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This. Cryptocurrencies in general seem to have potential for being used in day-to-day transactions in the future, but Bitcoin itself mostly seem to be used to s
by fogihujy 6y ago
This. Cryptocurrencies in general seem to have potential for being used in day-to-day transactions in the future, but Bitcoin itself mostly seem to be used to store value.
The planned limit on the total amount of Bitcoin in circulation, transaction fees and long transaction times seem to be quite a blocker for using it to buy a cup of coffee.
- Geee 6y agoMoney has to be first established as a store of value, before it can be used as a medium of exchange. As Bitcoin finds a more stable price point, it will become more interesting as a medium of exchange and an unit of account.
- fogihujy 6y agoStill, transaction times longer than a few seconds, and fees larger than a few cents puts Bitcoin in a worse position than regular Visa transactions/Bank transfers.
- CyberDildonics 6y agoYou think people will use something with $28 transaction fees as a medium of exchange? Any other crypto currency would work just as well and not have that problem.
- graeme 6y agoRubbish. This is a misreading of Jevons being passed around as myth in the bitcoin world. There is no “four stages of value of currency adoption” and in Jevons’ framing gold was an exception in that it was a store of value first.
- Geee 6y agoWhat's the correct idea then?