The narrative used to be that Bitcoin was superior to gold, in large part because it is digital and highly divisible and therefore better for commerce. And then there was no commerce. None. Zero. Zip. We can barely get 1 SAT zaps going. I am one of the biggest zappers on here, and I am an unemployed shrimp with no car.
I haven't given up. I still spend Bitcoin. But I am aware that I am in a tiny and shrinking demographic. And I know every time I buy some, I am just pumping some millionaire's or billionaire's bags. Hardly any normal people own any.
You can imagine how motivated I am to keep stacking. These were not the droids I was looking for.
It's not outside the realm of possibility that it becomes something only rich people have or care about, like Bugattis or Picassos. Digital pet rocks. Engrave a monkey JPEG on it, and call it a day.
Replies (3)
Way too bearish. Do you expect adoption to happen overnight? Adoption and spending is growing every year. I've bought my lunch a few times a month now with several different local food joints in my small American town. These things take time. The merchants song want it now, because they didn't see anywhere they could actually spend it. But as more people start accepting it (even if they convert to USD) the more merchants may think to actually keep some themselves. When the guy that makes my Philly cheese steak now can buy his bread from the baker in BTC, he may start saving a little from his sales to buy his bread with. It takes a long time because we have a chicken and egg problem. So I spend my Bitcoin at any place that accepts it. That list is growing.
Basically the way it happens is some tooling has to beade to link merchants that want to accept Bitcoin as payment to link them to a market of buyers so they can exchange to the currency they actually want as a merchant. They accept BTC but really sell at POS to fiat. At first seems counter intuitive but that's how it's going to happen. Once enough merchants are in the pool of people accepting it, even if they sell it, merchants can start to think about trade between themselves. Then slowly, they'll just forgo the headache of selling and keep enough from their sales to buy their inputs for the next month. Or vice versa if they actually understand Bitcoin. Then one day every one will be taking and think... Huh... Why am I letting visa and MasterCard take 3% of all my goods and they don't even pay me until the end of the month and they have to that says they can just charge me back from sales they find are fraudulent. Theyll start to understand Bitcoin in a very different way. Then eventually merchants will stop taking fiat all together. Or think about a merchant accepting USD and converting to BTC at POS. That's the end.
The big money won't allow true free money digital or otherwise. Everyone is being corralled by KYC,KYT and AML requirements. And I haven't figured out how to get monero anonymously. Real life black markets are a necessity at this point. And that won't happen until fiat is definitely dead.
It'll take time.
