Econ major trying to understand the systems behind BTC and other cryptocurrencies, directed at the people here who genuinely believe in BTC as a currency to replace fiat. From what I understand regarding BTC, in order for a single transaction to be validated, the existing values on the chain need to verified first. This currently takes 10 minutes up to an hour (from what I could find out from a casual web search). Aside from this, a large number of posts on this sub are centered around HODLing (holding on to the coin, resisting attempts to exchange it for fiat). If everyone just holds on to their coins, how can you expect it to be taken seriously as an actual currency?
Full honesty, most of my interest in BTC as a genuine currency vanished when finding out that barely 7-10 transactions occur per second. How would small transactions like groceries, cab fare, tips even work in this system? And correct me if I am wrong, but wouldn't this problem exacerbate as more users enter the system?
BTC is just numbers, its not gold. Its rarity is manufactured, so no intrinsic value.
What's even the point? Why do you believe in it?
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