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 âside hustleâ to the practical reality of having to operate within a fiat economic system.
However, it shouldnât 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 âgetting off zeroâ in terms of Bitcoin adoption, there is a movement promoting âgetting on zeroâ in terms of fiat rejection. Itâs 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 thatâs 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 âgetting off zeroâ unfeasible at this stage of Bitcoinâs adoption cycle. It is not a dogmatic and fanatical action, coercing others to follow suit. But at the same time, âgetting off zeroâ should be applauded as being perhaps the ultimate vote of confidence in Bitcoin.
