All currencies are in essence a form of debt and a promise to fulfill such dept. They are an IOU (i owe you) based on trust that the issuer (i.e a government) upon presentation of such IOU's will fullfil its obligation. Without absolute trust this system wouldn't have worked.
Even gift cards from companies such as Amazon,Apple etc can be used as currency. They represent an IOU from the company , for the value written on them. "I owe you items or services valued $100"
So , for a currency you need :
An entity that issues and guarantees the currency (because it is an IOU, a form of debt)
Trust (the absolute certainty that the IOU will be made whole)
Bitcoin and cryptos in general, don't have either. There is no entity that guarantees its value and even those that supposedly "exchange" them , can't be trusted. Even butters themselves admit "not your keys , not your coins" , that exchanges can't be trusted and to move your coins out of them.
Of course as money , someone can succesfully use items that have intrinsic value (without the need of an issuer). I.e : gold , a mobile phone , a watch , a bike , a dozen of eggs e.t.c But we all know that cryptos have no intrinsic value. They are not items that have some practical use.
A last point that i want to make :
When the first forks of bitcoin started to appear and the first alternative coins were created. I was puzzled as to whether bitcoin will continue to be relevant , since all those new forks/coins were faster , cheaper (lower transaction fees) and with more features.
If for any item that we use , someone invents a better version , it will eventually be adopted. I.e a CPU that is faster than the ones before. A faster wifi protocol or cellular network. A monitor/T.V with better picture quality. A car that is more fuel efficient or faster or more secure. You name it . Whatever improves in any way on any item that we use.
Why this didn't happen with bitcoin ? All those alternative forks/coins improved on bitcoin in every imaginable way. Why didn't they get adopted instead of bitcoin ?
After all these years i have my answer :
Because this happens to items that we actually use. And this didn't happen with bitcoin exactly because it proved useless. Almost no one is actually using bitcoin as currency. No one cares . And no one will ever care to use it as such. And 15 years of existence also prove this uselessness. An improved version of something that is useless , is still an improved version of nothing.
Hypothetically , if cryptos/blockchain were to somehow be proven useful and got adopted , then bitcoin wouldn't anymore be relevant. And it would only be remembered as the pioneer that opened the way. As we remember the first nokia phones or dial-up internet e.t.c
Adoption is not imminent. Adoption never happened in the first place. It already failed.
It found is usefulness with shady and crooked people and entities. Those exchanges (that even butters say that are not to be trusted) , Tether , Saylor e.t.c Bitcoin is still relevant because it is useful to them. It helps them to sell the narrative and attract new people to their online casinos , to their money laundering schemes , to their pig butchering and rugpull scams . The billions they make every year come from those gullible people they manage to attract.
Not a currency, not a store of value , only a useful tool to those nefarious entities.
