Category: Better Money

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Gold and Silver Inflation

The inflation rate of silver, similar to gold, is driven by the mining of new silver. On average, the annual supply increase for silver through mining is around 2% of the existing supply. However, this rate can vary slightly depending on factors like market demand, technological advancements, and changes in mining operations.

So, the approximate inflation rate of silver due to mining is in the range of 2% per year.

and silver both have relatively low inflation rates due to their scarcity and the difficulty of mining, but unexpected discoveries or changes in extraction methods can cause fluctuations. In history, finding large hoards or discovering new mining sources has occasionally led to a sudden increase in the available supply, which could impact the inflation rate.

For example, during the 16th century, after the discovery of vast amounts of silver in the New World (like at Potosí), Europe experienced what is now known as the “Price Revolution,” where the sudden influx of silver led to inflation and a devaluation of currency. Similarly, large gold finds, like those during the California and Australian gold rushes, also affected the economy by increasing the money supply and driving inflation.

So while gold and silver are considered inflation-resistant compared to fiat currencies, their supply—and thus their inflation—can indeed be influenced by factors like archaeological finds or mining technology improvements, making it variable to some extent.

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Living on Crypto: Navigating the World of Everyday Payments

As the world of cryptocurrency expands, more people are starting to explore how they can live on crypto, using it just like regular money for everyday expenses. While crypto has traditionally been seen as an investment or store of value, today, it’s possible to pay for utilities, buy gift cards, and even explore paying taxes—all with crypto. Here’s how I’ve integrated cryptocurrency into my daily life:

1. Paying Bills with USDC via Spritz Finance

One of my go-to platforms for managing expenses is Spritz Finance. It’s an easy-to-use service that allows me to pay my water and electric bills using USDC, and it comes with a very low fee of just 0.5%. The flexibility it offers is amazing because you can also:

  • Use a virtual debit card for purchases
  • Pay your credit card bill
  • Convert crypto directly to USD and send it to your bank account

The service fees are reasonable too. When using USDC, the fee ranges between 0.5% and 1%, with a minimum of $2 per transaction. This small cost makes it a practical choice for monthly bill payments, making crypto feel like regular money.

While I use Polygon, there are several other blockchain options available, including Solana, Arbitrum One, Optimism, and Base. These networks offer similar low-fee environments, making USDC payments very cost-effective. Additionally, there’s the option to use Bitcoin or Dash if you’re more comfortable with those networks.

2. Purchasing Gift Cards with XNO and XMR on Coinsbee

When it comes to buying everyday items or even special purchases, I use Coinsbee. The site lets you buy gift cards with Nano (XNO) and Monero (XMR). Whether it’s Amazon, Google Play, or even groceries, Coinsbee makes it possible to convert your crypto into purchasing power, giving me flexibility for a wide range of services.

For Bitcoin Lightning users, there’s also Bitrequest, but I prefer Coinsbee since they offer support for XNO and XMR, which aren’t available on other platforms as frequently. This makes it more inclusive for people using a wider variety of cryptocurrencies.

3. The Future of Crypto: Paying Taxes with Bitcoin?

If there’s one area where I’m excited about the future of crypto, it’s in how governments are starting to explore cryptocurrency for public services. Recently, states like Ohio and Louisiana have been experimenting with Bitcoin as a payment option for taxes and other state services. While this is still in its early stages, it’s a strong signal that crypto is becoming a serious payment tool in the public sector.

Imagine being able to pay your state taxes with Bitcoin—it’s a shift that could make crypto even more embedded in everyday life, and it would make the process of living on crypto much smoother and more convenient.

Living on crypto might still be in its early stages, but with services like Spritz Finance and Coinsbee, it’s easier than ever to integrate digital currencies into your day-to-day life. Whether it’s paying for utilities, buying gift cards, or even preparing for the possibility of paying taxes with Bitcoin, the future is full of possibilities for those of us navigating this decentralized world.

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Timeline of Money

Historically, the medium of exchange tends to come first, followed by store of value, and then unit of account. Here’s how it typically unfolds:

Medium of Exchange: Early forms of money usually begin as a medium of exchange—an asset or good that facilitates trade between parties. People use items like shells, livestock, or metals to simplify barter, making transactions more efficient.

Store of Value: As the medium of exchange becomes widely accepted, people start to use it to preserve wealth over time, recognizing it as a stable store of value. This can happen when the asset is durable and people believe it will hold its value.

Unit of Account: Once the medium of exchange and store of value are well established, the asset becomes a unit of account, meaning it is used to measure and compare the value of goods and services. At this stage, prices and debts are denominated in this asset, further solidifying its role in the economy.

In many historical cases (like with gold or silver), the medium of exchange evolves into a store of value, which is eventually formalized as a unit of account.