Hi,
Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?
Well other than some custodial issues and the fact that it’s not physical some barriers to entry are the knowledge one needs to have to properly buy store keep and send / sell their Bitcoin which are all pretty simple to learn for most folks who are educated properly. As of right now Bitcoin is already virtual or digital gold basically! Welcome to a new age Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?
People's interest in bitcoin certainly varies, so I wouldn't be surprised if most users currently only use bitcoin to multiply their money through trading or investing. The real use cases of bitcoin as a currency have so far been growing and we can find many business ideas and companies that have accepted bitcoin as a means of payment. Adoption supports the main idea of bitcoin as a currency, even though most people use bitcoin as an investment asset and other things like that.
There are many advantages of bitcoin compared to gold or other currencies, one of which is privacy and decentralization. There is nothing to regulate how much money you can send in 24 hours using Bitcoin, regardless of whether it is between users within the same country or between countries. But limitations definitely exist when someone stores bitcoins in a wallet whose keys are not owned by the user himself.