…But essentially, its creation is fundamentally flawed, with an artificially imposed cap, the supply of Bitcoins is permanently fixed at 21 million which itself is a design devoid of economic sense. An economy needs as much money as transactions and activities occur within it. So if a lot of people want to start paying over the Bitcoin network, the value of Bitcoins will need to rise or at best stay at high levels to accommodate such demand.
Unfortunately, until goods start to get valued in Bitcoin directly rather than in other currencies then it will never be able to become a currency. And even if its adoption was needed Bitcoin’s path to mainstream usage faces many legal, regulatory, and cultural hurdles.
The Btcoin boom epitomizes a fundamental phenomenon we’ve been experiencing in the last couple of years. Our lack of adaptability to new technological inventions. Cultural angst is not allowing us to benefit entirely from all the technological innovation coming along every day…Bitcoin enthusiasts and investors are aware of this phenomenon and they use it against the vast majority of us. That’s why cryptocurrencies are so complicated to understand for some and the primary reason why such technology is maybe too advanced for our time.
Eulogy made by Orge Castellano