You name the Documentary Project – Life on Bitcoin. Every newly married couple usually dreams of how to easily spend their first few days in married life. As with any generalization, there is always an exception. A newly married intrepid couple dreams of facing the quest to live exclusively on Bitcoin for more than 100 days.
Life on Bitcoin: Documentation
The teaser video for the documentary Life on Bitcoin shows this young couple enthusiastically talking about their adventure. Just two weeks after they got married and just before their honeymoon, Austin and Beccy Craig began their adventure. Let’s digress for a moment to say “Bravo” to this couple. They generously shared their trip on Youtube with enthusiasm.
A fiat currency scenario
It helps to see the ambition of this challenge by wearing a different set of lenses. Here is an analogy to help understand the scale of this challenge this couple willingly accepted. Living a life exclusively on and with Bitcoin for 100+ days can indeed get messy. Here is the imaginary proof.
Imagine traveling to China or India with only US dollars, no RMB or rupees with you. US dollars are not the currency used in India or China [Duh]. It’s hard to appreciate money if it’s not accepted as such! With that in mind, imagine you are in a prison where cigarettes are a form of currency that can be exchanged for burgers or other services. In both examples there is often an exchange that can help convert currencies. But exchanging bitcoin for fiat currency would defeat the purpose of the Life on Bitcoin project. So this is not an option. They have to make a living on Bitcoin as they spend Bitcoin to buy things.
In the video, Beccy speaks briefly about the dangers of such a life. Let’s say she becomes pregnant, it would be a challenge to find clinics, drug stores, and doctors who understand (and accept) Bitcoin as a means of payment.
Nearest gas station – 100 miles away.
Something as simple as refueling the vehicle requires the couple to plan the trip and drive for several hours. All of this just to get to the nearest gas station as the owner is adventurous enough to accept payments in Bitcoin.
Some more scenarios in Life on Bitcoin, for thought.
Buy lunch with Bitcoin, buy water, coffee, groceries, travel, book airline tickets, hotels and restaurants, charge phones and so on. Do we have to say more? It’s hard not to see This is a challenge indeed. Wish this couple the best of luck with this endeavor.
Finally, I have one more idea to give away. If there is a business owner out there reading this, here’s the idea – a business can potentially be built that bridges the gap between Willingness to pay and willingness to buy with bitcoin. I undeniably deny that it is precisely in this void that the greater opportunities are hidden.