Fidelity Digital Assets is seeking to rebut the notion that Bitcoin has failed as a means of payment. The firm took on six “persistent” criticisms, including Bitcoin’s volatility, environmental wastefulness and use in illicit activities.
While Bitcoin is outperformed by conventional payment rails like Visa, Mastercard and PayPal, Fidelity argues that the leading cryptocurrency has been designed with other priorities in mind, including “perfect scarcity.”
Bitcoin’s limitations mean that everyday use is not necessarily the end goal for the asset. As well as price volatility, Bitcoin’s tax definition as property in some jurisdictions renders it impractical for many payments.
Fidelity claims that users should be aware that the coin’s design has prioritized aspects such as decentralization, finite supply and immutable settlement.
Related to payments, Fidelity tackles the criticism that Bitcoin’s extreme volatility compromises its use as a store of value. Fidelity claims the volatility is the price paid for an “intervention resistant market.”
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