Oddbean

It's a bit chicken and egg, no? Store of value waiting for medium of exchange. Why would I spend my good bitcoin when places happily accept bad fiat? I think the script flips as the market grows, so it's hodl for now, not for ever.

HODL to the MAX! Two groups to explain the situation: 1) SoV (Store of Value): Bitcoin is digital gold and will continue to go up forever so if you spending it you will waste unbelievable potential future wealth. 2) UoA (Unit of Account): Using bitcoin in day-to-day purchases will popularize it driving us faster to hyperbitcoinization, which will stabilize it making it more suitable for a dollar replacement. Take your pick and place your bets, but I think you already know where the majority stands. I would definitely be up for small day-to-day purchases but no opportunities where I live. Plus KYC (know your customer) is having a bigger influence which creates trouble when using bitcoin. This is when the Monero bros preach their pitch.

Why can’t you do both? If you are going to make a fiat purchase use bitcoin instead and buy more bitcoin with the fiat you would have spent. So if the merchant won’t accept bitcoin: 1) take the fiat you would have spent and exchange it for bitcoin 2) pay the merchant with a fiat credit card 3) when the credit card payment is due 30+ days later, exchange enough, bitcoin to cover the fiat payment Most of the time you will have bitcoin left over from doing this transaction that you can HODL keep stacking. But even if you don’t, you have lived on a bitcoin standard as a first principle

It seems like a lot of double handling of the money and going through exchanges you might be hit with KYC. If you could buy a prepaid debit card in bitcoin, or have a credit card that accepts bitcoin, this would work much smoother.

It is a lot of double handling but I find it worth to live on a bitcoin standard. My exchange where I do most of this will be issuing a credit card soon that will pay off with bitcoin automatically. In the meantime, I do the extra work based on first principles. Personally I’m leveraging my software development team to build more tools that will support bitcoin as a unit of account that will work with the financial solutions that will be forthcoming

My problem here in Japan is the KYC on the exchanges. I bought the majority of my bitcoin before these policies were implemented and i don't want to dox myself. What is the name of your exchange and do they have KYC policies? I would love to get a bitcoin credit card.