Yesterday I was at a jewelry store buying my sister a graduation present. The store owner only wanted to accept cash, no Venmo or Zelle. I didn't have enough cash on me at the time, so I offered to pa...
The reason why he likes cash is because it is base money. When he holds the cash, it's not a liability of anyone else, nobody will default on a promise, he can do with it what he wants, and nobody can take it away from him, and
This is why he doesn't like venmo or zelle or bank transfers, what he gets is not base money, but a claim on base money, a digital credit that he can later redeem for cash at the atm, but the bank can always go bust and his cash is gone.
Bitcoin is the very first time that we have base money in cyberspace. It's not a bank credit or IOU or some token that can be redeemed for an underlying asset. Bitcoin is the thing itself, just like gold atoms or fiat cash.
So don't onboard him to a bitcoin money warehouse like wallet of satoshi, recommend him a self custodial wallet and explain him what the 12 word private key does.
This is why he doesn't like venmo or zelle or bank transfers, what he gets is not base money, but a claim on base money, a digital credit that he can later redeem for cash at the atm, but the bank can always go bust and his cash is gone.
Bitcoin is the very first time that we have base money in cyberspace. It's not a bank credit or IOU or some token that can be redeemed for an underlying asset. Bitcoin is the thing itself, just like gold atoms or fiat cash.
So don't onboard him to a bitcoin money warehouse like wallet of satoshi, recommend him a self custodial wallet and explain him what the 12 word private key does.
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