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This view was not held by Carl Menger alone, but by the entire Austrian School of Economics, including Ludwig von Mises, Friedrich Hayek, Murray Rothbard, and many other great economic thinkers.
Nobody needs your token. Bitcoin is good enough.Bitcoin, or more precisely, satoshis, will eventually become both a Medium of Exchange (MoE) and a Unit of Account (UoA). All goods and services will eventually be priced in satoshis. But this process takes time.
First, people need to recognize Bitcoin as a superior Store of Value (SoV). Then they'll naturally want to use it as a Medium of Exchange, and eventually as a Unit of Account.
Hyperinflation of the US dollar could dramatically accelerate this process, and it's inevitable. Whether it happens in 1 year or 15 years, nobody knows.
Every fiat currency eventually fails because of endless money printing and monetary debasement. Bitcoin is the way out.
Why would you use an outdated, inferior form of money that continuously loses purchasing power through inflation and could eventually collapse under hyperinflation?
It makes absolutely no sense.
It's like ignoring modern cars and continuing to travel by horse-drawn carriage, or using candles for lighting while ignoring electricity and light bulbs.The US dollar is outdated money. Better money technology already exists It's called Bitcoin.Why would you bring an old, outdated monetary system onto Bitcoin when Bitcoin was created to replace it?
If you want to use dollars, just open a bank account. You already have countless ways to pay with them, and they're accepted almost everywhere. Pushing dollars onto the Lightning Network is completely pointless. Lightning was built for Bitcoin, not to keep the fiat system alive.
Stablecoins, or tokenized fiat coins, are an oxymoron. They are not stable at all. The only thing they are stable in is losing purchasing power.Putting stablecoins on Lightning makes no sense. Why build instant, low-cost rails for an asset designed to lose purchasing power over time and one that will ultimately be replaced by Bitcoin anyway? Just use Bitcoin from the start.
You’re confusing money with technology.
We can use thousands of different apps because they all do different things. Money doesn’t work that way. Money becomes more useful when more people agree to use the same one. The more people who accept Bitcoin, the more liquid and useful it becomes, which attracts even more people.
Starting another coin It just creates a weaker monetary network. You can copy the code and add new features, but you can’t copy Bitcoin’s history, liquidity, security, credibility, or users.
Bitcoin isn’t a tech startup competing to offer the most features. It’s money, and money tends to converge on one standard.
“Be your own bank” does not mean earning interest or making a profit from Lightning routing. The point is to have a decentralized monetary system in which you do not depend on a bank, exchange, or any other third party to hold your money, approve your transactions, or block your access to your funds.
I think we should start with education about money, the history of money, the gold standard, the fiat standard, etc. Once someone understands why Bitcoin is the most superior form of money the world has ever seen, it will be easy for them to learn how to use it
Bitcoin is a decentralized monetary network with hard peer-to-peer money. Throughout history, money has taken many forms from glass beads, shells, copper, coins made of lead, aluminum, copper, silver, and gold,but money consistently performs only three functions: a store of value, a unit of account, and a medium of exchange. As for quantum computing, it does not pose a threat to Bitcoin because by the time quantum computing becomes available, Bitcoin software will be updated accordingly. So, this narrative is just FUD spread by people who don’t understand how Bitcoin works.
Bitcoin Layer 1 is like Fedwire. Fedwire is an electronic funds transfer system managed by the Federal Reserve, used to settle large-value transactions between financial institutions in the U.S., such as banks. Unlike Fedwire, which is only available to banks, Bitcoin is available to everyone. Anyone can be their own bank and settle large-value transactions. Thus, Layer 1 will be used for large-value settlements because it offers immense security and decentralization. Meanwhile, layers 2, 3, and 4 will be developed for micro-payments. For example, the Bitcoin Lightning Network is currently very popular worldwide. The Bitcoin Lightning Network can perform hundreds of millions of transactions per second. In San Salvador, where Bitcoin is the official currency, it is widely used for everyday payments. Here you can see what a payment with Bitcoin Lightning looks like in McDonald's restaurants in Salvador.
https://www.youtube.com/shorts/25_VkeiT4R0
Payments with Bitcoin Lightning are instant and almost fee-free. There is a website, btcmap.org, where you can see all the locations worldwide—hotels, restaurants, gyms, etc.—that accept Bitcoin Lightning and on-chain payments. On the site spend-sats.com, you can also find some online merchants that accept Lightning payments.
You first need to take the orange pill, wake up from the Matrix, and finally understand what money really is.The deeper you study and understand money, the more you’ll realize that Bitcoin is the most superior form of money in human history.
You'll understand that money serves three fundamental functions: a Medium of Exchange (MoE), a Store of Value (SoV), and a Unit of Account (UoA).These are the three fundamental functions of money and the only ways money is used.
Medium of Exchange (MoE).
You can accept Bitcoin as payment for goods or services you provide. I don't know what you do for a living, but if you're a dentist, for example, you can accept Bitcoin for fixing someone's teeth. If you're a car mechanic, you can accept Bitcoin for repairing someone's car.You'll probably find someone willing to pay you in Bitcoin. You can also add your business to BTC Map so people who want to pay with Bitcoin can find you.
All you need is a Lightning wallet. It doesn't even have to be self-custodial for everyday payments.
The second fundamental function of money is Store of Value (SoV), meaning you can use Bitcoin to preserve your purchasing power over time by saving in it.You need to think about how to become your own bank through Bitcoin self-custody and preserve your wealth without relying on banks or other third parties.
And finally, you'll start using Bitcoin as a Unit of Account (UoA), measuring the prices of goods and services in satoshis instead of fiat currencies.For example, the beauty of this is that once you start measuring prices in satoshis, you'll see prices falling over time