Bitcoin is not Digital Gold

Just the plain, honest truth: although Satoshi intended for the white paper to indicate otherwise, the community has marketed Bitcoin as Digital Gold, or a store of value. Seldom is it used as a decentralized currency, which is its intended usage. Is it not apparent to anyone how ironic and paradoxical it is to turn Bitcoin into a marketable asset, profiting from the gains instead of exchanging it for other goods and services?


It is both. Gold served as a store of value and a means of exchange, and it still does in some ways. Bitcoin needs to increase in value by orders of magnitude if it is to become big enough to function as a major medium of trade.

The Gresham Law. If you have two exchangeable mediums and you know that one of them will depreciate, you usually spend the depreciated one and keep the other.

It is unlikely that Bitcoin will become widely used as a means of exchange for a long time.