Re: Many people think that Bitcoin is not a currency with practical uses

"In fact, it is not used much in the legal economy now. Yes, a rich man sells it to another rich man, but this is not the end use. Without these uses, it has no long-term future. ," Rogoff said. In other words, Bitcoin currently exists almost exclusively as a speculative tool.

So, is the Bitcoin bubble about to burst?

The thing is... you want to present Bitcoin as a "Rich Man" toy and that is wrong. A lot of people are buying say $5 worth of bitcoins every week and that makes it affordable for the people that are not wealthy. (Go buy some shares for $5 ....not Penny stocks) Roll Eyes

The thing people are missing about Bitcoin's use is this... It is no different to other currencies (People trade on Forex with other currencies and they use currencies daily for commerce and the same thing is happening with Bitcoin)

Now, did we not have several other Bubbles in other financial instruments in the past? (Real Estate / Stock Market Bubble / Dotcom Bubble....) and guess what, they bounced back and people are still using them. Wink

That is just the nature of any financial instrument out there, so pointing fingers at Bitcoin is just wrong. Angry

I agree with you that Bitcoin is not a Rich men's toy, despite they use Bitcoin as an instrument for making more money. But of course it is in an easy access for lots of people like any other asset, and everyone can easily buy some part of Bitcoin))) It gives people opportunities to make at least small movement in order to get good result. Of course we can not buy milk or bread for BTC in most places, but we slso can not do this for gas or oil for example. Crypto is just another separate direction where you are able to build your strategy and become richer or fail in casr your steps will be wrong. We can say "a bubble" about the dollar also, but it is still used worldwide and noone hesitate using dollar)))

The cryptocurrency bitcoin has value because it holds up very well when it comes to these six characteristics, although its biggest issue is its status as a store of value.Bitcoin's utility and transferability are challenged by difficulties surrounding the cryptocurrency storage and exchange spaces.In many societies throughout history, commodities or precious metals were used as methods of payment because they were seen as having a relatively stable value.Some types of currencies rely on the fact that they are "representative," meaning that each coin or note can be directly exchanged for a specified amount of a commodity.