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> by replacing currency with a worse kind of currency. The reason why Bitcoin is a mystery for many people is exactly because of this ^. Bitcoin is NOT a curre
by andreygrehov 6y ago
> by replacing currency with a worse kind of currency.
The reason why Bitcoin is a mystery for many people is exactly because of this ^. Bitcoin is NOT a currency. It doesn't position itself as a currency. This fairytale is long gone, forget about it. Bitcoin is a store of value.
It cost $7.6M and took five years to repatriate 53,780 gold bars worth $27B back from the US to Germany.
It's >1000X faster and >10X cheaper to move that much in Bitcoin , even accounting for N>>6 confirmations.
- kgwgk 6y ago> It doesn't position itself as a currency. This fairytale is long gone, forget about it. Bitcoin doesn’t position itself as anything. In other comments, though, you can see people are still defending its usefulness as currency. Your example is a bit strange, by the way. Transatlantic bank transfers in your currency of choice have been a solved problem for decades.
- andreygrehov 6y agoI'm talking about transferring bars of gold, which is not the same as a digital transfer.
- kgwgk 6y agoSo bitcoin, despite being more volatile than gold, is a better store of value because it can be transferred more easily? Ok then. It can also be stolen or lost more easily, though.
- andreygrehov 6y agoThere is always going to be "It can also...". I can say that a friend of yours can come to your place and steal a golden ring from your desk. The volatility concern will eventually go away. Volatility represents people's opinion about Bitcoin. They don't understand it yet. If you look into history, you'll notice that pretty much every new invention goes through this phase. People's first reaction is always the same - "nobody needs it, nobody's going to ever use it".