bitcoinforthepeople on Nostr: The three functions of money are: 1. A medium of exchange 2. A store of value 3. A ...
The three functions of money are:
1. A medium of exchange
2. A store of value
3. A unit of account
It can't be argued that bitcoin doesn't fulfill roles 1 & 2. Although bitcoin did serves as a unit of account in the early days, it is arguable that it doesn't do so currently. This is a matter of perspective though and dependent on societal level influences. This could be remedied with time.
What people miss is that fiat only serves functions 1 & 3. It is not a logical position to state that fiat serves as a store of value once you understand fiat.
This brings me to this question. Is the best way to increase bitcoin adoption to educate people on bitcoin, or instead educate them on the losses that are hidden from their sight but are real in the fiat system?
The latter would require them to first realize they need a way out of fiat losses and then search and hopefully find the answer that is bitcoin.
Although this may take more time, it may ultimately be a more productive path.
1. A medium of exchange
2. A store of value
3. A unit of account
It can't be argued that bitcoin doesn't fulfill roles 1 & 2. Although bitcoin did serves as a unit of account in the early days, it is arguable that it doesn't do so currently. This is a matter of perspective though and dependent on societal level influences. This could be remedied with time.
What people miss is that fiat only serves functions 1 & 3. It is not a logical position to state that fiat serves as a store of value once you understand fiat.
This brings me to this question. Is the best way to increase bitcoin adoption to educate people on bitcoin, or instead educate them on the losses that are hidden from their sight but are real in the fiat system?
The latter would require them to first realize they need a way out of fiat losses and then search and hopefully find the answer that is bitcoin.
Although this may take more time, it may ultimately be a more productive path.