The jar is a "Store of Value". Without the money inside it doesn't mean anything. Things that are slow, heavy and expensive do not make a great payment system.
There are tons of ways to "Store Value", why would Bitcoin be the best one?
Today on Twitter the great debate is "Store of Value".
I think it is a bunch of excuses for those who are emotionally invested and do not know how to fix the issues of scalability in Bitcoin.
Personally, I can't see any long-term value in a digital asset that is hard to use, expensive, and doesn't transact.
What are your thoughts on the current Bitcoin debates?
First of all this is a big debate on twitter? The last time i was on crypto twitter this was a debate months ago aka I just visted crypto twitter an hour ago lol
This is just talk like pow vs pos. No can win bc of ideology.
Right now twitter is talking about the hashwar and making fun of initiative q.
Now to the issue you said:
Depends on what economic philosophy you follow.
A store value based on hard Austrian economics is this:
Trusted
Old
Proven
Universal
hard to make
low supply
Gold is one of them.
Gold is a store of value that hard to move, expensive to make, and not really usable as a payment system.
Bitcoin also follows this.
Bitcoin is old,trusted,well known. It has a low supply.
POW makes it hard to make.
A store of value does not have to be fast. It can heavy and expensive.
Gold was hard to move but second layers such iou made it easier to transact. Bitcoin has the LN which is a second layer.
The difference is that the LN trustless and can't make fractional reserve happen.
By these logic Bitcoin is the better store of value in crypto.
The Bitcoin Standard talks about this view in depth more.
Yeah, you make some good points. Personally, I only hold bitcoin to trade with.
🤷♂️ Not everyone holds gold either-still doesn't stop it from being a store of value :P
@whatsup,
BTC is outdated! Now it's time of Graphene blockchain! Specially the era of EOS, BTS and STEEM!
Cheers~
I think this is where the protocol’s strengths are currently at but ultimately it will need to be much more to achieve more adoption in order to continue supporting its price given the way the economics of supply and demand work. The concept is still strong given how secure the network is relative to other cryptos which is why it leads the market but like the dotcom bubble, it wasn’t AOL or Yahoo that made it to the top, it was the Companies that leveraged the technology and focused in interface and customer experience like Apple and Amazon that have been successful.
Seems more hype than substance from what I know. Which probably is a lot less than most probably here
I think Bitcoin is face of cryptocurrency for now in terms of mass adoption. It is the main thing that the masses that are not knowledgeable about crypto think about. Almost everyone by now has heard of Bitcoin. But those who dive into the world of crypto and look into the uses and advantages, then Bitcoin will not be the ultimate solution. It has turned into a money making trading asset ultimately manipulated by market whales and drawing more and more attention from the big money movers. The real value is in all the new technology being built on new blockchains. Steemit is a perfect example and platforms like it are the future.
I tend to agree, it is the first, not the best... and a great start.
I also agree that right now it is kind of the "Face" of the entire Crypto Market, but that will not always be true.
This bear market has been a correction from silliness that happened at the end of last year. When you take that anomaly out, things have really stabilized over the last few months price wise for sure.
Bitcoin is definitely not the future but it is Blockchain version 1.0 and a gateway for the early majority of adopters who have not shown up yet. Kind of like the flagship that will lead the way in the next bull market.
If you consider crypto as having good upside and speculate it will appreciate, you also have to be aware that many of the tokens and coins out there will go away. If that is the case, for now, Bitcoin would be a good store of value as it is not going anywhere. It is also very liquid in the context of your ability to exchange it for any other currency out there on any exchange.
So, as a payment technology, Nah. As a store of value and a flag carrier for all the payment technologies which have yet to see their day, sure!
Diversify using education though for sure.
I think you're right...
A 400-ounce gold bar is hard to use, expensive, and doesn’t transact. Nonetheless, it’s an excellent store of value.
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Almost everyone agrees Gold is a store of value.
Honestly it depends on what economic philosophy you follow to consider a store of value. But yeah what you said is true :P
Read my comment why hard Austrian economics agrees that Bitcoin is a store of value.
Store of value or means of exchange? If the later, the quickest and the cheapest will ultimately win out.
Hmm right now bitcoin I agree with you btc is indeed only used to exchange value, however I have to give a few props to bitcoin why it could be a good store of value.
First reason that comes to my mind is that the distribution and inflation is known and low. Unlike gold we are not certain how much gold there is left in the earth.
Transferring bitcoin right now is not expensive and even at the peak levels we had about $10 each transaction, is not bad considering that we can send btc to anywhere with an internet connection.
If btc were the only coin, I think it could become a currency, and thus a store of value, however btc is not the only coin, but given its popularity already and the promising atomic swaps etc, I can't say for sure.
Crypto is just creeping in on my side of the world and BTC remains the most common of all. To get my 'rewards' in liquid cash, I have to convert it to BTC first. Though Ether is making its way there, people here still trade BTC more than any other crypto.
During its first 4 years, Bitcoin was a jar with only a few pennies in it. It was promoted on the front page of bitcoin.org as a fast means of payment with low fees. Yet there are Bitcoin maximalists who maintain that a currency needs to be a store of value before it can become a means of payment. Cult members will keep believing in a dogma, no matter what their lying eyes tell them.
Bitcoin will remain forever(or at least a few hundred years) a store of value,absent the total destruction of the internet
Blockchain is a internet itself. As long as the sun is shining there will always be electricity on earth. Bitcoin is energy translated into a representstion of value using math.
I think that is unlikely. We shall see.
Maybe BTC will continue to fall a bit ,but I think it will allways continue to be used.
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