the real estate was a store of wealth........ until 2007/8
That's not really a valid comparison. Real estate could never be classed as currency.
and people wont b delighted to sell coffee a new car or a house if accepting that payment is:
higher than fiat
involves using a service that is the same counterparty authorisation control as fiat
I have already acknowledged that there are technical challenges before we get there. I'm talking about whether that original purpose of Bitcoin still exists.
many are already asking why buy bitcoin to buy coffee and the retailer just converts it back to fiat.
bitcoin has lost its utility.
Obviously, noone would buy Bitcoin just to buy a coffee. Again this is about the future, the theoretical ideal. The point is to buy Bitcoin with however much fiat you can and then spend that as and when. Holding the Bitcoin shields you from the devaluation of fiat. Same from the retailer's point of view, they would only need to convert to pay taxes.
.. as for the first part of your post to the other person.
just making a currency that people love is not enough. millions of people love the euro because they can USE IT in many countries without needing to exchange it when going from lets say france to belgium to germany. but this does not mean the euro has toppled america, or africa, or china or australia. because those governments have laws.
its not citizens just using a currency that changes things. its the laws. and governments will not simply rip up legal tender laws
It's nothing to do with loving the currency, it's about having a currency nobody has the power to systematically devalue. The EUR is just as bad as the USD from that perspective so there would be no reason for anyone outside of a country where it is legal tender to use it. Bitcoin or something similar does have an advantage over whatever the local fiat currency is and as of yet, there is no law prohibiting its use in most countries.
