Quote:
Originally Posted by Jason14h
It isn’t a catch 22 - because this isn’t the “does Bitcoin meet the definition of a currency “ thread
You are just constantly obsessed with trying to make it that , despite literally the rest of the world moving to accept forms of crypto currency and non traditional banking methods
If you don’t think Bitcoin end up being part of the ecosystem there’s nothing wrong with that - there’s tons of issues with Bitcoin itself . This is very common being first in a new tech - everything that comes after can improve on the issues
It does however also get the advantage of being first from an acceptance and ownership standpoint, which makes it valuable to people, hence the price
The problem is that certain people in this thread (and in most circles , places etc) have so little knowledge of the crypto ecosystem , how it works, and what it is trying to accomplish the argument always seems to come down to “Bitcoin is a scam vs Bitcoin going to a million “
Meanwhile , every bank , payment provider , and even credit cards are getting involved and the way financial ecosystems work will drastically change over the next decade
It may not be Bitcoin - in fact I think Bitcoin sucks for most of where the ecosystem is going - but we’re going in this direction
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The reason payment providers are getting in on crypto is to get their cut of the transactions that existing early adopters are desperate to make, not because they feel mass adoption is coming. There’s trillions of dollars in value sitting in wallets that was generated by those putting in money to the ecosystem that came after them. They’re waiting for an outlet to spend it so they can use it without converting it to fiat first.
As the transaction processes the currency is sold back out on the market. This will actually be bad for crypto as every purchase instantly creates a forced market sell on an exchange. This will cause crypto values to decay.
Very few are going to go out of their way to acquire crypto in order to make a purchase they can already make in fiat. There will however be some that will make purchase to exit the market while taking a loss in order to not have to process a withdrawal from an exchange to a bank account.