What is paybtc?
Simply put, paybtc is a service which allows you to instantly pay bills or pay bank accounts with Bitcoin. As the number of people who hold Bitcoin grow along with its dollar value, people will start to choose to use their Bitcoin savings to pay some of their bills or fiat denominated debt. One of the prevailing narratives of Bitcoin is that you should never spend it or sell it, however logistically for most people this isn’t feasible. Based on the simple principle that most people will need some kind of off-ramp, so we built the fastest and most efficient one in Australia.
As early stage Bitcoiners, one of the big questions that is usually fantasized about is “what will true widespread adoption look like?”. Bitcoin has already begun its creep into the traditional financial world, and this will only pick up momentum as more big names, companies, and even governments start to add it to their balance sheets. The amazing fact about this phenomenon is that it will become a positive feedback cycle where more large names accumulate BTC as it’s mainstream acceptance grows to which others don’t want to miss out. The collective consciousness of large institutions is starting to mirror that of the early adopters, fueling the next wave of ‘Bitcoinisation’.
The adoption of Bitcoin will present an interesting challenge for traditional legacy banking in the fiat world. It is entirely possible that some banks will welcome Bitcoin with open arms (caution advised), and may even slowly migrate to a ‘Bitcoin Bank’ custodial model. On the other hand, many banks will probably still mandate business is done in fiat in a bid to hold face while their entire model crumbles beneath them. In whatever case, the use of Bitcoin to pay for fiat denominated debt, bills, and services will increase as the majority of people migrate into Bitcoin to escape fiat.
When it all comes down to it, holding less fiat is one of our primary motivators as inflation (and hyperinflation) is a cruel process which typically has catastrophic effects on populations before they understand that their wealth is being taken from them at an ever increasing rate. As Bitcoiners we understand the fragility of fiat, and as things ramp up it becomes even more crucial to hold larger reserves of sound money (ie Bitcoin).
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