All Bitcoin, No Fiat with Sahil Chaturvedi

SHOW NOTES:
https://www.whatbitcoindid.com/podcast/all-bitcoin-no-fiat

Sahil Chaturvedi is a Product Designer at Unchained Capital. In this interview, we discuss getting on zero for fiat and being all in on Bitcoin at an individual level. What are the technical requirements, the required mindset, and the current practical limitations?

THIS EPISODE’S SPONSORS:
Gemini - https://www.gemini.com/
Cake Wallet - https://cakewallet.com/
Ledn - https://www.ledn.io/
Pacific Bitcoin - http://pacificbitcoin.la/
Ledger - https://www.ledger.com/
Compass Mining - https://compassmining.io/
BCB Group - https://hubs.ly/Q011cb730

TIMESTAMPS:
00:00:00 Introduction
00:02:19 Bitcoin product design
00:08:28 Get on zero; Bitcoin as legal tender
00:18:11 Technical aspects; get on negative
00:28:10 Ignoring price; a getting on zero community
00:37:12 Current real world constraints to going all in on Bitcoin
00:45:41 Debasement versus Bitcoin in a bear market
00:53:28 Individual vs family vs business perspectives on getting on zero
00:59:02 Technical opportunities; tax implications; being a martyr

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#Bitcoin #Finance #Economics

****

“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

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.