darejanit on Nostr: Bitcoin lost its purpose when it became a commodity, with people exchanging it for ...

Bitcoin lost its purpose when it became a commodity, with people exchanging it for fiat currency, rather than becoming the sovereign currency Satoshi envisioned. Satoshi made one key mistake: assuming that people would trust each other. Instead, people placed their trust in the Bitcoin protocol, not in individuals. This shift turned Bitcoin into a commodity that people hoard, primarily to trade for government-controlled fiat currencies like the dollar. Since Bitcoin lacks intrinsic value, unlike gold or even something like potatoes, it remains vulnerable to collapse at the whims of the governments controlling fiat currencies.

#bitcoin
#satoshi
#fiat
#currency
#commodity
#crypto