It's a matter of fashion. Right now, bitcoin is new, shiny, and fashionable.
It won't last.
I predict that in a year, we won't hear about bitcoins anymore.
In the event of a societal collapse so great that no money is usable, it's pretty hard to imagine people caring about Bitcoin. There might not even be power in this weird Mad Max scenario. They'd probably want to barter for goods.
There is also one more scenario. The moment you have bulk of the bitcoin money in the hands of the 0.01% or even the 1%(Thanks to mining) people- The remainder 99.whatever% people can simply call it quits, refuse to trade in bitcoins and start their own currency. What will follow is obvious, the rich people and their whole enterprise can end up being worth 0.
To prevent it they will be forced to do call in the national armies, use lethal violence to force their currencies on people and keep order. Then establish central banks to control the supply of currency. Or in other words convert bitcoin to fiat money.
Mining has already created an incentive for people to in a way make money without any productive activity or trade, but through ledger keeping. It will be hard to convince people in the future to start skint poor in an economic system where there are 1% rich people who made all their money through non productive enterprise. And expect them to continue to suffer through it.
You know what's the most painful thing? If (I'd say when) years go by and Bitcoin value is a significant multiple of what it is today... Much like those who lost their wallets in 2011-2012-2013, most probably it will be haunting
So... you'll have miners who have sunk huge investments into powerful computers who are unhappy to see their investments become worthless, and who have the computer power to force high transaction fees onto Bitcoin users. That'll certainly be interesting to watch.
Somebody is going to lose big time. The question is whether Bitcoin as a currency will survive in the fallout.
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