Bitcoin maximalist falsehood #2: “Never sell your Bitcoin.”
Bitcoin is money. Holding $100 worth of Bitcoin may support scarcity, but it does little to establish Bitcoin as a medium of exchange or unit of account.
If that same $100 changes hands ten times within a circular economy, it settles $1,000 of trade. Each time, someone’s labour, time, goods or energy is valued in Bitcoin rather than fiat.
There is a difference between abandoning Bitcoin for fiat and circulating Bitcoin as money. A real Bitcoin economy requires people to earn it, spend it, accept it and price goods in it.
You cannot build a monetary system by treating the money as too sacred to use.
Bitcoin is money. Holding $100 worth of Bitcoin may support scarcity, but it does little to establish Bitcoin as a medium of exchange or unit of account.
If that same $100 changes hands ten times within a circular economy, it settles $1,000 of trade. Each time, someone’s labour, time, goods or energy is valued in Bitcoin rather than fiat.
There is a difference between abandoning Bitcoin for fiat and circulating Bitcoin as money. A real Bitcoin economy requires people to earn it, spend it, accept it and price goods in it.
You cannot build a monetary system by treating the money as too sacred to use.
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