Quote from: pinkflower on February 27, 2018, 04:05:42 AM

One of BTC's strength, which is its deflationary nature, is also one of its greatest weaknesses. Like gold, its most valued utility is as an investment and a store of value if one was willing to take the volatility. But theres only one way BTC is going. Up.

With that said, tell me, are you willing to spend your coins for your daily needs? Then prove it. Because I dont. The opportunity cost is too great.

Yes, and deflationary coins goes against our consuming society, where we have to spend our money which loses value. As we all want to keep our coins, having bitcoins as global currency would kill the consuming society, haha.

Currently, everyone sees bitcoin as a deflationary currency, which is wrong as mining creates inflation (around 1440 coins everydays, 525 600 every years which gives an inflation rate of 3.1% for this year). When inflation was higher in 2014, we were thinking it was one reason of a price drop.

For bitcoin, the protocol must evolve to use it back as currency. If everyone starts to use their coins, fees will rise again, maybe even more than december, so all daily purchases will be almost impossible. It was possible some years ago, when we had really less users, and I remember our motivation back in these years was to see bitcoin accepted by big merchands (like steam, microsoft, amazon, paypal integration? ). I don't see a lot of people hoping for another great merchant integration today, currently, people are talking about countries regulation and trading. Seems like bitcoin usage and goal has changed, indeed.

oddwh

Posts

Merits