Could you live with Bitcoin and no fiat money?

  • A Youtuber set out to live for 24 hours alone with Bitcoin. It shows the advantages of Bitcoin over fiat money.
  • It shows the current status of acceptance of Bitcoin in some parts of the world.

The journey of Youtuber, Ryan Trahan, when he set out to live with Bitcoin 24 hours has become viral. The video, “I Survived on Only Bitcoin for 24 hours,” also gives an idea of the current Bitcoin landscape in some parts of the world.

Although Bitcoin adoption has increased by millions of users, as reported by CNF, the Youtuber faced many challenges. In the center of Trahan’s video, the old question of Bitcoin vs. Fiat money is posed in a simple and digestible way.

Bitcoin vs Fiat Money: Which is Better?

At the beginning of the video, Trahan gets 1 BTC and starts moving. The stage where the video takes place is important. The events take place in the heart of a modern city. However, the Youtuber faces considerable problems performing daily tasks.

Despite having, in theory, almost 10,000 USD, the Youtuber must use all his ingenuity to get food and transportation. It takes many hours before he can get these essentials. Even when he does, he must use giftcards or wait a considerable amount of time to complete a transaction using his Bitcoin wallet.

Would something similar happen if I had fiat cash? You can survive the rest of the time in a hotel that charged your account directly to your mobile wallet. However, he concludes that Bitcoin is inconvenient. Members of the cryptocurrency community have criticized this stance.

But the vision offered by the video is interesting. First, because the Youtuber starts from the vision of someone who begins to use Bitcoin and Trahan, he does manage to summarize the advantages of cryptocurrency over fiat money: decentralization, trust and freedom, no government controls the supply or the way Bitcoin operates.

Regarding fiat money, the creator of Bitcoin, Satoshi Nakamoto, said:

The root problem with conventional currency is all the confidence needed to make it work. (…) the history of fiduciary currencies is full of violations of that trust.

If Trahan faced many difficulties in dealing with his BTCs, it is likely to have more to do with local policies and the level of Bitcoin adoption at the local level than with inherent problems of the cryptocurrency.

Adoption of Bitcoin in other parts of the world

What would the crossing of the Youtuber have been like in another part of the world? It is probable that if Trahan had made the video in a place like Venezuela or Turkey that his conclusions would have been different. In the first of these countries, for example, it is easy to find large chains of shopping malls or retail stores that accept and have adopted Bitcoin as part of their daily transactions.

This is due, as CNF has reported, to the economic and political crises they face that reduce citizens’ confidence in fiat money and highlight many of its weaknesses.

The price of Bitcoin stands at $8.876 and has moved sideways (-1.99%) in the last 24 hours.

In the next few years, if you repeat the video and if the adoption of Bitcoin continues to increase as it has been happening, Trahan could find a completely different scenario from the current one. Here is the full video of Youtuber Ryan Trahan:

 

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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