Bitcoin has accomplished one thing that once would have been unthinkable back in its early days: it managed to establish a peer-to-peer monetary network on the internet that doesn't require a centralised entity to oversee it. But I sometimes question whether we are falling in love with Bitcoin simply on the strength of what it has done thus far.This raises another intriguing prospect that it won't be the value of Bitcoin or even its position as a rival to Fiat currencies that will matter most. It may be the ideas and infrastructure surrounding it that make the difference.
Just an important point to correct here as highlighted. Bitcoin isn't a rival to fiat neither is it here to replace the fiat currency but only serves as an alternative currency for those of us who value privacy and wants to be in custody of their money without having to deal with a middleman that has to grant permission through paperworks before access to funds can be approved.
charge of money? What makes digital goods limited?
The government is in charge of money, they can decide to print and seize at will if it means doing that could help them solve some short term issues.
It's common sense to know that what makes digital goods limited is rules which in other words embedded codes that limits supply, just as we have with some cryptocurrencies with limited supply. Example is bitcoin which is encoded to a limit of 21 million bitcoins in supply.
How much trust should we put into banks?
How could Bitcoin best change the long-term future?
Trust the bank or your CEX with such amount of funds that is your daily operational funds, and not a savings repository.
I think bitcoin is already changing how people view value in currency in the long term, which is why there has being much institutional and retail adoption of bitcoin as a long term investment asset. And this for the future looks bright for bitcoin ecosystem.