RE: Can Bitcoin Really Reach $100,000?
My issue with bitcoin is still the incredible energy cost required to keep the network going. I would love more than anything to see a cryptocurrency bridge the gap between different international markets. However, I am not sure Bitcoin will win out in the end.
Many people say the Bitcoin devs can alter the coin to make it energy efficient and faster that it currently is. They also say the fee price for using it can be driven down. I like this idea and think it is true, but for a LONG term solution, the code of the most successful cryptocurrency must be unchanging, or relatively unchanging. Changing how the coin works often will more than likely result in uncertainty in price.
Currently, in real world scenarios, the coin really only seems useful for large purchases because of the high fee. Any small transaction is really not worth the fee. If it can be driven down, this could also help bitcoin make it to that $100,000 mark, or whatever ends up being stable.
I would love to see bitcoin be the successor to paper money and state sponsored cryptocurrency, but I'm not holding my breath that it will win out in the end.
I can see that. It might not be bitcoin but another one that becomes the coin that is easy to buy and sell. One that is more cost efficient (if bitcoin can't solve that problem). To me that is the one that will makes it big as other coins, like those used for video games, will have more 'uses' but they will need that coin for people to turn into fiat. We will need that real world exchange and at this time that is bitcoin. But who knows.
I really enjoy having these discussions. I am not sure about you, but I come at these with a computer science mind frame and not really an economic mind frame. Either way, I am really hoping for an easier/safer way to make payments. I still don't really have an opinion on blockchain solutions for real world problems. They all seem to fall into the "trying to solve a human problem with a software solution" trap.