All Bitcoin, No Fiat with Sahil Chaturvedi - WBD537

Hyperbitcoinization has long been discussed within Bitcoin
circles. To some it is an inevitability, to others, it is a
pipedream. Notwithstanding the differences of opinion, it is
generally assumed the process requires top-down nation-state
actions. In the meantime, adopting, using and living with Bitcoin
is a ‘side hustle’ to the practical reality of having to operate
within a fiat economic system.


However, it shouldn’t be a surprise that amongst the growing
number of people promoting freedom money, there is a growing
community who are going all in on Bitcoin. At the extreme end of
‘getting off zero’ in terms of Bitcoin adoption, there is a
movement promoting ‘getting on zero’ in terms of fiat rejection.
It’s hyperbitcoinization at the individual level.


But how does one go about using Bitcoin as your personal medium
of exchange and unit of account? There are a number of technical
issues that need to be addressed: our fiat economic system is
deeply embedded into every facet of our way of life. But there
are current and emerging technologies that can assist in that
process.


But arguably more important than the practical issues that need
to be surmounted is the change in attitude that’s required to
make this financial adjustment. Our fiat economy is also deeply
embedded into our individual and collective psychologies. A
change in mindset is required, particularly in relation to price.


This approach is not for everyone. Different people have specific
personal needs and responsibilities that make ‘getting off zero’
unfeasible at this stage of Bitcoin’s adoption cycle. It is not a
dogmatic and fanatical action, coercing others to follow suit.
But at the same time, ‘getting off zero’ should be applauded as
being perhaps the ultimate vote of confidence in Bitcoin.