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RE: Dethroning of Bitcoin Warnings from 1 Year Ago
I didn't fully understand why bitcoin has lost a lot of its momentum but this post spells it out clearly.
Thank you.
In the future do you think BTC will be used as a mainstream currency?
Very odd. I thought I had replied to you yesterday and then my comment disappeared for some reason when I came back to it here. Anyway let me try again :)
I'm glad that you found the post helpful. Regarding Bitcoin's future, I can't really comment on if it will become a mainstream currency. I do believe that it will happen with A crypto, just not sure which. There are multiple aspects to consider when looking at currencies.
(1) Low volatility: No one would have any faith in the USD or EUR (not that there isn't dwindling faith currently) if these currencies spiked up and down constantly. BTC definitely doesn't have this yet
(2) Quick to transact: If we have to wait 30 minutes for a transaction to take place then it really doesn't substitute better models like fiat, credit cards, paypal, etc.
(3) Governance: governance is pretty stable with most fiats. BTC and others struggle with decision making process right now
(4) Vendors willing to accept it: Currency requires we have more vendors accepting Bitcoin. That number is increasing but we also have had big players retract, like Dell Computers. We need users of Bitcoin to begin demanding that vendors accept the crypto. And we need to see those payments increasing
(5) Wide spread confidence: We have so many debates about being in a bubble that will pop at any point in time. We can't have that belief for Bitcoin to be accepted as currency.
I'm sure there are more aspects but these are just off the top of my head :)
great way to summarize...