Bitcoin Core and Credit Card

Bitcoin Core developers are expected to advocate the use of the cryptocurrency protocol they help to maintain. Jimmy Song’s invocation to use credit cards, where possible, has thus been greeted with incredulity in some quarters. “If you want to use bitcoin as a method of payment,” he began his tweet, implying that there was something odd about wanting to make payments with a cryptocurrency whose whitepaper is titled “a peer-to-peer electronic cash system.”

Song went on to describe his proposal for using credit cards to fund day-to-day payments and then paying off monthly bills in bitcoin. The justification for doing so was that such a mechanism would entail performing a single onchain transaction, rather than multiple ones for each purchase. Song’s tweet, liked by various Bitcoin Core developers and assorted cheerleaders, is not uncharacteristic. Blockstream CSO Samson Mow has previously opined that bitcoin “isn’t for people that live on less than $2 a day,” and asserted that such individuals may not even be computer literate enough to safely transact with cryptocurrencies.

A number of Bitcoin Core developers have voiced similar opinions to Song, including urging members of a meetup not to use their BTC to pay for dinner. The notion that the bitcoin ledger is sacrosanct, and that users should avoid sullying it with trifling transactions for everyday purchases, is an odd one to espouse, especially by figures who effectively serve as ambassadors for BTC adoption.

For those who discovered bitcoin early, bought cheap coins, and then watched their wealth skyrocket once the rest of the world caught on, the “store of value” narrative must be appealing. Such early adopters, especially those living in Western lands, have little incentive to spend their precious coins. For the rest of the world, however, seeking refuge from corrupt and permissioned fiat systems, bitcoin can be a lifeline.