Author Topic: My reply to "Bitcoin isn't worth it for consumers. And that will stop adoption."  (Read 2097 times)

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Offline David LiuTopic starter

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I saw a post with title "Bitcoin isn't worth it for consumers. And that will stop adoption", I wanted to reply there but failed. So, I reply it here.

The message is clear, that bitcoin has no value if people do not use it buying things, as a currency has to offer.  However, this perception is both true and false.

I see bitcoin as a new generation of gold. It is not just a currency, but also is a value store to pass on. Bitcoin will go through many transitioning phases to become what it is though, like gold.

How gold became a currency and its status in early use was lost in history. I make my best guess here, that no one liked to spend it, till badly necessary. Later, because gold is shining as some sign of power, people started to fight for it, and as the result it spread out to a larger and larger owner base, and then gold's exchange value of things were more and more stable. People started to use it for everyday transactions, by when gold finally became a real currency. Nowadays gold made a way back though, it is not a currency anymore, but still carry its old hat of value store.

If you change "gold" with "bitcoin" here, you get my idea. Maybe it would never be a currency, since the economy is evolving so fast today, it is possible that some other crypto-currencies take that role in daily transactions. But, I think bitcoin will still be the measurement of other currency's value, and keep its hat of "a better value store".

Gold made its role with thousands years, and bitcoin is just 5 year old.  Be patient, do not bother cries from the ugly baby, and expect someday she will cook your breakfast.
« Last Edit: November 25, 2013, 08:28:14 AM by David Liu »


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