There has been a lot of negative talk about Bitcoin lately, not unlike any of its previous bear cycles, so I thought I'd post this to spur some excitement over the potential future of this great technology. I strongly believe that Bitcoin has a very long term future for the following reasons:
1. Bitcoin is software and software is incredibly adaptable. Its only limitation is the minds of the developers and hardware advancements to keep the network alive.
2. With a 21 million coin limit, scarcity will allow Bitcoin to maintain value as long as it has any utility whatsoever.
3. Bitcoin will continue to have utility as long as it:
a) Cannot be touched by governments
b) Can be used for global cross-border payments or transfers
c) Easily storable and transportable
As far as I am concerned, being able to make cheap and rapid payments, while an inevitable capability in Bitcoins future, is only a bonus, not a necessity.
1. Bitcoin is software and software is incredibly adaptable. Its only limitation is the minds of the developers and hardware advancements to keep the network alive.
2. With a 21 million coin limit, scarcity will allow Bitcoin to maintain value as long as it has any utility whatsoever.
3. Bitcoin will continue to have utility as long as it:
a) Cannot be touched by governments
b) Can be used for global cross-border payments or transfers
c) Easily storable and transportable
As far as I am concerned, being able to make cheap and rapid payments, while an inevitable capability in Bitcoins future, is only a bonus, not a necessity.