Bitcoin isn't competing against the dollar...
At least not yet...
I've heard this time and time again and it's outright false.
No, bitcoin is not competing with the dollar for anything.
The dollar works as a means of exchange, but not as a store of value.
Bitcoin works as a store of value, but isn't great as a means of exchange.
This guy gets it:
(Source: https://twitter.com/BitcoinMagazine/status/1429861982371450886/photo/1)
It's competing against gold.
It's finite and a place to park your wealth where it can't be inflated away.
Bitcoin may eventually compete with the dollar, but for now, it just competes with gold and other store of value investments.
How BTC can compete as a payment when the transaction fee can be higher than the payment?
It doesn't work as a payment unless one uses the lightning network.
But there's a demand for that in the crypto space and BTC is slow, expensive and so on, the question is who gonna be the supplier?
It's not expensive if you use the lightning network or send large amounts. Not sure what you are asking about "the supplier".
Crypto payment is a demand, BTC isn't efficient though, therefore, who gonna be it? even XRP (not a real cryp) is better...
Not sure what you are not getting here. Go read up on the lightning network and then come back and talk.
The main argument was that bitcoin works as digital gold not for payments, but it can even work for payments using the lightning network or making very large transfers.
I agree as a store of value just like what Michael Saylor said
He's got it nailed down pretty well.
Bitcoin facing huge depreciation in its quantity due to loss of key sometimes death of account holders and not limited to this.
So, Its quantity is decreasing day by day and adversely price will go high eventually. @printskill
Sort of. New supply is coming on the market every day via mining.