Post
Topic
Board Bitcoin Discussion
Re: How To Base Value of Goods and Services To Bitcoin?
by
Mauser
on 07/03/2022, 10:35:32 UTC
How do we go about to determine Good and Services value entirely on Bitcoin?

over FIAT

this could take a very long time to make happen.

What methods do you think this could happen?

This seems only possible if we change the mind of the consumers. The main problem here is that most people are still being paid in fiat money each month. So when ever they make purchases they will put the goods on relation to their monthly salary. For example, for a new ipad they would have to save 4 month. Even if the price was in bitcoins of the ipad, I expect most consumers to convert it into USD when their salary is being paid in USD. A good start would be to switch some part of the employee compensations into bitcoins. Maybe starting with the Christmas or vacation bonus. The more money is being paid into bitcoins, the more consumers would start budgeting their monthly money in bitcoins also. This will probably still take some years to achieve.