[sireat]

Bitcoin as a great transaction medium WAS the strategy in the early years. This was the big promise.

As price and transaction fees rose the transaction medium for everyday things(like me paying for Namecheap hosting/domains in BTC in 2013) went away.

Many big vendors such as Steam actually stopped accepting BTC directly(or through 1 step processor such as Bitpay). It was too much trouble/risk and annoyed customers.

Cheaper/safer/more convenient than bank transfers. That Bitcoin promise has not been fulfilled.

SEPA is way cheaper/more convenient/safer than Bitcoin in Europe. Even in countries with troubled banking systems such as Venezuela, it is not normal to pay for regular items with BTC.

So Bitcoin "pivoted" to store-of-value strategy. Promise that offchain solutions like LN will handle transactions "any day now".

Hilariously Bitcoin.org just put back the low-fees part. https://news.bitcoin.com/bitcoin-org-reverts-back-to-fast-an...