Hey fellow Satoshi followers,
I've been reflecting on Bitcoin's journey and despite our dreams, mass adoption hasn't happened (yet), and I'd love to get your feedback on this matter. Here's what I've observed, using El Salvador as an example, but I might be missing something, so I'd love some feedback.
1. Complexity Bitcoin is complex; I think most of us will agree on that. Complexity has been reduced with new standards and protocols, a magical threshold of simplicity is unlikely without trusting a third party.
2. Advantage-seeking players - Are They Holding Us Back?Some players might seem like they're supporting Bitcoin but might actually be slowing things down. Thay act as Bitcoiners but they don't have incentives for other players to come. Example: If I am a salvadorean that make money by recieving and offering service in BTC to tourist, should I keep the business to me or do I share my good luck to others? I'm not blaming them; they have the right to act that way. But should we, as a community, try to promote more others new and small player to join the party?
3. What's Going on in El Salvador?Having spoken to many people, and from my intuition:
- Bitcoin Circles: There's this illusion of adoption, but it's often confined to small circles. Bitcoin tourist being guide with same people who take them to the same places. There is no incentive for this local community to open.
- Merchant Compliance: Many merchants don't accept Bitcoin mainly out of ignorance or lack of economic incentive. They are not feeling the lost and the presure (yet)
- People use Dolar instead of Pesos, Bolivares or Lebanese Pound. That's why people can't value the big present they've been given (Obviously any goberment with a currency they can manipulate would't be so willing to make Bitcoin legal tender)
4. What Can We All Do?- Incentivize Adoption in El Salvador and other local places: If a place doesn't accept Bitcoin, walk away and do not touch your FIAT. If you dealt with an employee , make sure the owner finally knows about the loose. Tourist are not numerous enought to put a pressure here, let's onboard salvadoreans in this.
- Educate and Engage: Let's step out of the comfort zone and educate, give, and promote the entry of new local actors.
- Circular economy: It's great to embrace the HODL philosophy, but I believe a portion of our BTC should be used exclusively for consumption. Again, economic incentives drive adoption.
I know these are obvious points, and there's no magical solution, but it seems to be forgotten, and an attitude of "they will come when they have no other choice" or "just HODL and wait" prevails. This is not true. The future is not set in stone, and the collective result of all our individual actions will significantly determine Bitcoin's fate. If Bitcoin dies, we will lose the greatest hope for change we've had in centuries.
If you think Bitcoin is perfect, immortal, inevitable, etc., and that you can just HODL and wait, it's respectable that you do so, but it's not a thought that benefits the system, and I don't believe it should be reinforced or applauded.
Any thoughts?
Cheers
