Post
Topic
Board Bitcoin Discussion
Re: Currency nature of Bitcoin
by
Despairo
on 22/10/2023, 03:44:25 UTC
Practically, Bitcoin isn't isolated from the traditional banking system because its price is supported by USD bank liquidity making its trade as a speculative asset rather than a currency.
It's because you're see Bitcoin price in USD or fiat equivalent, if you use BTC equivalent this will change your perspective if 1 BTC = 1 BTC, just like $1 = $1. If you still compare Bitcoin price in USD equivalent, I don't think you will use Bitcoin as a currency.

Quote
After all, Bitcoin network suffers from scalability issues and high transaction fees, leading many to believe that Bitcoin is more of a store of value than an alternative form of cash. With Bitcoin and other cryptocurrency, we're faced with a more futuristic form of money
Scalability has been discussed since few years ago and it has been pointed out if lightning network can solve this problem.

But the problem isn't only scalability, but most of countries are not willing to accept Bitcoin payment and there's a privacy concern for use Bitcoin, people will think you're rich if you have Bitcoin. It's really different the reaction of people around you when you pay something using cash or credit card and Bitcoin.