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Four lies about the Bitcoin circular economy

A circular Bitcoin economy is a closed system that eliminates the corruption and headaches of dealing with money issued by central banks. With savings technology still the dominant story for Bitcoin, it helps to take a closer look at a few lies about an increasingly popular topic: the Bitcoin circular economy.

A circular bitcoin economy requires ways to earn, save and spend bitcoin. When someone makes progress in talking about making or spending Bitcoin, discussions are often derailed by inventions that we can clean up here today.

1. The number down is better for payments

That’s a lie. Period. There’s no way anyone interested in Bitcoin would actually want the number to go down. I understand that a certain number of staunch privacy advocates will tweet “Numbers Going Down” from time to time; I believe this is more to stifle the unbridled and uninformed optimism rather than an actual scan of their daily life and believing that falling numbers are good for their stack.

I think people who have already cut their credit cards and left their banks are sometimes frustrated with what they interpret as our casual use of the word “revolution” in the West. I get the point, but no one is pushing for the number to go down.

2. Payments lower the number as dealers sell fiat

The whole thing about “dealer dumping for Fiat” has not worked out in my personal experience when talking to business owners. Nobody talking about the bitcoin circular economy is knocking on the door outside trying to attract traders who will drop for Fiat. Obviously, dumping is in opposition to the whole point of creating the circle first.

What is actually happening is that every day more and more people are realizing that the tools are available to claim Bitcoin for their services, and so we start to see what happens when people do.

3. Spending Bitcoin is only for nomads without a bank account

I’m sorry, but my bitcoin-bought dinner last Friday would like to be different. I’m literally a privileged married person from Southern California with a bank account and a mortgage, and I’ve found a way to buy groceries directly from someone else (not through a gift card) using Bitcoin. To me this is really amazing and has helped me broaden my perspective on what we are all doing here.

If you don’t want to touch your HODL stack, that’s totally understandable. Download the Strike app and get into the circular economy game without touching your stack. If you’re a company that charges Bitcoin for your goods and services, and you definitely want to educate your customers about Strike, I’ve watched even the most passionate HODLers be amazed.

4. If you like bitcoin payments, you don’t understand bitcoin’s value proposition

Serious? This is probably the most annoying lie I hear about the Bitcoin circular economy. Bitcoin gets its value from its hard money attributes and from people who hoard and save it. This is exactly why Bitcoin payments are so exciting: Why don’t you want your company to participate in trading with the best money in the world? Saving bitcoin and also requiring people to pay you in return for goods and services are complementary mindsets, they are not in contradiction.

The good news is that despite all the misinformation and misunderstandings, numbers will rise, payments will be smooth, and the middlemen will not be paid. Watch out for these lies of the bitcoin circular economy and don’t fall for them.

This is a guest post by Brian Harrington. The opinions expressed are solely his own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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