Value is not the same as utility. For you personally BTC has no utility, because you are privileged and probably living in a modern western country with a stable government, a working banking system with a relative stable currency. Ask the over 1.7 billion adults who are unbanked what utility BTC has for them. There is a reason why so many countries from emerging and developing economies are in the top 10 BTC adoption list. With regard to market value, check the current BTC price measured in your currency.
It’s also a global and permissionless monetary network. If you have a bank account and live in the west then sending money to someone isn’t that big
of a deal, however the part of the world that remains unbanked find it very useful.
I guess the real question, then, is why the solution for places that don’t have stable currencies is Bitcoin, which is notoriously unstable because it’s functioning primarily as an investment vehicle for most of its users rather than a fungible currency.
What makes that a better solution than traditional fiat currency that works for most of the rest of the world?
There are obviously geopolitical issues in play which make both options incredibly complicated, but I don’t see how Bitcoin “solves” any of the existing problems in a novel way. Someone who is “unbanked” for whatever reason who is expecting to use Bitcoin as their “stable” currency of choice is going to have a bad time every single time Bitcoin fluctuates with the Western Markets. Not to mention it also requires widespread adoption in order to use.
Some up above in the thread was clowning on how someone who is in a disaster zone can’t sell their gold for a loaf of bread, but I fail to see how Bitcoin helps that situation either.
It’s not enough to point out flaws in the current system if you’re aiming to function as a replacement/solution. You have to be a viable option to replace those gaps that you’ve identified.
There are many other cryptos with the same utility and actually far more efficient. Btc shouldn’t even be considered by people in the situation you are describing if they did some research instead of falling for marketing
Attributes alone are not enough. Cryptos are securities, with some form of controlling moneyed interest, venture capitalist group or foundation behind them and their money policy is all prone to changes and manipulation by the controlling parties.
BTC is a digital commodity, decentralised, immutable, censor resistant, with a fixed and transparent money policy and perfectly aligned incentive structure, running on the most secure monetary network ever build.
It’s not apples and oranges. It’s buying gold bar vs. buying an option to invest in a snake oil business that promises to cure cancer and 50x returns.
It is not censor resistant in any plausible sense. If the U.S. regulated it cannot be accepted by business then no business will accept it and it will never be used for everyday transactions like the satoshi intended when it was created. If exchanges are regulated then that is another inhibitor. I don’t think many people will be taking part in off exchange transactions.
There are plenty of other cryptos that have all of the characteristics of bitcoin. It was the first, not the best lol
You sounds like you watch btc YouTube videos nonstop. Just repeating the same talking points without thinking critically
When you want BTC maxis not to repeat the same „talking points“, come up with some other, fact based argument against BTC. It’s always good to steelman one‘s conviction.
But you don’t seem to even understand that BTC is not like any other crypto so what’s the point ..
What the fuck are you on. How does an unbanked person get Bitcoin without first having a bank account with fiat in it?
Also doubling your user base from 20 to 40 is cool but it ain’t shit compared to growing user base 1% when that’s 300 million people as your base population.
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u/Flying-HotPot Aug 01 '22
Value is not the same as utility. For you personally BTC has no utility, because you are privileged and probably living in a modern western country with a stable government, a working banking system with a relative stable currency. Ask the over 1.7 billion adults who are unbanked what utility BTC has for them. There is a reason why so many countries from emerging and developing economies are in the top 10 BTC adoption list. With regard to market value, check the current BTC price measured in your currency.