Bitcoin has good attributes and bad attributes.
Its decision makers' decision to keep the bad is what makes it bad.
Fees have both good and bad in them too, but Bitcoin's high fees, sluggishness and waste of energy make it bad overall.
Maybe in the past it was good.
I comprehend what is good in it, but is it better than Byteball?
Bitcoin is a very bad tool for transfers of value.
It is also impossible to scale to make it a world reserve currency.
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Worse case scenario, a decentralized immutable store of value that transcends borders and can't be controlled by central banks or governments and has a known limited supply still has significant value. In theory, at least a significant portion of the gold market. And that is worst case scenario...
Exactly, even if it 'fails' as a payment system, a store of value is almost certain. People carry on about intrinsic value but then seem to completely disregard 'art' that is literally just subjective value.
Exactly. Many things have value only because people say it does. Just about all money operates this way. Though gold is another example, it just has a longer history of being a store of value than something like bitcoin.
What you wrote ignores every bad attribute that Bitcoin has.
I do not like Ethereum either, but if I wanted to buy into the digital currencies with fiat money, I would have seeked to use Ethereum instead, or Litecoin.
I read that even Bitcoin Cash is a much better mean to transfer value.
Litecoin has everything that is wrong with Bitcoin and is less secure, but at least is faster and cheaper to transact.
What are the bad attributes you are referring to? My points were being made about its store of value potential... currency potential is another story.
The bad attributes of Bitcoin:
2.1. computing equipment,
2.2. energy
2.3. and even physical space.
These resources could have been used for scientific purposes or to lower purchase costs for retail consumers.
Early adopters and miners kept it in secret and abused public resources for their personal benefit.
Why would I want to pay to these people in order for them to sell in profit?
I prefer that it will go to zero.
How is it a good store of value with such huge fees for entrance and for exit?
Have you made a wire transfer recently? Bitcoin's fees are still substantially cheaper and substantially faster. Try sending money across boarders, it's not easy nor is it fast. Bitcoin is extremely fast by comparison.
Also, regarding energy use...
There are currently over 2.5 million ATMs in the world, the sum of which consume far more energy than bitcoin mining.
If you want it to be more widely dispersed, all you have to do is buy it.
The entire bitcoin network is only worth $100 billion. That is literally a drop in the ocean in the world's financial markets. Apple for comparison has roughly $250 billion dollars in cash on their balance sheet. They could buy the entire bitcoin network 2x over and that is just one company.
You may dislike bitcoin compared to your favorite cryptocurrencies, and that is your right, however there is a good chance that whatever bitcoin doesn't do currently, it will in the future.
After all, it is only software and software can be upgraded and updated regularly.
It's also still the most decentralized crypto project in the world currently, even if it is not perfect.
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