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77 sats \ 2 replies \ @telcobert 24 May \ on: Bitcoin Jungle needs buyer adoption, not merchant adoption bitcoin
"At the market only around 10% of people pay with bitcoin, while 95% of the sellers accept. That made me feel a bit sad and surprised. This is a buyer education problem, not a seller problem."
Education certainly is certainly necessary. But we already have great education efforts and organisations in Bitcoin. And - I sense - they all do a very good job. So this is not the gap.
It is high time to recognise that the problem is elsewhere. Before education, the monetary economics must be right, and they are not yet, at this moment. We educate only half the story.
The starting point for real economy cannot be "buy bitcoin" because the finalty of "buy" is "sell".
Bitcoiners who want to see Bitcoin succeed in the real economy need the finality of "spend" for which we must "earn" not "buy". This needs a Wage Fund which Bitcoin does not have yet. Businesses then use this Wage Fund to pay workers, workers can "spend" this "earned" bitcoin for their daily life and needs. Everybody, not only the lucky few who have money to save.
Sadly, how to achieve that is a long story and it requires open minds. Not many will be interested.
You made the point last time, but this time it clicked more with me. I especially like "don't buy bitcoin, earn bitcoin" framing, because that indeed seems to be missing. Now, one aspect to consider is that all these sellers at the Uvita market accept bitcoin and so they already earn it, but quite often they turn it into colones. So even if people earn, it may not be enough...
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"this time it clicked more with me"
Glad to hear it. Bitcoin in the real economy requires quite a different thought model, not "gold producer" for M0 but "circular trade finance" for M1.
"they turn it into colones"
Exactly the sore spot. Sellers do that because - for all their faults - colones capability includes a Wage Fund for the earning/spending paradigm.
In a full Bitcoin system the sellers at the Uvita market accept bitcoin and then don't exchange it for colones but they redeem the bitcoin-denominated bills of exchange which paid for their merchandise on stock. Circularity.
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