Comment · Wed, November 20, 2013

What most investors don't get about Bitcoin as a currency

Original post in this thread

BCLaraby · 96 points

Is that we're on the edge of creating a truly single global currency backed by the full faith of the world.

Now, I'm admittedly simplifying here but think about it. The USD is supported by all that America has to offer, the full force of the promise of the United States. Its workers, its output (GDP), Exports, you name it. It's all just a promise, an IOU, but a promise backed by real econonmic might.

Same with the UK, with China. Same with India. And Australia and Canada.

All these nations singular currencies are representative of the work put into them by us, the people, who build and maintain the economy.

Now Imagine all of the people of the world willingly trading in their own currencies for Bitcoin, voluntarily creating a single universal currency backed by the full faith of the world's economies. Essentially creating a Net that allows for a stable, instantly transferrable currency no matter where you are or how much you need.

Some guy in China wants to do business with someone in Australia? Done. Instantly. No exchange rates or time wasted or middlemen. Just done. Its the Internet of Money.

The long and short of it?

In Bitcoin we've created the real-life Sci-Fi…

What they were answering

BCLaraby · 1 points

That's the point. These are scenarios that need to be pushed into the limelight, debated, prepared for. If they're ruled out, amazing. Fantastic.

But weaknesses need public scrutiny to build confidence. Only by defeating these weaknesses, pulling down ways to destroy confidence in Bitcoin as a currency (not just a commodity) can we stabilize it and help it gain wider acceptance.

u/MisterYouAreSoDumb

I completely agree. There's a lot of speculative money in it now, though. I don't see volatility decreasing enough for it to be a currency any time soon. People want to make a quick buck, and will throw their beliefs under the bus to do it.

Crytographic currencies are here to stay. There is no doubt about that. Will it be Bitcoin that becomes the most useful? I have my doubts.

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