Depressing take. I can't help thinking Gresham's Law plays a role. Anecdotally I find fewer people willing to spend bitcoin.
175 sats \ 0 replies \ @leo 11 Jun
Fascinating write-up, thank you. In Vancouver we had tremendous success in the past year and half building a local circular economy. I'm still quite impressed how normal it has become at least among Bitcoiners to regularly spend Bitcoin. People know how important it is to kickstart a Bitcoin economy, and merchants are happy about the additional business.
There is some learning curve for users and merchants, but that's exactly why we are pushing for it. The tools are now good enough that we can use Lightning "in the wild", but not yet good enough for mass adoption. It is on us Bitcoiners to test and give feedback to those that build, because without us users, all the building and educating will be for nothing.
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392 sats \ 7 replies \ @nerd2ninja 10 Jun
Isn't it obvious what went wrong?
Economics at this scale is all about those personal connections. That "regular customer" experience.
They went back to a merchant they had not seen in a while so the connection has been lost.
Every person I have seen try to "spread adoption" via merchant adoption, has resulted in the merchant abandoning the thing or they were using a 3rd party to accept it anyway.
Every person I have seen try to "spread adoption" via institutional adoption has also failed. They all use ETFs or other types of custodians.
The way I see things, Bitcoin adoption begins with a regular Bitcoin meetup. This meetup serves as a networking spot. People can talk about what businesses or trades they have and over time when there is a need to make use of it, they may barter trades (favor for favor) or they may use Bitcoin. Its part of the Bitcoin network either way.
Relationships
Most Bitcoiners miss that to have human action to trade a good or service between one another requires the regular maintenance of relationships.
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401 sats \ 5 replies \ @oomahq 10 Jun
This is the approach we've been taking at our local community for the last 2 years.
While adoption is very slow, it hasn't backslided because the merchants we've met are bitcoiner business owners, not normie business owners looking for a marketing gimmick.
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80 sats \ 4 replies \ @nerd2ninja 10 Jun
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0 sats \ 3 replies \ @oomahq 10 Jun
Hit on the nail.
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44 sats \ 2 replies \ @OneOneSeven 10 Jun
Slow is smooth, smooth is fast.
@Undisciplined, this quote has been in my head since you posted it a few days ago, it's applicable just about everywhere lol!
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54 sats \ 1 reply \ @Undisciplined 10 Jun
It's been stuck in my head since season 1 of Modern Family.
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0 sats \ 0 replies \ @Bell_curve 11 Jun
I’ve been to the set in Culver City. Sony Pictures.
2012
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0 sats \ 0 replies \ @DarthCoin 10 Jun
well said !
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147 sats \ 0 replies \ @elvismercury 10 Jun
I love this article. Haven't read the comments here yet, let's see how many people are in abusive denial:
[...]
Hmm, better than I would have expected.
Btc is going to inhabit some niche in the world, and it's going to do it whatever the moralists think that it should do, and people are going to behave the way people behave regardless of what others prefer. The sooner the official narratives adjust to lived reality, the better it will be for everyone.
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372 sats \ 0 replies \ @Scoresby 10 Jun
Thanks for posting this. Very interesting read. It seems inevitable that the gift card off ramp will be closed.
There is still spending though, if you seek it out. I sold several posters for bitcoin last week. Bought access to super testnet's workshops with bitcoin. I'll pay my yearly bill for webhosting in bitcoin next month.
Orange-pilling merchants seems hard. I prefer to spend bitcoin at merchants who actually want it.
The get on zero people are impressive, but there is also good in using Fiat when that's required, and spending bitcoin when you can.
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100 sats \ 0 replies \ @DiedOnTitan 11 Jun
It's an interesting article and it made me think. It's not just that "We're early™". It's that programmable money enables use cases that go far beyond merely replacing currency at the local coffee shop and deli. We are going to see Bitcoin used in places and situations where you simply can't use cash or credit cards. @sn is a great example of this. We zap each other here all day with pennies that are simply out of scope for credit card use or any "fintech".
The Bitcoin, Lightning, NOSTR, eCash stack ("the stack") are going to open up new use cases that fiat simply can't touch. E.g. when driverless vehicles charge up autonomously, I can guarantee you that a robotic arm will not extend and swipe a credit card at the charging station. Nope. It's going to be done digitally. Preferably with the stack. Not depressed at all.
![](https://m.stacker.news/34883)
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100 sats \ 0 replies \ @notgeld 10 Jun
While stories are genuinely interesting, the whole post misses the point. As mentioned in other comments, the process is cyclical and, I'd say, varies very much from country to country. It depends on the recognition of Bitcoin from a regulatory standpoint, of course, and the general "rule of law" and grassroots activities. It's a very complex topic, but during these recent years, I may definitely say that adoption has grown. Basically, we have to talk here about societal processes.
Was it significant? No. As a maintainer of LN wallet, I may say we get nothing, really, and have no budgets whatsoever. If we didn't fork for the hackathon in El Salvador, we couldn't maintain it. And this wallet has superior UX. Better than the plastic cards you are talking about. People tend to trash LN for bad UX, but they normally do not look beyond channel opens. If the wallet is not Blixt, the UX is much, much better in Lightning.
All magic in "crypto" happens in very stupid things. Yeah, Saifdean's concept of "Bitcoin=gun powder" is nice. However, millions are tapping on hamsters while BlackRock goes along Galaxy digital playbook. We just need to unite with other sane people. Saylor's effort clearly shows there is not enough of them, and it ended up with crazy self-repetitive mantras.
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222 sats \ 3 replies \ @Undisciplined 10 Jun
Growth is going to be very uneven, which will even include backslides in certain areas. We're so early that it's hard to get perturbed by bumps in the road.
It's hard to deny that Bitcoin is taking off as a store of value. Maybe that will continue to be the primary growth direction for a while. Once more people own it, more will want to use it.
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131 sats \ 2 replies \ @siggy47 OP 10 Jun
I agree. The incredible appreciation it has experienced in the past year or so, coupled with all the moon shot predictions... It's understandable no one wants to part with their sats.
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91 sats \ 1 reply \ @Undisciplined 10 Jun
I think usage will largely be limited to those of us who care about it. We can spend and replace, but to most people that's just extra work.
It's fine. Like the author says, the UX is still not very smooth. There are still lots of potential ideological allies who have yet to adopt. They seem like the margin to work on.
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34 sats \ 0 replies \ @Satosora 10 Jun
"No one accepts it," followed by "I use it for savings."
At least they are realizing that it will be a powerful tool for savings.
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64 sats \ 0 replies \ @Notfast 11 Jun
Advice: do not try to think too much about convenience, or if this or that solution is better/faster than the other. Do not even focus on adoption.
You pointed out the whitepaper, focus about the key ideas: permissionless, no authority, no central banking, no money by decree. Remember the message on block 0.
Bitcoin is for bad times, and bad times are ahead, I have no doubt.
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132 sats \ 0 replies \ @anon 10 Jun
True and False at the same time. His alias says it all. He calls himself : "rare passenger". That's precisely what you should avoid being : "rare" and "passenger". That's a fiat mindset.
No wonder Bitcoin isn't working out for him.
Bitcoin is about peer to peer. It's about relationships. I don't buy from "merchants". I buy from friends (who may happen to be merchants).
When you're buying from friends, all of a sudden, regulations don't matter. Then, Bitcoin shines.
Fee madness? Use lightning, liquid bitcoin, ecash.
My living on bitcoin is only going up. But I'm not a "passenger". And I'm not rare. I'm "right here" and "often".
If I was travelling, I'd convert to fiat locally and spend cash until I made friends. Then, I'd convert them to bitcoin and buy only from them.
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95 sats \ 1 reply \ @SatsMate 10 Jun
My case for the SoV being 99.95% of Bitcoin's use case. Why spend your valuable bitcoin when you can spend your worthless fiat? Yes spend and replace, but many always do have a small fiat balance on them.
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121 sats \ 0 replies \ @DarthCoin 10 Jun
more time you use fiat = more time you are still in slavery
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77 sats \ 5 replies \ @Satosora 10 Jun
People who have it dont want to spend it.
Its just the way of life.
This was a good article explaining many of the pitfalls of using bitcoin.
But if we dont push past these boundaries and find where it is useful and not, it wont progress.
It takes time for things to progress, even tesla struggled in the early days.
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10 sats \ 4 replies \ @riberet19 11 Jun
But people don't spend it because they want to save or because the fees are too high and there are also few places where you can spend that Bitcoin? in my case, when I have seen a good opportunity to spend Bitcoin I spend it, using layer 2, but there are few places to do it.
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10 sats \ 2 replies \ @Satosora 11 Jun
As it gets more widely adopted, it will get easier.
10 years ago, it was even harder.
Things take time to develop, people dont accept things instantaneously.
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23 sats \ 1 reply \ @riberet19 11 Jun
In my country, in 2013, more merchants accepted Bitcoin than today, today there are hardly any, many of them were large merchants, so it is difficult to justify that time will change this if there are no changes.
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13 sats \ 0 replies \ @Satosora 11 Jun
Times change as we make progress.
Bitcoin isnt easy for small transactions, but lightning is here.
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0 sats \ 0 replies \ @Bell_curve 11 Jun
Saving is the reason
Fees fluctuate
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68 sats \ 0 replies \ @grayruby 10 Jun
I don't think we go up in a straight line. I would agree it does seem adoption is slowing. Wall street has come to play now and bitcoin is being peddled as an asset in a portfolio. While this might bring a lot more capital into bitcoin, these people are not in it for the revolution. Hopefully the next wave of adopters are.
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67 sats \ 0 replies \ @Svoboda 10 Jun
As an American, I have no interest in triggering a taxable event every time I spend. Until that changes, there will be very little movement in the United States.
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67 sats \ 0 replies \ @MiddleWay 10 Jun
In Europe few business owners want to accept lightning due to accounting and tax headaches, and because they are lazy to learn and implement something new. Converting to Euro before paying, like what some debit cards offer, shifts the costs and the taxes to the payer. I am not ready to face those. We need some really high daily inflation to motivate the businesses to get rid of Euros. Maybe in a few years the bubble with burst.
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67 sats \ 10 replies \ @swami 10 Jun
How many custodial wallets have withdrawn from the U.S. completely?
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17 sats \ 0 replies \ @DarthCoin 10 Jun
that doesn't affect any bitcoin adoption.
Bitcoin adoption = better bitcoin education
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26 sats \ 0 replies \ @nerd2ninja 10 Jun
A victory with each one really. Bank normalization is a fail condition.
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13 sats \ 0 replies \ @BitcoinAbhi 10 Jun
Two self-custody wallet provider announced they would withdraw from the US market and stop servicing local customers. The two providers and wallets are Acinq's Bitcoin wallet, Phoenix Wallet, and zkSNACKs' Wasabi Wallet.
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13 sats \ 6 replies \ @siggy47 OP 10 Jun
Good point. That is a huge factor.
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13 sats \ 3 replies \ @swami 10 Jun
I will pay 100 sats for the answer :)
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113 sats \ 2 replies \ @siggy47 OP 10 Jun
5?
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0 sats \ 1 reply \ @swami 10 Jun
which??
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0 sats \ 0 replies \ @Bell_curve 11 Jun
Phoenix
Wallet of Satoshi
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0 sats \ 1 reply \ @DarthCoin 10 Jun
it is not. it is a factor only for not well educated people.
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5 sats \ 0 replies \ @swami 10 Jun
most people
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76 sats \ 0 replies \ @Coinsreporter 10 Jun
It says everything.
However, I assume that we're early but we aren't slow. Bitcoin is a global phenomenon and it doesn't require so much of infrastructure to be practically used. We're definitely moving towards touching 1 B user mark in a year or from now and many governments (smaller ones initially) will start giving it a shot. Yes, to completely alter or abolish the old system of Fiat, it will take time. May be a century, may be 20 years from now. Who knows! But Bitcoin is inevitable!
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54 sats \ 0 replies \ @OT 10 Jun
Getting on zero is a pretty hardcore way to live. Maybe it’s easier in areas with a high concentration of bitcoiners.
Sad to hear about the gift card limitations. As for the merchants having trouble paying for infrastructure, where’s the cost in simply using the wallet of Satoshi PoS? Not ideal, but comes with a negligible cost.
They might be right to let go of getting on zero, but IMO at some point merchants are going to need bitcoin. In the meantime I agree that the whole buying goods experience needs to be improved.
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54 sats \ 0 replies \ @nullcount 10 Jun
Fact: Almost nobody uses BTC as currency anymore
Maxis: everyone is wrong
Nobody: there are better currencies than BTC
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54 sats \ 0 replies \ @0xbitcoiner 10 Jun
It is up to each of us to do our best to make Bitcoin work for everyone on a global scale.
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67 sats \ 0 replies \ @Athena 11 Jun
Isn't it that for everything people get depressed at some point? But what I can understand, Bitcoin is actually doing good. It's not an easy task to overturn a system that's running for centuries.
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67 sats \ 0 replies \ @IamSINGLE 11 Jun
Bitcoin is on the starting point of the S curve and wait for 15 years more you will find Bitcoin in everyone's pockets...
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67 sats \ 0 replies \ @jgbtc 11 Jun
I don't have much need for a better payments method at the moment. But a better store of value is a different story.
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75 sats \ 1 reply \ @k00b 14 Jun
I like this a lot. There are lots of practical, small wins available now, and we should focus harder on those rather than overpromising ourselves something else. I think adoption will come mostly as a matter of people using what's available, wherever that technology currently is. Bitcoin adoption will happen more slowly without government sanctioned shortcuts, but we shouldn't be relying on their roads anyway.
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172 sats \ 0 replies \ @siggy47 OP 14 Jun
I thought @grayruby's post was interesting in looking at it as an a & b situation. I choose to remain optimistic about developing markets adoption, and not worry too much about the Saylor/Fink big finance assumptions.
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67 sats \ 0 replies \ @BitcoinSearch 16 Jul
#609669
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131 sats \ 0 replies \ @DarthCoin 10 Jun freebie
Living on Bitcoin is when you are surrounded by people, merchants accepting directly your sats and most of them do not go back and sell them for fiat.
A merchant that will sell all his sats back for fiat it not counts as "bitcoin merchant", just another speculator, fiat lover. If you as bitcoiner, convince a merchant to take your sats but they stills ell back those sats for fiat, it is YOUR fault not explaining it well.
It is all about to create that circular economy AROUND YOU.
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21 sats \ 0 replies \ @Natalia 10 Jun
I'm happy to spend in Bitcoin, but only for necessary things. 👀
earn - spend - store the excess ♻️
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0 sats \ 0 replies \ @anon 10 Jun
Trying to live on bitcoin like that sounds low time preference, but it is actually the opposite. Bitcoin will still be here when we are all dead and when fiat is dead, too. Its heyday may not be in our lifetimes. The hurdles he is facing are state attacks to keep dying fiat relevant. Those are signs of bitcoin's success, not failure.
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0 sats \ 0 replies \ @cristaiji 10 Jun
I’m always looking for ways to spend bitcoin so hopefully others will also and we’ll see in the future more uses as a medium of exchange and not just as a savings vehicle.
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0 sats \ 0 replies \ @tilolupili20 10 Jun
Bitcoin is freedom
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