There is a reason why Bitcoin will never work as the sole currency. Some people believe that there is only Bitcoin and nothing else.
In this video I discuss the massive downfall with this viewpoint. There is a very simple premise as to why it will fail.
▶️ 3Speak
Single currency if there are different alternatives; Precisely one of the things that I like the most about Cryptocurrencies is the diversity that currently exists and surely many more will come in the future.
IN a decentralized world, there is no need for a centralized or single currency.
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Indeed it has become more a store of value than anything !1UP !PGM !PIZZA
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We will see. There is a lot of benefit to the cap that Bitcoin has. It could really position itself as a crucial part of the financial and monetary system.
Just it will not be able to keep up with the growth.
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Agreed, other things will pass its marketcap eventually, time will tell
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The bitcoin infrastructure is huge, the massive adoption is a reality, everything has started in the third world countries.
In Venezuela 6 years ago we were literally starving and now we have a country where bitcoin miners are regulated and authorized by the state, that was a lot of help for people because our fiat money was destroyed by hiperinflation.
The argument that 21 million bitcoins are few is not valid. Each bitcoin is divisible by 100 million of satoshis and that is increased in the lithgning network and the microtransfers.
I do not support the government of Venezuela but bitcoin is a reality in my country.
I'm not a bitcoin maximalist, I love other cryptocurrencies.
Please check this video. https://m.youtube.com/watch?v=WDvTuYFA2So
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It most certainly is.
What if the free market required 25 million bitcoin that are divisible by 100 million of satoshis? If it is the sole currency, then you have economic contraction due to a lack of available money.
A situation by the way, we are presently facing with the USD.
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Yea I agree. I don't think those countries would have enough BTC to settle all the transactions going on and it would require some of the largest players. If you add in the deflationary aspects, then I see even less reason why it would work out.
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People think deflation good until they truly take a look at it.
Massive deflation is as bad, if not worse, that inflation. Under that scenario, all are affected and in a negative way.
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My hope is that the crucible of the free market will continue to produce more coins which excel at specific uses. BTC for security MONERO etc. for privacy. RUNE for interchangeability (and privacy). The CUB family for finance uses (one can dream right?).
You get the picture. The best situation is to have competitive sifting of cryptos into groups that excel for use case. We see this functioning in technology. Some computers excel at serving data. Some at portability. Some at limited resource environments etc.
I think we are headed in that direction but must guard against the one ring to rule them all type of thing.
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Ironic @steemstreems, when you understand how the monetary and banking system truly works, what you describe is how things operated for the last 70 years. The international banking system provided just that.
Many point to the reserve system the mainstream promotes. The bankers ignored the Fed etal and moved on from reserve banking. Now we are just taking reserveless banking to the next level, by removing the banks.
So yes there is no need for a single currency when there are so many different realms being constructed. Bitcoin, alone, would set up only more gatekeepers.
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When gatekeepers get too restrictive, people begin to look for ways to jump the fence :-)
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