#4.1 - Is Bitcoin doing it's job? And are you putting it to work?
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The short answer: Yes...
The question is, however - are you putting it to work?
In my previous post, I exemplified one of the ways that Bitcoin DOES have practical use-cases, already - even though you will most likely already know this. But for example, in the previous post, I described how I used it as a currency(converter) instead of an actual store of value.
In the whitepaper, Satoshi's describes Bitcoin as; a "A Peer-to-Peer Electronic Cash System", implying that usage of bitcoin - as a means of exchange - was the main intention of the protocol.
More so, than a store of value, (although this is also a part of the intention).
And definitely more so, than a speculative investment (which was not part of the intention at all).
At least that is my opinion and interpretation of "Satoshi's vision" - so to say.
Over time, however, its function as a store of value has become more prevalent, than its use as a means of exchange - and it's function as a speculative investment, perhaps even more so.
Bitcoin as a means of exchange is, today, still the main intention, but unfortunately the function with least actual usage, in my opinion. I have to make clear, that this is not something I have researched or analyzed very much, but it seems obvious enough, for me to assume so.
Now - I am not saying that "store of value" and/or speculative investing is bad for Bitcoin, and the adoption of it, for all intent and purposes.
But I think people tend to forget, that mass adoption is necessary, for this project to succeed on a large scale.
Whether or not, this requires Bitcoin to be the most used currency for means of exchange in the long run, no one knows - but so far it is still way to far to tell. Maybe $LTC, $VTC or even $DOGE, will be better means of exchange in many respects. Maybe a coin, that has not even been creat ed yet will. Maybe $NANO is actually better.
But so far, we cannot ignore that Bitcoin is the market leader, and it needs to stay as such, if the deflationary value is to be maintained, since it has the best chance of widespread adoption, by means of brand value - at least for now.
And if Bitcoin fails before mass adoption has happened, it will impact the possibilities for the adoption it needs, and put crypto into a state of "catch22", where people will loose faith in crypto, because the best / most known currency has failed.
So it is important, that we remember to use bitcoin as much as possible - and instead of HODL'ing, replacing what we spend, with the FIAT we would otherwise have used.
By doing that, the eco-system will be kept alive, maintaining the most efficient techincal proof of concept for cryptos in general, and encourage further development - and last, but not least; make sure Bitcoin keeps getting spread, before other crypto currencies can separate and act as, for example, as; "silver to Bitcoins' gold", as Charlie Lee describes his own Litecoin currency.
Brevity is the soul of wit - and longevity the soul of the contemplative!
#0.0 - Who am I, and how did I get here? [intro]
#0.1 - Who am I, and how did I get here? [pt. II]
#1.0 - How the DeepWeb made me a HODL'er
#1.1 - The power of addiction...
#2.0 - If something seems too good to be true...
#2.1 - Is Bitcoin the exception to the rule..?
#3.0 - The revolution that never came... [Pt. I]
#3.1 - The revolution that never came... Or did it? [Pt. II]
#4.0 - Is Bitcoin doing its job?
#4.1 - Is Bitcoin working... and are you putting it to work?
Dude, bitcoin will never scale. The fees and tx time just won't work. The people who made fortunes from it are NOT using it as an everyday currency and no one can blame them as it is a store of value way more than it is a peer to peer currency. If its going to be as big as we think it is, then it wouldn't make sense to spend ANY of it now which, oddly enough, is the another dynamic holding it back from being mass adopted. There are just too many problems, I think, with making such a massive change. Blockchain is here to stay but Bitcoin? I'm not so sure.
I think the progressive nature of blockchain allows new alt coins to outsmart the bitcoin protocol. With the new coins coming out daily its difficult keep the bitcoin price stable.
Hence - spend and replace immediately - that doesn't require stability :)
But I agree - and also assume we will weed away many of these coins for widespread use, leaving a few major players globally, and smaller alts locally - or maybe it will be a sea of alts, and people will pick and choose based on a variety of factors.
For stability, mass adoption is required IMO - which is what I am advocating.
I'm not Bitcoin maximalistic at all though, just saying it is the easiest one to work with because of brand value - right now... :)
Well - the scaling debate is one of it's own, and not anything we can foresee how/if we solve, since the solution isn't come up with yet - you're trying to prove a negative, with that statement, and proving a negative, is a impossible. :)
I agree - I think you're saying basically what I am, aren't you - just without the "spend and replace" plea, which wouldn't hurt the user, but keep the network "alive" as means of exchange. That can be one of the biggest factors in driving to mass adoption.
And by no means am I saying BTC will not be replaced - but we don't know by what, and right now, we need to work with what we have - the most known and brand-valued crypto, and use that to spread adoption.
I think you're a little "glass-half-empty" on this one. Personally.
And despite having gained a decent amount on BTC growth myself, I still practice what I preach, where and when I can - use and replace.
Thanks for the upvote @opaulo - means alot :)
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