Cryptocurrency As Currency
Jack Dorsey, the CEO of Twitter, has said that he believes Bitcoin to become the native currency of the Internet. I don't think that is going to happen any time soon even if all the bugs and vulnerabilities in the Lightning Network get ironed out. Let me explain.
The functions of money are:
A) Medium of exchange
B) Measure of value
C) Store of value
Bitcoin is very strong at C if you take a long-term view. Most people who own Bitcoin tend to treat it predominantly as a store of value. Therefore, they are not likely to want to part from their BTC even if a second-layer solution like the Lightning Network will bring fees to practically zero. Despite Bitcoin's considerable network effect, most people will be more inclined to spend an altcoin instead.
The most obvious legal use case of cryptocurrency as a medium of exchange or currency is vice including gambling and paying for sex workers. That's because apart from physical cash all other payment methods are non-anonymous or cumbersome. The volatility of cryptocurrency can be a problem but that is easily sidestepped by using stablecoins.
P.S.
DPorn seems to have migrated from Steem to Hive. But the token price is in the gutter and there does not seem to be much development taking place. There seems to be content being created on a daily basis despite the market cap of the PORN Hive-Engine token being a paltry $2615, however.
