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Bitcoin should be spent as cash, in fact should be spent much more commonly, frequently and ubiquitously than paper cash. However, it should *not* be spent on the surface, but rather be spent behind the scene, almost invisible to regular users. There is a fundamental reason for this: Money is language. It doesn't matter what theoretical and technological arguments you make, people will only spend in local currency units, because that's the language they speak. Few people in this world are truly bilingual, and when it comes to money as a language, much fewer still. But there's an even more fundamental reason why it is extremely hard for a new language to be spoken: when one speaks, not only must the person have the ability to speak the language, but his audience must also speak the same language. Learning a new language is hard enough already, but with a new language that is just invented, it is much harder to find someone to speak the same language. This basic negative network effect reduces the opportunity chance exponentially. That is exactly why the very logically designed language Esperanto (billed as the "world language") never catch up. The bitcoin community has always lacked this understanding, partially because of the community's inclination of being idealistic instead of practical. So let's be practical. Allow people to speak their local languages, and let BSV be the unheard translator. Don't seek "face", seek service (utility). For example, let wallets be built on the BSV chain, but automatically convert, all behind the scene, from BSV to a local currency unit. The user will feel like he's spending/receiving local money, but in fact everything is happening on the chain (with all the Bitcoin blockchain advantages). BSV itself therefore should be visible only for those who are consciously investing in BSV (many should, but few are, and only a minority will, but the success of BSV does not depend on its investors, but on its users.).
Think about what you are suggesting here... with local currency fluctuations and Bitcoin fluctuations, you would never know what a loaf of bread is actually costing you when you buy it.
gaoson replied:
In terms of knowing the actual cost of the bread, how is what I suggested different from what people have now? If you buy a loaf for $1 (an example of local currency), that is the price you know you are paying, and no more knowledge is necessary. The possibility that the local currency might be so stable that people can't even use it to get a sense of real cost (in spite of knowing the currency unit number of the cost), that's a whole different situation. At any given time, very few countries experience that. However, for people who are in that kind of situation, an option should be given for the users to deliberately choose BSV (or another currency they trust more, even if it's another fiat) as the face payment. You are probably contemplating extreme situations, while I was addressing a much more basic issue of practicality. The bottom line of what I was trying to say is that, having the mass adopting a completely new currency is as hard as suddenly asking a people to start to speak an entirely different language. Unless people are forced to, it is not going to happen. Imagining that people will quickly adopt a cryptocurrency on its face is really a result of the persistent influence of the pernicious anti-government ideology of the BTC core, who would like people to start immediately to *measure* every value using BTC. They think they're being so "profound" and revolutionary in promoting the idea. It is a hallmark of the pride of that group.
gaoson replied:
Sorry, a typo. I meant "The possibility that the local currency might be so *unstable* that..." Suddenly I wish a post could be edited...
sandysmoothie replied:
I mean that if I buy it for $1 in “translated” Bitcoin, then next week it could be $2. The next week $12. My salary would go from $2000 to $500 then $12000. Not exactly useful!
gaoson replied:
Yeah I see what you're saying. But in my proposal, regular users only "translate" money to bitcoin at the moment of transaction. The regular users do not buy bitcoin to keep them for any definite time. Only conscious investors do that (which is commendable by the way). Say if you are a regular user not interesting in investing in bitcoin. You put $100 in your wallet. Your dollars do not become bitcoin at the time of your deposit. They stay as your original money in your wallet. The next, you pay $10 to buy something. The $10 automatically converts to the equal amount of bitcoin based on the market price at the moment, and the converted bitcoin is transmitted over the Bitcoin network (got to be BSV to be efficient) to the wallet of the payee. If the payee is also a regular user (i.e. not interested in investing in bitcoin), the bitcoin received is automatically converted to his preferred local money, and it does not have to be the US dollars. All above happens behind the scene without requiring the users to do anything, not even seeing what's happening. You see, with this design, the value of the users' money is not affected by the fluctuation of the bitcoin at all, because the transaction can be finished within just a few seconds. This way, regular users don't even realize that they are using bitcoin. But the entire inner-working of the system is not the traditional fiat money banking system, but the bitcoin network. The design may leave the option of investing in and holding bitcoin to those who want to. It's OK if fewer than 1% of the users are actually interested in keeping bitcoin. The rest may not be even interested in the story of bitcoin, much less holding it. They only want to take advantage of convenience and efficiency of the tool. But these regular users are contributing to (and being benefited by at the same time) the bitcoin network without even knowing it. Again, as I said, bitcoin's success depends much more on these regular users than on the bitcoin enthusiasts.