Bitcoin velocity also connected to BTC fees, so if we can improve there and make fees lower, velocity would be higher.
I would like to see charts of Bitcoin Velocity compared to recent failed currencies in Latin America and Venezuela for example.
We have to take in consideration that Bitcoin is used there, and lot of that is not even registered, as some consider it illegal.
What you say was right back in 2017 or early of 2018, but now I think it is not right. Fees of Bitcoin transactions has become very cheap and does not an issue when people want to use Bitcoin as means to transfer their funds.
The barrier that hinders Bitcoin from massive acceptance is its too long block time (10 minutes). It means people have to wait at least 10 minutes to see their transactions get first confirmations. If in the future, developers can reduce block time to help Bitcoin users having confirmations faster, I think the really big explosion of Bitcoin will occur. Lightning network has not yet shown its good effects as we expected.
I doubt that transaction times of 10 minutes for 1 confirmation is holding BTC back. Sure, at some point bitcoin is going to become better for smaller transactions and for quick payments, etc etc... but rome was not built in a day, and of course, lightning network is attempting to make bitcoin better in the small/quick transactions arena.
In accordance with Gresham's law, there is going to be reluctance to spend the best money, and bitcoin is the best money, but of course, if other monies are removed from the system because they die away or maybe there might be places where people do not have any other options, then in those circumstances they can spend their precious bitcoins.... otherwise, currently, there are fewer incentives to spend bitcoins when there remains so much upward price potential and there are likely other options that are available to people. Of course, I would rather spend credit card, cash or some other means if it is going to allow me fewer transactions and I am also concerned that BTC prices might be going up before I am able to replace the BTC that I had spent in such hypothetical transaction(s).
Humbly I have to disagree here entirely. When you're buying something in person, 99% of the time someone needs that payment instantly. Not in 10mn. People don't have time to wait around for that, on both sides. Fast and easy is what it's all about. That's why apple pay, tap cards, etc are so popular.
I love Bitcoin, but to say it's the "best" money, I can't agree with you there. No currency of any kind is more coveted than the US dollar. It's backed by the strongest nation in the world, accepted by many worldwide (the US dollar is the only dollar you can take to other countries where there is a chance they will still accept it). Now is bitcoin the "best" money by concept? I could absolutely argue that point. Until transactions are LN fast, and volatility slows down greatly...it's likely to simply remain the "bullion of currency". A safe haven. I've transacted using LN before and it's fantastic and I've got great hope for it's future use...but the fact that it makes transaction anonymous (or mostly so) is scary to me. See Monero country bans for example. I hope btc transactions remain multi layered. This still has so many question marks however. I do have faith as the older generations die off, that society as a whole will accept digital anonymous transactions much more so. The old farts are the ones really fighting it. why?...
"There are critics who criticize this technology primarily based on their world view. It is politically inconsistent with their world view. Its not that they do not like the technology its that they do not like the implications of this technology and the primary criticism you get then is this should not be to which all I can answer is ..and yet it is. but we mustnt
and yet we did, but you shouldnt.. but yet we did"- Andreas Antonopoulos.