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It is at least useful as savings. Isn't it a "practical application"? It's being very useful for me to store value in long term.
by felipelalli 13y ago
It is at least useful as savings. Isn't it a "practical application"? It's being very useful for me to store value in long term.
- bdcravens 13y agoI'd say it's horrible for savings. Savings is something you actually want to "save", meaning its likelihood of retaining value is as close to 100% as possible. With low risk comes low return, which is okay for savings. Bitcoin is an investment at best, a speculation at worst. It definitely isn't a guaranteed store of value. It's easy to confuse the fact that it's going up with the idea of storing value. Not very long ago your "savings" would have been about 1/2 its peak value in April, and in a year it might be worth 10X or 1/10th.
- felipelalli 13y agoI trust more Bitcoin than dollar, oranges or woods to save my money.
- ruswick 13y agoAt this point it is way too volatile for use as as long-term wealth storage. The current state of Bitcoing only makes it suitable for high-risk, high-reward investing, which is not conducive to saving.
- maaku 13y agoNo. It's only useful as savings if it can be reasonably expected to hold long-term value. But with a valuation based almost entirely on speculation there isn't really a rational reason to assume that (unlike, say, gold or silver which still have commercial use providing a price floor).