Is bitcoin really the future of money?

[Queentoshi]

The dip is bringing doubt, for many people like us who believe that bitcoins are the future of money. If money has a value storage function from monetary economics

Storage of value is one of the three generally accepted functions of money,

and bitcoins with how their value can just suddenly drop, can we still defend them as the future of money?

https://en.wikipedia.org/wiki/Store_of_value

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[BitDane]

I never think Bitcoin as future of money, but as an alternative.  I think so because I believe Bitcoin can be considered by government as an alternative but not as their national currency.  An alternative will never be the future of money because of various reason.

The store of value has been one of the major issue why financial institution disregard Bitcoin as money, due to high volatility, Bitcoin is considered as poor store of value.

[Welsh]

I never think Bitcoin as future of money, but as an alternative.  I think so because I believe Bitcoin can be considered by government as an alternative but not as their national currency.  An alternative will never be the future of money because of various reason.

It's most certainly a alternative to banks, which I believe we've largely achieved. Basically, the only other alternative would've been cash, but then you're dealing with physical security, which a lot of people can't afford.

Bitcoin, you can secure you a reasonable degree, and it's fairly easy to do so, especially with the innovations with software as of recent. Still, we've probably got a long way to go before this important point/usage becomes more mainstream knowledge.

As an alternative to fiat, sure. However, it probably isn't going to be as widespread as a lot of us first thought. There's likely to be too many stumbling blocks in the way, and I think the governments of the world will probably make it very difficult to achieve. Not impossible, but incredibly difficult I'd say.

However, I don't think that was the intention of Bitcoin in the first place, and instead is achieving exactly what it set out to do, today.

[blockman]

It can co-exist with whatever is going to be the medium of exchange in the future which is what's happening now. There will still be other currencies that will be accepted but the future is unknown and what will be the consensus for most countries.
But I think we are already seeing the pattern of it that there are countries that do like bitcoin as a medium of exchange and as a store of value per se. We may just see it with other currencies that we usually use so it's still going to be part of the future.

[uchegod-21]

I never think Bitcoin as future of money, but as an alternative.  I think so because I believe Bitcoin can be considered by government as an alternative but not as their national currency.  An alternative will never be the future of money because of various reason.

The store of value has been one of the major issue why financial institution disregard Bitcoin as money, due to high volatility, Bitcoin is considered as poor store of value.

Satoshi did not create Bitcoin to be the future of money or to replace fiat money. He did not also create it to compete with fiat money. But he created it to be an alternative to fiat. This Bitcoin has been serving the purpose.
For store of value, a time will come when Bitcoin will be more stable in price. That is when there is massive adoption of bitcoin. Before that time we should always be careful on how much we invest. It is important to invest what you can forfiet .

[hatshepsut93]

Fiat currencies also crash, but they crash when something fundamentally bad happens with their country's economy, and not when one exchange shits its pants. For Bitcoin to have a shot at becoming "the future of money", it must demonstrate resilience, it should be withstanding the FUD and not crashing by 20% over something that has no influence on the network and the protocol.

People say that Bitcoin will become less volatile when it will be more adopted, but how can it get adopted when its so volatile?

[TelolettOm]

Nothing is completely immune from crises. Currencies and gold are influenced by the crisis as well, but they look a bit stable because they have no high volatility. If you view Bitcoin from the price stability, I agree that Bitcoin seems hard to be the future money. But if you view Bitcoin from the simplicity or the effectiveness in transactions, Bitcoin has an advantage as the future money. It is also better in transparency, it is easy to track every time. So, how the potential of Bitcoin to be the future money, depends on how you view it. However, we cannot deny the fact that there are already many people using Bitcoin as a currency. Agree or not, Bitcoin is already a global currency.

[franky1]

The dip is bringing doubt, for many people like us who believe that bitcoins are the future of money. If money has a value storage function from monetary economics

Storage of value is one of the three generally accepted functions of money,

and bitcoins with how their value can just suddenly drop, can we still defend them as the future of money?

https://en.wikipedia.org/wiki/Store_of_value

flip your mindset.. the DIP is a great time. not a doubt time

VALUE is NOT PRICE
value is a different number to the price

lets take fiat currency

a $10 loses value over time.
take a $10 in 2012, it would buy 7.5 loaves of bread, in 2022 only 5.5 loaves
fiat money is a slow stable rate of loss, but its still a long term loss

bitcoin however is a great store of value long term
2012 would buy 4 loaves, 2022 would by 11,000 loaves
..
the other thing to mention is that the VALUE is not PRICE

again someone earning $10 an hour vs someone earning more, is a separation of individuals value based on cost of living.
FIATS existance of value is locked to things like the laws of minimum wage and tax which keep fiat in power and circulation, yet the min wage price is not meeting the standard expectation of cost of living

..
where as bitcoins value is not its market price..
bitcoins value is a number set at the periodic LOW.

value is at the low(a number underneath todays market rate) not the high(EG a ath number).
the speculative market rate where it goes ATH every 2-4 years is not where value is. the ATH is the PREMIUM not the value


when the bitcoin price is near to the LOW its GREAT VALUE, when the market rate is high is far from value and a premium

emphasis:
bitcoins store of value is not the market price. its a number that sits below market price. but its a non-zero number

bitcoins VALUE for 2020 was ~$4k for 2022 is about $15k
the market PRICE is not the value. but speculative amount above value

bitcoins store of value over time goes up because over the years the non-zero-bottom raises

buying bitcoin at market rate is a premium above value
right now bitcoin is at great value to buy compared to buying at 2021 peak

but even so buying at 2021 peak would be in say 2-4 years time great value compared to the future value when the deflation raise of the non-zero-bottom moves up over years

..
emphasis.
store of value is not about "locking in price"
its not about buying bitcoin at $70k in 2021 and able to retrieve out $70k in 2022

its about the VALUE of 2020 being $4k . the value of 2021 being $10k and the value of bitcoin 2022 being $15k
and you able to sell coin and get your value out.

buying bitcoin on markets does not lock in the market rate as value. the price is not value
you pay premiums ontop of value

this is why its always best to buy low. buy the dip., because then you are securing more of your wealth into store of value

EG

imagine you hav $20k wealth
buying bitcoin in 2021 at $70k market price is ~1/7(15%) wealth lock because although the market ATH to $70k the value was $10k

buying bitcoin in 2022 at $20k market price is 3/4(75%) wealth lock, because although the market was at $20k the value was $15k

now imagine its 2017
value was ~$900. but you bought in at the market year end of $20k. . at that precise moment your wealth lock store of value would have been under 5%.. yet due to deflation, waiting 5 years turned that 5% into 75%

where as if you bought earlier in the year of 2017 at say $1k a coin. you would have had 20 coins and a 90% wealth lock store of value. which today in 2022 would be where your $20k buy is now worth $360k which is a 1800% store of value
..
bitcoins VALUE is never found at the ATH. the ATH is bad time to buy. back time to put your wealth into bitcoin.
buying the dip is the great time to put your wealth in. its the best time to lock more of your wealth into bitcoin store of value

yet even when you do accidentality or stupidly buy bitcoin at a ATH. your not at complete loss. you just have to wait it out and have patience for bitcoins store of value non zero bottom to raise up because of deflation to reach your break even or profit point

...
summary
buying the high is (short term) where you should have doubt. you should not be excited or wanting to buy when the price is at a high. you should have doubts about locking in your wealth at a high if you are only wanting t be a short term holder

buying at the ow, the dip is when you should get excited and lock in more of your wealth.

buy low, sell high.. not the opposite
buy the dip not the hype

long term however eventually even buying on a previous high will eventually lead with patience to you breaking even or profiting . IF YOU HAVE PATIENCE

but just remember to buy low to secure more of your wealth into store of value. and never consider the market price or its occasional highs as a 'vale' point.. the highs are not a point of value.. the lows are..buy into prices closer to the value not the premium

[S A KHAIR]

Satoshi created bitcoin to replace the outdated monetary system of fiat but it will never achieve that goal because the government will never let that happen. Plus the volatility of bitcoin surely no one dares to use such a volatile asset in daily life, bitcoin is more suitable as an investment than as a currency.

[franky1]

Satoshi created bitcoin to replace the outdated monetary system of fiat but it will never achieve that goal because the government will never let that happen. Plus the volatility of bitcoin surely no one dares to use such a volatile asset in daily life, bitcoin is more suitable as an investment than as a currency.

nope. bitcoin was created not to become a one world currency that destroys all fiats.. it was created to give an alternative option to escape or have a choice away from fiat

anything can be a currency. even alcohol or sexual favours.
if people want to swap things for another thing then its their curency
dont confuse "currency" with more common use mediums of exchange like money


again bitcoin was never intended to replace fiat, but if it did. the volatility of markets would stabilise. where the deflation would still exist but would be a smoother raise of value.. compared to fiats smooth loss of value

lets take bitcoin becoming more popular in some countries.
bitcoin is not replacing el salvadors fiat, but it has had a few slow starts to become accepted as another form of money in el salvador., giving el salvadorians an extra choice

for the last 6 months the market price movements happened between $16k-$24k
averaging a $20k where its a 20% below to 20% above average

lets take other currencies
in the same 6 months. things like USD has seen value of things like petrol and food change by more then 40% swing

[ChiBitCTy]

I’m not sure that even the biggest of Bitcoin supporters necessarily think that bitcoin is going to replace fiat money. I’ve sort of always been of the belief that it would work in conjunction with fiat currencies. But, how that’s exactly going to work I’m not so sure and I do start to have more and more doubts as time goes on.  I think bitcoins future is bright, it just seems to be taking a lot longer for certain things to advance that need to in order for it to become a useful currency.

[Darker45]

Bitcoin's volatility is definitely not a characteristic of a future money. So rather than accepting it as a natural Bitcoin tendency, it should be treated more as a hindrance. If Bitcoin were to be the future of money, its price shouldn't be this volatile. It's not commerce or business-friendly this way. This is definitely one of the challenges of Bitcoin for it to be widely adopted as a payment method. Although 1BTC is always 1BTC, I still cannot imagine a day in the near future when Bitcoin is totally detached from its fiat equivalent.

[Yatsan]

Hard to say 'coz if this is the future, there will be a lot of changes to makes especially with different countries' acknowledgement of this technology. There is a higher tendencu for fiat and cryptocurrencies to co-exist in the future rather than Bitcoin and other coins alone. If this would be the main medium of payment, governments will have no access of every situation not to mention this technology being not prone to taxation, which could be issues for future implementation. So I don't think so.

Bitcoin's volatility is definitely not a characteristic of a future money. So rather than accepting it as a natural Bitcoin tendency, it should be treated more as a hindrance. If Bitcoin were to be the future of money, its price shouldn't be this volatile. It's not commerce or business-friendly this way. This is definitely one of the challenges of Bitcoin for it to be widely adopted as a payment method. Although 1BTC is always 1BTC, I still cannot imagine a day in the near future when Bitcoin is totally detached from its fiat equivalent.

Indeed. Stability of market value is a must when it comes to a mode of payment to be used on a daily basis. If the value of the currency moves from time to time, what would happen to local markets then? They can indeed announce a fixed price but during highs, investors won't surely use their holdings to purchase a cabbage (just an example).

[YUriy1991]

A possible future for money relies on the idea that bitcoins will become useful for more than just speculative trading. Its growing network of users is certainly capable of defining new forms of value. Bitcoins might still be a long shot, but it's definitely worth watching in the coming years.

So could we really see bitcoin become the new money in the future? This answer if It depends on how the currency evolves.

[BD Crypto]

I don't think so. It's an another option of future currency.And it is really fast and secured payment option also. If the governments start accepting Bitcoin as a payment method or alternative currency then the mass adoption will happen.

[franky1]

Indeed. Stability of market value is a must when it comes to a mode of payment to be used on a daily basis. If the value of the currency moves from time to time, what would happen to local markets then? They can indeed announce a fixed price but during highs, investors won't surely use their holdings to purchase a cabbage (just an example).

bitcoins VALUE is stable. its moves slowly in a deflationary raise. giving people more goods per value over time

DO NOT confuse the value amount. with the volatile price
bitcoins value sits at the periodic low, below the market price. value that slowly increases

2020: 4k
2021: 10k
2022: 15k

the market rate(price) is temporary and moves quickly, market price sits above value.. buying low is buying good value. buying at ATH is buying at bad value(premium)

do not swap the word price for value as they are not the same.

..
fiat VALUE is not the market rate(cost of living) it is instead the min wage which changes less regular

..
fiat is inflation meaning you are always losing value over time
every few years a $10 is worth les labour hours
which also means you get less goods for your $

bitcoin is deflationary meaning you get more $ for your BTC
which means that you get more goods for your btc

[Vlad1977]

In the short term, the volatility of Bitcoin is not very large. If you see it more than ten years ago, you will think that the fluctuation of Bitcoin is too serious. The prices of all commodities are getting higher and higher. Fiat currencies increasingly have no store of value. We need to find a new one to replace fiat currency.

[RockBell]

Banks cannot compare to Bitcoin. your keys, your coin, and many other things; no third party; problems with failed bank transfers; Since bitcoin is an investment, it will grow in value over time compared to fiat currency. From the start, the goal of bitcoin was not to become the future of money—I love that it was created on anonymity—rather, it was to be a better alternative to banks, because trust is the foundation which Bitcoin was built upon.

[mk4]

You're having doubts just now? As if this was the first time bitcoin had a sizeable drop.

Also, we're talking about future of money. The fact that bitcoin can be good(and more stable) money in the future ones bitcoin gets enough liquidity for it to not be this volatile.

[Solosanz]

Although Bitcoin isn't created to replace fiat, but for sure it's a future of money due to decentralized, borderless transaction and no one can control your coins as long as you store it on your hardware wallet. But using Bitcoin to pay daily spending doesn't really a good idea since the fees will increase when Bitcoin price is already expensive and the volume trading is really high. This make you not worth to buy a cheap stuff since it will just cost you more to pay the fees.