Bitcoin as Digital Gold and Payment System: Analysis of Shortcomings and Criticisms

A recent critical analysis challenges Bitcoin's dual narrative as both "digital gold" and a viable payment network. Critics argue that Bitcoin's primary value proposition as a store of value, similar to physical gold, remains unproven over the long term, especially given its extreme volatility. Simultaneously, its utility for everyday transactions is questioned due to network limitations. Issues such as slower transaction processing times and higher fees compared to modern payment rails or other cryptocurrencies hinder its adoption for daily payments. This perspective suggests that Bitcoin may be falling short of its ambitious goals to revolutionize both the store of value and payments sectors, facing significant scalability and perception hurdles. The debate continues on whether Bitcoin will evolve to address these critiques or solidify a more niche role in the financial ecosystem.