The Fact That You 'Want To Own' Bitcoin Is Why It Won't Last As A Currency

The idea seems brilliant to some and necessary to others. Leaving the world's most-used currencies in the hands of governments that have proven they don't always act wisely is a mistake. The world's consumers are better suited to self-manage such matters, relying on a market-driven approach to managing the means of buying and selling goods.

Except, maybe government-managed currencies aren't such a bad idea after all, of the only alternative to that option is something like bitcoin or another cryptocurrency.

Such a notion rubs some of the more forward-thinking minds the wrong way. In the modern era where we live our lives via a digital cloud, a more liquid digital currency just makes sense. The fact that this currency operates outside of central banks' management makes it all the more attractive, as that nature means it sidesteps all the potential pitfalls a particular country's government might stumble into.

There's an overarching problem with an affinity for the alternative to dollars though. Dollars, warts and all, still offer the most important attributes people want - and need - in money. Cryptocurrencies offer very few of those attributes.

The list of desirable characteristics of money changes a little from one source to the next. The broad consensus is, however, that was as a species want our currencies to have durability, portability, divisibility, uniformity, limited supply, and acceptability.

Bitcoin has some of those characteristics. It's particularly portability, and though acceptability is something of a challenge, that can be changed. It is changing, in fact. More and more entities are accepting Bitcoin-based payments, even if they also accept other currencies too. Uniformity? Sure. And, even though Bitcoin isn't divisible in the way we presently understand 'making change,' it wouldn't be difficult to add a decimalization factor to the transaction platform that allows for more precise buying and selling.

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Derek Snyder 1 month ago Member's comment

Enjoyable read on #Bitcion that will no doubt push #crypto zombies further away from rational thinking.