Hi guys,
So I was wondering about this huge boom of bitcoin price. I know that Bitcoin was created with a purpose as a individual financial mechanism which would allow people to trade anonymously with no 3rd parties involved. But what we see today? I only see it as investment instrument which is not used as its primary function, except dark markets. Also knowing the fast growing Bitcoin price now, it is not worth to purchase anything, as the value of bitcoin might be much higher tomorrow than yesterday's.
So, do you think Bitcoin is used as it primary purpose often enough? Or when will people understand that if Bitcoin is not used as it should be, then we are investing into nothing? Please tell me if I am wrong
A few years ago, it seemed that there were 3 main potential purposes of Bitcoin:
1) method of payment
2) way to send money cheaply and quickly anywhere in the world
3) store of value
With the price very high now and increasing, people are holding rather than trying to spend. So apparently the first purpose is not happening at least right now. With fees increasing, Bitcoin probably won’t ever be used for small purchases.
The high fees and slowing transaction time may also prevent Bitcoin from being used as a way to send money.
This leaves ‘store if value’ as possibly the only use for Bitcoin. But as long as the price keeps going up, that’s probably okay.
