this post was submitted on 05 Jul 2024
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Privacy
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You realize that Bitcoin is traceable, right? You kinda picked the wrong crypto to use as an example. Unless you’re completely in the Bitcoin system and never connect to any outside system or interact with anyone who interacts with an outside system or interact with anyone who interacts with someone who interacts with an outside system or so on (it’s not quite ad infinitum), you are most likely traceable. Tools like Chainalysis have been used by governments for almost a decade.
Your other points aren’t really valid if you ever want to convert Bitcoin to something that isn’t Bitcoin. I’m not aware of complete supply chains and grids that exist solely on Bitcoin (or any combination of crypto for that matter) so things like having control of your money, needing ID, and trusting centralized entities (sure, exchanges plural) are a huge part of Bitcoin.
A. I don't, I'd rather use Bitcoin for everything. Year after year, for fifteen years, that has gotten easier as the network has continued to grow and exchange rate stability has increased.
B. Then it would equally apply to Monero or any other cryptocurrency
Bitcoin lightning changes Bitcoin's whole privacy situation. Lightning transactions don't go on chain and confirm in under a second for pennies in fees.
I believe you mean a huge part of the existing banking system and markets. None of that is Bitcoin, Bitcoin can operate just fine without any of it.