BTC Phase: Hoarding (SoV) or Medium of Exchange?
13 sats \ 1 comment \ @muteness11 8 Nov 2023 bitcoin
While Bitcoin is intended to be A Peer-to-Peer Electronic Cash System and I appreciate the efforts to create circular economies (very important), I'm of the opinion that we are currently in a preferred hoarding phase simply due to future expectation of a much higher purchasing power (preference to spend depreciating Fiat vs. appreciating BTC)
What is your thoughts on this?
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0 sats \ 0 replies \ @DarthCoin 8 Nov 2023
Yes, I agree with the "hoarding" aspect. But that is for the new comers, those that ignored Bitcoin for 10 years.
I myself hoarding BTC from 2012 until 2017. Yes, I confess, I barely spend any sats in this period, not because I didn't wanted, but because almost nobody around me want my sats.
So I was in a moment when I said: wait a minute... if nobody wants my sats, why am I hoarding them? So I start convincing many people around me to use Bitcoin as money. I never stopped.
That's why starting from 2018 I start living a pure Bitcoin standard, using only Bitcoin as money. I closed all my bank accounts and never went back to fiat. Only BTC here.
I know is hard to achieve this status today, but is NOT impossible, if you really want it.
hint: read my bitcoin guides if you want to know how to achieve this
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