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How do you counter the argument that Bitcoin has no actual world utility and subsequently has no worth?

Been hit with this rather a lot these days and in search of some robust arguments in assist of BTC. Disclaimer I assist BTC and would like to see it overtake the USD as a reserve foreign money. A couple of factors that want flushed out/some crucial ideas on:

1. The limitations to “normies” stepping into BTC are too excessive. Your dad, grandma aren’t going to make use of BTC. Why would they? The training curve is simply too excessive and too international for non-technical individuals.
2. It’s too simple to lose all of your cash. Particularly individuals who worth comfort over safety.
3. No person accepts BTC they usually by no means will as a result of the value is simply too unstable.
4. International locations which have main inflation points and collapsing economies nonetheless do not see notable BTC adoption.
5. BTC as a reserve foreign money is a speculative gamble. If you wish to keep your spending energy spend money on US treasury payments as you’ll 100% get your a refund.

25 thoughts on “How do you counter the argument that Bitcoin has no actual world utility and subsequently has no worth?”

  1. BTC is highly technical product and it’s difficult for the average Joe to understand it. In a few decades, maybe even less, people will use blockchain technology products the way they use the email today.

    No one cares how the electricity comes to the house.

  2. It has a real world utility and that is as a store of value. Inflation is well-known and predictable. Whether it will function well as a store of value depends upon people believing it to do so or not. Time will tell.

  3. Air (at least the oxygenated kind) has infinite utility for us humans, but no value since it’s too abundant. People concerned that bitcoin has no utility or intrinsic value are overthinking things one way and underthinking things in another way, and will end up being last in line.

  4. 1. Same was true when the internet or cars where new. Technology improves over time and gets more accessible to more people. That will not just stop because some salty guy needs an argument against Bitcoin.
    2. See (1)
    3. Volatility will eventually die down, until then Bitcoin is convertible into virtually every existing currency on the planet, so if you want to pay with Bitcoin but the merchant wants to receive Dollars, that is not only possible, it’s already a reality
    4. That is because the dollar is still the better option for them since Bitcoin is still too volatile
    5. You get your money in dollars back and not the value you put in because inflation is higher than the small ass interest you get on treasury bills, but anyway have fun staying poor.

  5. Remember how long it took for everyone to get online. My household got internet installed in 1998 and we were the first in my family. It took a good five years before everyone else did. And that was just getting hooked up. I imagine the timeline could be doubled. Perhaps in 10 years people will be more comfortable with blockchain. Who the hell knows lol.

  6. Well, it was recently recognized as a commodity by the Feds, and anything that’s a commodity means it has a utility.

    As it’s value is influenced by global macroeconomic factors, rather than that of a specific nation, it can act as a means of hedging and store of value, especially for people in countries with poor economies. For example recently with Ukraine, those with Bitcoin/crypto were better off.

  7. Every hyperinflating currency atm. Individuals can’t easily trade out of their currency’s if their regime doesn’t allow it. But they can get BTC. It’s a liferaft if you leave your well governmented economical stable point of view.

  8. *1) The barriers to “normies” getting into BTC are too high. Your dad, grandma aren’t going to use BTC. Why would they? The learning curve is too high and too foreign for non-technical people.*

    If they have a modern phone you could set them up with a hot-wallet and send them a very small amount, help them send it back. Everything is difficult until you’re taught it. Tell them they’re clearly early and it will get easier over time.

    *2) It is too easy to lose all your money. Especially people who value convenience over security.*

    If you value convenience over security then you takes ya chances. If they can’t trust themselves to look after their own wealth then that’s a deeper question about that individual. If you give someone a gold bar they’ll pretty quickly work on a way to secure it or they tell people about it at the pub and lose it quicky; “a fool and his money are easily parted”. Remember too that you can use a lightening wallet for smaller transactions but keep the majority of your bitcoin cold and secured with a hardware wallet.

    *3) Nobody accepts BTC and they never will because the price is too volatile.*

    They need a longer time-frame, the price will be volatile for many years – if you can cope with the risk the rewards may be high. You don’t see many shops accepting gold as payment but that doesn’t mean it doesn’t store value over time.

    *4) Countries that have major inflation issues and collapsing economies still don’t see notable BTC adoption.*

    It’s not in a fiat-wielding government’s interest to use a deflationary asset. When there is a crisis they can’t ‘save the day’ with a quick cash injection, they all want re-election. This is a slow burn, as adoption increases amongst the people through them wanting a harder money eventually the government’s fiat won’t be able to compete.

    Sidenote, I noticed on [another post](https://www.reddit.com/r/Bitcoin/comments/zd5vnj/bitcoin_is_for_everyone/) that the [African Bitcoin conference](https://twitter.com/AfroBitcoinOrg) starts today.

    *5) BTC as a reserve currency is a speculative gamble. If you want to maintain your spending power invest in US treasury bills as you will 100% get your money back.*

    I’m trying to think of any asset that isn’t a speculative gamble. All the time that the USD is the world’s reserve currency this is the case but you won’t be getting 100% of your money back in the future due to inflation. I’m not saying BTC will beat USD for saving short/medium term but to my mind having a growing % of your portfolio in bitcoin is not a bad idea as the years go by (NFA!). Also, have them look up dollar milkshake theory.

    It’s often treated as an investment because it’s early days but if hyperbitcoinization happened you’d not want to be caught out trying to take profit in fiat on that last bull run.

  9. I did a transfer to a family member in a different country. On a Saturday. And it costed the equivalent of one penny (via lightning). And they received it instantly. That’s utility for me.

  10. btc has a lot of real world value in bypassing regulations, sanctions, and avoiding government freezing of assets. Although you’re still likely gonna need to skip the country b/c they can just take everything else if they don’t like you.

    If you’re not a shady character it can also help you decouple your own money from your country’s money if their money is suspect, like they’re entering hyper inflation etc.

  11. 1. So where credit cards but here we are
    2. Its not easy, it actually takes 2^256 guesses to lose all your money which if you know how large that number is you would understand
    3. Alot of people already accept BTC and it will grow to nearly 100% of all vendors accepting btc because it will enable more customers thus more profit
    4. Said countrys clearly arent very good with money and economics lol
    5. no you wont, $100 today is like $500 when I was a child, also BTC is not a gamble if you understand the technology

  12. The real utility is that it’s programmable scarcity. Scarcity will drive the price higher.
    As far as losing it all. Absolutely correct especially if you are careless with your seed phrase or private keys. But banks have been hacked, everyone has probably had a transaction that they didn’t authorize appear on their account statement.

    Bitcoin has been hacked 0 times. In all the years it’s been around no one has hijacked the blockchain. There is no “customer service” to call upon when you f up.

    Treasury bills? Try telling that to the people of Lebanon, they have had a government collapse and lost all the money, stocks, bonds, treasury bills, you name it, it’s worthless now.

    Bitcoin fixes this. It’s not the end all be all, I think you should own stocks, and diversify into a portfolio that resembles your expenses. But definitely it’s a safer bet if you know what you’re doing.

  13. I break it down to what bitcoin can do. Even if bitcoin wasn’t being used to trade internationally, it will always have value as a collectors item. Add on top the fact that you don’t have a centralized company like Topps able to make more than 21 million. Then add on top that you can send it cheaper than the USD. Then add on top the security without the need of a bank….you start to see the grand value of btc when you break it down to the fundamentals.


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