AskLeo - What's Bitcoin's Best Use Case?

I have started reading The Bitcoin Standard for a few days and although I haven't reached the chapters where the author is directly tackling Bitcoin, I'm pleased about the information offered in the book, especially for someone like myself who doesn't have a proper education on money.

One could say that the world leaders have learned from their predecessors past mistakes, but it seems sooner than later these are going to fall into the same mistakes.

Luckily we have Bitcoin this time around and this internet money will play an important role in the decades, if not centuries ahead. We can't say that Bitcoin has so far properly established its nature. It's neither a currency nor a store of value if you ask me...

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So, what's currently Bitcoin's best use case?

It is the fuck you money, the way I see it. It is that type of cash that Iran might be using to circumvent US sanctions, that folks like you and I have stored on some wallet somewhere, away from the governments eye, just in case one needs to flee the country.

It is also to be used as a currency, as El Salvador is proving to be doing for a while despite the IMFs calls against it, but first and foremost I see it as the fuck you money. I have been following the events regarding the freedom convoy from Canada for a while and after the gofundme saga, as soon as the foundation started accepting Bitcoin, funds started to pour in.

@asphalmiton has dedicated an entire post on how we can donate Bitcoin to this particular cause and someone had posted on twitter earlier today that there was already an anonymous donor who sent 2 BTC for this cause. That's is fuck you money if you aske me, because what these people are doing in Canada is an example of not giving a fuck anymore about repercussions.

They've come to a point where you either ride or die. I'm not looking much at Bitcoin from the perspective of becoming a currency, I believe there are others doing a better job, but I see it as a fifth ace in the pocket that can be taken out when necessary.

What about you, what do you think Bitcoin's best use case is right now?

Thanks for attention,
Adrian

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23 comments
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Great question and indeed Bitcoin is the money that can no one can touch. And we see more and more examples like that, you simply can't touch this!

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Bitcoin is proving A balance world, their are some amount of money you can’t have in banks but with btc you are save.

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I think Bitcoin's best use case is using it as a means of payment and transaction. It hasn't taken away the use of a middleman (bank) and making transactions faster and easier.

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well if i'm honest i think the only use is to buy altcoins.. i think bitcoin is garbage

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Use like that then

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No no.. you trying to hurry up and get me out of the way not talk about it.. no i can use other coins like that way better than bitcoin at it. why would i need bitcoin for that?

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Something similar happened when the government froze bank accounts during the #endsar protest in Nigeria which raised the publicity of bitcoin and cryptocurrency in Nigeria. The more the government resist the more people explore alternatives like bitcoin. So yes, I think this will be the norm in the coming years and decades to come, and hopefully people will start to look for other use cases for bitcoin and crypto in general which will lead to massive growth of the cryptoverse

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@acesontop
I think Bitcoin (or any digital currency) is a computer programming which has values and is use for trading (to get profit) and to transfer money from one place (or country) to other place (or country) without paying tax and without showing the income source and I think it will be use for same purpose in future.

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The best use of BTC in my opinion is the value reserve: no one can print BTC to a greater extent than the source code dictates. This value tends to zero so much so that the most BTC that will ever be in circulation has already been printed. Regarding payments, I don't think it is the best method but the development of lighting network is trying to make up for it, however we are far from the performance of other projects, such as SOLANA that is comparable to VISA (statements not mine but of Bank of America):

  • Visa processes an average of 1,700 transactions per second, but the network could handle roughly 24,000;
  • Bitcoin processes an average of 7 transactions per second, scalable with the lighting network solution;
  • Solana processes 65,000 transactions per second, its theoretical limit;
  • Hive, I haven't found a reliable source, but for Steem a few years ago they were talking about 100,000 TPS, plus commissions are free...

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I am done browsing the book. Thinking of digesting it by chapter before doing a review of the entire book. This is my way of educating myself with the basics. Your the second person I see here on Hive who appreciates The Bitcoin Standard by Saifedean Ammous. Blessings!

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