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Help me respond to my banker dad’s theory about BTC.

Help me respond to my banker dad’s theory about BTC.

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In a long conversation about investing, me and my dad agree that Cryptocurrency will play a significant role in the future’s financial system. My dad acknowledges the power of the tech and has some fascination with smart contract platforms like ETH.

But..He argues against buying BTC specifically. His theory is that BTC is fundamentally similar to gold from an economics stand point, yes, but there is nothing specifically special about BTC in the Crypto ecosystem other than the fact that it’s got the first mover advantage. Apparently, BTC is popular only’s popular!

Gold is special in its use cases, as it plays a significant role in jewellery, manufacturing and areas that make it physically superior to other metals - But nothing actually makes BTC superior to other cryptocurrencies other than the large number of people that trust the network today. His view is that if BTC was replicated but with slightly better tech (for example, further decentralisation by making entry to mining easier/cheaper), the original BTC will lose in the long run. His view is that BTC is superior today but not tomorrow.


submitted by /u/TraditionalCoffee
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