Post
Topic
Board Economics
Re: Don't spend bitcoin. Not now.
by
ekans45
on 23/02/2020, 23:14:59 UTC
Bitcoin was not made to spend. Not for now. There is a misinterpretation of what Satoshi wrote in the Whitepaper: "A peer-to-peer eletronic cash system". He created bitcoin to be an electronic money system. This is a fact.

Before becoming a monetary system, Bitcoin must be able to preserve value over time. After that, he becomes able to earn society's trust and become a genuine cash.

People accept dollars because they believe that money is still backed by gold (as it was until the end of Bretton Woods), or because (unfortunately) they believe the government will guarantee the value of the currency.

That is, people believe in Dollar because they are sure that money will be at the same value tomorrow. Although this is not true.

99% of the world's population still does not understand, do not know and do not trust Bitcoin. And everything is fine. Bitcoin adoption is a lengthy process that may take decades or centuries to happen.

Bitcoin has never been about just being a simple means of payment. It is not like VISA or Mastercard. He is a legitimate Digital Asset and as such needs to earn trust until it is adopted as money.

Do not spend your Bitcoins. Not now.

I believe this has a point. We should take bitcoin as an asset and not a currency for now because it has a value that can give us return as time goes by. As we all know it is new and we are not sure how it goes that is why it is very risky, however if it becomes something and we have bitcoin invested then it is good for us even we take the risk. So the point is that if you have some extra money you can try to invest it to bitcoin and just hold it for a long time