[yelostar]

Bitcoin surpasses silver to become the 8th largest asset in the world

Bitcoin is not a medium of exchange - like currency is supposed to be. It is an investment vehicle, which is really telling.

When you have to work that hard to convince people to buy or acquire whatever it is you’re selling……………people are innately skeptical. That, and the fact that the highly technical nature of cryptocurrency is beyond the understanding of most people.

It will be interesting to see how Bitcoin fares once CBDC’s are rolled out. Centralized vs. decentralized.

Making money in Bitcoin might slow down substantially once CBDC’s arrive. Maybe that’s why there’s such a huge push now on BTC.

[EnderWiggin1970]

Many of us have used Bitcoin to transact with (I actually did so much more in the past compared with recent years). That's just not highlighted as much as it has come to be seen foremost as a store of value. My thought is that in retrospect it had to achieve store of value status first, and grow to a stable point on that basis, before it becomes a widespread vehicle for transactions.

Another factor is that the rapid growth in value (on average) precludes its use as a currency. If a person is holding dollars and bitcoin, the rational decision is to get rid of the dollars (spend them) and hold the bitcoin. That is, get rid of the worse and more debased currency while you can. So people are hodling the better currency as a store of value and transacting with the weaker currency.

[Right_Wing_Madman]

Bitcoin is not a medium of exchange - like currency is supposed to be. It is an investment vehicle, which is really telling.

In his white paper, Satoshi envisioned bitcoin as: "A purely peer-to-peer version of electronic cash (that) would allow online payments to be sent directly from one party to another without going through a financial institution." But in reality, bitcoin is perceived more like gold and meets the demand for a store of value.

Bitcoin: A Peer-to-Peer Electronic Cash System
Satoshi Nakamoto
https://bitcoin.org/bitcoin.pdf

[Enlightened1]

It is a medium of Exchange.

You cannot only use it to send money around the world faster and cheaper than dollars. You can make everyday purchases for it too.

CBDCs do not solve anything, but do possible violate privacy laws. It’s the same system, but they now will track, trace and give you a social credit score based on your purchases and actions. You can’t save them too because they expire.

The good news is CBDCs in the U.S. are way behind per Federal Chairman. We are probably looking at 10 or more. But they will be competing with crypto. So I don’t think people will demand them.