I think it’s about more than just Store of Value and Means of Exchange

You will often see the debate about bitcoin being a store of value or a means of exchange, and which of those needs to come first, or which is more fundamental. But MoE and SoV are just qualities that sound money needs to have. They do not address competition between currencies.

I think the fallacy is the idea that you can successfully compete with the dollar by being “better” than the dollar in some way. But fiat currencies don’t compete on value or quality. Fiat currencies have value because citizens are forced to pay taxes with fiat, and this incentivized (forces) them to trade things of value for fiat dollars.

So IMO, any crypto has to have a use case that cannot be performed with fiat online. (I think for BCH, this is tipping.)

If you try to compete by being better than fiat on its own turf, you run into the “bad money drives good money off the market” problem.

One more thing- people often make the argument, “Why would you spend bitcoin when it could 10x next year?” But in the next breath, they say, “..and why would someone accept it when it might plunge?” I think the issue is basically that volatility adds an element of speculation to normal buying and selling. I actually don’t see that as a real problem- people will choose whatever is optimal for them, and the trade can still happen.