Re:Bitcoin not for me, says Bill Gates
by imtringued on Friday February 26, 2021 @01:17PM
(#26277910)
The problem with Bitcoin is that there is literally no competition between currency and store of value except the block size. If anything, Bitcoin being used as a currency adds legitimacy and thus would strengthen Bitcoin over the long term. People who dismiss usage of a cryptocurrency as a means of payment really don't have the long term picture of the currency in mind. They're just in it to make a quick buck.
Re:Bitcoin not for me, says Bill Gates
by tradertef on Friday February 26, 2021 @04:29PM
(#26280038)
>> People who dismiss usage of a cryptocurrency as a means of payment really don't have the long term picture of the currency in mind.
Maybe. Currently Bitcoin is not suitable for using it as currency or medium of exchange. Second layer solutions can help with the speed (10 minutes confirmation time) and throughput issues (transactions per second). That and the fact that it is not very user friendly makes it difficult to be used as replacement for fiat at this time.
You have fiat - dollars, etc.
You have gold, silver, etc.
You have cyptocurrencies like Bitcoin. Some are more like fiat, some are more like gold, some are hybrids, like Bitcoin.
Gold can be used as a medium of exchange for example and as a currency.