Therefore, we will be donating all of our profits from this day to the HRF Bitcoin Development Fund. Today we say: Don’t buy stuff you don’t need; buy bitcoin instead. Just make sure you get satsback when buying the things you do need.
Economists and talking heads on TV tell us that a currency that constantly diminishes in value is good for us and the economy. But, in reality, it causes people to consume more, save less, and often borrow against the future.
“We buy things we don’t need with money we don’t have to impress people we don’t like.”
It’s no surprise that most people have less than three months’ worth of emergency savings, and many don’t have any savings at all. Unsound money makes it hard to plan for the future, incentivizes us to spend more today on things we don’t need, and has implications on much more than just our financial situation in life.
Reacting to the Covid outbreak, governments worldwide froze entire economies while their respective central banks began increasing the money supply at an unprecedented rate. 40% of US dollars were printed in the last 12 months, and the ECB didn’t fall far behind. As inflation becomes hard to ignore even for those who are privileged enough to live in the developed world, we are told that this is because of Covid related supply chain issues, that it is transitory, and that “almost no one saw it coming”.
Satoshi Nakamoto did see it coming in 2009 when he wrote:
The problem that Satoshi spoke of is evident today as we learn that over 1.4 billion people worldwide live under at least double-digit inflation. People around the world are waking up to the effects of money that is fundamentally broken.
“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”
With Brazil now experiencing double-digit inflation, we're now at more than 1.4 billion people on earth living under double, triple, or quadruple digit inflation:— Alex Gladstein 🌋 ⚡ (@gladstein) October 26, 2021
-Rest of 🌍 213M
Thank God we now have Bitcoin that was created to solve this problem. We now have sound money that we can expect will gain in value over time. It is the best-performing asset in history, and it’s available to everyone. In his seminal book The Bitcoin Standard, Dr. Saifedean Ammous introduced us to the concept of time preference that bitcoin makes so painfully clear. By lowering our time preference and delaying the gratification that consumption could give us today, we can improve our standard of living in the future. But this only works if the money we use to save cannot be devalued.
We can all imagine how much more bitcoin we would have and what it would be worth today if we only bought bitcoin instead of that PS4 not so long ago — it would make little difference if you purchased it during a Black Friday sale.
Visit this website if you would like to get tortured by more examples of this https://bitcoinorshit.com. The reality is that if you wouldn’t pay full price for it, it’s probably not something that you needed in the first place. Bitcoin teaches us to think twice before we spend money.
You may wonder why the founder of a bitcoin cashback startup, whose revenue relies on people spending money online, is promoting thoughtful spending. We are foremost Bitcoiners on a mission to help you save more in the best form of money we have ever had. We’re confident we can succeed by helping you with the only form of smart shopping that we know: Earning bitcoin rewards while buying things you need.
Happy Bitcoin Black Friday!