Will Bitcoin Ever Be Money?
Will bitcoin ever be money?
The answer, may be, technically, no.
The first thing to note is that bitcoin will be replaced in the not so distant future. Our current comprehension levels of money is still quite low. Already people have proposed better money solutions. (blockchain or not)
However, bitcoin may be transformed into that better money, so the name may live on, but it will not, technically, be the bitcoin of today.
But what about the in between time? Bitcoin is going over a million dollars per token, and all the world's fiat is crashing. So, surely bitcoin will become money during that time?
And the answer, still, is technically, no.
The banksters won't give up without a fight
Of course the banksters lose. Their system, the entire thing, not just the fiat currency is dying falling apart, collapsing and turning to dust. And it would be so much better for the world if the banksters just packed up their toys and went home.
However, that is not how greedy, evil bastards behave. They will try desperately to hold onto power.
They will do their best to try to create some kind of CBDC, or maybe a new fiat. Failing that, they will try to make some kind of "backed" money, with the goal of turning it into a printable fiat in the future. (again, just like the Fed did in 1913)
During this time many rich people will be storing (maybe hiding) their wealth in bitcoin. And many large entities, govern-cements, corporations, will be using bitcoin to settle debts. Bitcoin being slow and old will actually be seen as a benefit to this class of users.
By the time normies figure out how to use crypto…
Imagine if a bitcoin transaction was $100. Satoshis are over $1. If, you just get into crypto at this point, you will probably never send a bitcoin transaction. You may never even send a bitcoin lightning transaction. So, right there, bitcoin won't be money for the non-wealthy, and so, technically, not money.
People will get into crypto, it is just that much better of a financial instrument. So, it is inevitable… unless something better comes along, and quick.
But, what will that look like?
Probably like people being forced into crypto through CBDCs and/or welfare payments. And then escaping from CBDCs into decentralized crypto currencies, when the banksters try to lock down "certain things".
If we just use the names that are already out, we will probably see some kind of inter-chain operability using bitcoin cash, litecoin, and maybe even doge.
The thing is, bitcoin may be part of this interoperability thing, mostly, and only, for the non-bitcoin-owning people, the thing that everything is priced in.
Bitcoin is the price
When bitcoin goes over a million each, people will start viewing it as end all-be all of pricing. And as bitcoin gets really big, its price stops fluctuating so much. Bitcoin becomes the stable thing. (especially that at this point the fiats will be crashing / INFLATING)
So, bitcoin becomes the thing everything else gets priced in. Of course, at this point, a satoshi will not be an insignificant amount of wealth. So, things will be priced in satoshis, milli-satoshis, micro-satoshis and pico-satoshis. (which will all have their unique names, because people are like that)
What is weird about this, is that, bitcoin would be technically, not a money. No one is actually using sats to buy things. But, everyone is spending "sats", but really spending litecoin, or bitcoin cash, or doge…
To give a taste of "money" that is better, imagine a system of barter, where the person who made the item, also creates the money to buy the item. And that money circulates, until it gets back to the original person, and then gets set to null. Just like a chain of barter exchanges. (there is no "money" outside that chain, there was only exchange of goods. The "money" only existed to make exchanges easier)
With our current design of money, we have problems with hording, and having too little cash in the system, or just the local system. We have problems with very wealthy people manipulating prices; causing busts and booms just by their spending patterns. And then, we have money printing! We really need to stop that. (this can be derivatives)
So, the current bitcoin may come and go, without ever being truly money.
But, will that really matter to us?