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I would argue that bitcoin has already failed. As a currency, it is pretty much useless. If I had bitcoin today, it would be really hard for me to convert it in
by nicbou 2y ago
I would argue that bitcoin has already failed. As a currency, it is pretty much useless. If I had bitcoin today, it would be really hard for me to convert it into products or services I want without relying on a regulated financial institution and converting it to a currency issued by a central bank.
I know some people who own bitcoin, but I have never met anyone who has used bitcoin, except perhaps once as a party trick.
- enether 2y agoThat’s a fair argument. A rebuttal would be that a) its value prop as a currency is low in developed countries (assuming you’re in one) and b) a money takes significant time to become a medium of exchange and theories believe it first needs to become an established store of value, so one could argue that by bitcoin becoming a SoV now it is on the path of potentially becoming a currency. ie basically it may take it 40 more years - is that failure? But anyway. By failure I meant go to $0 (or close to it)
- codingdave 2y ago> By failure I meant go to $0 If that is your only criteria, then beanie babies have not failed. Almost everything has some value to somebody. Some coins and stamps have inflated values compared to their intrinsic worth. Same with any collectible item. I think that if bitcoin remains basically a unique form of collectible, then its original intent has failed regardless of how much money someone can get by selling one.
- andirk 2y agoI use bitcoin as a currency occasionally. I don't often trade my stonks for goods and services either.