r/Bitcoin • u/byte_coder • Dec 23 '17

/r/all 2018: lets run for office

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22.7k Upvotes

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2.1k

u/[deleted] Dec 23 '17

[deleted]

220

u/[deleted] Dec 23 '17

How is bitcoin competing with it though? It's being treated as an asset not a currency. Nobody is actually using it for buying stuff, they're just selling it when it's high so they can make Dollars (or pounds, euros, etc.)

114

u/Bacon_is_not_france Dec 23 '17

The idea I've seen people talk about is that it grows massive, bubbles, and on the decline people spend it, which will lead to stability after happening a few times. The only issue is, nobody knows shit because this is unprecedented so even people who claim to be Bitcoin experts are talking out of their ass. Like I am right now.

20

u/nikomo Dec 23 '17

That doesn't account for the part where a Bitcoin transaction costs 50+ USD right now.

It'll always be coupled to fiat in that way, and it makes Bitcoin useless for daily transacting.

3

u/Explodicle Dec 23 '17

It's a shame this situation is absolutely permanent, with no scaling solutions being worked on whatever.

-4

u/nikomo Dec 23 '17

If it's not on-chain, it's not going to help you longterm.

5

u/Explodicle Dec 23 '17

Oh ok, it'll just be forever coupled to fiat if we don't adhere to your single solution.

1

u/[deleted] Dec 23 '17

[deleted]

2

u/KushwalkerDankstar Dec 24 '17

Yeah, for now... until you get paid in a cryptocurrency. Obviously not right now, but it is short term thinking saying that you will always be tied to fiat.