This invention is much more transformative than a mere payment network for the Internet age.

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This is the last of a five-part series. Read here the first, second, third, and fourth parts.

Using Bitcoin today as a common currency is nonoptimal because transaction costs are too high. Price remains erratic, liquidity is insufficient, and, in many cases, throughput, confirmation times, and fees result in significant obstacles.

Technology will address usability by allowing for greater capacity and improved user experience. …

Or, can Bitcoin exist solely as a store of value?

Payment mechanism or digital store of value?

This is the fourth of a five-part series. Read here the first, second, and third parts.

The conflicting views of Bitcoin as primarily a SoV or a payment mechanism have existed since the beginning. Although one is entirely free to use Bitcoin just for payments and nothing else, someone still needs to provide the demand to hold it. …

So it can be more demanded and eventually become a natural medium of exchange.

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Can Bitcoin become a digital version of gold?

This is the third of a five-part series. Read here the first and second parts.

For Bitcoin to be perceived as a good SoV, the marketplace must understand and trust the soundness and resiliency of its value proposition as laid by the protocol’s core properties and rules. The immutability of its monetary policy (i.e., the hard cap of 21 million or 2.1 quadrillion satoshis) is a distinctive example of a protocol rule, along with its paramount (and paranoid) security and decentralization, all of which reinforce each other.

Solid protocol development means safeguarding these core properties through strict rule adherence. Developers, including core maintainers and other contributors, are part of this process and lead the technical implementation. However, developers alone do not, and should not, dictate the future of the protocol as users must play an essential role in molding and strengthening this ethos. …

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