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by baddox
3100 days ago
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Couldn’t the store of value thing just be temporary, while Bitcoin gets well-known? To be clear, I don’t think vanilla Bitcoin is very viable as a widely-used consumer-level p2p transaction system (like cash or credit cards), but I think the volatility and meteoric rises in price would have happened even if that were the case, simply because the value of such a network depends heavily on the number of people and organizations who know about it and trust it enough to use it. It’s a massive chicken and egg problem that would be faced by any currency or payment system that isn’t forced upon a population by a government. |
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Sure it's possible but we're already seeing a massive growth in altcoins which can actually be used for everyday payments while Bitcoin's relative marketcap is shrinking rapidly. For example Steam recently dropped Bitcoin support. BitPay, the payment processor Steam used, recently announced they will start supporting Bitcoin Cash (which have transfer fees of < $0.01) despite being Bitcoin maximalists until now.
This is why I predict Bitcoin will be surpassed by other coins with more user adoption.