What is up SatsCrew,
Many people are trying to imagine how the future would look like if the world was on a Bitcoin standard. If this were the case, we would all have wallets and would be able to transact with lightning on L2s & above.
When you go to a grocery store, to get your hair cut or pay the landscaper - all would be willing to accept their services in satoshis. Maybe a gallon of milk will be 750 sats, a landscaper's service will cost 7,000 sats and to cut your hair it will be 3,000 sats. The point is things will be priced in sats. We won't look at bitcoin through the worldview of the USD anymore, rather we will look at sats as the unit of account.
While this seems like a far-fetched vision, there is a slight possibility this could happen in Western nations - as it is currently happening in El Salvador and many circular economies around the world. In today's podcast - I discuss how this future may look - specifically:
- What does pricing everything in Bitcoin mean
- How this is beneficial is that it changes the primary unit of account, but also creates more ease for both the buyer and the seller
- No more currency conversion and understanding spot exchange rates/exchange fees
- The risk of this is the volatility
- If there are certain vendors/obligations you have with people not on the Bitcoin standard
- As the adoption grows, volatility will eventually smooth out or go down
- Over the past 14 years it has been tremendously volatile
- Options for accepting over Bitcoin rails and converting into the currency of your choice
- Better yet, accept over Bitcoin rails, and move a percentage into your treasury for BTC and the rest in cash for day-to-day operations
- We haven’t even approached the widespread acceptance phase
- 99.99% of vendors in the U.S. don’t even accept bitcoin yet
- Pricing in Bitcoin will be the future, but first there needs to be more education
- Volatility needs to smooth out for 100% acceptance
- Gaining legal tender status does help as most businesses will just take the fiat currency in the country they are in
- A future priced in bitcoin is a future of understanding the asset, but also better and more wallets
I hope you all enjoyed this one! How would you expect the future to look like on a bitcoin standard?
Best Regards,
SatsMate
Referral to Stacker News: Circular economy with bitcoin discussions involved! https://stacker.news/r/SatsMate
Primary Bitcoin Buys Through Strike: The primary place I go to buy Bitcoin. https://invite.strike.me/2MSTYG
Secondary Bitcoin Buys Through Fold: A nice exchange w/ rewards & bitcoin buys.
https://use.foldapp.com/r/HTFKVY9L
https://zbd.gg/GalmaDuFria This is my personal QR code. It allows anyone to send me Bitcoin and messages directly to my ZEBEDEE. lnurl1dp68gurn8ghj7ctsdyh85etzv4jx2efwd9hj7a3s9aex2ut4v4ehgttnw3shg6tr943ksctjvajhxtmpxuurjcmxxvuz6wf58q6z6drpv5uj6c3jvy6z6epexe3ryd3kxe3kvcnr7y2uzj
Financial Disclaimer: Nothing stated in this video is a recommendation from SatsMate to buy or sell a particular security or asset class. It would help if you wisely considered your tolerance for risk, time horizon, and financial goals before making an investment. With investing, you risk losing money, always read an investment prospectus and make an i
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