reply on: Disadvantages of Bitcoin's Circular Economy \ stacker news ~bitcoin

15 sats \ 13 replies \ @TheBTCManual 8 Mar 2023 \ on: Disadvantages of Bitcoin's Circular Economy bitcoin

For me its opportunity cost, I don't see the point in spending my bitcoin while I am still earning South African rands, it's a hot potato burning a hole in my pocket, the fact that people accept it means I can still get rid of it and get something for it.

I can access groceries directly for bitcoin here, I am close to ATM too, if I needed the physical cash too

But I still choose to spend the bad money and whatever I don't need goes into bitcoin. Prior to bitcoin I invested in fiat assets that are just bleeding away in any case so I don't see a need to acquire any more of that.

I am all too happy to be the exit liquidity for South Africans who need to get out of bitcoin for any reason

310 sats \ 5 replies \ @DarthCoin 8 Mar 2023

Start earning BTC and you will see that spending BTC is not a bad feeling.

BITCOIN CIRCULAR ECONOMY DO NOT START IF YOU DO NOT SPEND A BIT

110 sats \ 1 reply \ @TheBTCManual 8 Mar 2023

Oh believe me I've tried to earn it, I've even offered customers up to 10% off if they settle in bitcoin, but I've only had 2 takers thus far

10 sats \ 0 replies \ @DarthCoin 8 Mar 2023

Patience...

106 sats \ 2 replies \ @Scoresby 8 Mar 2023

Strongly agree with Darth here.

21 sats \ 1 reply \ @fiatbad 8 Mar 2023

I strongly agree with Darth everywhere. Dude's a fucking legend.

1 sat \ 0 replies \ @DarthCoin 8 Mar 2023

You don't have to agree with me. You just have to follow the "bullshit". Is everywhere 😂😂😂 and we must call out the bullshit and always stay on the truth side.

209 sats \ 2 replies \ @ek 8 Mar 2023

You can spend BTC to help adoption and immediately refill your BTC using fiat.

10 sats \ 0 replies \ @DarthCoin 8 Mar 2023

Yes, indeed, this is also a good strategy

0 sats \ 0 replies \ @TheBTCManual 8 Mar 2023

I do spend and replace if I do get a chance to spend bitcoin, but the Rands I hold are dying faster than i can spend it might as well let go of it

10 sats \ 3 replies \ @kristapsk 8 Mar 2023

For me its opportunity cost, I don't see the point in spending my bitcoin while I am still earning South African rands

Sometimes you can save by paying in BTC. Not sure about South Africa, bet at least in Europe and USA one way is paying for Amazon stuff through Purse.IO. Than you just pay with BTC and then buy more sats with fiat. Same is with airBaltic and probably other airlnes, where you can save few euros credit card processing fee that way.

0 sats \ 2 replies \ @TheBTCManual 8 Mar 2023

We don't have credit card programs like that, the ones we have are points based and a waste of time, and I prefer using cash unless I have no choice when I am shopping online

99 sats \ 0 replies \ @DarthCoin 8 Mar 2023

1 sat \ 0 replies \ @kristapsk 8 Mar 2023

I wasn't talking about credit card programs, airlines sometimes add some fixed fee like 5-6 EUR just because you are paying with any card (likely because of chargeback risks, etc).