Comment by _heimdall
3 hours ago
Agreed.
Bitcoin isn't a store of value (its too volatile), it isn't a currency (too slow and expensive for small transactions), and it isn't even a product in its own right.
3 hours ago
Agreed.
Bitcoin isn't a store of value (its too volatile), it isn't a currency (too slow and expensive for small transactions), and it isn't even a product in its own right.
- You can use it as a store of value. - You can make transactions.
If you don’t like it or think it’s too slow doesn’t change these facts.
I agree that it’s not a product though. It is a distributed system that nobody owns.
My point is thdt your aren't really storing value when price is highly volatile, you're gambling. If I put $100 into a store of value, it would continue to be worth $100. If I put $100 in and it may be $30 or $300 later, that isn't value stored.
And yes you can functionally make transactions, but based on current transaction fees it looks like I'd pay $0.22 in fees so I could wait 10-20 minutes for a transaction to likely clear. I'm not doing that at a gas pump, grocery store, etc.
Isn't store of value something that keeps up with inflation? I put 100$ today, which can buy X, in 20 years I can still buy X with that, while 100$ can buy just X/2.
Otherwise I just use the dollar bill as the store of value