Quote from: ChrisPop on November 21, 2020, 04:07:28 PM

Quote from: fiulpro on November 21, 2020, 03:43:46 PM

No matter how much I like Bitcoins , it cannot be used instead of paper money.

It's Volatile
It does need internet
We need to solve the transaction fee problem
There is still updates needed in lightning network
Bitcoins is not acceptable everywhere in the world
Many banks are not in favour of Bitcoins and thus they usually ban the accounts if they are being used
Bitcoin will need fiat for sure
We have people living without electricity and mobile phones what about them ?
What about old people and super young kids ? How will they be able to buy anything ??

I wouldn't say it like that, @fiulpro. Bitcoin CAN be used as a means of exchange and IT IS used by a number of people. Of course that its main purpose nowadays is wealth preservation and growth.

You say that not many people are using Bitcoin instead of paper money because of the volatility. First of all, as more institutional players join the game and the accumulation phase is done, therefore the liquidity will be much bigger, the volatility swings won't be the same. I mean I'm sure that at some point in time Bitcoin will become a more stable currency like Gold is. Wouldn't you be willing to transact with gold if it were portable?

Second of all, if paper money would be replaced by Bitcoin there would be no more volatility as there won't be a fiat currency to compare it to. Its value would be completely dictated by the market.

Debt is choking many countries on the globe. Inflation is getting out of hands because governments are printing more money to pay the debts. Due to an increase in inflation, the value of fiat currency is decreasing and investors are losing trust in paper money investments.
Bitcoin is the first ever digital currency and it gained popularity because there are no governments or banks involved. People can sell and purchase directly with each other and transaction are made in seconds. People use digital wallets and personal keys to store bitcoins. That's why turning bitcoin into paper money is a bad idea and probably it won’t work either.