OK, serious question - how is bitcoin any different than a foreign currency, since they're all valued in dollars?
I get your point about banks maybe using it, but it's still valued in dollars.
Edumacate me.
Not that you asked for my opinion which is admittedly not an investment sector that I have spent an absorbent amount of time on, but I did buy into 'ethereum' a little over a year ago which is my only crypto investment.....but because they say they are more blockchain focused and industry leaders compared to Bitcoin and my trading experience insights show that companies must have growth flexibility to become explosive.
Meaning how adaptive is the company to maximize growth opportunities is the core question because we all know, especially when it comes to technical markets that trends and technology are constantly churning, changing the way we live.
For example think of Google and Apple, two giants today but Google started as a search engine but adapted to a innovative social media tech company while other search engines who didn't adapt like Ask Jeeves died. Apple if I remember correctly was a personal computer company that got destroyed by Microsoft, so much that Jobs became massively depressed. Apple adapted to cell phone technology and cloud service and from that became the monster that it is today, seen as an innovative tech company.
Anyway my concern for Bitcoin is because from my understanding is it's a black box built by some Japanese dude who forbids in its creation for any adjustments therefore basically eliminating the ability for it to adapt. 'Ethereum' supposedly can adapt based on how the blockchain develops which is supposedly the big technical instrument of the crypto wet dream.
Bitcoin supposedly has a capacity of handling four transactions at once which is ridiculously small. It also is supposedly built that it takes ten minutes for a transaction to be validated (that's the mining process) meaning if you ever buy something with Bitcoin, the transaction will take you ten minutes the fastest.
Compare that to a Visa card. Visa can validate 60,000 transactions per second so.... that's the comparison argument. Who is going to want to use a payment system that is as slow to process as Bitcoin was designed to be?
Other things from an investment consideration is the ownership of Bitcoin is weighted much heavier than others. Meaning the creator of Bitcoin is a monster share owner and if he dies, it will likely create a massive volatile panic based on how his shares are allocated.
Lastly security in Bitcoin or blockchain overall is non existent. It cannot go backwards so, say someone steals your account and makes purchases there's no way for you to be reconciled. Again compared to our credit system and financial system, those systems can correct fraudulent account activity whereas blockchain and crypto doesn't have that capability. Bitcoin again cannot adapt for security. Anyway this was one of the key reasons why some many people who bought NFTS got ripped off with no ability to recover....it's also why there's a large 'crypto scam' belief.
Again I don't know enough to prevent scamming or theft but I do know that Bitcoin was designed to not be altered so, there is no ability to adapt the product. That inability is what keeps me from investing heavily or from believing the selling points of it.
But like everything, I could be wrong.
I also am aware that hype investments can see explosive, exuberant growth like it has seen from its origin. Meaning I don't have any clue on how high it will go from a forecasting methodology. I just feel much more confident that it won't move to being the primary used financial currency because of its design issues.