I was thinking that everyone has their tipping point for the acceptance of Bitcoin at one point or another. At first, I wanted to make a lot of money on it - I would trade in and out, and I was someone who was in it pretty much for the number to go up. For society, some are completely disinterested in investing and just want the means to buy things they like. If I were one of these people, I never would have found BTC.
After the NGU aspect, the thing that got me deeper into it was seeing it firsthand and being accepted as a unit of account in El Salvador. I think many people in the U.S. and other Western countries are used to Apple/Google Pay, or their credit cards and don't think twice about the currency/money they use. They also are often in bubbles and are somewhat satisfied in life. They see no reason to venture into their unknown.
I think personally the tipping point for all will be when you can go to a gas station, doctor's office, grocery store, sports venue, or restaurant and pay at a discount with bitcoin. You see things denominated in sats, and maybe even at a 2% discount due to no interchange fee.
I think even Peter Schiff at one point said he would admit when he is wrong when it is widely accepted and transacted with at everyday stores.
For many, it is too disconnected from their everyday. They need to literally see it when they are pumping gas, or on the menu of a restaurant they enjoy. Just my two sats on the tipping point for all. What do the stackers think?
I'll push the tipping point back one level from where you had it. Once bitcoin is a clearly better option for businesses, they will rapidly adopt it and offer discounts to their customers.
What that tipping point looks like is enough business costs being payable at a discount in Bitcoin that they want to generate Bitcoin revenue.
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I agree 100%
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Only few people really understand the meaning of this meme... But I will post it over and over until more and more will get it.
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I'm not convinced that most people are ready to be completely independent from governments. Perhaps Bitcoin is for the few, rather than the many. 😉
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".... the beating will continue until the morale improves..." :-) I'm all for it....
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Tipping point for true hyperbitcoinization will be when people demand payment and salaries in Bitcoin instead of fiat. Many many years away, which is ok because we don't have the infrastructure to onboard hundreds of millions or billions to bitcoin as a medium of exchange yet.
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20 sats \ 0 replies \ @clr 15 Jun
Agree with the first point. But without pressure, we will never have the infrastructure.
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Bitcoin changed me a lot, but the biggest one probably is changing me from a consumer to a maker; I used to be a minimalist, but I have leveled up from choosing what brands to buy from to learn how to make whatever I want, in the way I like.
I can't really express this feeling in words yet ( it's wild ) and it helped me to learn how our consumerism society functions - it not only keeps stealing ppl's time and energy buying things they probably do not even need, but also takes away the joy of creating.
Not sure this answer helped, but the whole point of Bitcoin is really empowering Sovereign individuals.
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I totally agree! I'm a tradfi guy, and I always saw the mess of our traditional system - now it is going to be really hard for the system to extract time/life energy out of the individual as they can't debase this new unit of account at will. Even with gold, silver, palladium and copper you can always mine more of as price increases.
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Tipping point: payment terminal.
What's holding Bitcoin adoption back the most isn't people that want to pay with Bitcoin. It's businesses accepting Bitcoin.
The biggest leverage to change this is giving payment terminals the option to pay with Lightning.
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It's a catch-22; businesses won't accept it if customers never use it, and they cant force customers to use it.
Payment is pretty trivial; we've had btcpay, Coinos, etc for a while now...
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Block (The owner of Square terminals) are best positioned for this. POS systems like Toast, Clover or Square should find avenues to integrate with lightning.
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Yeah, just like the year of the Linux desktop I'm sure it will happen soon... any day now ...
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Retail stores will be among the very last to accept bitcoin. Because this depends on masses of people adopting it. Masses won't adopt it if they cannot use it in retail, and retail won't adopt if the masses aren't using it. Chicken and egg.
What we are seeing is Bitcoin adoption as a store of value and slowly it is being accepted and deployed as an important treasury technology for businesses, governments, institutions, and various kinds of organizations. These organizations can allocate the resources to navigate the technological hurdles required to securely manage keys.
On the retail-ish side, I look at @sn as the example of a radical shift in how bitcoin will be used. And that is for micro-transactions on Layer 2 networks. Zapping pennies or fractions of a penny is something Visa/Mastercard and fiat simply can't do. The Bitcoin, NOSTR, Lighting, eCash stack "the stack" is looking more and more compelling as each layer of the stack reinforces the other in profound ways.
The IoT, Internet of Things, will also use the stack for payments because devices don't require KYC and Bitcoin requires no KYC for creating an account. KYC is absurd in the IoT universe. And Bitcoin as a digital payment network was built for IoT.
It feels like just a matter of time before a Facebook/Reddit/LinkedIn/Twitter killer emerges replacing likes with zaps and heralds a new social media renaissance. The quality of messaging will go up and spam and bots will diminish (because of the zapping incentives) and people will be drawn to quality. As this scales, we will see the chicken and egg adoption curve moving in the right direction and the laggards, retail stores will then finally start accepting Bitcoin.
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30 sats \ 0 replies \ @joda 15 Jun
The next huge wave of inflation, plus people realizing the government can't do anything about it, plus people having desire to maintain purchasing power rather than taking on more debt.
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Bitcoin is well on the road. Bitcoin is barely 15 years in having survived the most vicious attacks world superpower governments(China & America). Even 5% of the world 's population using bitcoin will make the world shake.
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I think we are halfway to 5%? Aren't we at 2.5-3% right now that hold?
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I think even Peter Schiff at one point said he would admit when he is wrong when it is widely accepted and transacted with at everyday stores.
All the while his shiny rock is not widely accepted at everyday stores.
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I am eying a tipping point much prior to what you suggest. I imagine it when even a 20% of global population start using Bitcoin much similar to how they use Fiat now. We're about 1% to 2% at this time. We have just started. But I believe Bitcoin will have a multiplication effect.
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I agree that widespread acceptance in daily transactions will be crucial for Bitcoin's adoption. Seeing it used at everyday places like gas stations and restaurants, possibly with discounts, will likely be the tipping point for many. Additionally, the cashback in BTC offered by some credit cards is a positive incentive that could further encourage the use and awareness of Bitcoin in everyday life.
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Lol when you can no longer buy Bitcoin, you need to earn it!
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Who knows, so far, almost zero bitcoiners even care to understand the nature of how bitcoinization happens!
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I think "Bitcoin for All" will be transparent to the average person.
99 percent of people don't see HTML code but they use millions of lines of it every day.
Bitcoin can be the backend for a new monetary system, but I'm not convinced it will be the denomination.
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Let's say 50 years from now but they would make things irrelevant for Bitcoin. We need a tipping point asap
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