RE: Does money have to have a different use before it can be money? 💰

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iamthegray (62)in #money • 6 years ago

Money is what we say money is. It works with trust. I trust that party C will accept USD as payment so I accept it from parties A and B

The gold narrative doesn't even bother me. Two things does.

Taxes. Until people can pay taxes with bitcoin, it will still be regarded as an asset not a currency. You know most Central Banks love their monopoly over money. It'll take a long time for that to happen
Volatility. This is a major issue. Because of Bitcoin constant change in price, it's kinda hard to do business with. That's why businesses convert their btc to cash ASAP. And if you need fiat to measure BTC value, then BTC won't feel like 'real money'

Then there's transfer fees for micropayments like buying a coffee and others...

I like @vdux' thoughts on the issue. It might be an interesting read to you