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 ...
I don't understand the critique of Bitcoin being "too specialized".
Anyone can start a business and start accepting payments instantly. No matter what you do in your business, you can start making money out of it.
Again, the problem of Bitcoin is lack of adoption, it's obvious Bitcoin is money and indeed the best form of money humanity as ever seen. Let's look at the traits of money and compare:
