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The person you replied to said “crypto” not “Bitcoin”. They can convert their coins to an algorithmic stablecoin and make the payment in a single transaction wi

The person you replied to said “crypto” not “Bitcoin”. They can convert their coins to an algorithmic stablecoin and make the payment in a single transaction with no price change.

2muchcoffeeman 5y ago
So is Bitcoin no longer being pushed as a currency? Is that “official”?
- throw_nbvc1234 5y ago
  Who are you looking to "officially" decide that? Best you can probably do is look at what hard forks have occurred (such as bitcoin vs bitcash in this case) to see community splits.
  - 2muchcoffeeman 5y ago
    I don’t know, that’s why I asked. I’m not sure why a legitimate question is being downvoted. I don’t participate in the community. So I’m not sure if the project maintainers have different visions than the investors or whatever.
- gfodor 5y ago
  For many years now Bitcoin has been generally viewed by a large consensus to be a low throughput store of value, akin to digital gold. Many disagree with this ofc but it is a pretty mainstream view.
- Spivak 5y ago
  I mean there’s very little you’ll find as an official spokesperson for Bitcoin but yeah, the dream of on-chain transactions being used for anything other than a funny speculative asset is pretty much gone. It’s actually kinda crazy in a “voting yourself money” kinda way. Because as long as people believe that BTC should always increase in value then in the long run the returns should gravitate toward something like the weighted average worldwide inflation rate. The downside of course is that unlike normal investments they don’t spur the real life economic growth necessary to sustain that inflation.
  - didibus 5y ago
    > The downside of course is that unlike normal investments they don’t spur the real life economic growth necessary to sustain that inflation Wouldn't it indirectly, because people trade bitcoins for USD most of the time, and that USD you'd assume eventually goes to buy products or services?
- rvz 5y ago
  It is definitively 'official'. If you cannot use Bitcoin to quickly pay for your groceries at your local supermarket then it is quite useless to use isn't it? There are other cryptocurrencies which are more suitable to these very basic use-cases hence why Bitcoin is the easiest cryptocurrency to attack for most critics.
- inoop 5y ago
  Those goalposts got moved years ago
- samatman 5y ago
  As bizarre as this state of affairs is, Bitcoin is legal tender in El Salvador, who in turn have a seat in the United Nations. That makes it an official currency: low transaction rates, energy costs, and wild fluctuations relative to other national currencies aside.

The person you replied to said “crypto” not “Bitcoin”. They can convert their coins to an algorithmic stablecoin and make the payment in a single transaction with no price change.

2muchcoffeeman 5y ago

So is Bitcoin no longer being pushed as a currency? Is that “official”?

throw_nbvc1234 5y ago
Who are you looking to "officially" decide that? Best you can probably do is look at what hard forks have occurred (such as bitcoin vs bitcash in this case) to see community splits.
- 2muchcoffeeman 5y ago
  I don’t know, that’s why I asked. I’m not sure why a legitimate question is being downvoted. I don’t participate in the community. So I’m not sure if the project maintainers have different visions than the investors or whatever.
gfodor 5y ago
For many years now Bitcoin has been generally viewed by a large consensus to be a low throughput store of value, akin to digital gold. Many disagree with this ofc but it is a pretty mainstream view.
Spivak 5y ago
I mean there’s very little you’ll find as an official spokesperson for Bitcoin but yeah, the dream of on-chain transactions being used for anything other than a funny speculative asset is pretty much gone. It’s actually kinda crazy in a “voting yourself money” kinda way. Because as long as people believe that BTC should always increase in value then in the long run the returns should gravitate toward something like the weighted average worldwide inflation rate. The downside of course is that unlike normal investments they don’t spur the real life economic growth necessary to sustain that inflation.
- didibus 5y ago
  > The downside of course is that unlike normal investments they don’t spur the real life economic growth necessary to sustain that inflation Wouldn't it indirectly, because people trade bitcoins for USD most of the time, and that USD you'd assume eventually goes to buy products or services?
rvz 5y ago
It is definitively 'official'. If you cannot use Bitcoin to quickly pay for your groceries at your local supermarket then it is quite useless to use isn't it? There are other cryptocurrencies which are more suitable to these very basic use-cases hence why Bitcoin is the easiest cryptocurrency to attack for most critics.
inoop 5y ago
Those goalposts got moved years ago
samatman 5y ago
As bizarre as this state of affairs is, Bitcoin is legal tender in El Salvador, who in turn have a seat in the United Nations. That makes it an official currency: low transaction rates, energy costs, and wild fluctuations relative to other national currencies aside.