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Bitcoin is an abstract concept for many people. It helps to think of bitcoin as a numbered Swiss bank account with a strong password needed to access it.

This isn't something which can be "counterfeited."

You have to know the password and the account number to access the funds.

I have to disagree with Luther’s assessment that Bitcoin has to eventually serve as a currency to have lasting value. I’ve used bitcoin for dozens of transactions over the years (Amazon purchases via purse.io, hotel reservations, consulting fees, online payments and the like). But by 2017 I was arguing that it was going to fill the role of a Store of Value, and that it should focus on being a secure store of value and nothing more.

My conviction is that in the highly competitive cryptocurrency space each crypto should optimize for a specific niche, or face being out-competed if it tries to be a jack-of-all-trades. Cash replacements and stores of value do not mix well, as there are inherent contradictions regarding security/convenience trade-offs, and the impact of the velocity of money on the value of it.

So I want Bitcoin to be the premier store of value, but I want an alternative like Nano or Stellar to play the role of a cash replacement for payments.

To those who after 11 years keep monotonously saying “tulip mania” I would point out that you were wrong 10 years ago, 9 years ago, 8 years ago, and on and on. It’s the dollar that is now the irrationally valued asset that is crashing, both as a result of government overspending and Fed policy, and the fact that we have much better alternatives to switch to. Please don’t keep empowering leftist governments by clinging to the unsound money they rely on for much of their power over you.