Bitcoin might be suitable for developing countries, but not for the developed world

[Firefly]

Because the authorities have control over all of our assets. In the event of a fraud or a crime they can freeze them even confiscate them.

But noone has that control over your bitcoin, for better or worse

Again, it seems the primary use of bitcoin is to facilitate fraudulent activity.

For a normal, law abiding citizen, I cannot for the life of me see how it is practical or feasible to use Bitcoin as a store of value and to pass this asset on to my next of kin. It's just not fit for purpose.

 

[ant dee]

Again, it seems the primary use of bitcoin is to facilitate fraudulent activity.

For a normal, law abiding citizen, I cannot for the life of me see how it is practical or feasible to use Bitcoin as a store of value and to pass this asset on to my next of kin. It's just not fit for purpose.

For a privileged, law abiding citizen, living in a first world country like us, bitcoin doesn't offer much at all. I agree with you there!
Are we at the 'normal people' bracket though, taking the whole world into account? Is it too far fetched that someone would want to protect his hard earned money from corrupt authorities?

 

[Firefly]

For a privileged, law abiding citizen, living in a first world country like us, bitcoin doesn't offer much at all. I agree with you there!

The first world holds the vast majority of the world's wealth and completes the most transactions by value and volume. If a currency is not fit for this market then it really is very niche indeed. Which means it's for those trying to hide their (illegal) transactions where proper financial markets are not available.

We have discussed illegal activity already and this is what most transactions of Bitcoin comprise (except those buying in the hope they can sell to someone else for a profit).

The other group - let's call them the World's Poor who live in 3rd world countries and cannot even open a bank account. Bitcoin sounds like a good option from a technical perspective, but as they don't have enough money to attract a conventional bank to open an account for them, they are hardly going to start buying anything much with Bitcoins are they? Remember, they are poor afterall..

Is it too far fetched that someone would want to protect his hard earned money from corrupt authorities?

As above - you'll find that most people who live in corrupt authorities are pretty poor. Bitcoin may offer them a way to move the little money they have but it's probably not going to be much use to them as they cannot leave themselves! See that poor soldier trying to escape from North Korean recently?