Can bitcoin survive as store of value if it does not have the expectation of continually increasing in price?
Can bitcoin survive as store of value if it does not have the expectation of continually increasing in price/value relative to the fiat/USD or in other words if bitcoin price stabilizes would the miners continue to operate the network and processes the transactions?
Ethereum, on the other hand, has function as a decentralized-distributed smart contract network and this being its main utility does not require the expectation of the price increase. It's the store of value property of the bitcoin that seems to require it.
If bitcoin's primary function is a Store of Value (SOV), then it's foolish to use or spend it, for transactions. Especially since it has a high cost to acquire it -- converting USD to it, moving it to a secure "wallet", etc. Therefore, I am not sure if bitcoin has any use for regular transactions and that its either a SOV or its nothing. And if SOV, since it doesn't earn any fees but has very high costs to maintain the network and would this require it to continually increase in value and faster than other assets for the premise to be valid.
Also then another issue is that -- the cost to secure the bitcoin value and the network -- should be directly correlated to its value or i.e. the higher the value, then the higher the cost to maintain it and if this doesn't come from transaction fees, then it needs to come from the ever expectation of price increase. Interesting conflict.
[link] [comments]