This argument could be valid in future if Bitcoin failed to gain market share and people just decided to use it for store of value, another thing to look at is the lighting network, the success of lighting network is going to determine if BTC is going to be use for medium of exchange because the transaction fees that people complained about that is high is going to be reduced significantly
Lightning network just solves one problem though (or two, if we count fees + speed of transaction). It doesn't help much with volatility however. Who wants to buy a TV for 1K today, when a month from now that same amount of BTC could be worth 2-5K? Nobody will use BTC as a medium of exchange... they would hold it for speculation.
An exception could be in 3rd world countries where their own fiat fluctuates more than BTC does. I suppose it could catch on as a medium of exchange there with the LN. But other cryptos are probably better suited to that task than BTC is, at least currently.
In my opinion, it takes a long time for Bitcoin to become a medium of exchange because of many factors that are obstacles. Until now, not everyone understands what bitcoin is and how it functions or they know about cryptocurrency. Maybe Bitcoin will become more practical if used as a digital asset, as an alternative investment or safe haven other than gold
right now its can be used to buy stuff online. its a medium of exchange. right now one way to buy altcoins like ETH is to have BTC first. cryptocurrencies are medium of exchange it functions like fiat. its even in the forex market now just like a real fiat. you may not spend it but some people do. we keep trading it like currencies buying USDT with BTC. there is no good and bad money here what we have are bloodmoney.
Yep, the OP is talking shit. I just bought some games on steam with a gift card I bought with crypto. I just ordered some seeds for my garden using eth. I bought some spray paint for my crafting with bitcoin. Whats this OP on about? Does the OP even come to reply back? Nope....
This argument could be valid in future if Bitcoin failed to gain market share and people just decided to use it for store of value, another thing to look at is the lighting network, the success of lighting network is going to determine if BTC is going to be use for medium of exchange because the transaction fees that people complained about that is high is going to be reduced significantly
Lightning network just solves one problem though (or two, if we count fees + speed of transaction). It doesn't help much with volatility however. Who wants to buy a TV for 1K today, when a month from now that same amount of BTC could be worth 2-5K? Nobody will use BTC as a medium of exchange... they would hold it for speculation.
An exception could be in 3rd world countries where their own fiat fluctuates more than BTC does. I suppose it could catch on as a medium of exchange there with the LN. But other cryptos are probably better suited to that task than BTC is, at least currently.
Another person talking shit. I spend bitcoin all the time. Stop lying and spreading misinformation. Which third world countries are you talking about that have money that fluctuates like that?
You say you won't spend bitcoin because it will be worth more in the future? Then convert all your fiat into bitcoin because using fiat to buy something is the same as buying bitcoin with the fiat beforehand the only exception is that you are using a superior payment method instead of crappy fiat.
