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0 sats \ 1 reply \ @softglitter2d 12 Jul 2022 \ parent \ on: I have written an article on medium for Bitcoin failing as a money, let me know how wrong I am! bitcoin
There are faith in fiat currency, but that does not mean bitcoin doesn't require faith.
I can check the code, the consensus taken along with all the PR made in Github in order to verify every step, change, addition or removal. So, no need of faith here, trustless is the keyword here. That's why I like it.
At the end, the volatility is its biggest flaw
Volatility is a feature in this context because is a consequence of having a completely inflexible and constantly decreasing supply growth; as a matter of fact, most criticism of volatility comes from short term analysis and most people complaining about it are over-invested1 but in the long run, don't matter. Besides, long-term speaking, there is no such thing as stability, we're paying currently the price of have some stables currencies.

Footnotes

  1. I'm not saying you are, just noting that most cases, people buy sats with loans or mortgage and when they lose, it's not their fault, it's bitcoin. ↩
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0 sats \ 0 replies \ @KingZing OP 12 Jul 2022
Definitely you can confirm the mechanics behind is working, however for a monetary premium product like bitcoin/gold/oil, the volatility makes or breaks its use as a currency.
And this really is the key.
Volatility can kill currency, it kills the raison d'etre for a currency as a tool to facilitate trade and enable economy growth. It only works if you treat it as an investment asset, however bitcoin maximalist would tell you bitcoin wins out to be the sole money towards the end.
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