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At what point, enough people will believe in Bitcoin that it becomes a well established medium of exchange, beyond store of value or speculative asset?

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by COINS NEWS 48 Views

Most of the hate for Bitcoin in current system is attributed to Bitcoin being just a speculative asset without utility. The big guys who have one leg in their grave (e.g. Warren Buffett, Jamie Dimon, Charles Munger, Bill Gates), but still have a big fan-following, keep shitting on Bitcoin as a Ponzi Scheme and that it will go to zero and it's only used for illegal activities etc. I feel only way to shut these dinosaurs down is not a debate but to show them a large chunk of people use Bitcoin as a medium of exchange i.e. to buy grocery, coffee, gas, utilities, daily services and so on.

I read sometime ago that even though 15-20% small merchants in US claim they use Bitcoin as a payment, the overall trade that happens with Bitcoin as payment currency is negligible relative to the overall trade volume. This doesn't do good to Bitcoin.

Now, there are 6.2 million people in this sub - most of this population loves Bitcoin and I believe there are millions of others out there who love Bitcoin. Why is it so hard to reach a point where I can live my daily life in Bitcoin? I get the volatility in BTC-USD i.e. if let's say someone converts $1000 into Bitcoin to pay in Bitcoin to merchants who accept it, what if BTC price drops by 50% next week - the purchasing power just went down by 50%!! That's horrendous. BUT, why can't a coffee be priced at let's say 0.0001 BTC? I can see how entire supply chain need to embrace Bitcoin for this to make economic sense i.e. The cafe would need to be able to buy all the ingredients in BTC, pay to Staff in BTC etc.

Why someone is not trying to solve this problem? If entire value chain of certain goods and services move even a portion of their business to Bitcoin as currency of exchange - it can do wonders for Bitcoin's original vision and shut the fish for the dinosaurs mentioned above.

Thoughts?

submitted by /u/Sharp_Tank05
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