Bitcoin started revolutionary and attracted billions of people's attention over 2017.
many challenge bitcoin's ability of being a currency, which I believe is completely TRUE
why Bitcoin can't be a currency?
- it's slow in transactions
- it's very volatile and high fluctuating
above reasons are enough for me to be forget about Bitcoin as a currency. but what Bitcoin can be?
what role it can play in the modern economy?
a new Comodity
In economics, a commodity is an economic good or service that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them.
Fungible means replaceable by another identical item; mutually interchangeable. this is exactly what bitcoin can be. and the fact, commodities are very speculative, makes Bitcoin more acceptable as a Commodity to me.
Calling btc a commodity is vague. Dirt is a commodity, so is time and data. Calling btc a fungible commodity is more specific, but that description alone doesn't really add any use cases. If btc is not used as a currency or a store of value, all it is is a proof of concept for the blockchain and we should drop it for whatever crypto currently does the job the best.
But btc has the potential to be an amazing completely functional currency. All we need at the moment is faster transactions. Be it faster or larger blocks, it would lower tx fees and increase public/corporate interest. With both a larger user-base and wider acceptance the fiat value would be more stable. Anything else is up to rng and time.
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I believe bitcoin was more a buzz on our shoulders to think, this is the time to change!
many technology pioneers start a journey and others will lead us through it.
riple is fast, ethereum is smarter, Cardano is agile etc... we don't need to stick to bitcoin forever. the change is here: crypto is the future of our money
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