All Bitcoin, No Fiat with Sahil Chaturvedi

 
 

Where to find the show

Download Episode MP3 File
The file will open in a new window. Click down arrow to download the file.

“What if there was a way to hold Bitcoin only as your money and completely sidestep financial debasement and have better financial privacy, but at the same time, you can be interoperable with the legacy Fiat financial networks. That’s an interesting concept to me.”
— Sahil Chaturvedi

SHOW DESCRIPTION

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.

TIMESTAMPS

00:04:16: Introductions
00:06:42: Sahil's background
00:12:42: Get on zero
00:19:29: Bitcoin as US legal tender
00:23:46: Retaining a fiat bank account
00:27:37: Get on negative, and how the LVL bank account works
00:36:18: The need to retain some physical dollar
00:43:35: A "get on zero" community
00:45:45: Real-world constraints to getting on zero
00:53:33: Fiat debasement vs Bitcoin volatility
01:01:21: Get on zero from a personal vs business perspective
01:06:54: Technical innovations still required for a seamless service
01:12:35: Tax implications and the Lummis-Gillibrand Bill
01:18:35: Final comments

 

SUPPORT THE SHOW

If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

SPONSORS

 
 
 
 
 
 
 
 
 

SHOW NOTES

Connect with Sahil:

Mentioned in the interview:

Other Relevant WBD Podcasts:

PodcastPeter McCormack