1.The essence of currency is a value anchor.
2.The essence of currency is liquidity.
3.The essence of currency is credit,
4.Musk said that the essence of currency is a commodity that can serve as a general equivalent.
Agree and it is clear that bitcoin has all of these properties.
5.I may also say that the essence of currency is rights. Whoever has a strong fist, whose weapon is advanced, whose technology is advanced, whose country is powerful, is what he says, and everyone must abide by it.
This has been the feature of currencies in the modern nation states. This is also in fact the only underlying "merit" for these currencies. They existed because the governments have the ability to exercise power. In the words of Must himself, "Government is just a corporation with a monopoly on violence".
This is the beauty of Bitcoin.
Where the currencies issued by governments and influenced by the rich and powerful need violence to be able to render the first 4 services, Bitcoin needs no figurehead, no central authority, and most incredibly, no violence to accomplish the same.Anybody who cares about the individual and society will be quick to realize that this is a superpower of bitcoin and bitcoin itself. None of the other so-called energy efficient, corporate coins can even come close to it.
There are five risks in the use of Bitcoin:
(1) Policy risks.
(2) Legal risks.
(3) Speculation risk.
(4) Money laundering risk.
(5) Substitution risk.
This should well be a post unto itself Kimberl. I don't think its even connected to what the OP wrote or anybody else commented. It is a worthwhile line of exploration though. Would you be kind enough to make a separate, detailed post on this? I'd be happy to merit it. PM me if you do otherwise it may get lost.
And there seems to be quite a few economically and philosophically inclined posters coming up in the last few weeks. A happy development. Lets all keep it up. Always good to learn from the different people.