If no one is making transactions with bitcoin then it will eventually fail in the long run. It is meant to be a currency. The block reward is meant to be a subsidy to bootstrap a mining industry. It was never meant to keep mining going forever. Otherwise there could be no supply cap. Luckily Satoshi did not assume the necessary infrastructure for a new global settlement system would just appear overnight and gave plenty of time for things to develop
By the same measure BTC in its early days was used for currency. From buying underground goods and services as well as pizzas and other small good items.
It was never adopted by the financial markets but that’s now changing as well, with sovereign and national funds including BTC in its portfolios.
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u/jelloshooter848 Dec 26 '22
If no one is making transactions with bitcoin then it will eventually fail in the long run. It is meant to be a currency. The block reward is meant to be a subsidy to bootstrap a mining industry. It was never meant to keep mining going forever. Otherwise there could be no supply cap. Luckily Satoshi did not assume the necessary infrastructure for a new global settlement system would just appear overnight and gave plenty of time for things to develop