> No reasonable person would (or does) use Bitcoin as an actual currency if they expect the value to increase in the future so it can't become a means of exchange for real world goods.
I take issue with this statement because it reflects a fundamental misunderstanding that people have about Bitcoin.
The point is not to “HODL” the Bitcoins waiting for the USD or EUR value of the BTC to increase.
The point is among other things:
1. to be able to freely transact with anyone, and
2. to not have a central authority adjusting the purchasing power of your savings
As of yet we are still relegated to caring about the USD and EUR prices of Bitcoin, because in order to use our savings we have to exchange to fiat. But the ultimate goal is indeed to be able to use BTC directly for everything from buying a house to paying for groceries.
For example, I receive 100% of my paycheck in bitcoin.
From week to week I don’t have any desire that it increases in value of USD or EUR.
My main problem is when it decreases in value, so that my purchasing power is worse from having gotten my paycheck in Bitcoin.
But even then, over time it probably averages out.
And if not, well at least I am still receiving my paycheck in the currency I believe in, and maybe some day more people will believe in it too. And then finally some day I can buy my groceries with BTC directly.
> The point is not to “HODL” the Bitcoins waiting for the USD or EUR value of the BTC to increase.
This is some pretty typical “no true Scotsman” stuff if we’re being honest. If you go to a crypto sub or forum any given day, they will all say “no no no bitcion isn't for daily use, you want ______ coin.” one day. The next day it’s “HODL, DCA in on a few cryptos, and watch it rise.” Two days later when it crashes it’s “I never thought it was good for currency, I just like the tech.”
I take issue with this statement because it reflects a fundamental misunderstanding that people have about Bitcoin.
The point is not to “HODL” the Bitcoins waiting for the USD or EUR value of the BTC to increase.
The point is among other things:
1. to be able to freely transact with anyone, and
2. to not have a central authority adjusting the purchasing power of your savings
As of yet we are still relegated to caring about the USD and EUR prices of Bitcoin, because in order to use our savings we have to exchange to fiat. But the ultimate goal is indeed to be able to use BTC directly for everything from buying a house to paying for groceries.
For example, I receive 100% of my paycheck in bitcoin.
From week to week I don’t have any desire that it increases in value of USD or EUR.
My main problem is when it decreases in value, so that my purchasing power is worse from having gotten my paycheck in Bitcoin.
But even then, over time it probably averages out.
And if not, well at least I am still receiving my paycheck in the currency I believe in, and maybe some day more people will believe in it too. And then finally some day I can buy my groceries with BTC directly.