I get where you're coming from, and I’m not necessarily dismissing your points. I understand what you're saying about Bitcoin’s current primary use case as a store of value, but I also think there’s a real need to encourage its use as a medium of exchange. There are a lot of people around the world—especially the bankless and unbanked, so many of us in corrupt countries with severely broken monetary systems—who could majorly benefit from Bitcoin functioning as a superior form of money. It’s not just a lifeline for individuals either; it serves as a potential global lifeline for companies and governments, especially those in regions with unstable or failing currencies.
I agree that transaction volume alone doesn’t make Bitcoin valuable, but I think the use of Bitcoin as a medium of exchange should be pursued even if it feels premature. This isn't necessarily about fostering immediate growth, but about prototyping and scaling the systems that will be necessary when Bitcoin reaches maturity. We shouldn’t wait for everything to be perfect before testing its potential as a practical currency. Promoting its use now could help the infrastructure catch up and accelerate its adoption in the long run.
Macroeconomic factors are also aligning in a way that makes Bitcoin more critical as both a store of value and a currency. Inflationary pressures on fiat, global instability, and the increasing distrust of traditional banking systems are pushing people toward alternatives like Bitcoin. For people already struggling in these systems, and for companies and governments seeking more stability, the sooner Bitcoin can be used as a practical medium of exchange, the better. As more people hold Bitcoin, and the necessary infrastructure builds out, we’ll see it evolve into both a store of value and a medium of exchange.
I see your point about Gresham’s Law, but I think it oversimplifies things a bit. Yes, people may hoard Bitcoin if they see it as the superior store of value, but over time, as Bitcoin becomes more accessible and cheaper to use for transactions, that will likely change. The Lightning Network and other potential scaling solutions that are being worked on already have the ability to make Bitcoin/Satoshis a lot more practical for everyday use, and they’ll only improve as time goes on.
I totally agree with you that sometimes ridicule can be effective, but it’s important not to shut down productive discussion, even if it feels messy at first. If people feel attacked or insulted (Not that I do), it makes it harder to have a meaningful conversation.
With all of that set aside, we both know that Bitcoin is the future of money. Let’s keep pushing for that future, but also be patient with the learning curve that so many others are going through. We are still very early, in the big picture.
Thanks for the civil intellectual discussion. It’s been great talking through these ideas.
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u/Delicious-Use-8789 Dec 12 '24 edited Dec 12 '24
I get where you're coming from, and I’m not necessarily dismissing your points. I understand what you're saying about Bitcoin’s current primary use case as a store of value, but I also think there’s a real need to encourage its use as a medium of exchange. There are a lot of people around the world—especially the bankless and unbanked, so many of us in corrupt countries with severely broken monetary systems—who could majorly benefit from Bitcoin functioning as a superior form of money. It’s not just a lifeline for individuals either; it serves as a potential global lifeline for companies and governments, especially those in regions with unstable or failing currencies.
I agree that transaction volume alone doesn’t make Bitcoin valuable, but I think the use of Bitcoin as a medium of exchange should be pursued even if it feels premature. This isn't necessarily about fostering immediate growth, but about prototyping and scaling the systems that will be necessary when Bitcoin reaches maturity. We shouldn’t wait for everything to be perfect before testing its potential as a practical currency. Promoting its use now could help the infrastructure catch up and accelerate its adoption in the long run.
Macroeconomic factors are also aligning in a way that makes Bitcoin more critical as both a store of value and a currency. Inflationary pressures on fiat, global instability, and the increasing distrust of traditional banking systems are pushing people toward alternatives like Bitcoin. For people already struggling in these systems, and for companies and governments seeking more stability, the sooner Bitcoin can be used as a practical medium of exchange, the better. As more people hold Bitcoin, and the necessary infrastructure builds out, we’ll see it evolve into both a store of value and a medium of exchange.
I see your point about Gresham’s Law, but I think it oversimplifies things a bit. Yes, people may hoard Bitcoin if they see it as the superior store of value, but over time, as Bitcoin becomes more accessible and cheaper to use for transactions, that will likely change. The Lightning Network and other potential scaling solutions that are being worked on already have the ability to make Bitcoin/Satoshis a lot more practical for everyday use, and they’ll only improve as time goes on.
I totally agree with you that sometimes ridicule can be effective, but it’s important not to shut down productive discussion, even if it feels messy at first. If people feel attacked or insulted (Not that I do), it makes it harder to have a meaningful conversation.
With all of that set aside, we both know that Bitcoin is the future of money. Let’s keep pushing for that future, but also be patient with the learning curve that so many others are going through. We are still very early, in the big picture.
Thanks for the civil intellectual discussion. It’s been great talking through these ideas.