Oddbean new post about login | logout Most people just want an efficient currency and that means fiat only needs to work well for a couple months.
2) I could see Bitcoin gaining fastest in the business realm, where they often need to store reserves for years at a time and Bitcoin offers a tax advantage in some countries, like Germany.
* If you hold gold or Bitcoin for at least 1 year, it is tax-free, in Germany.
The use of Bitcoin is also nearly tax-free, here, so long as you do not earn profits over the €1000 limit per year. https://www.steuern.de/bitcoin-steuer#:~:text=Werden%20Bitcoins%20innerhalb%20eines%20Jahres,von%20Kryptow%C3%A4hrung%20kann%20steuerpflichtig%20sein.
True. 99.999% of people aren’t going to run a self sovereign lightning node. So bitcoin needs to be more efficient than fiat also, Bitcoin outperforms fiat because a farmer in Kenya can sell his goods to some random dude in west. Can’t do it with fiat. So majority of people are slowly gonna adopt bitcoin.
Yeah, a lot of us got into Bitcoin to save money on international wires. That's the obvious, more universal use case, so far.
True, central banks can make their fiat work efficiently in their local regions but will never make it work efficiently for international trades or remittances. That’s why bitcoin will always have an upper hand over fiat.
If enough people use it for that, they may eventually start to complain that it's so hard to use at the grocery store. That was my path, so it's the one I always think about, first.
I think people are initially scared of this technology. But when more and more people start using it, they realize it’s way easier to use it than fiat. Like it’s so tough to open a bank account now and with CBDCs, they are gonna add more friction to it, meanwhile a 10 year old can just download a lightning wallet and start sending and receiving money. And with time the UX/UI are gonna improve more dramatically.