If a currency were a superior currency it would not necessarily increase in value, it would increase in acceptance and (generally) velocity.
Stop using Economics terms. They’re definitely made up and not at all a description of how people actually act. Seriously though. It’s obvious that Bitcoin is just a Ponzi scheme. Otherwise, people would actually use it as currency instead of a speculative asset.
Notice how people who buy bitcoin get really happy when the price in USD goes up. That’s because they don’t value Bitcoin except as a way to get more USD. Do you get all excited when the dollar is worth more in foreign currency? Or if you’re European, the Euro? Not really because you are not holding onto USD or EUR as a speculative asset.
Nothing is priced in Bitcoin just like nothing is priced in baseball cards or beanie babies. No one uses it as a currency because transactions take forever and there’s nothing backing it. With USD or EUR you are guaranteed to be able to pay your taxes in it. Bitcoin is complicated Venmo and its backers want to hide that fact.
Its not even complicated Venmo because transactions are barely done in it. People just buy it hoping it will go up in value.
Well no, I’ve bought “a lot” with bitcoin. Through bitpay I could buy confuser parts, VPN. And I’ve bought a lot of games for btc too
Paid maybe 30-50 cents per transaction, which is nothing compared to traditional banking. If more had support for either btc or bitpay-like-services, it’d be easier to use.
