Bitcoin details west
It is true that something does not need to be a good long-term store of value to succeed as a means of payment. Bitcoin is only a vehicle, a means of payment not intended to be held any longer than it takes to convert it into some other currency. Rank and Bitcoin details west Issue At worst, the properties coded into Bitcoin will make it unsuitable for a viable social infrastructure, and it will implode and remain niche — a disruptive technology bitcoin details west mainly disrupts its own users.
But Nakamoto never promised value stability. Sellers do not usually price things in Bitcoin independently. What cannot be coded is:. But this merely solves the most basic bitcoin details west problem.
Bitcoin has little to offer anyone except its enthusiasts, and speculators will only hang around so long as it is plausible that its value might keep rising. In fact, most retailers accepting Bitcoin do not do it directly. Or, imagine an annual wage struck in terms of Bitcoin in December: Instead of paying a set fee to some dinosaur of a bank, Bitcoin users make bids on a free market to get their payments processed. Most retailers that do accept Bitcoin cannot themselves make most of their payments in Bitcoin, so the ease of its convertibility into national currencies is vital.