Bitcoin Is Already Mainstream
Hey Jesscoiners
As a Bitcoiner or Bitcoin holder or HODLer as we like to call ourselves, I've had to deal with all sorts of opinions from altcoiners, Bitcoiners, no-coiners, normies and more, everyone's go their opinion and have every right to it. We're all speculating whether we like it or not, you're either long Bitcoin by owning it, or short bitcoin by not owning it.
Depending on a range of macro-economic factors with time to me seems like the most significant factor. We'll see how the market accepts predictive inflation models versus inflationary models.
This is the part that gets me excited about Bitcoin, as fiat money opts to support Keynesian theories, some countries might opt for MMT, and the private market gets to hedge against that with Bitcoin or Gold with the Austrian school.
I think choice and counterbalances are crucial for wealth storage and transactions. We all don't think the same, we all will never agree and allowing people to choose how they store their value I think is real freedom.
The last 12 years
Bitcoin has done nothing different in the last 12 years of existence; it continues to secure transactions and reduce its supply over time, that's all it knows how to do and all it will ever do, it's predictable and boring. It's stability forms the foundation for an entirely new market of blockchain and servers as the anchor or this new asset class.
Those who have taken to Bitcoin have bought in, build products and services around it or altcoin projects that are loosely or heavily pegged to it. While 12 years is not a long time, Bitcoin has made waves across the world and means different things to different people.
Many still claim Bitcoin to not be mainstream, but
- 1% of the world owns this asset class
- US Banks are now allowed to custody Bitcoin
- Hedge funds are buying Bitcoin
- Private equity is building off ramps and on ramps into Bitcoin
- Search trends are increasing for Bitcoin
- More people are starting to take it seriously
- Countries like Venezuela, Iran and others are mining Bitcoin
- Family offices are starting to invest in Bitcoin
- Traditional trading apps are now trading Bitcoin
- There are now Bitcoin EFT's and more financial products around it
So if this doesn't qualify it as mainstream, then I don't know what does, just because the whole world is not using it to transact doesn't mean its not mainstream. How much of the world trades in South African Rands or New Zealand Dollars? A Very small percentage so does that make it not mainstream?
Front running institutions
Bitcoin has a unique birth in that it started in the shadows allowing others to get in before the major financial players. Banks and fintech 1.0 are slow to react, but as I mentioned, there are already early adopters.
Now that they are waking up to its potential and building out its market as more countries and companies seek exposure to this asset class, it allows us, the people to front-run these institutions for once.
This is one of the main reasons why I feel that Bitcoin will be the greatest leveller and ability to redistribute wealth than ever before.
Having so much concentration of wealth due to fiat, we need something that is trustless, borderless and permissionless, if we are to take back value and give it back to others and spread it around a little bit more evenly.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
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Oh is BTC already mainstream? Why is it still less than $12K then! I need to sell my bag and look for something that's not mainstream yet! (Buy the rumour, sell the news!) 😜
Lol, so your measurement of BTC success is its value in fiat? By all means, that's up to you. Me, I can't bother seeing things in a vacuum-like that!
I think Bitcoin will ok only grow more popular over time but it will take many years, if ever, to be ad accepted as other forms of payment.
Maybe in the developed world, but in the developing world we're quick to jump on anything. Like we didn't have landlines, but mobile internet and mobile phones were an instant hit here. Many people use cash,sms's, store credit and even airtime to transact, so Bitcoin would be something they could gravitate to pretty easily as the network starts to reach new users.
I think the more hyperinflation we get around the world, the practical it becomes in the so called 3rd world
I agree. I do not think we will se bitcoin as the main-currency in all countries - that is not the limit for mainstream. As you say Btc is already mainstream.
It has been accepted and now all countries have to decide if they want to go with the new tecnic or struggle against it. Sweden choose the way that they always do when something is scarey - Make the taxes high and difficullt to follow and charge some milloin in fee (yes one man did get a fee of 1 miljon usd)
If you cant beat them - tax them.
This is why I like South Africa, our systems are very inefficient so you can fly under the radar, avoid tax and be destroyed by inflation only lol, hence my love of Bitcoin.
Shouldn't swedes be rich enough to not care about Bitcoin or are they finding out that paying for refugees to take over Malmo and not having a plan on how to put these foreigners to work is costing more and more.
Also, Swedes live very long so your pensions have to be really good, we die at 60 if we lucky lol
Love your knowledge about sweden...
But you have a POINT. We are rich enough to not care about Bitcoin. It is only two kinds of people that care. 1. NERD. IT-nerd och computer-nerd 2. Investorns that only care about money and dont care a shit about the technic.
Not many at all really think Bitcoin comes with a unique solution.
Send money quick and cheap - We send it free with mobile
It is anonymous - Why should we hide?
You can hide from taxes - WHAT? YOU LIVE IN SWEDEN TO PAY TAX...
This is really a problem. No one see the point.
LOL I have two friends who moved there so they tell me all about it, they seem to love it there
I think that's kind of the point, we should live in a world where we don't NEED bitcoin, only want it to help us in certain cases or put pressure on governments and businesses to do the right thing.
While I can avoid taxes here, we pay more for internet and other things than the Swedes do, I spend about 90 Euro on the internet alone and its shit internet LOL, hardly get 10MBS per second
That is crazy 90 Euro for that...
I pay total 95 Euro for internet. But that is
I think Sweden is in front when it comes to access to internet. Almost 95 % has good access in house and you can find wifi in a lot of places in town.
Just bought some SPI now - So I have to join that and read more. I think it was a good price of 2,05 because next level was almost 2,2
Lol and I suppose your internet is also pretty fast, the max we get is 10MBPS its horrible, you can hardly do anything on these lines sometimes
also I had 8 hours without electricity so that was fun. :)
NICE!! Getting into the get rich slow club, its a cool crowd to be around
People still believe in fiat here! My friends have told me to cash out my BTC and I'm laughing on the inside, I'm cashing out already, just out of fiat!
You'd think that the descendants of colonials would realise when they are being colonised but oh history does tend to have a sense of irony but it's the same here even with our insane inflation, no ones doing anything to stop it, they even still racking up more debt
It's like being on a bus and it's going off a cliff and they all clapping hands going at least if we die, we all die together, that's not as comforting as getting out of the bus to me, but okay
I won't be getting on a bus ever again 😜
Lol why drive the bus when you can own a lambo?
Lol, that's my kinda transport, Proof of Mainstream
I've been out of the USA for 10 years, but I've heard even some major fast food chains like Subway have accepted bitcoin as a valid payment.
The future is now indeed.
I didn’t know that, wow I think it’s slowly creeping in cash app has it now, Robin Hood has it and you can pay with Zap in the use all these apps leveraging BTC, to what extent and to how much is real BTC transactions j don’t know
A lot of wealth is still stuck in these developed nations and continues to flood in as people see their currencies as better, their assets as safer and naturally debt and trade needs to be paid in dollars so it just continues to suck up the worlds purchasing power
My hope is that BTC can help send some it back, for people in all countries to earn a western wage for their skills and have something left to build in their part of the world, I hope it does happen we sure do need it