Bitcoin as a unit of account

johnarb

johnarb

Money is 1. medium of exchange, 2. store of value and 3. unit of account

For the longest time, gold was the unit of account. The gold standard

Today, USD is the unit of account. International markets are priced in USD, the global reserve currency

There is however an emerging unit of account, the Bitcoin standard

Most of the world are oblivious to this, busy with every day lives, Superbowl coming up soon, election year, social issues, and stuff

Heck, ET is still trying to figure out if Bitcoin is a tulip, a bubble, a ponzi, a worthless digital token, a scam or a combination of all of these


https://twitter.com/x/status/1743660868536005044
 
johnarb said:
Today, USD is the unit of account. International markets are priced in USD, the global reserve currency
More...

I'm all for the BTC becoming the new "unit of account". Until that happens, BTC will be a slave to the USD, because that is what it is valued in.

Sorry man.
 
BTC will never a be unit of account because its not a currency, its a collectible. The lightning network is a joke
 
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Some confusion on the replies

Bitcoin as a unit of account does not have to be mandated by any government

For example, the median house price 10 years ago was 1,000 bitcoins, today it is 10 bitcoins

If you watch the video, a hnw individual may have a net worth of 1,000 bitcoins today, but in the next 2 years this same individual may see the net worth drop to 100 bitcoins

He will still have all the benefits of the hnw individual, but his net worth is melting in bitcoin terms

And in 5 to 10 years, he may see his net worth drop to less than 20 bitcoins


Everything is getting cheaper for me who has adopted bitcoin as the unit of account


https://www.pricedinbitcoin21.com/landing
 
I am a bitcoin bull but I think bitcoin is many years away from truely being a unit of account (or a widely used medium of exchange for the matter). And that’s ok!
 
I am all for crypto. But I just can't see Bitcoin going on forever. Think of this, 1, it's too slow. 2, it will eventually get very difficult for miners to be profitable. Bitcoin halves every 4 years, meaning it takes twice as much power to get the same reward. And with the rise of electricity costs, it will become increasingly difficult for miners to be profitable, (unless they go solar which would still be very costly to set up). But Bitcoin will eventually have to go well above 100k and stay there in the next 4 years for miners to be profitable. Electricity prices are also going up. So with Bitcoin above 100k, who would want to buy at those levels? And with miners being unprofitable with higher electricity costs, they will shut off their rigs, and that will shut down the network.

Of course that's just my theory. I'm sure some miners will look to alternative means of power, but that will be a fraction of the miners that are already out now, and the network will be extremely slow at least.

So mathmaticly, Bitcoin cannot sustain itself forever
 
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