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I hold a fair amount of bitcoin as both a speculative investment, and because I support bitcoin in principle. I've long suspected that the biggest threat to bitcoin's long-term survival will be the power structure - banks or government or both - but I hold out hope that the will of the people to use this currency will overpower the will of the powers that be to suppress it. I've put my money where my mouth is, and I appreciate good articles like these which delve into the subject in detail.



"I hold out hope that the will of the people to use this currency will overpower the will of the powers that be to suppress it."

What makes you think that such will exists beyond a fringe of extreme libertarians and anarchists? Excluding that fringe and excluding speculators, what you are left with are people who want to avoid the fees associated with electronic payments. Those people are using Bitcoin via intermediaries as a way to send and receive their local fiat currency. In other words, Bitcoin itself is irrelevant; any electronic payment system with lower fees would do, regardless of how it is structured.


There are a lot of people who live in countries like Argentina where there is no confidence in the currency as a store of value. Bitcoin provides a way for people in these countries to bypass unpopular capital controls.

There are also a lot of people who live in countries with a high rate of fraud or don't have access to banking services or credit cards. Bitcoin, as an extremely cheap and irreversible payment method, would allow them to participate in e-commerce.

It's true that the average law-abiding middle-class American isn't going to see much benefit from Bitcoin but they're a small subset of the population of the world.


I hate it when people inject their own political bias into my statements, thereby misinterpreting them before they proceed to knock the strawman down. It's such a waste of time for all involved.

That statement included no specific reason for widespread adoption. I merely said that if people wish to use bitcoin for whatever reason, then I hope that they succeed. Whether they use it for convenience (the many) or for principle (the very few), I care not. Their reasons for using it are irrelevant. What matters in the long run is that consenting adults are allowed to do as they wish without interference from meddlesome third parties. That is all.




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