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> The point of Bitcoin now is not really payments. But it is a store of value. Let's stop calling it crypto "currency" then since the point of any currency is

> The point of Bitcoin now is not really payments. But it is a store of value. Let's stop calling it crypto "currency" then since the point of any currency is to act as a medium of exchange. > In that case, 30$ is not much for ability to send it anywhere in the world within minutes and store it for free as long as you want. Compare that with gold, or any other asset. You can trade assets much more easily on highly sophisticated futures markets, much faster, cheaper and with higher liquidity. Too complex? You can buy an ETF that tracks a single asset like gold or a mix of assets like bonds, equities etc. There is nothing that bitcoin claims to be that isn't done better by existing financial instruments, except "decentralization".

ericmay 6y ago
Cryptocurrency is probably more of a third bucket - it's kind of like a hybrid. You have fiat - dollars, etc. You have gold, silver, etc. You have cyptocurrencies like Bitcoin. Some are more like fiat, some are more like gold, some are hybrids, like Bitcoin. Gold can be used as a medium of exchange for example and as a currency.
- imtringued 6y ago
  The problem with Bitcoin is that there is literally no competition between currency and store of value except the block size. If anything, Bitcoin being used as a currency adds legitimacy and thus would strengthen Bitcoin over the long term. People who dismiss usage of a cryptocurrency as a means of payment really don't have the long term picture of the currency in mind. They're just in it to make a quick buck.
  - tradertef 6y ago
    >> People who dismiss usage of a cryptocurrency as a means of payment really don't have the long term picture of the currency in mind. Maybe. Currently Bitcoin is not suitable for using it as currency or medium of exchange. Second layer solutions can help with the speed (10 minutes confirmation time) and throughput issues (transactions per second). That and the fact that it is not very user friendly makes it difficult to be used as replacement for fiat at this time.

ericmay 6y ago

Cryptocurrency is probably more of a third bucket - it's kind of like a hybrid. You have fiat - dollars, etc. You have gold, silver, etc. You have cyptocurrencies like Bitcoin. Some are more like fiat, some are more like gold, some are hybrids, like Bitcoin. Gold can be used as a medium of exchange for example and as a currency.

imtringued 6y ago
The problem with Bitcoin is that there is literally no competition between currency and store of value except the block size. If anything, Bitcoin being used as a currency adds legitimacy and thus would strengthen Bitcoin over the long term. People who dismiss usage of a cryptocurrency as a means of payment really don't have the long term picture of the currency in mind. They're just in it to make a quick buck.
- tradertef 6y ago
  >> People who dismiss usage of a cryptocurrency as a means of payment really don't have the long term picture of the currency in mind. Maybe. Currently Bitcoin is not suitable for using it as currency or medium of exchange. Second layer solutions can help with the speed (10 minutes confirmation time) and throughput issues (transactions per second). That and the fact that it is not very user friendly makes it difficult to be used as replacement for fiat at this time.