To really work as money, bitcoin needs to be widely used. There need to be lots of actors providing a wide array of goods and services who are all willing to take bitcoin as payment.
But why would anyone use it? Contrary to the libertarian romanticism that inspired bitcoin’s creation, most Western fiat currencies work really well as money. There’s no need for most businesses to saddle themselves with bitcoin’s extra headaches. It doesn’t offer the speed or convenience of standard mainstream payments systems like credit cards or PayPal. And bitcoin’s volatility and the extreme run-up in its price have made transaction fees highly volatile and expensive.
To find a devoted economy, bitcoin needs to stabilize in value. To stabilize in value, bitcoin needs a devoted economy. It’s a bit of a catch-22.
Eulogy made by Jeff Spross
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