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The Peter McCormack Show

All Bitcoin, No Fiat with Sahil Chaturvedi - WBD537

The Peter McCormack Show

Peter McCormack

Politics, Society, Markets, News, Society & Culture, Technology, Inflation, Finance, Economics, Government, Power, Bitcoin, Money

4.72.8K Ratings

🗓️ 6 August 2022

⏱️ 80 minutes

🧾️ Download transcript

Summary

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.


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Transcript

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0:00.0

What if there's a way to hold Bitcoin only as your money and be completely

0:12.1

sidesteped financial debasement and have better financial privacy.

0:15.4

But at the same time you can be interoperable with the legacy Fiat financial networks, right? That's an interesting concept to me.

0:24.0

Hello there, how are you all doing? Welcome to the What Bitcoin did podcast,

0:28.0

which is brought to you by Gemini, the only place I am using to buy a Bitcoin.

0:32.0

I'm your host, Peter McCorm McCormack and before we get into today's

0:35.9

interview I do have a message from my show sponsors. This show is brought to you by

0:40.4

B. C. B. C. B. B. B. B. B. B. B BC groups provide online business banking services

0:44.8

for companies in the Bitcoin industry.

0:46.9

And yes, I am now a customer of BC2.

0:49.9

They heard about the difficulty I was having

0:52.2

finding a payment services provider that

0:54.3

understands Bitcoin and reached out to me. And now BCBs clients include major

0:58.7

exchanges, market makers, funds and miners active in the UK and Europe, but they are now also expanding globally.

1:05.8

They've also got this amazing network called Blink, which facilitates instant free payments between

1:11.1

BCP clients for all supported currencies.

1:14.0

And if you are looking for a banking provider who understands and supports

1:17.6

Bitcoin companies rather than creating hurdles, then like me,

1:21.0

you do want to become a BCB customer. Now if you want to find out more

1:24.4

about what they do please head over to BC group.com

1:27.7

for slash Peter which is b b c b b b g rU-P-com forward slash Peter.

1:35.0

Next up we have Compass Mining who are not just a sponsor.

...

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