2024-11-16 –, Zimmermann Stage
Despite being legal tender in El Salvador since 2021, Bitcoin is not much used as a medium of exchange. Why is that and what needs to be done?
Despite being legal tender in El Salvador for three years and after 15 years of history, Bitcoin is still mostly used as a volatile Store of Value, rarely as a Medium of Exchange in the real economy. We will explore the real reasons and outline a possible method to unblock adoption.
Depending on why we believe that Bitcoin is not a general money, we arrive at different solutions of what needs to be done.. This workshop is an exercise in collective intelligence to find consensus about the key reason. Business owners from El Salvador and founders of Bitcoin centric businesses are especially welcome and will benefit most from this workshop.
We start by brainstorming possible reasons why Bitcoin adoption is stalling and why it has not monetised yet. Let's see if we can agree on the real reason.
In a second part, we will explain economics and the mechanics of the impossibility of broader Bitcoin adoption. For this, we will use the deductive method of Austrian Economics. We will present a possible solution as proposed by Bitcredit Protocol and answer questions of the workshop participants.
The third and final part is again interactive, World Cafe style. In groups of 4-5 we will discuss the suitability of the solution for El Salvador.
Austrian School Economist
Founder of Bitcredit Protocol
Austrian Economics Meetup at Hayek Institute in Vienna
Formerly Commercial Banker, Investment Banker, Telecom CEO
Serial Entrepreneur with three exits.