pull down to refresh
20 sats \ 5 replies \ @Aardvark 2 Feb \ on: Merchant Adoption in the US AskSN
Personally, I think that this is a two fold problem due to Bitcoin not being a mature asset.
Holders don't want to spend sats because they know how valuable they will be given time, and merchants don't want to accept them given how volatile bitcoin is.
A merchant can't HODL because they need to restock shelves and keep the lights on.
So there's a lack of effort from the bitcoin community to onboard, and a lack of interest from the merchants to accept it.
reply
Interesting, so it sounds like a mixture of Gresham's Law (Bad money driving out the use of good money) and lack of tolerance for volatility when having to pay bills. I often see that but what about a merchant who might only convert some of their revenue to bitcoin while keeping the rest in disposable fiat to pay the bills? Or as underground black or grey market money that is easier to avoid taxes? Or maybe even a better alternative to paying high credit card processing fees or offsetting inflation... I guess I have tried all of these arguments at some point.
Bitcoin is not an asset. Is s;mply money.
This is the biggest mistake that muricans are doing.
reply
Bitcoin as a speculative commodity is much more easily captured and controlled by the fiat hegemony operators.
Its not a mistake ~ its a deliberate and very sly strategy of capture and control.
How long until most Bitcoin is held under institutional custody where it cannot be used as a P2Ppayments protocol?
reply