praxeologist on Nostr: In the country I live in, where the economy is in shambles, an average family spends ...
In the country I live in, where the economy is in shambles, an average family spends around $300 a month to live (after subtracting debts, taxes, insurance, etc. from their income). The annual inflation rate is about 50%, and it's getting worse over time. #Bitcoin #Adoption seems like a reasonable solution, especially with the #Lightning Network enabling payments of $300 a month. But what's holding it back?
I used to think it was all about volatility, but then I asked myself—volatility for just $300? Sure, it's a significant amount for us, but we're talking about #Bitcoin here. I'm also aware of adoption cases in #Cuba and #Africa, where even there, Bitcoin users remain a minority.
In the spirit of documenting the situation, I’m listing some reasons below and I #AskNostr for more insights, reasons, and solutions:
1) It’s hard to explain to everyday people why Bitcoin is economically superior in their current conditions. It’s even more puzzling when you realize many are trading shitcoins on exchanges!
2) People are accustomed to traditional trust systems with #government institutions. They still trust failing banks to hold their money, and I’m sure they’ll trust CBDCs (which are gradually emerging). Some even trust online exchanges but hesitate when it comes to holding their private keys. It's voluntary #slavery in a way.
3) People in countries like mine have a very high time preference. Deep down, they’ve accepted they can’t change the future, so they don’t even bother trying. I hear things like, 'Someday it’ll be fixed,' or 'Just believe in karma.' This mindset is so entrenched that, despite everything going downhill year after year, they don’t think long-term. They stay trapped in short-term pleasure cycles.
4) We've experienced one of the longest periods of chronic inflation in the world, but we haven’t hit #hyperinflation yet (though I believe we're on the verge). The issue is, people can't imagine hyperinflation. They're not scared enough—or they just don’t want to be.
I’m sure there are other factors, I welcome your thoughts, advice, and shared experiences, especially from places like #Cuba, #Venezuela, #Nigeria, and other countries facing similar struggles.
#BitcoinAdoption #GrowNostr #Fiat #FiatStandard
I used to think it was all about volatility, but then I asked myself—volatility for just $300? Sure, it's a significant amount for us, but we're talking about #Bitcoin here. I'm also aware of adoption cases in #Cuba and #Africa, where even there, Bitcoin users remain a minority.
In the spirit of documenting the situation, I’m listing some reasons below and I #AskNostr for more insights, reasons, and solutions:
1) It’s hard to explain to everyday people why Bitcoin is economically superior in their current conditions. It’s even more puzzling when you realize many are trading shitcoins on exchanges!
2) People are accustomed to traditional trust systems with #government institutions. They still trust failing banks to hold their money, and I’m sure they’ll trust CBDCs (which are gradually emerging). Some even trust online exchanges but hesitate when it comes to holding their private keys. It's voluntary #slavery in a way.
3) People in countries like mine have a very high time preference. Deep down, they’ve accepted they can’t change the future, so they don’t even bother trying. I hear things like, 'Someday it’ll be fixed,' or 'Just believe in karma.' This mindset is so entrenched that, despite everything going downhill year after year, they don’t think long-term. They stay trapped in short-term pleasure cycles.
4) We've experienced one of the longest periods of chronic inflation in the world, but we haven’t hit #hyperinflation yet (though I believe we're on the verge). The issue is, people can't imagine hyperinflation. They're not scared enough—or they just don’t want to be.
I’m sure there are other factors, I welcome your thoughts, advice, and shared experiences, especially from places like #Cuba, #Venezuela, #Nigeria, and other countries facing similar struggles.
#BitcoinAdoption #GrowNostr #Fiat #FiatStandard