Quote from: jseverson on October 08, 2019, 03:50:52 AM

Quote from: teosanru on October 07, 2019, 10:49:47 AM

Quote from: jseverson on October 07, 2019, 08:15:00 AM

-snip-

Bitcoin I think was created to be used as a currency and a currency means something which could be used as a means of settlement. So if you want to say that Bitcoin was not created with an intent to replace dollars then you are really mistaken.

Just because Bitcoin can be used as a currency doesn't mean it has to be used as a national currency. Fiat and Bitcoin have vastly different properties, so you can't really expect Bitcoin to replace dollars without a complete overhaul of the existing financial system. I don't think any state will support this.

Quote from: teosanru on October 07, 2019, 10:49:47 AM

Actually, I am not against making it a national currency or even with it but the point is if this is not the goal then what do you mean by Widespread Adoption? Because I don't see a great future with cryptos and fiats going hand in hand.

If you're rooting for a crypto-only financial system, I would assume you have a solution for the dilemma OP described? As for widespread adoption, people can freely use Bitcoin for one purpose, while fiat for another, like what people do now -- is that incompatible with the great future you've envisioned?

Well if you would have paid some attention I am the OP myself and there is no solution this dillema because the supply of btc is already finite. I am not the one wishing for a crypto only financial system but the best I know is that everyone on this forum atleast says fiat is a hoax a scam you can see the Bitcoin discussion threads are full of that. I just addressed that issue that this idea is far away from reality.

Quote from: Sithara007 on October 08, 2019, 04:17:25 AM

Although Satoshi Nakamoto designed Bitcoin as a currency, it is not practical to use Bitcoin for that purpose if the user base grows to billions of people. Bitcoin is having a fixed block size, and despite the new innovations such as Lightning Network, we are still facing delays in getting confirmations as a result of that. There is no long term solution for the scalability issue. We can't increase the block size indefinitely. If the number of active users grow from a few million (which is the case currently) to 5-6 billion (the number of fiat currency users), then Bitcoin will be needing at least 1,000x block size. And I don't think that the Blockchain can handle that.

So for now, I think Bitcoin will be best used as an investment asset. The controlled supply principle means that Bitcoin is ideal as a store of value, and for investment purposes. For usage as a currency, I have a feeling that currencies such as Ethereum will be more suitable, since the time needed for confirmation is low. But lately, I heard that Ethereum is also facing scalability issues.

Not to forget scalability as an issue but I still think that this can be solved with some technological advancements but Deflationary nature of btc can never be altered.