If Bitcoin is only good for speculation and has no other real use because it’s too cumbersome then it’s like investing in tulips, and we all know how that ended :)
Real currency is backed by the work, goods and economy of a country. Gold is a mineral with intrinsic value because it’s useful to make things with. Bitcoin is backed by the hope of making profit by selling to a sucker that will pay more than what you paid… And it was meant to be electronic cash but people got greedy, it’s better for early adopters pockets to make people believe it’s a store of value that’s hard to trade (like physical gold, funny that) instead of something you can easily use to transfer real world money from one person to another without parking that money there forever…
But then you realise that the point of a store of value is that you invest X in it and you know that it will store that value and you’ll be able to withdraw whenever you need to and still have X or very close to it. A store of value isn’t something you speculate on, it’s somewhere where you put your money when you’re close to retiring or if you live in a country where inflation is very high.
What is the difference between speculating in bitcoin vs speculating on forex or gold? Is gold investing a pyramid scheme?
But that is what the initial post said: bitcoin works as an investment, but not as a currency. Reading comprehension skills are through the floor.
If Bitcoin is only good for speculation and has no other real use because it’s too cumbersome then it’s like investing in tulips, and we all know how that ended :)
Real currency is backed by the work, goods and economy of a country. Gold is a mineral with intrinsic value because it’s useful to make things with. Bitcoin is backed by the hope of making profit by selling to a sucker that will pay more than what you paid… And it was meant to be electronic cash but people got greedy, it’s better for early adopters pockets to make people believe it’s a store of value that’s hard to trade (like physical gold, funny that) instead of something you can easily use to transfer real world money from one person to another without parking that money there forever…
But then you realise that the point of a store of value is that you invest X in it and you know that it will store that value and you’ll be able to withdraw whenever you need to and still have X or very close to it. A store of value isn’t something you speculate on, it’s somewhere where you put your money when you’re close to retiring or if you live in a country where inflation is very high.