Quote from: Kakmakr on Today at 05:44:03 AM

Quote from: tyz on January 22, 2024, 08:31:26 PM

Quote from: Kakmakr on January 19, 2024, 05:51:13 AM

2. Do you want Bitcoin to be a commodity or a currency? ETFs will destroy the goal of Bitcoin becoming a currency.

I'm going to pick out this sentence in particular. Bitcoin used to be a hope for me as an alternative currency. But today I see Bitcoin more as a commodity (digital gold) and no longer as a currency. Instead, the transaction costs are much higher, which is inefficient for any payment process, especially for small commercial amounts. And if you look at the development of the last few years, there is little hope that there will be further developments that will significantly reduce transaction costs. I would rather see coins like Litecoin or Doge as a currency because they are more practical to use.

I think Bitcoin are doing very well under the circimstances. Let's not forget that none of the other Alt coins has come under the same kind of pressure than what Bitcoin is experiencing.... so they look good, with a lot less transactions.

The congestion is caused by things that are not supposed to be run, like Ordinals ...so do this on any other Alt coin with the same transaction load as Bitcoin and they will suffer the same problems.

We had this problem before and developers brought out SegWit and also the Lightning Network... so Bitcoin are evolving.

My question is that even if bitcoin's transaction fees are resolved but given its volatility, is it suitable to be a currency? Is there any currency that will increase or decrease 10% or 20% in value in a day, even an hour? That would cause a lot of problems for people using it for payments.
In my opinion, a volatile asset is more suitable for investment than being a currency, and moreover, how many people are willing to use it as currency? What I see is that people were only focused on the returns that bitcoin provided before we had ETFs. Therefore, I think it is not the ETF's fault that bitcoin cannot become a currency, but it is we who turn bitcoin into an investment, a commodity.