ForumPay Open Discussion
“You don’t want to pay for your coffee with your bitcoin” – Michael Saylor
Do you agree or disagree with this statement? Let’s dive in!
Michael Saylor’s Stance
Michael Saylor, the founder of business intelligence company MicroStrategy, made headlines after recently investing over $400M in bitcoin bringing the company’s bitcoin total holding to 121,044.
As an advocate for perceiving bitcoin as a world reserve asset as opposed to a currency, it came as no surprise when Saylor stated in an interview with CoinDesk TV; “you don’t want to pay for your coffee with your bitcoin, you want to pay for your coffee with currency.”
It can’t be denied respecting traditional currency as a means of exchange and bitcoin as an asset reserve is an intelligent strategy. However, why can’t bitcoin be a traditional currency?
Characteristics of currency
Not much is stopping it. Take a look at the fundamental characteristics of money as a currency:
- Durability – currency must be strong enough to be used over and over
- Portability – currency must be easy to transport from one location to the next
- Uniformity – one unit of currency has equal value to any other unit of said currency
- Divisibility – successful currencies can divide into smaller units
- Limited supply – to maintain its value, a currency must have a limited supply
- Acceptability – a successful currency should be acceptable
Bitcoin, and other cryptocurrencies, all meet the currency characteristic requirements. If you’ve been around for a while you might have noticed that characteristics 1-5 are sure-fire facts about cryptocurrency and you may ask yourself where does, 6 – acceptability, come in?
Companies like ForumPay, Crypto.com, and Bitpay are on the rise with an aim to facilitate everyday transactions by using crypto. Furthermore, there is no need to consider bitcoin solely as an asset reserve when merchants can now accept crypto.
With billions of people in the world, everyone has their own needs and means – which is why while Saylor’s statement; “everyone wants a savings account that yields interest and goes up in value. They also need a checking account to pay for their coffee,” is limiting if you’re advised to only save bitcoin. Many have found solace in bitcoin for everyday goods and services and benefit from treating crypto like traditional currency.
Just look at ForumPay; millions of merchants and business owners now have the opportunity to open their doors to the immense crypto market. Merchants are increasing revenue by accepting crypto and getting paid in the traditional currency of their choice. They don’t need to worry about how to pay bills and other necessities that require traditional currency to function.
What do you think?
What are your thoughts on Saylor’s latest comment? Do you agree or disagree? If so, to what extent? Let us know!