Damn right!!! Exactly my sentiments! – Hi-5!
Long run for sure cause buying a doughnut with bitcoin might not work out right – Gonna be tough for it to be a transactional currency imo. Think we can use other coins for that.
that is what it has been up to now. – True.
Based on the Math, your right...but Bitcoin will prove to be useful as transactional currency if it's scale enough and improves transaction speed. For the earlier case, Btc is indeed the great store of value out there – Def have not proven itself to be a transactional currency yet.
I also use it for real world transactions, donations, trades, etc... – Yeah, but it can’t be done on a wide scale. Way too slow for now.
I agree with the statement. I think Bitcoin will be used more as a currency within 10 years, but overall I see it as a store of value like precious metals. I think XRP will be the transactional currency. Huge supply and they are integrating with banks and regulators already (kind of defeating the purpose of crypto, but there are upsides). – I think BTC doesn’t have to be a transactional currency. It serving its purpose as a store of value would suffice.
because in order to be money it has to meet all 4 criteria. If it is not made more readily transactible then it can never be money. Surprised that this innovation in transactibility has not yet occurred. – I don’t think it’ll be able to scale up to that point. It would certainly improve, but it would not be a day-to-day transactional currency imo.
btc is e-gold – Lol yeah.
I believe this to be true only because of the limited number of coins available. Even breaking a Bitcoin down to the Satoshi level, it's still too low a volume to saturate the world as a common currency. – Hmm, not really. Broken down to the satoshi level is quite a significant break down.
It is currently has limited use for transactions. However, it has strong opposition in countries with surplus income like the US where BTC does not meet KYC, anti-terrorism, and anti-money money laundering financial regulation. This leaves its most likely use as a store of value for those currently holding it in these regulation rich countries having large populations with surplus income. – Cause they can’t stop it.
The strength of cryptocurrencies is in their quick transactions. They have nothing physical to back them, only their digital infrastructure. – Lol I disagree, it does not have to be backed by anything. Its properties give it value.
My guess is that bitcoin will be used primarily as a savings account and for large debt settlement among countries etc. – Plausible.
i disagree, although as we've seen as network congestion goes up, so does fees, so maybe and using a different crypto to pay daily expenses. {My personal view is, BTC for large transactions, say 10k+ USD value, or large purchases, cars, house etc. and other coins for daily expenses.} Thinking of a world where crypto the standard, no fiat or digital currency by central bank. I'm invested in crypto because i see the beauty in Satashi's whitepaper. the economic freedom it offers. – I share the same sentiments.
I chose a 6 because you can an people do use it for transactions, but I feel the majority of people just hold onto it as a store of value. It is to hard to use currently for day to day transactions. It would need to be faster excepted in more places. – Yup!