In my opinion, and based on what I wrote in my previous posts, those who dismiss the Bitcoin fever as a typical speculative bubble, as experienced time and time again throughout history, are mistaken. The difference is that Bitcoin is a brilliant invention, the like of which the world hasn’t seen before. It’s a unique thing, which means the outcome cannot be predicted.
In my previous post I summarized why Bitcoin can theoretically be used as a means of payment. However, I only mentioned the minimum conditions that it needs to satisfy. That in itself is not sufficient for Bitcoin to replace, if only partially, the tenders currently used. After all, why would anyone switch to Bitcoin, if it does not offer any advantage over money, which is tried and tested? It needs to offer some benefits that traditional money doesn’t.