Four Lies About The Bitcoin Circular Economy – Bitcoin Magazine

A Bitcoin circular economy is a closed-loop system that designs out all of the corruption and headache of dealing with central bank-issued money. As savings technology is still the largely dominant story for Bitcoin, it’s helpful to take a closer look at a few lies about a topic that’s growing in popularity: the Bitcoin circular economy.

A Bitcoin circular economy requires ways to earn, save and spend bitcoin. Oftentimes, when anyone is making progress on talking about earning or spending bitcoin, discussions will get derailed by fabrications that we can clean up here today.

1. Number Go Down Is Better For Payments

This is a lie. Period. There is no way that anyone who cares about Bitcoin actually wants the number to go down. I understand a certain crowd of staunch privacy advocates will tweet “number go down” from time to time; I believe that is more to tamp down what they see as unbridled and uninformed optimism rather than an actual scan of their day-to-day lives and believing that number going down is good for their stack.

I think that people who have already cut up their credit cards and left their banks are sometimes frustrated with what they interpret to be our casual usage of the word “revolution” in the West. I see their point, but nevertheless no one is rooting for number to go down.

2. Payments Cause The Number To Go Down Because Merchants Dump For Fiat

The whole “merchants dumping for fiat” thing has not played out in my personal experience of talking to business owners. No one talking about the Bitcoin circular economy is out there door knocking and trying to sign up merchants that are going to dump for fiat. Dumping is obviously antithetical to the entire point of creating the circle to begin with.

What is actually happening is more and more people everyday are realizing that the tools are available to demand bitcoin for their services, and so we’re starting to see what happens when people do.

3. Spending Bitcoin Is Only For Unbanked…

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