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RE: LOST Money Living on Crypto?!

in #crypto2 months ago

"Why would you spend your Bitcoin/crypto if it's going to the moon?" is a common question.

I agree though, it's better to get into the habit of paying with crypto whenever possible, so that we are no longer dependent on the draconian fiat-based system. Even if that means losing some "money" along the way, the benefits outweigh the drawbacks.

I think people who have been living entirely off of crypto will fair better when the elite roll out their digital ID / CBDC system. Those who have exited TradFi will have made the full transition to freedom money, and won't have to worry about things like account suspensions or asset confiscation.

Also, spending crypto means more people/businesses will end up owning it, and they will likely join our movement when they see the value of their crypto increasing relative to fiat.

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When they ask that question, I say: "What else are you going to spend?" When they say "fiat" I say "Why the hell do you still have fiat?"

Nowadays Bitcoin (BTC) is not really suitable for daily payments, because it is slow, its price has a high volatility, and it has high transaction fees.

These are the reasons why Steam is no longer supporting Bitcoin either.

Yes, on-chain payments can get expensive, especially during bull-runs or when ordinals (Bitcoin NFTs) are being generated. The lightning network (LN) has improved, however, and payments are usually pretty flawless (and cheap) these days.

I still question LN's long-term viability though, as its decentralization often comes into question. That's why it's nice to have alternatives like Dash, Litecoin, etc.

Nowadays I buy Litecoin (LTC), but only to buy Hive with StealthEX, because Bitnovo currently does not support Hive.

As for the daily payments, I think that stablecoins are much more suitable than regular cryptocurrencies.

Yes, so long as the US dollar remains stable (and doesn't hyperinflate against crypto at some point), stablecoins will be very useful.