(September 7, 2021 at 8:50 am)░I░G░N░O░R░A░M░U░S ░ Wrote:(September 7, 2021 at 8:32 am)Foxaire Wrote: Unless they're willing to convert cash to crypto, it won't become a universal currency.
No govt in history has ever allowed a competing currency to coincide with the official govt currency.
The only reason that bitcoin is still in use is because the authorities don't consider it a thread. It's a mere speculative asset.
Winter, don't think for one second that bitcoin cannot be traced and/or confiscated.
Technically bitcoin isn't even currency. People can use it as a medium of exchange but people that hold bitcoin, don't have it to buy stuff. They have it as an investment which they believe will go up in value. A true govt currency MUST have a corresponding bond market (this gives the currency stability in price). Bitcoin will never have this status. Nor is it a coin, nor is it gold in color. It's a speculative asset. It will crash just like everything else before the end of the year and hold on to your hats because 2022 will be a doozie!
Bitcoin's transactions are public and can be viewed by everybody using the "blockchain"; but if a new address was generated by the user for every new payment; things will be private:
https://bitcoin.org/en/protect-your-privacy
In other words; if you used multiple wallets for different purposes, each transaction will be "isolated" in such a way that is not possible to associate them all together. People who send you cash cannot see what other Bitcoin addresses you own and what you do with them.
The commodity cryptocurrency backs is "electricity consumed by a computer in respects to the mining process". Computers that generate this electricity are made out of "gold-copper-plastic-glass-iron...etc"; that's your "raw; basic commodities behind cryptocurrency".
