Bitcoin ramblings...
A Quick Note Before I Continue…
I LOVE Bitcoin! The idea of a decentralized, peer-to-peer currency resonates with me. You’re in control of your money. You don’t need to rely on a traditional bank — which, let’s face it, are shutting down branches left and right and only operate during the same hours you’re stuck at work. Want to withdraw a large sum of money? Be prepared for the third degree.
Okay, that might sound a little dramatic, but there have been legitimate reports — even people I know personally — of banks interrogating users over how and why they’re moving their own money around. The Guardian and other outlets have covered this trend.
So with Bitcoin, we won’t need banks anymore… right?
Bitcoin as Peer-to-Peer Money? I’m Not So Sure.
I remember watching a documentary not long after it came out: Banking on Bitcoin. It explored the mysterious origins of Bitcoin, Satoshi Nakamoto, early use cases (both famous and infamous), and the regulatory challenges digital currencies face.
I left that documentary full of optimism. Fast forward to 2019, and the bull run only fueled that optimism. Bitcoin and major crypto projects — even meme coins — were gaining momentum. People were FOMO’ing in, thinking they’d found the next gold rush.
But something changed. The Bitcoin narrative started to shift.
I knew what Bitcoin was meant to be: a decentralized, global currency. But suddenly the network was congested, transaction fees were skyrocketing, and the dream of using Bitcoin to buy a coffee seemed… ridiculous.
In April 2021, average Bitcoin transaction fees hit $62 — more than the cost of most meals.
— BitInfoCharts
If you’re paying more in fees than the product you’re buying, how can this be a viable digital currency?
Is Bitcoin the New Digital Gold?
The portable, decentralized nature of Bitcoin makes it a compelling store of value — often referred to as “digital gold.” And that comparison holds up in some ways: fixed supply, resistance to censorship, and a growing perception of safety during times of economic uncertainty.
But I can’t help thinking back to something Jack Dorsey said in 2021:
“Bitcoin changes everything… but if it’s only used as a store of value, it will fail.”
— Jack Dorsey, Bitcoin 2021 Conference
And I agree.
Bitcoin wasn’t created just to be HODL’ed. It was supposed to bank the unbanked, enable borderless payments, and reinvent how money works on the internet.
Bitcoin’s Future: Steady Investment or Fading Utility?
I’ve always been passionate about crypto and the potential it has to reshape global payments. And yes — Bitcoin will likely continue to offer steady (and maybe even impressive) investment returns.
But here’s the thing…
If Bitcoin becomes just another asset class, it risks losing the revolutionary spark that made it so exciting in the first place. Without real-world utility — without people using it — Bitcoin risks slowly fading into the background.
It won’t happen overnight. But without innovation, without evolution, and without a broader use case beyond storing wealth, I fear Bitcoin may eventually become a relic — a proof-of-concept for something greater that comes next.
TL;DR:
I love Bitcoin. I believe in what it stands for. But I’m starting to wonder if the original dream of peer-to-peer global money is slipping away in favor of digital gold and speculation.