Bitcoin, the first and most well-known cryptocurrency, was created with the goal of becoming a decentralized, peer-to-peer electronic cash system.
While Bitcoin has made strides toward this goal, there is still a long way to go in terms of widespread adoption and acceptance as a currency.
Bitcoin’s Intended Purpose and Shortcomings
Bitcoin (BTC) was initially created to function as a decentralized peer-to-peer electronic cash system that would allow for secure, fast, and low-cost transactions without intermediaries like banks or other financial institutions.
However, despite some early adoption and merchant acceptance, BTC has yet to achieve widespread adoption as a currency. Many still view BTC as a speculative investment rather than a means of exchange, and its price volatility makes it difficult to use for day-to-day transactions.
Bitcoin maximalists argue that it is a store of value and a hedge against inflation, but…
