Start using bitcoin categories
With the collapse of paper currencies against the US dollar, it makes sense to start using bitcoin categories, even for daily expenses.
Many currencies struggle to retain purchasing power in US dollars.
Now is a great time to press the advantage bitcoin brings: not being a paper currency that can be printed on demand.
What happens in the world of currency markets?
As you know, many currencies collapse against the US dollar. This does not necessarily mean that the US dollar is "rising" either, it is also losing purchasing power, only at a low pace.
From the beginning of the year until now (YTD) large currencies against the US dollar:
- Sterling fell from $1.34 to $1.057 - a decrease of 21%
- JPY dropped from 0.0087 to 0.0069 - down 20%
- The euro fell from $1.13 to $0.97 - down 15%
The Bank of England is now starting a new wave of bond purchases, in other words, continuing to deteriorate.
Sterling holders will continue to destroy their savings, being sacrificed on the altar of "financial stability."
The fact is that bitcoin users in the long term have benefited greatly, both in terms of purchasing power and freedom.
The loss of trust in paper currencies leads to a fundamental shift in thinking. If our friends are afraid of bitcoin because of volatility before.
The difference in volatility between bitcoins and fibre currencies has decreased, so it makes sense to start using bitcoin categories.
What does discrimination mean in bitcoin terms?
It means assessing financial costs and benefits on Bitcoin or Satoshi terms. This includes the financial valuation of our wealth in terms of bitcoin and sat.
This is what matters in the long run for Bitcoin Maximalists after all.
If you think everything will be priced by sat one day, why not start now?
I have personally identified my wealth in terms of bitcoin for a while now, but I have struggled with the following part:
Daily expenditure. For me, this is mainly due to mental reckoning.
So my next step is to focus more on assessing bitcoin's cost of income and expenditure than everyday items. If we're serious about bitcoin as better money, we should show it.
Practical tips on Bitcoin classification
Stay tuned for "sats per dollar" and is known as a very simple Satoshi Per Dollar scheme. It tells you how many satoshi a dollar will buy at any given date in bitcoin's history.
You can do this with Coinkite's BLOCKCLOCK (also known as Moscow Time) or perhaps on sites like Bitbo that you list.
You can also use converter tools such as bitkoin or preev as well, pricedinbitcoin21 is a useful site that displays all kinds of bitcoin denominated prices.
In the early days of Bitcoin
- It was common to talk in terms of bitcoin values for things.
- It may have become more difficult due to higher prices
- and dealing with small portions of bitcoin in our minds.
Remember, however, that early services and games ranging from SealsWithClubs, to MPOE, to SatoshiDice were denominated in Bitcoin!
A denominator means the declared or nominal value of financial instruments such as currency, bonds and other fixed-income investments.
There is space in Bitcoin already denominated, even in terms of the service and product they sell.
Notably, CoinJoin services are denominated in Bitcoin
Many individuals work in space without bank accounts, so they clearly do a better job of being bitcoin denominators.
We should also note that Lightning Network helps here. Many Lightning and tipping services. For example, Alby and Podcasting 2.0 apps are sat-denominated.
People who want to hold guidance on the Lightning Network determine their basic fees and variable fees (ppm, or ppm) on satoshi terms
Which we can see by browsing the Lightning contract on explorers like mempool.space.
Bitcoin or SATS?
One of the old topics in Bitcoiner circles is the point of unity bias, which is thought to be behind the infusion of some chitcoins.
- But that doesn't come for free
- there's a quid pro quo.
- here may be high-net-worth investors (HNWI) entering into bitcoin
- and because they want to buy "full currency," they buy more than they otherwise would.
We can even argue that the amount you buy HNWIs is higher, so the effect of HNWIs is higher.
Now, most know the often quoted statistic about how "even if every millionaire on earth wants a full bitcoin, they can't get it."
Remember that if you divide the number of sats by the number of people on Earth, that number reaches about 226,000 sats
As long as there is an easy option or switch to navigate between BTC terms and sat conditions in our apps and services, maybe it doesn't matter much. Practically speaking,
I think people will just refer to things with smaller value in terms of SAT, and more valuable items in bitcoin.
You can't completely escape Fiat transfers.
I understand that one of the criticisms here may be that much of our daily life expenses are still valued, and we can't quite escape them (yet).
Nocoiners may criticize us for continuing to value bitcoin in terms of the US dollar, but the process should start somewhere.
Nocoiner (collecting Noocoiners) is a person who does not own or invest in any cryptocurrencies and can be a critic of cryptocurrencies and their economies.
Starting somewhere means we should try to think about bitcoin or sat first. So if we're talking about the price of things, list the price of bitcoin terms first. Or just list the price of bitcoin and let the other person make the calculation.
Let's disrupt the impact of the network for paper currency, and don't let the paper coins govern our lives.
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