Re:Bitcoin could become ‘worthless’, Bank of England warns
by jack_pp on Wednesday December 15, 2021 @07:31AM
(#29565089)
It is a currency, a fairly new one that hasn't gained mass adoption yet, with many problems (tx cost and tx/s limits) but people can and do use it to buy stuff. My energy provider in Romania lets me pay my bills with bitcoin.
That's like saying any new social media website you create isn't really a social media website because it has only 10 users.
Re:Bitcoin could become ‘worthless’, Bank of England warns
by matt_s on Wednesday December 15, 2021 @07:40AM
(#29565170)
If a currency hasn't gained mass adoption, I don't believe its a currency. I can claim I have a currency of green marbles and my son lets me buy candy from him with green marbles and he buys candy from a friend with green marbles so therefore its a currency.
I'm not saying bitcoin can't get there, its certainly possible, but when the majority of use cases use terminology like "holding", "investing", "trading" its treated by users as more of a security/equity than a currency.
Re:Bitcoin could become ‘worthless’, Bank of England warns
by donatj on Wednesday December 15, 2021 @07:37AM
(#29565137)
You can pay for things with Cypto using PayPal, right now, and for a while now.
It's a currency. I've paid for many things with crypto.
https://www.paypal.com/us/smarthelp/article/how-to-use-crypt...
It operates more like a stock than a currency and can be moved by any person/firm/entity that has a few billion dollars. I would venture a guess that the number of individuals using bitcoin to purchase goods/services is less than a couple percent of the total number of people that have bitcoin.