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0 sats \ 0 replies \ @BOLT11Village OP 26 Apr \ parent \ on: @BOLT11Village's bio bitcoin
Big thanks,
Well ... there's a bout a million things that have happened since, so where to start? Phoenix DID add African currencies, props to them, but as we wrote in the post, the expense of using that wallet makes it less suitable for low income regions.
In terms of developments on the ground, the reality is, adoption spreads very, very slowly, despite what you might hear in all the conferences, that's mostly hopium. Despite that, there is a lot happening. Here is a great place to read if you're interested in the ecosystem - https://bitcoiners.africa/top-21-african-bitcoin-countries/
A bit worse cause there was no $1000 limit before, maybe in a few years they reduce it to $200 who knows?
Yup, once you do kyc on an exchange your identity is linked to that bitcoin even after you transfer it out of the exchange and onto cold storage.
You're 100% right.
That's how the network grew to where it is today. In the first few years, people would just give away Bitcoins just to bring more people into the network because they wanted it to work. There was no price, so it was even hard to find people to accept them for free (you needed to jump through technical hoops).
Just imagine the combined thousands of voluntary hours of software design and development that went into building the lightning protocol which is now available to all of us for free. Yes, there are lightning fees, but the wallet providers can use the code base and build on top of it for free. It takes a lot of dedication for the cause by so many people to have brought us where we are today.
We are now part of the community that will take it to the next level.
Great thinking!
The question here would be, what if the value of Bitcoin never stabilizes?
What if "the world" never moves to a bitcoin standard? What do we do then?
Please try this.
Start small, minimise your initial expenses. Create an account for this store on x (before spending anything), spread the word and see if there is any interest in the product. Bitcoiners are usually winning to support others that are trying something new.
:)
a price adjustment during each halvening epoch?
Interesting suggestion! Reduce by 10 sats a month or wait every 4 years .... Hmmm ... Maybe depends on the product?
Thanks for that input. Great point.
2 part answer, (1) good vs bad deal and (2) why some bitcoiners spend their sats
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The key is to set the price lower than what it would cost in fiat. Remember that we suggested that over time, keep reducing the price. Essentially the seller is giving the buyer a discount because the seller knows, that in order to get bitcoin "out in the market", they need to go through a bit of hassle. Whereas in this scenario the sats go directly to their cold storage (in 2 simple steps). 5000 sats is less than $1.5 (today), but this was just an example. It could have been 3000 sats or 1000 sats depending on which country the shop is in.
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Basically, the world of bitcoin is a lot more than just the "market value". For a lot of bitcoiners that have been stacking for a while (pre-2019), they don't even have an account on an exchange like Swan or Coinbase. Then there are others that would rather mine bitcoin (at a small loss) just to simplify the process of stacking sats, because they know over the long, long, long run, they'll be fine. They exchange sats with each other on places like "Fountain", i.e. indirectly supporting other bitcoiners by listening to their podcasts. They donate to funds like Geyser, etc. So, sats economies are already being created in parallel systems.
This is why you can’t choose large businesses like a Pick n Pay, because they’re dealing with way too many variables to try such an experiment
That was not us, that was @DiracDelta
We just zapped them to show our support
That's a great idea.
Please do try and start that home services business, even if you do it as a side project.
With all prices quoted in bitcoin, please come back here and let us know how it went, even if its several months from now.