Bitcoin is no longer cash.


Hi it’s Keir Finlow-Bates here. So I got a comment
on my transaction post that given the
costs are about $1 for a transaction and
the average transaction on Bitcoin is
about $40, that it doesn’t make sense yet.
And I think that is totally correct.
What we have to realize is that although
Nakamoto initially put forward Bitcoin
as a replacement of cash in the digital
world, the fact is that’s not what is
shaping up to be anymore.
And nowadays Bitcoin is looking much
much more sensible as a means of
providing a store of value i.e. a digital
gold and when it comes to moving the
sums of money that people move around
with gold, a $1 or a $2 transaction
charge is perfectly okay. So I just think
that’s something we have to accept, that
over 10 years the purpose of Bitcoin has
evolved and it’s now a store of
significant value, and a means of moving
significant value around very very
cheaply. I hope that made sense.
Bye for now!

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