Quote from: ulhaq on December 12, 2017, 06:46:36 PM

Quote from: Hydrogen on December 12, 2017, 01:30:31 AM

On the contrary, the value of bitcoin should rise consistently as it proves itself a more reliable and cost effective means of storing value than other investment vehicles. By the time, bitcoin's limited supply becomes an issue we will probably have seen multiple recessions and economic meltdowns, we'll likely have seen multiple stock market crashes and possibly even the crash of the dollar and euro.

If bitcoin holds steady without any major malfunctions during what could be a difficult future in terms of economic and financial forecast, its value should climb steadily in comparison to other stores of value.

You are missing my point, the reason for this thread. I agree that the price of bitcoin will go up. The issue is, as more people hoard, there are fewer transactions, and thus not enough fees for miners. That is why I do not see how bitcoin is sustainable if it is only a store of value.

I agree. There's no way Bitcoin's value can keep rising indefinitely after all. It's going to peak at some point, after which demand will start to dwindle. If it's not growing anymore, then wouldn't it make more sense to use a storage of value that actually has some utility? But then again, who says Bitcoin will only be a store of value? Bitcoin's end goal is still to be a trustless currency. This is why the community is hard at work to address the scaling issues, which is for the most part, the only thing that's really holding Bitcoin back.

The only reason Bitcoin is only being regarded as a store of value is because it's pretty much all it's truly good for at the moment, and it's one of the best out there in that aspect. It can be used as a currency, but pales in comparison with other options.