One More For Bitcoin: The COVID19 Coin Shortage

By FarewelltoMinds | Farewell2Minds | 13 Jul 2020

Paper money is gross. Think of all the assholes its touched. Literally. Paper money can have more germs than a toilet. Coins are not much different. All the hands that touch coins, all the pockets, transfer, oils, coughs, bacteria. The list goes on. Paper and coins need to be minted, maintained, disposed off, regulated. The Federal Reserve has over $877.2 million allocated just to print money for 2020. 

It costs $0.0199 to make a single penny and $0.0762 to make a single nickel, according to the US Mint. (Page 12 of their report). 

Real coins should be treated for what they are: an expensive carryover from a pre-digital world. 

And that is kind of what's happening at the moment. Due to the corona virus, coins are now scarce in the United States. Due to having less workers available to produce new coins, as per social distancing measures, April saw 10% less coins produced and May saw 20% less. 

Though some idiots, likely the same ones who choose not to wear masks because of "Muh Freedom!", see this as a move to create a "one world government" where "the dollar no longer has power". But that's just typical right-wing conspiracy theory that's been repeated since the 1980s in one form or another. 

I see a lack of coins as a win for Bitcoin, which has a built in scarcity in terms of a fixed total supply but can divided down to tiny satoshis and, in this way, wont be scarce in the sense that coins are becoming (temporarily). Bitcoin can always be used to buy and sell goods, if the buyer or seller has the BTC. There wont be an issue of you being unable to get 'change', or even need 'change' as fixed amounts can be sent. The only scarcity of BTC is the inherent rarity that helps drive the value, not as a functional lack of utility. 

Also, when you handle BTC, you don't have to worry about someone's asshole germs getting on your hands.

Although the Mint is back in action, minting new coins, as the pandemic continues to rage to ever higher levels in Burgerland, lead by an orange con artist, you can expect the production to go back down and coin shortages to continue. 

So go buy BTC isntead! 

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Trying my best to stay rational in an irrational world.


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