Alp on Nostr: We often talk about Bitcoin as a bringer of digital freedom, especially in relation ...
We often talk about Bitcoin as a bringer of digital freedom, especially in relation to the CBDCs that will soon be coming. But are we really equipped for that? Ecosystem-wise?
Are we even capable of switching to a Bitcoin standard if CBDCs become common? I don’t see that happening yet. The European space, in particular, leaves much to be desired.
We do have crypto debit cards that can be loaded with Bitcoin and used to pay for anything that accepts a credit card, both Mastercard and Visa. But that’s a shaky solution because it is subject to regular regulation and could be banned overnight.
What's especially lacking is an alternative way to convert Bitcoin to SEPA transfers. Unfortunately, Europeans do a lot with SEPA transfers, including rent and energy cost payments. There is Bitwage for the reverse process, converting SEPA to Bitcoin transfers, but the more important solution is still awaited. At least, I don’t see anyone in the market working on that.
I fear that we are idealistically proclaiming how much financial freedom Bitcoin could bring, but very little is being done. There are still major issues that no one is addressing. And before someone says, "then do it yourself," I would respond, "okay, give me capital, and I will first work on a BTC to SEPA solution." But unfortunately, I am not in a position to do that.
In the end, are we stuck in the fiat system, laughing scornfully at our old idealistic selves?
Are we even capable of switching to a Bitcoin standard if CBDCs become common? I don’t see that happening yet. The European space, in particular, leaves much to be desired.
We do have crypto debit cards that can be loaded with Bitcoin and used to pay for anything that accepts a credit card, both Mastercard and Visa. But that’s a shaky solution because it is subject to regular regulation and could be banned overnight.
What's especially lacking is an alternative way to convert Bitcoin to SEPA transfers. Unfortunately, Europeans do a lot with SEPA transfers, including rent and energy cost payments. There is Bitwage for the reverse process, converting SEPA to Bitcoin transfers, but the more important solution is still awaited. At least, I don’t see anyone in the market working on that.
I fear that we are idealistically proclaiming how much financial freedom Bitcoin could bring, but very little is being done. There are still major issues that no one is addressing. And before someone says, "then do it yourself," I would respond, "okay, give me capital, and I will first work on a BTC to SEPA solution." But unfortunately, I am not in a position to do that.
In the end, are we stuck in the fiat system, laughing scornfully at our old idealistic selves?