[vec]

But not 3. fast and easy to transfer ownership of or 4. stable in value over time. Plenty of things (houses, human toes, pre-release copies of films, etc.) Are both scarce and useful without also being good candidates for a medium of exchange.

[stinkytaco]

Fair enough, but Bitcoin certainly can be either of those things, even if it's not right now. History shows us any currency can have those problems. Inflation can become so high that as a medium of exchange it's pointless. It can become so unstable in value that people use something else.

Bitcoin is no panacea, but the "fake money" argument seems misplaced to me. It's current failings are not failings of crypto-currency in general.

[vec]

Paying for a $5 cup of coffee with a debt card takes about 10 seconds and invites about $0.10 in transaction fees. Paying in physical currency is even faster and costs approximately $0.

According to https://bitcoinexchangerate.org/fees, getting a single transaction committed within the next hour costs just under $50.

I've heard plenty of ideas to make the Bitcoin network a little cheaper or a little faster. Occasionally both! I've yet to hear a good theory for how the Bitcoin network can ever get both 500x cheaper and 500x faster.