> You see, despite being volatile, Bitcoin still solves important issues.
Which ones? Can you use bitcoin to pay for some food? Or to get your roof fixed?
Which ones? Can you use bitcoin to pay for some food? Or to get your roof fixed?
You're proving the point you're attempting to debunk.
This is a bit of false argument. One of the most universally recognized value stores is gold. Yet, can you use gold to pay for some food?
Try marching into Tesco, grab some groceries, drop the gold bar on the counter and expect change... Yes, if you overpay it 50-times (a 1 oz gold bar for 20 EUR groceries), someone (cashier, other customer, anybody) will accept it on their personal risk (maybe it is fake? who in sane mind would pay with gold at grocery store?), pay for you, take your gold and give you the groceries.
But by definition: no, you cannot pay for food with gold/Bitcoin/diamonds/stocks/land/weapons/tobacco/alcohol/other food... At most, you can barter it.
One of the most ridiculous cases I have seen lately is comparing Bitcoin fees with paying for coffee. Do you pay for coffee with gold bars? Do you pay for coffee with international non-SEPA bank transfers (expect 30 EUR fee, more than BTC, and weeks-long fulfillment)?
Yes, Bitcoin was originally intended as "pay-for-coffee" currency. No, it isn't that anymore, it shifted more towards value store, settlement money between large entities, alternative to global bank transfers.
My favorite counterexample is: Can you run from war conflict with money or gold under your shirt? You will be searched, stripped from cash and possibly detained. Or learn 20 English words, run naked and input those 20 words into the computer on the other end of the world.
Do you think this is a overinflated example applied only to the worst parts of the world, where nobody have the money with them anyway? We, in the civilized world don't have any of such oppressions, right? Try leaving European Union with more than 10 000 EUR... During my business flights (especially to Arabic countries, where people were returning from shopping trips in Vienna etc.), I have seen quite a few folks detained just because of the cash they had on person.
I guess banks never thought of offering this kind of service. Thanks Satoshi!
That's the important issue that bitcoin solves. Do you understand what being decentralized & permissionless mean? And the power shift it implies on a social level?
Now, that said, its worth as a speculative investment vehicle is proven. Low cost to acquire, low cost to sell, abundant, minimally appreciates in value over an 18-month period (much less a quarter-century), resistant to tampering (setting aside external price manipulation), high popularity -- few other speculative investment vehicles outside of the finance industry have had such success.
Granted, its staying power is an unknown and whether it will be around when it reaches its 25-year age is something else to consider.
A store of value is the function of an asset that can be
saved, retrieved and exchanged at a later time, and be
predictably useful when retrieved.
Actual stores of value include real estate, bonds, currency (real currency, not crypto"currency" that can't be used as a currency), and collectibles.
Stocks are not stores of value. Their prices are too volatile.
Cryptocurrencies, presently, are not stores of value. Their prices are too volatile.