They call the Documentary Project – Life on Bitcoin. Every newly wed couple usually have a dream of how to spend their early days easing into married life. As with every generalisation, there is always an exception. A newly wed intrepid couple dream of putting themselves through the quest to live entirely using Bitcoin, for more than 100 days.
Life on Bitcoin: Documentary
The teaser video for the documentary on Life on Bitcoin shows this young couple talking enthusiastically about this adventure. Just two weeks into their marriage and just off their honeymoon, Austin and Beccy Craig started their adventure. Let’s digress here a moment to say “Bravo” to this couple. They have been enthusiastically sharing their journey on Youtube generously.
A Fiat Currency Scenario
It helps to see the ambitious nature of this challenge by wearing a different set of lenses. Here is an analogy to help understand the magnitude of this challenge, that this couple has willingly embraced to suffer. Living a life for 100+ days exclusively on & with Bitcoin can indeed get messy. Here is the imaginary proof.
Imagine yourself travelling to China or India and all that you have with you is US dollars, no RMB or Rupees with you. US Dollar is not the currency in India or China [Duh]. It is hard to appreciate money, when it is not accepted to be one! Along the same lines, imagine being in a prison, where cigarettes are a form of currency that can be traded for burgers or other services. In both these examples, there is often an exchange that can help convert currencies. But exchanging Bitcoin for fiat currency would defeat the purpose of the Life on Bitcoin Project. So, that is not an option. They got to live on Bitcoin, as in spend Bitcoin to buy stuff.
In the video, Beccy briefly talks about the perils of such a Life. Lets assume she gets pregnant, it would be a challenge to find clinics, drug stores and doctors who would understand (& accept) Bitcoin as a form of payment.
Nearest Fuel Station — 100 Miles Away.
For something as simple as filling fuel in the vehicle, the couple needs to plan the travel and drive for several hours. All of this just to reach the nearest gasoline station, as the owner is adventurous enough to accept payment in Bitcoin.
Few more scenarios in Life on Bitcoin, for our musing.
Buying Lunch with Bitcoin, buying water, coffee, groceries, travel, flight ticket booking, hotels and restaurants, cell phone recharges and so on. Need we say more? It is hard to not see it. This is a challenge indeed. Wishing this couple good luck on this endeavour.
On a conclusory note, I have an idea to give away. If there is an entrepreneur reading this, here is the idea — there is potentially a business that can be built that bridges the gap between willingness to pay and the ability to buy with Bitcoin. I challenge undeniably that it is at this gap that the greater opportunities are hidden.