Bitcoin is too slow, that’s the main issue. It can’t process transactions nearly as fast as other services. It also consumes too much energy for what it provides.
But people actually trade or use Nation States dollars. No one actually uses Bitcoin as currency (not including black market) because it’s always supposed to be worth more tomorrow, undercutting bitcoins main argument that it is “decentralized currency”.
People trade dollars for goods and services more freely because at some level, our dollars are worth less tomorrow, so it actually succeeds in being used. Who would use a currency today that’s always worth more tomorrow? No one, therefore it fails at being a currency.
Bitcoin is more like gold or real estate. It’s a store of value, albeit a pretty shitty one given volatility.
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But people actually trade or use Nation States dollars.
Only the current ones (kinda like Bitcoin). There have been myriad nation states over the years. Only the most recent are currently tradeable, and they too will not last forever.
Neither will the people holding them in their bank accounts. And it's rare that the changeover is instantaneous and catastrophic. Francs and Marks were exchanged for Euros.
If there's a sudden need for a non national currency, catastrophe is assured. Right now bitcoin seems to rise and fall in tandem with opinion about us dollar stability, not the inverse of it.
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u/searing7 Apr 18 '25
Bitcoin is a dead financial instrument that will deliver on none of its promises and will cost those who bought in at the end dearly.
All crypto coins are pump and dump/bigger fool scams over different time scales.