Is Bitcoin (BTC) the Pharoah’s Money that Dies With You?

Peter Schiff:  Bitcoin isn’t a hard money alternative to the dollar or any fiat currency. Bitcoin is neither hard, nor money. It’s a digit token that people collect and trade. Bitcoin’s only value is the belief that it will make you rich. In the end those Bitcoin collections will be worthless!

Community Reaction:

Scotia:  The thing I hate about bitcoin and all crypto honestly is it’s Pharoah’s money. When you die, chances are your bitcoin or crypto is gonna die with you. Unless you leave your keys behind or pass phrase. But if you give a family member your keys it’s trustless. So, stealing is easy.

This means in 2-3 generations. Bitcoin will probably be burned down to non-existence. So in a sense Peter is right that it’s going to 0 someday. All crypto are. Unless, they are centralized which nobody wants cause at that point it’s like fiat only some kind of Orwellian hellscape.

Larson Farms:  Why would people with bitcoin not setup inheritance? Surely in the coming decade there will be services, companies, wallets, and products that do just that.

Sage:  Do you understand what the bitcoin network does? What you see trading is simply the face of bitcoin. Its network is getting implemented with the largest companies in the world thanks to Strike. You won’t even notice using it the next time you make a purchase online.

John Malkovinchy:  Bitcoin is not just a currency, commodity, asset, investment. It’s an entire monetary system. As they say: “it’s hard to make someone realize something, when their livelihood depends on them not realizing it.” We understand Peter. You’re wrong though.

Uncle Shark Crypto (Ninci):  It’s literally currency in three countries.

Thedepthstar:  My issue with Bitcoin isn’t that it *could* theoretically be money one day, it just doesn’t compete with the Eurodollar system as it exists today. You know anyone getting a mortgage written in bitcoin? We don’t know what the value will be, so how do we calculate payments?

My thesis is that the more you try to replace banks/governments, the more resistance crypto will face, and the more probable a centralized digital currency becomes. That’s my main fear, is a government controlled and mandated blockchain.

Latina Satoshi:  To me Bitcoin is a hedge against inflation on the long term. It wasn’t created to make you rich.

Halmagean Daniel:  Holding Bitcoin made me rich and poor several times over. And yet, Bitcoin never made this promise! The promise is the protocol, the code that is written! The promise has been kept so far!