back to fiat? Probably not because it is their choice to do whatever they want with those sats.
Maybe they’ll go to another store and spend some sats buying food at another place that you onboarded into bitcoin. Eventually they won’t need to convert back into fiat at all because a circular economy will exist by that point.
Having a vendor accept bitcoin directly (regardless of what they do with it afterwards) is much better than me using my bitcoin to purchase a Visa debit card or gift card….that is the fiat mindset that we need to do away with mentioned in your article.
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