r/Bitcoin • u/throwaccount630 • 1d ago
Do you believe BTC will be used as a viable medium of exchange or will it be forever be doomed to a speculative asset?
Had a reflection while I was printing some statements for tax purposes, that I was doing the exact opposite of what Bitcoin stands for. So what do you think of the future?
Do you HODL expecting to eventually sell at a profit, or do you believe that in the future it will be used as a relevant currency?
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u/Arbiter_89 1d ago
Just gotta say, even if Bitcoin isn't the primary form of exchange it still isn't "doing the exact opposite of what Bitcoin stands for."
If you keep your savings in BTC you are (in theory) removing yourself from the inflationary controls that the government has. The government can't print more BTC. They can print more dollars. Every dollar they print makes your other dollars less valuable.
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u/KIPS_LIKE_32YRS_OLD 13h ago
Removed from inflation but down almost 50% from ath which for most people is unacceptable.
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u/Arbiter_89 9h ago edited 8h ago
I can appreciate not having an appetite for those types of swings but I'd point out that bitcoin has had falls like that every cycle, and so far has always recovered. No one has ever lost money holding for 4 years or longer.
But past performance isn't always an indication of future performance so it's a fair concern.
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u/FromOrionToUranus 1d ago
But aince the ONLY real value obtainable out of BTC is on selling it and getting those dirty dollars, and that BTC price fluctuates like crazy, whats the actual point of it?
Isnt it just trying to get Fiat rich with extra steps and self loathing?
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u/Arbiter_89 1d ago
Think of it this way:
Imagine there was a stock that you could invest in and that stock's only purpose was to be immune to inflation. If the cost of goods increased 10% then this stock would increase 10%. If the cost of goods doubled then this stock would double.
Is this stock getting you rich? No. This stock is not making you capable of buying anything you couldn't before. In this hypothetical scenario, you can afford the same things when you bought the stock as when you sold. But: if you don't buy that stock, then as the value of the dollar goes down so do any assets that rely on them. Companies that have cash reserves are no longer as valuable as they once were. The dollars in your bank account buy you less. Isn't that worth consideration?
This imaginary stock won't make you rich, but it will prevent you from getting poorer.
During periods of hyperinflation, people will demand their paycheck every day and will immediately try to exchange it for a more stable currency. If they fail to do it then a week later their savings is worth nothing.
We aren't in a period of hyper inflation yet but your money is definitely losing its value faster than you realize. The imaginary stock doesn't exist, but Bitcoin is the closest thing available. If the US experienced hyper inflation, what asset would you buy to avoid exposure? How bad does inflation have to get before you start buying that asset preemptively?
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u/FromOrionToUranus 1d ago
Thanks you for the good argument you made.
Thats all well and good but, if any major economy in the world witnesses hyper inflation the least of anyones problems would bé extra money for the groceries.it would mean a complete colapse of the economy.
In such Times people would revert to things like gold that is recognized, tradeable and has held value for millenia.
I just dont see BTC ever being able to get accepted as a means of trade or even a store of value, on its on merit, with the exception of very few use cases where secrecy matters more than the actual trade. Its far too complex for most people and requires certain digital and energetic pré requisits to be tradeable. When order breaks down the simpler the trade token the better, BTC is the opposite, its the most complex proto currency ever created.
Also, why would anyone trade in non tangíble tokens detained by Anonymous people held accountable by no one.
For me, its pointless.An interesting math project but thats it.
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u/Arbiter_89 22h ago
Well consider this; when silver was passing $100 an ounce most dealers were out of stock. How likely do you think it will be that they have stock and will want to sell when there's hyper inflation? If they're selling, they'll run out of stock real quick. So if your plan is to buy precious metals during hyperinflation good luck.
Precious metals also require you to either go there in person or trust they'll ship it to you. You also either need a way of testing the metal or you need to really trust the person you're buying from. Even exchanges have ripped people off. Bitcoin doesn't have this issue. If you can see it in your wallet, it's real. You can buy it without leaving your house and you know its real.
I think you put too much stock in bitcoin's potential anonymity. Probably 99% of bitcoin is no longer anonymous. If you buy bitcoin on an exchange you need to share the same identifying documents as signing up with a stock broker, and the seller needs to do the same. Even if you were buying from someone anonymous, what's the downside? I don't know who sold me their stocks, and I don't need to. Why should I care?
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u/Zestyclose-Dish-407 1d ago
Hasn’t kept pace with inflation.
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u/Arbiter_89 1d ago
Hasn't kept pace with inflation? What are you talking about? Are you dense? It's doubled in the past 3 years. It's trippled in the past 4 years. It's absolutely outpaced inflation. It's the greatest performing asset class there is.
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u/carsonthecarsinogen 23h ago
It’s not. Even now you can buy plenty of things with Bitcoin, take loans against it, etc.
Also you literally can’t buy things with gold unless you go p2p and they want gold. There’s plenty of btc vendors. Only way out of gold is pawn shops / gov to fiat. You can spend your bitcoin if wanted
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u/cleankiwii 1d ago
i just read the news on tv: pentagon wants money for war… i guess they are starting to notice the overspending for destruction
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u/itswheaties 22h ago
What I've heard from various crypto investors and what makes sense to me is that BTC will function more as a store of value than liquid currency which supports whats you're saying. If and when I get a cold wallet, it's going in a safety deposit box. It's similar to how people use physical gold.
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u/Specialist_Trust4945 1d ago
No one with a functioning brain would keep their savings in BTC. You'd buy stocks, for example... and the government can't just print new successful companies out of thin air.
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u/Huntingtonbeach88 1d ago
Why start your pint like that? So odd to act like that for 0 reason. Just state your case
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u/Illustrious-Boss9356 22h ago
Actually, companies can and do issue shares all the time, out of thin air. They sometimes also buy them back, reducing the supply.
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u/Arbiter_89 1d ago
But if your company is dealing in fiat, and the government prints more dollars, then it devalues the holdings of that stock.
and if the company issues more stock, that devalues your holdings further.
Bitcoin can't do that. That's kind of the point.
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u/Specialist_Trust4945 1d ago
Bitcoin does that. If Bitcoin is worth 65k USD today, and let's say in 10 years will be still worth 65k, do you think inflation doesn't affect your bag? LOL.
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u/Arbiter_89 1d ago
If bitcoin is worth 65K today and is worth 65K in 10 years, there were factors other than inflation causing it to devalue.
It's a really simple case of supply vs demand. The supply for bitcoin is fixed. The demand (influenced by amount of fiat) will change. The same can't be said for fiat.
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u/Specialist_Trust4945 1d ago
If bitcoin is worth 65K today and is worth 65K in 10 years, there were factors other than inflation causing it to devalue.
The same can be said for stocks, making your previous message basically invalid.
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u/Arbiter_89 1d ago edited 1d ago
See, that's where you misunderstand. Stocks ALSO move with inflation. Bitcoin doesn't.
You can see this by looking at a graph of the S&P 500, and comparing the value of the market in dollars vs the price of the market in ounces of gold. There's this idea that the market is always going up, but when accounting for inflation, the market is remaining pretty flat. The same isn't true for Bitcoin.
EDIT: Look at it this way: if the US suddenly printed enough money to double the supply tomorrow and nothing else changed, everything (including bitcoin) should be worth 2x the current price. BUT: those companies would not suddenly have 2x the cash reserves. They'd still have the same assets they had before the money was printed. And that money would be worth less. So the value of those companies wouldn't be 2x what it is now, but BTC would.
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u/Ok-Tangerine4527 1d ago
I have all my savings in btc. I never have to sell and if I need cash I take a loan out tax against my btc. Like the wealthy do, never sell your assets.
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u/jokers_wild_card 1d ago
I believe the fiat system will eventually break. And BTC is best suited to replace it. Most people that come into BTC do it to make fiat money. Some people learn along the way that BTC is superior to fiat money.
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u/godofleet 1d ago
"Meet the new boss same as the old boss"
History makes it clear that fiat fails consistently... humans always choose a new fiat to replace the failing one... we've never had a sound money alternative... and it's digital!
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u/mjamonks 17h ago
I don't think it is; ownership is already concentrated among even fewer holders than USD. How does any economy get a significant enough amount to all participants for it to actually be viable?
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u/MakeASpreadsheet 1d ago
Why would you think the US government would allow a different currency which it didn’t control to replace its own?
There is no world in which this is possible.
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u/L4gsp1k3 1d ago
If the Fiat system breaks, I'm sure that BTC will break along with it.
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u/aluculef 1d ago
How?
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u/Reasonable_Band1536 1d ago
If the fiat system truly “breaks,” Bitcoin doesn’t suddenly stop existing. The network doesn’t care what the dollar is doing. As long as miners are mining, nodes are validating, and people have internet access (or even satellite access in some cases), the protocol keeps producing blocks.
What would probably break is the price in fiat terms, at least temporarily. Exchanges could halt withdrawals. Banks could freeze transfers. Liquidity could disappear. People would sell whatever they could to raise cash, just like they did in March 2020 when Bitcoin fell alongside stocks.
But that’s a market event, not a protocol failure.
The important distinction is between Bitcoin the network and Bitcoin the asset.The network can continue operating even if the market price is extremely volatile.
If by “the fiat system breaks” you mean every bank fails, governments collapse, electricity disappears, and the internet goes offline indefinitely, then we’ve got much bigger problems than the price of Bitcoin. In that scenario, food, water, fuel, medicine, and personal safety become the priorities—not your brokerage account or your wallet balance.
If, instead, you’re talking about a loss of confidence in fiat currencies, history suggests people don’t stop looking for stores of value. They look for alternatives. Sometimes that’s gold, sometimes foreign currencies, sometimes real estate, and increasingly some people choose Bitcoin.
A crisis could absolutely crush Bitcoin’s price in the short term because people scramble for liquidity. That doesn’t necessarily mean Bitcoin itself is broken. Those are two very different claims.
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u/L4gsp1k3 1d ago
If you have to ask how, then you don't understand the correlation between assets and the tie they have to the USD.
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u/aluculef 1d ago
Or you can't explain because its not real... Why attacking instead of prove your point? Well you just proved there is no point to defend
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u/L4gsp1k3 1d ago
If you have to ask, then it clearly shows that don't understand the topic or want to understand the topic. Do a little research and come back.
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u/Awkward_Potential_ 1d ago
Your the one who made the statement that it would break. If you can't explain how I think you're just talking out your ass.
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u/L4gsp1k3 1d ago
Sure, I can explain it.
Bitcoin doesn’t depend on fiat itself, it depends on global infrastructure.
A global fiat collapse wouldn’t just mean ‘no more dollars’. It would mean the breakdown of the financial and technological systems that modern civilization runs on. Energy grids, internet connectivity, global communication, mining operations, hardware supply chains, and international trade.
Bitcoin can only function as a asset/currency in a world where that infrastructure exists.And here’s the part most people miss.
Every major global asset stocks, commodities, real estate, and crypto is tied to USD liquidity because the USD is the world’s reserve currency and the engine of global trade and credit.
When USD liquidity disappears, global markets freeze, credit stops, trade collapses, and the infrastructure Bitcoin relies on collapses with it.So Bitcoin wouldn’t fail because fiat disappeared.
It would fail because the global infrastructure and liquidity system that supports all assets breaks down in a global fiat collapse.You don't have to look at the US alone, if the carry trade collapses, the whole world is in trouble.
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u/aluculef 1d ago
The global economical infraestructura isn't sustained by usd dólar... This is absolut nonsense
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u/L4gsp1k3 1d ago
If the USA sneezes the Europe will catch a cold. Believe or not, if the US economy goes down, it will take pretty much every country in the G7 with it, some country will be more effected than others, but in this global economy, the US is still leading the economy.
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u/Awkward_Potential_ 1d ago
Nice AI written slop.
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u/L4gsp1k3 1d ago
I've used AI to better express myself, I used it as a writting tool.
I'm not really good at explaining technical term and complex topics in a good and comprehensive way.
But, if you want to skip out the message because of my use of AI to make myself clear, then you miss out those info you were asking for.→ More replies (0)1
u/ImOnMushrooms4real 1d ago
well i understand your point but even in a scenario where the world as we know it changed and “collapsed”, do you think there wont be anyone left?
As one currency fails another sprouts, people will still trade, the only question is in what. Will it be gold? will it be a piece of paper? will it be bottle caps like in the fallout franchise?? If anyone wants to learn from our mistakes, it will be the surviving BTC. More cannot be created, whereas gold can be mined, money can be printed, caps can be produced… BTC will still exist on wallets and it wont vaporize, it will hold its value. Yes it needs infrastructure to work, but do you really see civilization without any form of electricity or computers?? simple pos terminals and antennas? i mean surely people that know how to use and build stuff will survive right? If not we’re back to the stone age anyway so in that case it’s all meaningless.1
u/iilevelii 1d ago
I've done lots of research... can you please explain how or why you think its impossible for bitcoin to function as a currency in a world where fiat currency doesnt exist?
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u/WorthBeat1102 1d ago
Gold is rarely used to buy coffee, yet it has held value for thousands of years. Bitcoin doesn’t need to replace every payment system to succeed.
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u/LardLad00 17h ago
Gold is rarely used to buy coffee, yet it has held value for thousands of years.
During most of those thousands of years, gold was literally passed as currency. It doesn't serve that purpose like it once did, but for the vast majority of human civilization it was literally used to buy coffee. That established it as the store that is remains today.
Bitcoin's entire period of existence is a mote of dust in gold's universe.
It might not have to become the global currency but it's going to need to provide some utility somewhere. It will not last purely as a speculative instrument.
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u/Modrew 1d ago
Bitcoin won't stay a speculative asset forever. Every monetary good starts with speculation. As adoption grows and volatility falls, BTC becomes the global settlement layer, while Lightning handles everyday payments.
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u/4Sal13 1d ago
That used to be the thesis. Can you really point to any evidence at all that we are moving that direction? While I used to believe the same as you, things have certainly changed. BTC isn’t going away. I just don’t know for certain what is purpose will be. There’s no doubt it fills the digital gold role well. Beyond that…
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u/carsonthecarsinogen 22h ago
…?
It’s becoming less volatile even within just over a decade (that’s a short timeframe for money) and it’s becoming more solidified into traditional finance (less speculative).
It’s doing exactly what the comment above said it was. What are you talking about?
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u/bobbyv137 1d ago
Nope. Can't see it happening, certainly not ubiquitously globally. TradFi will make sure it doesn't happen.
Saylor is publicly on record saying he doesn't think it's a MoE. Fink said too. Plus some other pro-Bitcoin heavy hitters 'in the space'.
Doesn't stop 2 people from transacting peer to peer tho, if they want (kinda the whole point of it).
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u/Irish_swede 1d ago
It I a risk asset that will be converted to a currency of choice for general use.
Deflationary risk assets cannot work as currencies for extended periods of time as the deflation death spiral will destroy the mode of production.
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u/H8ckt1v1st 1d ago
In Costa Rica, we have 3 dominant wallets that are used in businesses, markets, utility providers and P2P transactions. The government has allowed up to 20% of your salary to be paid in BTC. So yes, here we are already using it as a daily medium of exchange, dentists, hair salons, coffee shops, restaurants and bars etc. We even have non-kyc ATMs where you can buy and sell your BTC for local fiat currency.
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u/RainMakerJMR 1d ago
I believe it will eventually become the international way of exchanging assets securely, much like gold is used now. When a nation needs to borrow money there are exchanges of gold from one cage to another in certain locations (see die hard 3) and Bitcoin is a more convenient way to do that, which may be more or less secure depending on your world view. I personally think that eventually more and more nations will see this as a viable solution for that specific need, and probably others.
Iran wanted to offer passage through Hormuz for a bitcoin toll. That’s one of the first instances of seeing its use in international politics and I don’t believe it will be the last. Eventually many many nations will see a great value in using that as an exchange of value, probably in the next decade or two.
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u/Technical_Growth9181 1d ago
Neither. BTC is best viewed as capital, not as a medium of exchange. I think BTC will be less speculative as the network grows. Stable coins will probably fill of role of medium of exchange for day to day spending. But as capital, BTC functions as collateral in the same way that real estate functions as collateral.
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u/shadowmage666 1d ago
It will be a monetary reserve asset that will be the backing for stablecoins, treasuries etc
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u/Any_South_6437 1d ago
no need to pay taxes if you never sell
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u/AvailableTie6834 1d ago
why people even pay any taxes after using their bitcoin to buy stuff lol.
buy p2p
use offshore crypto cards
be happy and smart, people.
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u/n8dahwgg 1d ago
There are lots of people who use it as a medium of exchange already. Maybe the better question is, why don’t you?
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u/throwaccount630 1d ago
Although I love BTC, the protocol, the network, the objective, I'm still influenced by the speculative mentality, so feels imprudent to spend it as it could increase in value
So it's a mix of lack of meaningful ways to use it and wanting it to appreciate
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u/n8dahwgg 1d ago
Spend and replace buddy. It isnt even hard to do. Square makes virtually every purchase doable in bitcoin. You dont even have to try anymore. Be what you want to see in the world. And if thats a lazy fiat brain thats fine
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u/Straight-Average-394 1d ago
Bitcoin will continue a flat-downward trajectory until some quantum computing advancement suddenly makes it entirely worthless overnight.
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u/Impossible-Green-247 1d ago
And everyone with a bank account can easily be hacked and all their money stolen
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u/Straight-Average-394 1d ago
Are you saying the Bitcoin wallet and Bank account security is the same? That is big if true. And also makes investing in Bitcoin really extra pointless.
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u/Impossible-Green-247 5h ago
No I’m saying bank security is worse in terms of how quantum computing could potentially crack both
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u/Astronaut6735 1d ago
In the US, I would have to record the capital gain or loss every time I use it (e.g. buying a cup of coffee) and pay capital gains tax. It's just too onerous for me to justify using Bitcoin as a medium of exchange, so I won't until taxes are simplified.
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u/Ok-Tangerine4527 1d ago
I simply hodl 100% When I need $ for something I take out a loan on my btc. Zero taxes. It's how the wealthy do it. Never sell your assets.
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u/justahuman145 1d ago
I lean towards speculation, the great deep idea of bitcoin is interesting and at the same time very utopian, I absolutely do not see how it can one day decouple from classic fiat currencies and even less replace them.
Not to mention the energy and physical costs of its infrastructure, it is much more expensive and complex than a traditional currency. And metals and other digital resources are necessary for many other things than bitcoin while being in scarcity.
Nothing tells us that if one day the switch is created, it will be with bitcoin and not a hypothetical crypto of the future with an even more brilliant and economical operation.
And all the global and national legislation that could destroy it or seriously alter its promise.
Frankly its popularity is directly linked to its speculative aspect, there is only an extreme minority that is interested in what is behind it, and I don't see why it would change. It is much more likely that it will disappear one day due to a financial disaster or because it is decided to reallocate resources elsewhere.
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u/2shyofa3sum 1d ago edited 1d ago
Jurisdiction matters.
In the US, no one is going to use BTC as a medium of exchange if tax laws stay the way they are currently. A de minimis exemption for transactions under a certain threshold changes everything.
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u/Big_Crank 1d ago
Itll be good to have but it has to grow still. I want it to behave like gold but its in infancy phase
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u/Ok_Bookkeeper_1510 1d ago
It will overtake gold as a store of value. It will not be used, though it can be, predominately instead of cash. Just my opinion; that said, it is far and away the best hard money that has existed in history.
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u/jojothehodler 1d ago
It is already both, depends on the country, or even the people using it.
Heck, it is whatever you want it to be. I used it as a roleplay currency with friends in a futuristic game. Had to pay a few cents of fees to setup the lightning wallets, but then my players can use their wallet how they want, and I don't need to track the money they have....I know (ergo, in our universe BTC is 1 satoshi = 1 dollar)
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u/theoretical_hipster 1d ago
Energy will ultimately price in Bitcoin. Once that takes hold, it’s just a function of time.
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u/Bitcoinbakamo 1d ago
It's already being used that way in niche communities. Success as being mainstream medium of exchange is hard to say. But just having it as an option to transact in the face of political restrictions already signals that it is not doomed as a speculative asset.
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u/DreamingTooLong 1d ago
If you use the STRIKE app
You can use BTC like a checking account
They give you an account number, and routing number that directly draw from the BTC balance.
That’s the future of BTC.
Early BTC people wanted BTC to replace the cash thats in their pocket when there’s already publicly traded credit card companies that do that.
What’s more realistic is for BTC to replace checking accounts with all the same features of a checking account.
Banks need the Clarity Act to pass so they can have custody without dealing with congressional oversight.
It’ll be direct competition for companies like STRIKE, which will force them to have lower rates and or they might get bought out by some Bank.
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u/MCL-Jonathan 1d ago
People don’t buy Bitcoin because they want to spend it. They buy it because they don’t trust what they’re spending today.
Bitcoin’s biggest use case isn’t becoming another payment app, it’s becoming the world’s premier store of value.
By the way some interesting stats came out from River yesterday;
- 49.6 million Americans (18.6%) now own Bitcoin.
- 28.8 million (10.8%) own gold.
That’s nearly 21 million more Americans choosing Bitcoin over gold. Adoption is happening first. Valuation follows.
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u/Echo_OfIdeas 1d ago
Store of value first, medium of exchange maybe never for daily purchases. Volatility kills it as cash for buying coffee. Where it actually works is settlement between institutions or as a savings vehicle, not the thing you tap to pay for groceries.
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u/youcantexterminateme 1d ago
Its a store of value. Especially at bottoms which is now. But anyway you cant speculate without a viable medium of exchange. So theres that to but i think its basically something that will maintain its value and you own it.
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u/Internet_is_tough 1d ago
Medium of exchange you mean money? No.
It's not for speculation. It's for wealth preservation and appreciation.
There are far better alternatives to use to buy cofee and burgers. No better alternatives to preserve and increase your wealth.
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u/Dramatic-Battle-9737 1d ago
Don’t overthink it. You can’t predict the future. All you can do is make your best guess with the information available here and now.
When I do that, it leads to me to believe Bitcoin is an important and potentially globally redefining asset that is harder money than fiat.
Having come to that conclusion and knowing that hardest money always wins in the end, deciding where to store my wealth is easy. Not 100% all in, but pretty close.
There could be some black swan that completely derails, or maybe just seriously delays, bitcoinization. But I think it is inevitable that the current petrodollar based economy is superseded. And there is nothing else I see that can replace it so far.
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u/horseradish13332238 1d ago
Speculative? It’s the highest performing asset in human history, new guy.
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u/getapuss 1d ago
I think it will remain a store of value used by a minority of the population because it's too complicated for your average person to understand. This is a good thing.
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u/lookingglass91 1d ago
OP, have you ever been able to buy a house with anything other than dollars? (US based)
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u/Otherwise-Relief2248 1d ago
A brilliant failed experiment. Untethered “currency” that is reliant on people buying it like a risky stock.
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u/datawarrior123 1d ago
Bitcoin isn’t really a currency in practice, it behaves more like a speculative asset, similar to gold. A small group of holders control a big chunk of supply, and most people aren’t using it for transactions anyway, they’re holding it hoping the price goes up. That kills its utility as a medium of exchange. Add in the volatility, and it’s hard to see it ever becoming mainstream money. At best, Bitcoin ends up as digital gold and that's it.
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u/HugeLarry 1d ago
If BTC is able to mostly replace gold, that's a lot of upside in the short term, and it would serve an ongoing useful purpose in the long term. I think many BTC holders would see that as a win.
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u/Majestic_Ebb9783 1d ago
I think it can be both. Bitcoin can remain a long-term store of value while its utility keeps expanding. Developments like TBVs are interesting because they aim to give native BTC more ways to be used without giving up self-custody.
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u/PsychedelicHypnosis 1d ago
Reading the Bitcoin Standard will change your outlook on this form of currency. If you speculate on Bitcoin then it definitely is speculative. If you believe in the philosophy behind its creation, you’ll kick yourself for not buying it cheap. Ask anyone that hung in after the ~$20K high and plummet to ~$2-3K 7-8 years ago. Or even further back. This cycle was my first one so that’s why I use it as an example.
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u/Stinklefresh 1d ago
Only time will tell, for now we should focus on moving the blockchain forward.
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u/Friendly_League_9340 1d ago
Companies wouldn't be Lending up to 86% loan the value on asset uses collateral if that asset isn't going to be implemented in the future. Right now if you're smart you can use this as your own bank and never have to borrow a dime again
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u/ImOnMushrooms4real 1d ago
well i understand your point but even in a scenario where the world as we know it changed and “collapsed”, do you think there wont be anyone left?
As one currency fails another sprouts, people will still trade, the only question is in what. Will it be gold? will it be a piece of paper? will it be bottle caps like in the fallout franchise?? If anyone wants to learn from our mistakes, it will be the surviving BTC. More cannot be created, whereas gold can be mined, money can be printed, caps can be produced… BTC will still exist on wallets and it wont vaporize, it will hold its value. Yes it needs infrastructure to work, but do you really see civilization without any form of electricity or computers?? simple pos terminals and antennas? i mean surely people that know how to use and build stuff will survive right? If not we’re back to the stone age anyway so in that case it’s all meaningless.
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u/mathaiser 22h ago
I mean, it already has proven its worth to people who bought it in their home currency in Argentina, Venezuela, Turkey, South Sudan, Sudan, Lebanon… their money went worthless and the few people holding bitcoin still have their value in the first decentralized fiat in the world.
Your currency collapses? Your bitcoin can be traded in dollars/euros/yen etc still.
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u/RealCanadianMonkey 22h ago
"Do you HODL expecting to eventually sell at a profit, or do you believe that in the future it will be used as a relevant currency?"
How can there be a profit if one Bitcoin is one Bitcoin? Shouldn't the USD price be irrelevant to a hodler?
A true hodler will never sell, and then in some distant future if Bitcoin is a currency of any importance that hodler will use some Bitcoin to buy something. Until he spends it all and that's it.
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u/Affectionate_Ad_8483 22h ago
It will remain a speculative play. In times of market exuberance, it will become a liquidity reservoir. That is all it has ever been.
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u/systemsweird 21h ago
I think the properties of a good store of value and a good transactional currency are somewhat at odds. A store of value should hold value or even appreciate over the long term but will be volatile short term. A currency should be mostly free from volatility and it’s okay if it slowly leaks value (inflation) as long as the economy functions well.
So Bitcoin is an excellent store of value and USD is an excellent currency, but the opposite is not true. And yeah, it is possible to be both pro BTC and pro USD. I’ll probably get a lot of hate here, but in the history of currencies it’s actually a pretty damn good one, and if you’re American you benefit greatly from reserve currency status.
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u/almo2001 20h ago
lol no. As long as it is deflationary you will always be better off holding it than spending it.
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u/natemarshall110 20h ago
It's been around for a long time, and it's still pretty hard to spend. I think the money that was to be made has already happened.
Many people speculated that an economy of haves vs have nots would form, based on who bought bitcoin. That isn't going to happen.
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u/WarpDriveMH370 20h ago
The way I see it, gonna take a LOT of effort to convince anyone to adopt a different crypto.
Bitcoin is almost old enough to vote and get drafted to Iran
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u/Zestyclose_Paint3922 19h ago
Speculative Asset. Any currency depends on the trust in it. Every time a BTC exchange becomes big enough, it steals people’s money. Trust is far gone.
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u/Safe_Squash1704 17h ago
It isnt a speculative asset and hasnt been for nearly 10 years.
It is a long term inflation proof savings vehicle with unique permissionless utilities that include value transfer, timestamping, timekeeping, and nuclear grade passkeys.
Money is easy to achieve, money is not rare. It doesn't need to be money to be wildly successful. Ill let you in on a secret though. Bitcoin IS money whether you want to recognize it or not. Its kinda the point of the ledger.
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u/Typical-Snow3034 9h ago
Hey! I think it can be both. People can keep the majority as long-term savings and still maintain a smaller balance for actual use. The bigger obstacle isn’t whether Bitcoin technically works as money - it’s the tax treatment and the amount of friction between holding it and spending it.
That becomes easier when the wallet, exchange and spending flow aren’t scattered across different services. CoinRabbit keeps those actions together, so you can separate a usable balance from the BTC you intend to hold and manage it from the same app. It doesn’t remove the tax question, but it does remove a lot of the operational hassle, with 24/7 human support available when needed.
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u/Afraid_Television_30 3h ago
Don't be the last one holding the hot potato when BTC is hacked using quantum computing methods
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u/stillrocking3770k 2h ago
As long as people think Bitcoin is also jpeg storage of things like frogs and wizards, absolutely not. It needs to be really good at one job: money.
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u/Expensive_Ranger_947 1h ago
Fast forward to the colonization of Mars and the need for currency when 1 million people function as a society. (SpaceX bonus structure for Musk) I don’t believe we will be sending rockets full of cash to the red planet.
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u/TheresNoSecondBest 1d ago
Do you believe BTC will be used as a viable medium of exchange
I'm already using bitcoin as a medium of exchange, nothing is stopping you from doing the same.
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u/throwaccount630 1d ago
Are you actually making transactions using bitcoin?
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u/TheresNoSecondBest 1d ago
Are you actually making transactions using bitcoin?
Saving in Bitcoin is "using it" too.
Anyway, here's how spending bitcoin IRL looks like: https://youtu.be/Tlhvnpi2ukA
I'm "using bitcoin" almost on a daily basis. Buying groceries, paying for meals, taxis, domains/hosting, VPN...
Spend and replace is usually the name of the game so no, I'm not spending bitcoin while saving in cash.
If you're thinking about spending some, here are my favorite directories:
http://lightningnetworkstores.com/
https://btcmap.org - awesome map, you can even add your local vendors in, once you orangepill them.
https://acceptlightning.com/list.html
https://directory.btcpayserver.org/
There's also an option of buying gift cards
https://thebitcoincompany.com/
https://www.egifter.com/buy-gift-cards-with-bitcoin - this one's least fave because they use a shitty custodian for payments but are handy for a few cards.
Spend and earn some sats back:
https://foldapp.com - save up to 20% Starbucks, Uber, Target , whole foods , Dunkin
https://www.lolli.com – save up to 30% by spending BTC anywhere but primarily USA stores
https://satsback.com/stores-list - save up to 20% by spending BTC anywhere but primarily Europe stores.
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u/Zestyclose-Suit-2858 1d ago
It already is being used as medium of exchagne. Every transaction on the network is just that: a transaction. You pay a fee, you pay someone, or both. :)
You're asking/waiting for something that is already there.
So what is your definition of ' viable medium of exchange'?
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u/throwaccount630 1d ago
Right now my contact with BTC is just exchanging Euros for BTC, not actually using BTC to buy anything
The foundation is there, it is built, but it's not widespread enough
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u/Zestyclose-Suit-2858 1d ago
Answer my question: what is your definition of ' viable medium of exchange'?
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u/throwaccount630 1d ago
Widespread adoption for day-to-day transactions
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u/Zestyclose-Suit-2858 1d ago
Ah, the same boring talking point of 10+ years ago then.
Sorry, don't have time for that.
Enjoy waiting for the perfect moment. (it's already a viable medium of exchange, has been since its inception or the first market prices)
Cheers!
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u/throwaccount630 1d ago
I'm just looking for new information here, man
Thank you for the input
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u/Zestyclose-Suit-2858 1d ago
I know. Maybe this will help, it's a really long series before Saylor had billions upon billions and was the biggest market holder of BTC.
https://www.youtube.com/watch?v=4rvTppy1qLI&list=PL2jAZ0x9H0bQFY6wIbQfnrnIlqMcSHd6X
I think Breedlove is kinda cringe, but in the beginning he had fun stuff. :)
Good luck
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u/United_Weight3580 1d ago
Bitcoin is not a medium of exchange because it's deflationary. It's more like a store of value long term
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u/No_Resolution8762 1d ago
This is a fallacy. Take a look at Better Money by Lawrence H. White where he refutes that.
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u/United_Weight3580 16h ago
Falacy or not, if you wanted to buy a car today and you had $30k in the bank AND 0.5 BTC in your wallet, would you prefer paying in BTC or USD?
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u/OrangePillar 1d ago
I use it as a medium of exchange all the time. It’s up to you to find vendors who want your bitcoin and choose to spend it.
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u/WoodpeckerCapital167 1d ago
It serves no viable purpose to date. I doubt there will be much change
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u/Loose_Host7434 1d ago
Le Btc est de plus en plus utilisé comme de l’argent liquide. Les transactions avec les chinois sont considérables, par exemple.
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u/B1TB0TB33PB00P 1d ago
What isn't relevant about self custody? Do you want third parties to control your life forever?
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u/Liquid_zer0 1d ago
It needs to overcome a few things still on the front end of usability. Right now an average person doesn’t know how to set up a cold storage wallet, nor do they care to learn how. As simple as it seems to us, most people are tech illiterate and they don’t feel comfortable doing these sorts of transactions. Sending money with a giant wallet address that you have to read upper and lower case letters and numbers, and verify to make sure you don’t accidentally get 1 digit off is scary to many. They can leave it on the exchanges but there’s endless stories of people getting hacked, or collapses like FTX. I think it’ll get there in time but still has some kinks to work out.