Here's maybe a controversial take: accepting bitcoin is good and asking merchants is fine, but it's the off ramps into fiat that really matter for now.
I think people pick up new technologies when they realize they are useful to them, when they allow them do something new or something old easier, faster, better.
Bitcoin does a lot of things better and faster than fiat (remittances, quick final settlement online...) and some things that fiat has never done (micro payments, true ownership, finite supply...).
And I'm sure that people will flock to these use cases, probably before they start doing the transactions that fiat already does conveniently (buying stuff at stores, paying your run of the mill bills).
But when the unwashed masses want to take advantage of money that cheaply crosses borders or let's them start collecting micro payments instead of those empty little hearts called likes, their eye is still on converting those sats into money they can use - and that usually means an off ramp.
Bitcoin is a no brained for remittances...if you could be sure your family could convert it cheaply to local money wherever they lived.
Everyone would accept bitcoin tips on social media if it converted to a fiat balance that was a nice little passive income stream.
What hinders the really obvious use cases for bitcoin, where people would flock to adoption, is the friction of jumping back into fiat.
I have a general distaste for fiat balances, but the more I talk to normies about all the problems bitcoin solves, the more I run up against the reality that at the moment, bitcoin doesn't solve the problem for people if they can't easily turn it into fiat.
As much as I want to see people holding and accepting bitcoin, I want to live in a world where people are using it to solve their problems.
So, I think in the near future, one of the most important factors impacting bitcoin adoption is low-friction on and off ramps.
if you could be sure your family could convert it cheaply to local money wherever they lived.
if 50% of merchants would accept LN payments - they don't need to convert it to local money, but use as "local money"
reply