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21 sats \ 7 replies \ @DarthCoin 20h \ on: Easy exchange to fiat helps increase merchant adoption bitcoin
Btc-to-fiat are a trap and should be avoided.
If you earn in sats, then spend in ssts and/or hold them for bad days.
You will never create a bitcoin circular economy if you go back to fiat. Is not circular anymore, you break the circle by goung back to fiat.
The ability to spend sats easily, even if the merchant you're paying gets fiat through an automatic conversion, makes sats more desirable and incentivizes merchants to accept them.
Fiat sucks, but most of the economy is fiat-based.
We can integrate with the existing economy and unleash the world's economic energy onto Bitcoin, or we can build a separate, isolated economy for nerds and "paranoid crypto anarchists" where all you can buy is anonymous eSIMs and VPN subscriptions.
Gift cards such as those offered by TBC and Bitrefill are fiat too, because the issuer sells them for fiat.
The same with Travala, the airline still gets fiat.
The merchant, even if they accept BTC directly, can always sell it for fiat and will if they want to. It's none of my business what they do with it. But if I can pay them in BTC, that's adoption, whatever they end up doing with it.
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Why people after 15 years still do not get why was created Bitcoin in the first place?
THE WHOLE POINT OF USING BITCOIN IS TO GET RID OF ALL FIAT RAMPS, NOT TO STILL USE THEM.
If you use bitcoin only to buy on bitrefill, esims and vpns, then is a failed experiment.
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Shouldn’t we let the merchant decide what they what they do with the bitcoin we sell them? Unless you police them and prevent them from selling bitcoin back to fiat…
Getting merchants to accept bitcoin directly should be first goal…using gift cards or things like does not encourage adoption, I agree.
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THE WHOLE POINT OF USING BITCOIN IS TO GET RID OF ALL FIAT RAMPS, NOT TO STILL USE THEM.
And the easier it is to spend, the closer we are to that goal.
We've come a long way over those 15 years, but we still have a long way to go.
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In an ideal world (and the coming future), a circular economy would be preferred but it isn’t necessary to have a 100% circular economy or nothing, if those are the two choices.
IMO being able to pay someone in bitcoin for a good or service is a good start, even if they want the ability to convert back to fiat. Money works as a nonconsumable thing that has no other use than the ability to facilitate trade between two parties. While not ideal, if a vendor accepts bitcoin, then bitcoin is serving its purpose as a means to facilitate the exchange of value regardless of what they choose to do with the bitcoin they receive.
Since I am willing to give up some of my sats for the good or service they provide, I value that product more than my sats at that time. If they choose to keep the sats, great, but if they choose to sell them, then they just value fiat more than those sats. They’ll HFSP and those sats will get distributed back to the bitcoiners that understand it.
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Read and learn: #576140
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That’s a great article.
When you finally convinced the vendor to accept bitcoin, do you monitor them to make sure they do not sell any of it back to fiat? Probably not because it is their choice to do whatever they want with those sats.
Maybe they’ll go to another store and spend some sats buying food at another place that you onboarded into bitcoin. Eventually they won’t need to convert back into fiat at all because a circular economy will exist by that point.
Having a vendor accept bitcoin directly (regardless of what they do with it afterwards) is much better than me using my bitcoin to purchase a Visa debit card or gift card….that is the fiat mindset that we need to do away with mentioned in your article.
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