Yes very succinct. It is a vehicle of speculation. Not saying one cannot make big money on it but way too volatile to be a replacement currency.
It has no means of being a replacement currency.
A 'proper' currency should be issued by our US Treasury, and only get issued as payment for labor that has already been completed (i.e. - building a bridge). It should not reflect as debt (ownership of the future labor of others) on the opposite side of the balance sheet.
Also, a 'proper' currency must have a way of reeling in the money supply when it gets too hot. That was supposed to be the realm of taxation, where the US Treasury could then take some of that out of circulation to cool down an economy running too hot.
Bitcoin has absolutely none of that. Even the fact that it has a capped amount is bad - since there's nothing wrong with a money supply increasing in a growing economy - IF...it only grows from labor that's been completed (and not debt).
Bitcoin is the new 'goldbug' hypothesis - but it makes zero economic sense as a monetary mechanism is society.
It's a gamble - inflationary one day - deflationary the next (sometimes in the same day).
Lastly, does anybody REALLY think those who own the debt of this world (the slave masters over us) would allow a new monetary system that wasn't backed by debt? The answer is no.