L et's discuss money! We all use it. We pay cash, tap cards, transfer money online, and save for the future. But we rarely stop to ask: What makes money work? When Bitcoin was launched in 2009, it promised to be the "future of money." It's advocates claimed it would replace banks, credit cards, and government currencies . Fifteen years later, that promise has collapsed. Bitcoin hasn't replaced the dollar or any national currency. Instead, it has become more like a speculative gambling chip. Why? It’s not just because of "volatility." For something to function as money in a modern economy, it must perform six essential jobs, and this article will prove you that Bitcoin fails at every single one of them. Job 1: Store Value (The "Savings" Test) The Job: If you put your life savings into money today, you need to be confident it will buy roughly the same amount (or more) of food and shelter over the next years. Bitcoin’s Failure: Bitcoin is not ...
I t was one of cryptocurrency's most powerful, emotional promises: "banking the unbanked" . No having a bank account limits financial opportunities, increases dependence on cash, and excludes people from global economic systems. The vision was simple. The 1.7 billion people worldwide without bank accounts would use their mobile phones to leapfrog traditional finance, finally entering the global economy . It was a noble goal. Also, promise to achieve it was a complete failure .