Jose Sammut's avatar
Jose Sammut 9 months ago
I don't think spending ever took off tbh. It was never economically viable to transact in Bitcoin before it establishes itself as a store of value, no matter how many stupid economic arguments people want to have. That should come soon, I think we're progressing towards that just fine, but I'd like to see non-custodial solutions being the status quo, instead of just a best practice. Clearly, low on-chain activity is a bad sign. I don't mind transacting in Bitcoin, especially if I'm on the receiving end, but only for small scale operations. For large scale operations your margins are usually too small to make sense and logistically it's yet another nightmare to manage your treasury.
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Jose Sammut's avatar
Jose Sammut 9 months ago
@Super Fresh I see your business. Cool stuff. But as an example. Just assuming, your business is not cash rich, you don't have a lot of employees, and most of your running costs are operational, not supplies. So accepting Bitcoin works out just fine. But if you were a massive cleaning company, and you're having to manage a huge payroll, having your cash flow trapped in a volatile currency would be too risky. Bitcoin has to stop being priced as a risk asset before it can be a viable, scalable, medium of exchange.
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