What is circular economy?
What exactly is "bitcoin economy"?
What is non-circular bitcoin economy?
And... What is circular bitcoin economy?
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What is circular economy?
What exactly is "bitcoin economy"?
What is non-circular bitcoin economy?
And... What is circular bitcoin economy?
A non-circular bitcoin economy is one where bitcoin can be used to purchase many goods, but the producers of those goods can't purchase all of their inputs with bitcoin.
Building out a circular economy is something I hope @oshigood and @permanerd address on their podcast.
Wow, that's a very high bar. It can realistically be achieved only if the whole world starts only using bitcoin as medium of exchange. Having an isolated economic system with zero interaction with the rest of the world is practically impossible.
It doesn't have to be that extreme, but yes a circular economy is an enormous undertaking.
It could be a subset of the total global economy because only one provider of each good is needed and bitcoiners don't need access to every possible good.
Some of these provicers will touch the fiat system.
Depends.
Are many ways and factors.
Important is that a merchant is willing to reduce as much is possible the "need" of using fiat.
A smart merchant will find the way to reach first o as many possible clients paying only in sats.
Once they have a base reserve of sats and also the % of income in sats is way higher than fiat, they will start looking to pay employees and suppliers in sats too.
It's a slow process and you need patience and dedication.
I myself I decided to accept only sats from 2018. I simply didn't want to work anymore for fiat. Yes, I lost some clients, but fuck'em''all, I am not in bitcoin to get rich!
There's also a difference between touching the fiat system and needing to touch it. If a supplier exists who deals in bitcoin, that could be part of the bitcoin circular economy even if they also do business with fiat customers.
If fiat has to be used, then it's not a BCE, but circularity is also not an all-or-nothing category. An economy is more circular the more things can be done with bitcoin.
I wrote about this here: #576140