Jack Dorsey on Bitcoin: “It becomes irrelevant if it's only a store of value and not used for everyday payments.”
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Medium of exchange over time, @Knut Svanholm ∞/21M 🫡🙌
But not on the base layer though?
I still do not buy this argument. 1, it is used for normal payments. Not predominantly, but most dollars are in somebody's account. Meanwhile 2, gold isn't used for shit and it is still incredibly relevant.
At the moment while volume is low, why not?
How would you say be able to pay the world’s population’s monthly salaries on the base layer? Are there enough possible transactions for that use case?
Agreed
“At the moment while volume is low”, but with the alternate of that with high volume, certainly not
No.
So how can BTC become more than a store of value then?..
we need a circular economy in the EU, more adaption and BTC/Sats payment possibilities at shops, markets etc…an increase to were one is able to spend/receive sats
When people say Bitcoin must be used for “everyday payments” to succeed, they often assume adoption is blocked because most merchants don’t accept BTC. That’s not really true.
You can hold your wealth in BTC, spend through existing rails (credit), and convert BTC to USD only at the moment you pay the bill. The merchant doesn’t have to integrate Bitcoin for Bitcoin to function as money.
Store of value doesn’t need so many transactions so ultimately occasional base layer transactions may be, medium of exchange on lightning, ark, e-cash, gold is a good store of value, but shit medium of exchange. Also, let’s not make best be the enemy of the good. 🫡🙌
So you’re saying that there currently is no suitable way to use Bitcoin as a medium of exchange?
No, i didn’t say that.