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People think of it as money but mostly as unusable money. Even Bitcoin proponents now longer propose "using Bitcoin" but "holding Bitcoin" and cashing out to f
by bhaak 3y ago
People think of it as money but mostly as unusable money.
Even Bitcoin proponents now longer propose "using Bitcoin" but "holding Bitcoin" and cashing out to fiat if they have to use money.
- apantel 3y agoMy philosophy on holding Bitcoin is: hold it until cryptocurrency has matured to the point where you are no longer interested in converting back into government-issued money. Once cryptocurrency has the type of optionality that government-issued money has, the “speculative investment” phase will be over and you’ll just have… money.
- bhaak 3y agoThis argument is the Neo/Morpheus matrix meme. It's a powerful image but it doesn't change the properties of Bitcoin. You are actually holding digital gold, not digital money which also needs constant maintenance to keep functioning (gold, for all its disadvantages at least doesn't need miners that keep mining just for gold to keep existing). Like with gold the currency properties just aren't there. You would need to create the same financial constructs as with gold to add those properties. But would you want let entrust your Bitcoin to a custodian so you could use a Bitcoin backed currency? Not your keys, not your coins.