Re:Cryptocurrency in the 2020s
by wpietri on Saturday January 04, 2020 @11:47AM
(#21955854)
Oh? If you're so confident Bitcoin has demonstrated utility for other categories, It should be pretty easy for you to demonstrate it. The original goal was peer-to-peer electronic cash: https://bitcoin.org/bitcoin.pdf
If you contrast this with the speedy rise of M-Pesa, it's obviously a failure as digital cash. It's also a failure as compared with things like Venmo, which are all popular with people doing cash-like things: https://money.com/venmo-cash-app-zelle-better/
So if it's not good for the stated purpose, what's it now good for? No speculation about the future please. Just name a specific, significant group of users, state their problem, explain how Bitcoin solves it better than alternatives (better on their terms, not yours), and link to statistics showing sustained, rising adoption.
Real cash usage is gradually declining, but approximately zero of that difference has been taken up by Bitcoin: https://www.frbsf.org/cash/publications/fed-notes/2018/novem...
Merchant adoption is not just stagnating, it's in reverse: https://www.bloomberg.com/news/articles/2017-07-12/bitcoin-a...
If you contrast this with the speedy rise of M-Pesa, it's obviously a failure as digital cash. It's also a failure as compared with things like Venmo, which are all popular with people doing cash-like things: https://money.com/venmo-cash-app-zelle-better/
So if it's not good for the stated purpose, what's it now good for? No speculation about the future please. Just name a specific, significant group of users, state their problem, explain how Bitcoin solves it better than alternatives (better on their terms, not yours), and link to statistics showing sustained, rising adoption.