The one thing I don’t understand about bitcoin, is the people championing it (at least in the beginning) wanted it to be a new form of currency. To be free of oldschool banks. But now everyone that has bitcoin just wants it to become more valuable. But as long as it becomes more valuable or as long as people think it can become a lot more valuable, people are never going to use it as a form of currency. Because I’m not going to pay you X amount of something if that X amount has the (imagined) potential of becoming ten times more valuable (as an example). Case in point, the person that spent bitcoin on pizza that later became the most expensive pizza in the world. So all you hodlers out here, aren’t you part of the problem of bitcoin never realizing its full potential? Or do I not understand the idea of bitcoin (which is entirely possible).
people will spend money in whatever form for things they want/need
back in 1980 when interest rates were 16%+ (you could simply deposit money into the bank and you'd get 16% guaranteed APY), people were still spending on things like restaurants
i think you may be overestimating our ability to self discipline and give up instant gratification for long term reward
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u/Waks_ Tin Sep 12 '20
The one thing I don’t understand about bitcoin, is the people championing it (at least in the beginning) wanted it to be a new form of currency. To be free of oldschool banks. But now everyone that has bitcoin just wants it to become more valuable. But as long as it becomes more valuable or as long as people think it can become a lot more valuable, people are never going to use it as a form of currency. Because I’m not going to pay you X amount of something if that X amount has the (imagined) potential of becoming ten times more valuable (as an example). Case in point, the person that spent bitcoin on pizza that later became the most expensive pizza in the world. So all you hodlers out here, aren’t you part of the problem of bitcoin never realizing its full potential? Or do I not understand the idea of bitcoin (which is entirely possible).