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Bitcoin has only been around for a decade, and for most of that time its adoption was driven more by ideological support by libertarians and anarchists than by
by betterunix2 8y ago
Bitcoin has only been around for a decade, and for most of that time its adoption was driven more by ideological support by libertarians and anarchists than by technical or economic advantages. After ideological reasons the next biggest driver was misunderstanding of its technical features by people who thought they were getting anonymity. Even ignoring the criminals and ideologically-driven adopters, you do not really have large-scale acceptance, because most businesses that claim to accept Bitcoin are only doing so via services that immediately convert the payments to fiat currencies (i.e. these supposed "adopters" are really accepting fiat currency and have no particular desire to receive, use, or hold Bitcoin).
The basic premise of Bitcoin as a currency has always been questionable. With each passing year the premise has become more questionable -- there is the extreme volatility, the enormous energy tax, the inability of anyone to respond to liquidity or credit crunches (and the deflationary nature that encourages such problems) and the ever unclear driver of BTC demand (why would I want a BTC payment, especially when I need to make certain legally-mandated payments that are only payable in my nation's fiat currency?).