There are some difficult questions that Bitcoin Investors should explore and answer. The Thoughts, Arguments and Difficult questions from Twitter Handle Subhajit Kundu:
How does anyone predict that it’s Bitcoin that will earn people’s trust? What is the rational here? Why not other cryptos? Which crypto then?
Bitcoin transactions need Digital Authentication and thus needs at least a connection phone to transact. With 2 Billion people suffering from malnutrition (1 in four), how can they ever transact?
Eight billion of World Population and 21 million Bitcoins? What is the rational here? That number means there is only 1 BTC for every 380 people. How is it people’s currency then?
For Bitcoin to be alternative currency, all governments of the world must fail. Holding land must become unfavourable. Holding gold must become hurtful. Why will Bitcoin survive if nothing else does? Even if it does, what kind of scary world will it be?
There currently are countries that loose trust of its people (and the world), and its currency derivatives deeply. People there find faith in Gold/Land/USD/Forex. “I don’t see Bitcoin as alternative currency.”
Why should I consider Bitcoin as Currency of Last Resort? Why not land? Or Gold? Or USD? Or my own country’s currency? In fact, just like Bitcoin, land is limited in qty. (“Buy land, they aren’t making it anymore.” ~Mark Twain)
Bitcoin is the alternative currency and if fiat money ever loses trust and goes burst, and then Bitcoiners rejoice when its value appreciates measured in terms of Fiat Money. There is a strange contradiction here.
One BTC was $1 in 2011. If it were worth $5 today in 2021, all arguments in its favour still holds true. Would there be similar frenzy/hype/hoopla/fascination/public interest still then? Would it attract similar attention? BTW $1 turning $5 still means CAGR of 17.5%.
Money is defined as government debt. And, creating it is Sovereign’s right. Only Sovereign can create a currency. How do Bitcoin then be respected as currency then?
To all these concerns, the clarification from Greg Foss Pleb was: Focus on Store of Value (SoV). Money has always been a technology for STORING the value of your work/time/energy expended today for consumption in the FUTURE. Fiats are programmed to steal that value from you. Bitcoin is math + code. 21mm hard capped supply Choose your SoV wisely.
FIAT can lose half its value an infinite number of times. BTC = math + code = truth.
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