Why Bitcoin cannot become a currency?
Money is a commodity that serves as a general equivalent, and a commodity is a labor product for exchange. Bitcoin is not a labor product, so it can never be a currency.
Currency symbols issued by the monetary authorities and used as commodities can be used as credit currency. This currency symbol, which is separated from the gold standard, can be used as a medium for commodity trading under the credit support of the monetary authority, but essentially people who use this kind of credit currency are tied up with the monetary authorities. Since the currency symbol separates from the natural currency such as gold, once the currency authority’s credit collapses, currency devaluation and rundown are inevitable.
In the digital currency transaction represented by Bitcoin, currency exchange, which is the exchange of currency symbols issued by monetary authorities and digital currencies, is the main factor, while the proportion of currency exchange is extremely low. This shows that most traders involved in digital currencies use the digital currency as a financing tool and speculative tool, either for money laundering or for arbitrage. After washing the money, the speculators would liquidate all shares and leave the market as soon as possible. Only very few idealists adhere to the ideals of being innocent, unrealistic, and contrary to the laws of economics, and persist in not cashing out. The existence of this kind of person just gives room for money laundering and speculative activities.