A Bitcoin Circular Economy is a closed system that eliminates the corruption and headaches of dealing with funds spent by the central bank. With bitcoin saving technology still the predominant story, it helps to dig deeper into some lies about a topic that is becoming increasingly popular: the bitcoin circular economy.
A circular bitcoin economy requires ways to earn, save and spend bitcoin. Often times, when someone makes progress in making or spending Bitcoin, the discussions are derailed by inventions that we can clean up here today.
1. Number Go Down is better for payments
That’s a lie. Period. There’s no way anyone interested in Bitcoin would want the number to go down. I understand that a certain amount of staunch privacy advocates will tweet from time to time that the number is going down. I believe this is more to contain what they see as unbridled and uninformed optimism than an actual scan of their daily life and believing that falling in numbers is good for their stack.
I think people who have already cut their credit cards and left their banks are sometimes frustrated with what they interpret as our occasional use of the word “revolution” in the West. I understand their point of view, but still no one is looking for a falling number.
2. Payments cause the number to drop as dealers drop for fiat
In my personal experience with business owners, the whole thing “dealers who choose Fiat” has not worked. Nobody talking about the Bitcoin circular economy is knocking on the door trying to get traders to dump for Fiat. The dumping is obviously at odds with the whole point at which the circle is being made.
What is actually happening is that more and more people are realizing every day that the tools are available to claim Bitcoin for their services, and we start to see what happens when people do.
3. Bitcoin issues are only for nomads without bank details
I’m sorry, but my dinner that I bought with Bitcoin last Friday wants to be different. Literally a privileged married person from Southern California with a bank account and mortgage, I found a way to use Bitcoin to buy groceries directly from someone else (not through a gift card). To me this is really amazing and it has helped me broaden my perspective on what we are all doing here.
If you don’t want to touch your HODL stack, that’s totally understandable. Download the Strike app and join the circular economy game without touching your stack. The Strike app is a fiat app that pays bitcoin bills. So it also solves a lot of other complaints you get from HODLers when you don’t want to spend Bitcoin. If you are a company that charges Bitcoin for your goods and services, you definitely want to let your customers know about Strike. I’ve seen even the most passionate HODLers be amazed.
4. If you like bitcoin payments, you don’t understand bitcoin’s value proposition
Seriously? This is probably the most annoying lie I hear about the Bitcoin circular economy. Bitcoin derives its value from its hard money attributes and the people who hoard and store it. This is exactly why Bitcoin payments are actually so exciting: Why don’t you want your company to trade with the best money in the world? Saving bitcoin and also requiring people to pay you for it in return for goods and services are complementary mindsets, they are not divided.
The good news is that despite all the misinformation and misunderstandings, the numbers will go up, payments will get round, and the middle men will not get paid. Watch out for these lies of the bitcoin circular economy and don’t fall for them.
This is a guest post by Brian Harrington. The opinions expressed are solely his own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.