wwang on Nostr: Fed's Powell: Bitcoin is just like gold, except it's digital. Bitcoin is used as a ...
Fed's Powell: Bitcoin is just like gold, except it's digital. Bitcoin is used as a speculative asset; it's a competitor with gold, not the US dollar.
There's a major perception gap today: Most people view Bitcoin merely as digital gold, solely functioning as a store of value. However, few people (except those in the Nostr ecosystem, of course) recognize that Bitcoin on the Lightning Network also serves as a universal equivalent for commodity circulation - a monetary function. Its transaction costs are even lower than all current transaction methods we have. It's harder than the US dollar while having lower transaction costs than the US dollar. New online business models will grow and thrive thanks to these extremely low transaction costs.
There's a major perception gap today: Most people view Bitcoin merely as digital gold, solely functioning as a store of value. However, few people (except those in the Nostr ecosystem, of course) recognize that Bitcoin on the Lightning Network also serves as a universal equivalent for commodity circulation - a monetary function. Its transaction costs are even lower than all current transaction methods we have. It's harder than the US dollar while having lower transaction costs than the US dollar. New online business models will grow and thrive thanks to these extremely low transaction costs.