Busting The Myth: Bitcoin Can Not Buy Anything

Before I even embark on busting this myth, I have to express my dismay at it. I mean, how on earth is this still even a myth? It is beyond me really.

When Nakatomo went about creating BCH, he had a number of objectives in mind, all of which revolved around replacing fiat with something that can't be regulated by an elected few. Some of these objectives can be summarised as follows:

1. To create a form of currency that can be used globally (basically replacing the dolllar, but of course with no centralised body or authority)

2. To remove the exorbitant charges when transferring money across international borders (by removing the need for middlemen)

From the above, we can clearly see that Nakatomo definitely did intend for bitcoin to be used for making transactions. As far back as 2010, bitcoin was already been used for everyday transactions such as buying pizza even though adoption was very low then.

Possible Reasons Why Bitcoin Can Not Buy Anything

1. Adoption: While very few might have had an idea about how or what to do about it, the need for what we can call a new and better financial system was already well acknowledged as far back as 2007. During the early days of BTC, there was the problem of adoption, and this argument would have made sense then.

But since then, BTC has really come a long way and adoption is no longer a problem as every Jack and Harry wants a piece of it. With the level of adoption, Bitcoin is inherently valuable and a lot of merchants are accepting it today, especially in the developed and developing countries of the world.

In developed nations like the USA, there are thousands of merchants ranging from car dealers, home developers, shopping malls, to educational institutions whom accept BTC in exchange for their goods and services. Even in developing countries like Nigeria, it's accepted by a lot of merchants.

I was walking home the other day and I saw a sign post in a petrol station with the words 'Bitcoin accepted'. I couldn't believe it. The interesting part is, that signpost has been there for the past three years; they've been accepting bitcoin for the past three years. So yes, BTC can buy a lot of things including petrol😂😂

As of today, Bitcoin is a legal tender in El Salvador. This basically means as long as you're buying or selling in El Salvador, bitcoin can be used as a means of exchange, hence can buy anything in El Salvador. Interestingly, while El Salvador has taken the lead, there are a good number of countries working on legislation to make bitcoin a legal tender in their jurisdiction. All of these countries have seen the potential of BTC as a potential replacement of the fiat system, as well as it been used for everyday transactions and are trying to gain an edge as trailblazers.

Having said all that, it's quite clear that BTC has been well adopted, so much so it is now the legal tender of a country and many more to come, and as legal tender it can literally buy anything and I mean anything.

2.Speed: Another argument could be that of speed of transaction. Due to more adoption, the transaction of bitcoin transactions can sometimes be abysmally slow, as well as costing high transaction fee( A problem that can be easily solved with BCH, but that aside). But Even this has not stop BTC from been used everyday.

Due to this issue, majority of BTC transactions are mostly for high end and costly goods such as cars, houses, yacht etc. With the deployment of the proposed segwit-2, BTC transactions wilk become very fast and the transaction fee will become negligible. This will lead to it use in everyday use such as paying for groceries (or pizza again 😂😂).

Conclusion

We can see that even with the issue of scalibilty that BTC might have today, it's already been used for everyday transactions and it can ever really get better.

This is my (second) entry for The MythBusting 2021 World Challenge by @SofiaCBCH

smartBCH address:

0x3638934a291967FEf03B9FDA18a7A726760df0eC

SLP address:

simpleledger:qqy29ee32sueuhfxp3xg26m3s420xdv8vuywl8n8sr

BCH address:

bitcoincash:qqy29ee32sueuhfxp3xg26m3s420xdv8vug45ux8wa

Thanks for reading