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Bitcoin will never make "fiat" currency obsolete. It's ridiculously volatile, its transactions are irreversible (and therefore a magnet for fraud), it's inconve
by timmytokyo 4y ago
Bitcoin will never make "fiat" currency obsolete. It's ridiculously volatile, its transactions are irreversible (and therefore a magnet for fraud), it's inconvenient to use, and it doesn't scale. It's also brutally unforgiving in the sense that losing access to your wallet means losing all your money. These things might appeal to a few hardcore anarcho-capitalists or day-traders, but no rational person would choose Bitcoin over the existing banking system.
- sprash 4y agoThe volatility is generated by the central banks. They were printing money like there is no tomorrow since 2008. Now they are destroying it again with interest rate hikes and balance sheet reduction.
- lumost 4y agoBTC volatility has been far in excess of even volatile commodities like oil. You can’t blame the government for crypto volatility.
- tsimionescu 4y agoThe coin has had 50% swings over the whole time it has existed, far before the current monetary policy changes by the Fed.