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Comment Re:What do you want to be ? (Score 3, Informative) 104

An example of when that was a problem was when banks imposed a bank deposit levy in Cyrpus in 2012.

https://en.wikipedia.org/wiki/2012%E2%80%9313_Cypriot_financial_crisis

Another example is when you sell something online and ship the item and the buyer used a stolen credit card or the buyer called their credit card company and asks for a chargeback.

Comment Re:What do you want to be ? (Score 1) 104

Bitcoin is not a company or a sentient being so it's not trying to be anything. It's a platform for storing value and transferring value. How people use it is up to those people. Your question is like asking, Is the Internet trying to be a currency, or an investment scheme. Or is the internet trying to be a library, or a card catalog.

Bitcoin is a limited resource. Only 21 million bitcoins will ever exist. So, some people see that and think that there is a potential that a significant number of people(significant amount of value) will use it to transfer and to store value. If that happens, than the price of bitcoin will go up. So they buy some as an investment. It can also be used as a currency to transfer value. In some cases, the value of a bitcoin doesn't matter when it comes to transfer value. Let's say I want to buy a product listed at $100 USD on Overstock. I could buy a $100 worth of bitcoin and then purchases the item. Overstock than can immediately convert those bitcoins into $100 USD. The value of a bitcoin doesn't matter in this case. Even if it fluctuates wildly. You're probably think, "Great. Why won't I just use a credit card?". Great question. There are a number of answers to this. One use case, imagine I'm a US company and I ship worldwide. A customer wants to buy $5000 of product. I ship the product. They contact their credit card company and say it was a fraudulent charge and they issue a chargeback. My company is out of $5000 and there is not much recourse. Do you know of any payment options where the risk of chargeback is not present? The only one that I know is bitcoin(and other cryptocurrencies).

 

Comment Re:How can a currency be an investment"? (Score 1) 104

Does PayPal provide a service? If so, doesn't it reason that Bitcoin provides a service?

The two obvious services that bitcoin provides are the ability to transfer value and to store value. Venezuela's currency is experiencing hyper inflation. If I lived in that country, I would be trying to convert from holding value in that currency to something else.

The Internet

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