How can Bitcoin, or another cryptocurrency like Bitcoin, be a good currency when its market value is so volatile?

Welcome to our topic for Day 5 of Project [#]WOKE! We are presenting the case for "Why is Bitcoin, or a cryptocurrency similar to Bitcoin, better than the US dollar?" through a series of topics in this group. If you haven't read our previous days' topics, click on the links below to catch up.

Day 4: https://steemit.com/crypto/@cryptoautonomy/scarcity-of-bitcoin-day-4-prokect-woke
Day 3: https://steemit.com/crypto/@cryptoautonomy/bitcoin-is-better-than-gold-day-3-prokect-woke
Day 2: https://steemit.com/crypto/@cryptoautonomy/bitcoin-vs-gold-day-2-of-project-woke
Day 1: https://steemit.com/crypto/@cryptoautonomy/bitcoin-vs-u-s-dollar-project-woke

One of the properties of money or currency is that it must be a good store of value and maintain this value over time. To learn about the other properties of money, click here
Through our previous days' discussions, I hope that you understand by now, that this is a property that the US dollar no longer has. Does this property apply to Bitcoin?

"In December, Bitcoin went as high as $20,000 and this year alone, it went below $6,000. It is also not that easy to use. If I want to buy a $5 cup of coffee, I can't just spend 1 Bitcoin, because then that would be like paying $6000 for a $5 cup of coffee. Maybe you can try to buy a car with it, because that would be a bigger payment.

Another problem with Bitcoin is that there is no certainty as to its future value. You have no idea what Bitcoin is going to be worth 1 hour from now, 1 day from now, and 1 year from now. In order for something to be a good source of money, you need to be able to price products in it, negotiate contracts with it, to be able to borrow and lend it, buy insurance in it, and none of these things can ever be done with Bitcoin because nobody knows what, if anything, it will be worth in the future. Well, you can say all of these points are also true when it comes to fiat currency, because that too has lost value over time slowly. Eventually, fiat may collapse, but most people who transact in dollars or euros have complete confidence in their value. They may acknowledge that they will lose value slowly, but they accept that. You have all of the past history of use, and the social acceptance of it. Also, even though fiat currency is losing its value, its losing this value slow enough, that the market can still transact with it." - Peter Schiff, CEO of Euro Pacific Capital Inc:

"Bitcoin's current volatility would make it a very poor use of data, determining the future, and using it to base future transactions on. But, volatility is not necessarily an intrinsic value or characteristic of Bitcoin. Volatility happens as a result of the market trying to decide what its current value is, since Bitcoin is new and small. Over time, it will achieve stability. Stability, as a market asset, is earned with time. You cannot design something to be stable. While Bitcoin is definitely too volatile today, this problem is self correcting." - Peter Schiff, CEO of Shapeshift

Even Warren Buffet states that all stocks and asset classes improve over time. Why? Because as good companies and projects mature, they become more efficient, more innovative, and better at whatever they are doing, which is why their value not only increases but also stabilizes in time. Click here to read more about this

We have to remember that Bitcoin is different from everything that came before it. When it was first created in 2009, the amount of people that transacted with it could fit into a small hotel room. In addition, Bitcoin needs both unique hardware and software systems to exist as well as a unique network. The famous saying, "Rome wasn't built in a day," can also be true for Bitcoin. New York City also was not built over night.

Last summer, we went to Las Vegas for vacation. I'm still amazed how such a large city could exist in the middle of the dessert. But, what amazed me even more was when we travelled to Boulder City to see the Hoover Dam. The drive there was quite depressing because everything around you is just shades of brown. Your view consists of only rocks, sand, and a casinos. But once we got into Boulder City, I was shocked how green some parts of it were! There were neighborhoods with green lawns, bushes, trees, and flowers, and they even reminded of a typical suburban neighborhood in New Jersey. I later found out that an entire underground irrigation system was built throughout the city, and that is how they were able to have such lush plantlife in the middle of the desert, as well as running water. Because of this infrastructure that was built, businesses, people, and families could now live there and thrive.

In time, the infrastructure for Bitcoin and the rest of the cryptocurrency market will continue to grow, and it will attract more and more users, developers, applications, and corporations. (This is the #1 reason why, in our opinion, we choose to invest in projects that help to build up the infrastructure for the cryptocurrency and blockchain ecosystem to exist.) The more popular it becomes and the more people buy it, individual owners will have less power over the price of Bitcoin. This creates stability since more people will have a stake in the cryptocurrency.

"As Bitcoin and the cryptocurrency market see more government regulation, this will also help to calm down speculation and drive out the types of sketchy Bitcoin-related businesses that threaten to drag down the entire concept of cryptocurrencies." Click here to read more about this

With government regulation, there will also be more confidence in the market and more social acceptance as a whole for cryptocurrency. In addition, there are so many projects that are underway in making the process to invest in the cryptocurrency market much simpler. As this process also becomes easier to do, more and more people will enter the market. This will help to further stabilize it as well.

All of these events that I have mentioned that will reduce volatility are not that far off. If you have been a part of this Facebook group for a while, you know that this is true, since we do post the latest news about the crypto market often.

Bitcoin or a cryptocurrency similar to it, may not be able to be used as currency today, but it's only a matter of time before it can be. As this market continues to grow, it will also mature. The fact that you have read this post in its entirety or any other post in this group, is proof that this is happening. As more and more people learn about this market, have a better understanding of it, and invest in it, we get closer and closer to mass adoption.

[Knowledge is Power] + [Time is Money] = $ucce$$!!!

FOLLOW YOUR OWN RULES FOR INVESTING

Please, engage with us, it only takes a second to RESTEEM, UPVOTE, OR FOLLOW; and it may only take a second to change someone’s the world. Be the difference!

BEST ENDEAVORS!

OUR OTHER INTERESTING READS
HOW TO SPOT AND AVOID URL SCAMS OF CRYPTOCURRENCY EXCHANGES?
CRYPTOCURRENCY HAS A SECRET WEAPON
CRYPTO VS. U.S. DOLLAR: WHO BOUGHT MORE DRUGS?

Legal Disclaimer
All content found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or supplemental information, expressed or implied herein, are for, entertainment or educational purposes only and should not be construed as personal investment advice. We are not financial advisors. It is very important that you do your own research and due diligence as to make the best informed decision. Always DYOR = Do Your Own Research.