Why would people choose to spend a better form of money(bitcoin) vs a worse form of money(fiat) given the choice?
People will always get rid of the least desirable thing they hold.
The only spenders of bitcoin will be those earning their incomes in it. ie miners, because it's easier to spend directly then converting into fiat when a merchant accepts btc.
Bitcoiners have a difficult time grasping real life economic concepts.
It is basically an interpretation of Gresham's law.
People will always get rid of the least desirable thing they hold.
The only spenders of bitcoin will be those earning their incomes in it. ie miners, because it's easier to spend directly then converting into fiat when a merchant accepts btc.
Bitcoiners have a difficult time grasping real life economic concepts.
It is basically an interpretation of Gresham's law.
This is another good point (well some of it) and basically the point of my project. I want to determine who/how many are actually walking around with BTC and willing to use it to purchase and who/how many are just using BTC as a form of investment or wealth management.
I think for sure miners would like this, eliminate the exchange and just get goods, but someone who has large amount of BTC and is using it to trade and made money would more than likely not have any interest is spending small amount of dinner, milk, or diapers.
Phad.
