Thread by @manansmehta5

I've been thinking about this for a while.

Is there a way we get around the fact that Bitcoin DOES NOT work in isolation? Bitcoin is (and probably always will be) valued in terms of another currency.

#Bitcoin #Crypto #Blockchain

1/n

So you have an alternative to Gold - great! But is that all that Bitcoin can be?

Bitcoin does not seem like it can ever be used as a medium of exchange. For multiple reasons:

2/n

1. Governments are unlikely to allow this.
2. How do you value something in Bitcoin terms if the value keeps fluctuating? A currency needs to be stable(ish)

3/n

If Bitcoin cannot be used for payments, is it's value only because it has a limited supply?

4/n

Layer 2 will probably make speed faster - but can it act to stabilize Bitcoin prices?

Also, stable Bitcoin prices probably beat it's purpose anyway.

And if Bitcoin is inherently deflationary, how does anyone decide pricing ever?

5/n

Just some random thoughts on Bitcoin in isolation. Blockchain as a whole is definitely the way to go.

But whether Bitcoin has any value other than it's limited supply is up for debate.

6/n

I'm sure I'm missing something here. Waiting for people to point out the flaws in my thinking 🤔

Ps - Don't @ me. Bitcoin is a major portion of my crypto porfolio :)

Fin.