He said that a national Bitcoin reserve may be “good for the nation-state, but I don’t necessarily know if it’s good for Bitcoin.” Dorsey contended that Bitcoin needs to return to the white paper and work on becoming a form of peer-to-peer cash that can be transacted globally if it wants to become a success. Around the world, a number of “circular Bitcoin economies” have been working at just that — developing local economies that use Bitcoin as currency in an attempt to showcase its viability and what the future of BTC can look like. The Bitcoin white paper put forward a cash system.Source: Bitcoin.orgBitcoin circular economies and Wall Street The Bitcoin Federation calls a Bitcoin circular economy a “local economic ecosystem where Bitcoin (BTC) is used increasingly as a medium of exchange, a unit of account, and a store of value.” That is, a place where Bitcoin fulfills the three roles of currency, as it is understood. There are diverse Bitcoin communities and circular economies all over the world, but their goal is similar in that they all believe that Bitcoin is the superior form of money and that it should be used “as a means of payment for goods and services and for settlement of other financial obligations.”Related: Failure or 5D chess?
They have to cater to the needs of the communities that make them.” She said that one common factor among such communities is volunteering. Bitcoin Ekasi, a Bitcoin circular economy in South Africa, supports the local Surfer Kids community project by paying coaches’ salaries in Bitcoin while simultaneously onboarding local shops and vendors to accept Bitcoin payments. Rammos said that these communities can put lesser-known locations on the map, attracting tourism through “Bitcoin expats” who want to come to spend their Bitcoin and grow the local economy. “Ultimately, the local populations gain from being a Bitcoin circular economy as much as the Bitcoin network benefits from having them, it’s a true symbiosis,” said Rammos. Whether it is Wall Street or Main Street that drives Bitcoin adoption, the end goal for the organizers running these communities is to have Bitcoin fully integrated into the financial world.
Still, he believes that the Bitcoin community has a core set of values that promotes grassroots adoption of Bitcoin over government welfare, adding that Bitcoin is at a stage where Bitcoiners should be more concerned about how it’s adopted rather than whether it’s adopted. “Circular economies will have a huge role to play in bringing about a future where Bitcoin is held and used by everyday people, and not just held as a pure asset within digital vaults at large banks and governments,” said Rammos. Still, both said that there were tangible benefits to government Bitcoin adoption.
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