Bitcoin may have an economic design false.
If Bitcoin has limited the supply, and the valuation will continue going up per each unit, then Bitcoin will replace the fiat currency.
Such an assumption has a limitation because you are assuming that everyone will eventually use Bitcoin.
But what is the benefit of using Bitcoin beside its limited supply?
The short answer is relatively easy to use Bitcoin than fiat cash.
Its valuation has fluctuated unpredictably, which makes a great speculation investment.
That is all.
As far as it acts like a currency, it is unfair to individuals to use Bitcoin as a currency since its price changes every second.
It is more reasonable to store and wait for the price to increase, then spend on each trade or purchase.
And Bitcoin economy is not working because the barrier to have everyone will to learn how to spend and store Bitcoin before spending it.
It is a closed-loop economy environment just like Gold.
Although it has improved some features on Gold and to prevent potential inflation from the human side, it does not rudimentary change the currency functionality.
It does not make purchases more accessible and more reliable, rather it makes transactions more complex and more technical dependable.
However, Bitcoin is a great speculative asset.
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Interesting. What lead you to think this way?
We actually don't need everyone to use Bitcoin, but the governments and big corps to decide to transact in BTC. That's the implicit expectation that would let BTC moon.
!PIZZA
People will use whatever makes it easier and most straightforward to spend rather than learning something before spending it...too much effort after all.
$PIZZA slices delivered:
@cryptothesis(4/15) tipped @xuanling11
I'm sorry that I can't upvote your post, since I'm reading it now, 25 days after you've been publishing it. Instead take a !BEER.
Could you rephrase "The short answer is relatively easy to use Bitcoin than fiat cash" please? I'm not following here...
View or trade
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