If it was set up as a currency, it was set up entirely wrong. There is a capped amount of bitcoin, and over time bitcoin will dissapear. That means a smaller supply will represent equal value (well not really, since it isn’t backed by anything), meaning it’s deflationary.
Deflationary assets are by definitions bad currency and great investments.
While it is true that Bitcoin is bad at being a currency, it was definitely intended to be one from the beginning. The people who created it and early adopters had weird libertarian beliefs about currency and intrinsic value. Bitcoin was supposed to be like a digital version of the gold standard rather than a modern fiat currency. Of course, this has a lot of problems and there is a reason nobody uses the gold standard anymore, but these people did actually intend for it to be a currency. The whole thing is designed around the ideological belief that scarcity and work are what create value, and that value derived from these is intrinsic. It’s kind of hard to grasp if you’re not immersed in the weird online libertarian culture that created and adopted Bitcoin early on but these are things that people very sincerely believe, although these days most crypto people aren’t into that idea anymore and you see it among people who buy gold and silver
Bitcoin was supposed to be a currency, not a investment.
It was designed from the start to be deflationary and a strongly appreciating asset. Tell me that’s not an investment vehicle too
What? That’s completely wrong.
If it was set up as a currency, it was set up entirely wrong. There is a capped amount of bitcoin, and over time bitcoin will dissapear. That means a smaller supply will represent equal value (well not really, since it isn’t backed by anything), meaning it’s deflationary.
Deflationary assets are by definitions bad currency and great investments.
While it is true that Bitcoin is bad at being a currency, it was definitely intended to be one from the beginning. The people who created it and early adopters had weird libertarian beliefs about currency and intrinsic value. Bitcoin was supposed to be like a digital version of the gold standard rather than a modern fiat currency. Of course, this has a lot of problems and there is a reason nobody uses the gold standard anymore, but these people did actually intend for it to be a currency. The whole thing is designed around the ideological belief that scarcity and work are what create value, and that value derived from these is intrinsic. It’s kind of hard to grasp if you’re not immersed in the weird online libertarian culture that created and adopted Bitcoin early on but these are things that people very sincerely believe, although these days most crypto people aren’t into that idea anymore and you see it among people who buy gold and silver