How Bitcoin isn't good as somethng that serves as a medium of exchange? it's the best ever. The fact we lack merchants isn't Bitcoin fault, it's people being idiot's fault. It will take time for merchants to spread, maybe one or two decades.
True but some would say Bitcoin is too specialized at the moment to be considered a medium of exchange, see e.g.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2434194But I think the problem is that the medium of exchange doesn't define what money
is, it is more a description of what money
does. Which is one reason we need a new theory ...