Quote from: mjglqw on December 07, 2018, 12:00:21 AM

Bitcoin currently functions decently as a store of value and as a medium of exchange, but what makes it quite bad in general is the price volatility. Currently, I personally think bitcoin is for speculating and for store-of-value for those 3rd world countries with economic crises(e.g. Venezuela) whereas their local fiat's inflation rate is through the roof. I'd take an 80% drop rather than a 200,000% drop due to hyperinflation.

Anyway, it's going to take time for bitcoin to be stable and find it's price. Though I don't have any proof, I'm quite sure currently stable precious metals like gold didn't find it's sort of "stable price" in 10 years. I'm pretty sure it took a lot longer than that. As with the transaction speed and fees, it's fine right now, but I don't think "fine" is good enough. Let's not focus on the present though, as technology moves forward anyway.

I agree with you. Bitcoin is in the midst of its growth cycle. It took smart phones 10 years, the internet 20 years, and TV 50 years to reach saturation. When bitcoin reaches saturation, which will be in a number of years, the price will be more stable. For what its worth Gold still sees 100% price increases and 50% price drops and it has been in use for so many millennia. Bitcoin, having a set supply, is purely demand driven, and thus will always see more volitility than a fiat currency which has adjustable supply. However, Bitcoin's inflation will drop below USD's soon, so it will be a safer place to park money over the long term (in the same way as Gold).