Great article. Bitcoin has a ton of advantages over the dollar. For one, it isnt linked to any nation and can be used and exchanged anywhere in the world.
Tourists say in Uganda are going to find it a whole lot easier to buy some Bitcoins online, then exchange them for the currency of the country their visiting from localbitcoins or from the Bitcoin ATM's were going to start seeing a lot more of.
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I am truly impressed with with your article, it hits thé nail right on thé head.
For some local convenience is King, with email money transfers but what id you are in jamaica? Outside of thé western banking system? For a tourist having thé security of bitcoin at your disposal could be à matter of life and death. Plus there are free trade agreements being forged right now, in a short while you will obly havé to worry about shipping when buying exotic goods direct; hell with bitcoin you can guarantee delivery with multi signature transactions with thé shipping company as escrow.
Thé world has just gotten a little smaller and a lot more exciting.
For some local convenience is King, with email money transfers but what id you are in jamaica? Outside of thé western banking system? For a tourist having thé security of bitcoin at your disposal could be à matter of life and death. Plus there are free trade agreements being forged right now, in a short while you will obly havé to worry about shipping when buying exotic goods direct; hell with bitcoin you can guarantee delivery with multi signature transactions with thé shipping company as escrow.
Thé world has just gotten a little smaller and a lot more exciting.
I have posted a brief analysis of how widespread Bitcoin adoption could mitigate USD inflation.
Basically, if we bought goods and services from the 5.75 billion humans outside of the OECD, instead of fixating on buying overpriced martinis in Manhattan, then we might find that the USD/stuff ratio (i.e., price level) went down.
Instead of crowing naively about how something that is worth 2% of Carlos Slim's personal portfolio is going to bring the nation-state crushing to its knees, we might do well to focus on positives.
Basically, if we bought goods and services from the 5.75 billion humans outside of the OECD, instead of fixating on buying overpriced martinis in Manhattan, then we might find that the USD/stuff ratio (i.e., price level) went down.
Instead of crowing naively about how something that is worth 2% of Carlos Slim's personal portfolio is going to bring the nation-state crushing to its knees, we might do well to focus on positives.
Interesting...reading now and will post my opinions shortly!
... This was a good read indeed. I believe a majority of my money is spent and will be spent on US goods and services. I cannot see myself ever escaping the large cost recurring billings such as rent/mortgage Automobile payments, groceries, nor cellular bills from US vendors as this is my place of residence. I could try very hard to otherwise spend all my alternative currency in outland, abroad, but I'm afraid it would be prohibitive in comparison to us goods because Several things could happen:
- I will pay a duty/tarriff if the good is not mfg in canada nor mexico
- I will have to wait for the arrival of my goods, even if they are something miniscule such as coffee/bandaids
- I will have to pay a substantial shipping cost >$20
- More time may be spent to find those same goods online in outland than locally in a store or directory
- Trust system or escrow will have to be put in place and even then it puts both parties at risk that local transactions don't require as both people are there for the transaction typically
Wider user adoption would need to occur with users, and outland merchants, AND the majority of dollars spent would need to be going abroad (perhaps having a non-US Landlord or Mortgage holder, owing the car payment to a foreign corporate entity that financed you directly? [IDK if that exists, but i doubt it])
To be honest, I only see user adoption happening when there is an incentive to use BTC - if prices could be made 5% cheaper and duty free somehow (possibly adopting the "donation" policy of many California Cannabis Dispensaries) and also, if there was a way to possibly ship the goods for free (a different thought came to mind of a Canadian national chain type of big box retailer willing to accept BTC, and also willing to sell transactions with free international shipping after a certain dollar amount has been reached), then yes, your ideology would work in my humble opinion. The reason I push "incentive" is because as it stands, there is a transaction fee and a conversion fee for converting "fiat" into bitcoin. Take away those de-motivators and add in incentives such as a cheaper price for the same goods and people will be willing to adopt as there is a gain in value from adoption.
to be honest, the tranaction fees between parties are cheap, the ability to hold onto the btc through a mobile device is nice, but with those being the only incentives to switch, they aren't really competing with online banking in your local home "fiat". Just saying...But thanks again for the article professor.
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