Hey folks, so first off, I'm a big believer in crypto. DeFi is an amazing concept, and I’m totally on board with it. At first, I thought Bitcoin was meant to be a currency, but I've had a change of heart, and I wanna share my thoughts to see if you guys feel the same way.
So, have you noticed how MicroStrategy just keeps on buying Bitcoin? They’re out to accumulate a huge stash and I heard they might aim for 20-30% of Bitcoin's total supply. Sure, that could be off, but there’s plenty of wealthy folks who could do the same.
And yeah, I know they claimed "they won’t sell Bitcoin for 100 years."
The real issue with calling Bitcoin a currency is that it's not gonna help the economy of any country if their currency is super scarce, even more limited than gold. Bitcoin becomes something only the rich can really use. I get that you can buy Bitcoin for as little as $10, but that’s not the main point. The danger is that a wealthy individual could control a significant chunk of Bitcoin and if they decide to sell, it could crash the market. If you own $10 worth of Bitcoin, it might drop to just $1. We can both agree that’s not good for anyone in that country or for the people living there. Yeah, it might be a brief dip, but who knows when Bitcoin would bounce back, and that could really create chaos.
That's already the case with fiat currencies. Most wealth is held by a handful of individuals which enables them to passively accumulate even more wealth.
To make matters worse though, you also have a centrally controlled monetary policy that, in the best of times, further enables the wealthy and in the worst of times, completely debases the currency for everyone else. And sometimes even both.
Of course fiat currencies are also held. It's just that the majority of people have to spend their money for everyday needs which makes the holding of monetary assets by the more wealthy populace less visible.
So far it looks like we do though.
it depends on you actually some people says it will replace the currency but from my opinion bitcoin be more like asset but with some plus+ side that can use as currency also
You have an insightful thought about bitcoin as a currency and as an asset. But it won't change no matter what the big players will buy it, they'll look at it as the greatest asset that they can ever take.
And as an individual, it's not a problem if we're going to use it as a currency or as an asset. As long as you have bitcoin and you're holding it or using it for your purposes, that's all what matters. Because it's made for everyone in any class of society to be used as a currency or an asset.
the point is that it's wrong.. if we don't know anything about bitcoin, that really can improve the financial side, and can take advantage of the advantages.
From a legal point of view, if it is already legal in the country... as an asset or as a currency, it certainly will be worth it.
1. If you make a topic on Bitcoin, but you start with shilling DeFi you already lost credibility.
2. Although right now Bitcoin indeed looks better as an asset, it's undeniable that it can be used as a currency and that direction too has a future that should not be ignored. We certainly can and will continue to have both.
I really don't agree with your thoughts that Bitcoin is a great asset and not a currency. The main reason many are holding on to Bitcoin is because it could be the currency of the future where governments make it a full legal tender and it becomes a mode of payment. Unlike Ethereum on which smart contracts and other crypto projects can be run, Bitcoin facilitates only P2P payments and that P2P payments is what gives Bitcoin its value. Hence, assuming that Bitcoin is only great as an asset and not as a currency is an irony in itself.
For me I prefer holding bitcoin and cryptocurrency over fiat, what do you think makes fiat a valuable asset? We see how fiat currencies lose their value over time and lose their purchasing power due to inflation, while cryptocurrencies on the contrary, although they are volatile and unstable, but their value is constantly rising. Look at the fiat chart compared to the cryptocurrency chart ten years ago until now and you will find the difference is clear, currencies Encrypted keeps the value of financial assets much more than fiat so holding bitcoin is the best.
Despite the inherent risks, cryptocurrencies and the blockchain industry are consistently growing stronger. Much-needed financial infrastructure is being built, and investors are increasingly able to access institutional-grade custody services. Professional and individual investors are gradually receiving the tools they need to manage and safeguard their crypto assets.
The main issue with what you've said in that paragraph is the fact that you've combined both the asset part [hodlers] and the currency part [normal usage]. If someone truly uses BTCitcoin as a currency, then such problems wouldn't exist in the first place.
It will never come close to being centralized [even indirectly]; Regardless of the amount someone has accumulated, take some [not even all] of the parts that help the network to function properly out of the equation and all of those accumulated BTCitcoins becomes pretty much worthless [that wouldn't be the case if it wasn't decentralized].
As much as I would love to see everyone using it as a currency, most aren't [especially most of the newcomers] while as for the rest, some of them use it for both and a small percentage [based on what I've seen] use it as a currency only [like me].
- It's a dynamic world, so both of those coexists.
There is only strict and stable Satoshi's protocol of Bitcoin >> this is pure commodity (and must be used as a data ledger)
all others are derivatives and central managed air drops - interesting