And because it's stable and predictable, it acts as an *international settlement system*,
Bitcoin is neither stable, nor predictable, if it's less volatile than altcoins, it doesn't mean that it's price isn't the problem for people who want to use it as a currency. Of course Bitcoin is very likely to grow in long term, but short term value is very important for a
currency, you don't want to receive something that is likely to lose 5-10% of its value at any moment.
But the transaction fees are killing me!
- Many cryptocurrency users recognize the financial and human costs of ledger transparency and mutability in the existing financial system, but didn't realize that the cost of immutability in a cryptocurrency could be the same or higher. Consider that correspondent banking is complex and costly, but those costs are absorbed by everyone who participates in the financial system (mostly taxpayers). At the moment Bitcoin users subsidize the current financial system through their taxes while also incurring the costs of their Bitcoin transactions, so the pain is naturally doubled. Users in different countries will also experience different transaction cost pain points, and some people will leave in search of something else to buy their coffee with. Sorry, there's no such thing as a free lunch, and billionaires that have been paying thousands to keep their transactions private in the existing banking system have no problem outbidding you on your next transfer, and in fact will likely have more trust in Bitcoin as the cost of using it increases. User behavior will update accordingly, and people will really "become their own bank".
Immutability is worth the price only when you really need it, otherwise you are just burning your money (and a lot of money) when you "buy your coffee" with Bitcoin.
Right now transaction fees are so high that Bitcoin can't be considered a currency, but instead it should be called an asset, "digital gold", "immutable storage of value", etc.
Totally agree, but you are forgetting one more really really important thing that Bitcoin lacks to make it a true currency; and that is the mere fact that peoples addresses can be targeted and Bitcoins can be "tainted". This will always make it extremely tough to prevent exchanges to censor one person's Bitcoin over another person's Bitcoin, and a true currency doesn't do that.
I know there are things such as mixers and the ability to use multiple addresses, but all in all it doesn't matter. If you give me your bank deposit number and I have the ability to see where, when, and to whom you've sent money too; you wouldn't be too happy with that "private store of wealth".