Guys, please!
So by all means, BitCoin could become MONEY! Alas, dollars are not money, only currency! Of course, to become money, Bitcoin still needs prove two things:
-To withstand the test of time (and by so doing becoming a store of value in the long term).
-To become a medium of exchange (it has the potential to be one, but it is still not widely accepted as a medium of exchange in the world).
People, if the technical aspects of Bitcoin prove to be solid, and it becomes a widely accepted medium of exchange, it could not only become MONEY, but the best money the world has known so far, because of its capability to be managed digitally which allows the instant transfer allover the world without any centralized authority.
Of course precious metals will be preferred for more long term security, as bitcoins could be made inoperative worldwide in minutes with any massive attack to the internet, like a nuclear EMP (electromagnetic pulse), or Obamas internet kill switch, for example. Even if we return to the stone age after a nuclear catastrophe, gold and silver would still be money accepted by people, as it does not requiere technology to fulfill its function.
But Bitcoin runs far ahead of gold and other PMs in portability (try to carry a gold bar in your pockets), divisibility (try to cut a gold coin), and the most important one: as medium of exchange (try to send gold overseas in minutes with a click of a button using P2P).
Exactly~!!!!!!!!!!!!!
BUT ~!!!! This is my point with this whole post.....
COULD BECOME MONEY
I am arguing it will only become money in and of itself when it can pay for its own electricity.