Hello all,
I'm working on a thesis in my MA program about money and such, and I wanted some thoughts on this. People find it hard not only to spend their bitcoins or crypto, but also find it hard WANTING to spend it. People would rather pay in fiat than crypto (myself included, I have a shift card). And that makes sense: people pay with their inflationary currency, like US dollars, over their non-inflationary currency, like bitcoin or gold, because cryptocurrency and gold are gaining in price while fiat loses value (the nature of how they're built makes this happen). But in a way, This is actually a good argument against using non-non-inflationary currency (that is, people want to spend their FIAT, and people want to HOLD crypto like an investment. That means people won't SPEND it). And for economics, we NEED to be spending money to encourage growth and such. This is bad for crypto if crypto is trying to abolish the fiat system.
One solution I came up with is this: pay and buy things with bitcoin directly. Until we have a type of "debit card" that pays directly from your wallet to the person you are buying from (with no intermediary, such as SHIFT card has, that is, they convert your cryptocurrency to fiat... and we don't want that for many reasons), I don't see that changing. We need to cut out the intermediaries. These were just my initial thoughts, I've been working on a thesis about money, and being in bitcoin has helped me TREMENDOUSLY.
I can also see an idea that, well, FIAT is the power atm and that's why bitcoin is fluctuating so much... it's so new and is the underdog in the FIAT world. So that's why crypto is volatile and no one is spending it: there is FIAT to compare it to. The problem with that objection is that just because people have crypto and FIAT might be gone (in this hypothetical world), it doesn't take away the fact that crypto is non-inflationary. Anyways, I would seriously love to hear some arguments or objections, or just thoughts about this. Anything helps folks! (Meme's included, I can use them for presentations, handouts, or just to get a kick)