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This is my mental framework to evaluate Bitcoin's value, for making decisions but specially for talking to others about Bitcoin
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lol According to the World Bank, the average annual supply inflation for the US is 7.44%. In 2020 it was 17.2%, 2021 it was 16.9%. The average person around the world suffers around 14% inflation of their money supply per year, with most other countries growing 30%. [source](https://data.worldbank.org/indicator/FM.LBL.BMNY.ZG?end=2021&locations=US&start=1961) >Most people expect Bitcoin to do much better than that. Bitcoin has a predictable and auditable declining rate of supply growth, currently at 1.8% annual, and going to drop to 0.8% in April...
Oh man there's a lot to unpack here. >It makes sense why Bitcoin would work in America, your banking system is from the 1970s. In Europe there's genuinely no need for it though as we've had bank cards with sort codes since I was a child, could send anyone money at any time and it would be transaction free and (nearly) instant... it is absolutely instant now. You're misunderstanding the problem that bitcoin solved. It isn't competing with intermediated non-cash payment systems relative to speed and ease of use. It is peer to peer digital cash that enables trustless, automated, and censorship resistant global clearance. It's literally digital cash, which is immediately final and requires no 3rd party. The only other competitor to this is gold, which is expensive to move and subject to confiscation. The current fiat payment system takes weeks to months to arrive at final settlement with fixed costs, which is an important distinction to make. The other main thing I'll point out to you is that bitcoin as a hard money enables people to store their wealth. Fiat, American or European, loses value over time due to inflation. The average fiat user witnesses a devaluation of the wealth stored in their savings by around 14% per year [[source](https://data.worldbank.org/indicator/FM.LBL.BMNY.CN?locations=1W-GB)] >There's the other side of it which is your money secure away from the gubberment, but I've always found if your doing shit that the government cares enough about, which includes them stealing your money, well fuck me you got bigger problems. This is a worldwide problem, which is why money needs to be separated from state. >Just FYI, I believe in Bitcoin as a decent way to get anonymous cash which skirt nearly every money laundering law in existence because you want to do dodgy shit, like, love it for that, it means stupid government laws aren't relevant, which is nice. Bitcoin is not known for this at all. It's not anonymous. It's pseudonymous. Every transaction is public, so identifying a person can be done with the proper resources and analytic techniques. Conducting criminal activity on the blockchain is the worst thing a criminal could do. >It's also a pretty decent free banking system for any country that wants to adopt it, with the exception of the transaction fees, which are still higher than any EU solution. For international transactions, the fees will be incredibly cheap compared to anything else any country has. For smaller everyday transactions, they will fall to layer 2 solutions that sit on top Bitcoin like lightning network. Lightning network is probably just as cheap or cheaper than existing fiat solutions. >Bitcoins problem for ages has been convincing average people that work 9-5 and watch TV with their wife, how on earth adopting Bitcoin helps them. >And it doesn't. It does nothing to change their lives for the better, so it'll never mass adopt, except through slow gradual change of that eventually being forced onto them, by your always gonna have the other solution of the ancient banks in that case. This goes back to my earlier statement about bitcoin as a store of value. That is why people will turn to it. It's hard money that no one can control or inflate the supply. Just the ability to store value alone is enough to completely change people's lives. So it will mass adopt and we see it every day. Another reason we will see mass adoption is simply greed. There's only so long you can watch something appreciate 200% annually on average before jumping in to benefit. Sure lots of people speculate, but we are witnessing a new asset monetize in real time. The volatility will go away once it obtains enough liquidity. At less than 1% of the world's wealth, it's not even close to where it will be. Finally, we will see mass adoption because throughout monetary history, the hardest money has always won out. Always.
Sure. The percentage is calculated from world bank data between 1965 and 2020: Here's a link to the US chart, and all other countries should be listed below: https://data.worldbank.org/indicator/FM.LBL.BMNY.ZG?locations=US
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