Is Bitcoin considered a strong currency?

I would say Bitcoin has both strengths and weakneses when it comes to being considered a strong currency. On one hand, it has a limited supply, capped at 21 million coins, which can help prevent inflation. This limited supply is attractive to investors who are looking for an asset that holds value over time.

Moreover, Bitcoin is decentralized, meaning its controllled by no single entity or government. This can lead to greater trust among users who are wary of traditional banking systems and governmental fluctuations. It's also highly secure, with transactions being cryptographically encrypted, making it difficult to hack or counterfeit.

However, there are significant challenges too. The price of Bitcoin is extreamly volatile, which makes it dificult for businesses and consumers to rely on it for daily transactions. Many price fluctuations can be influenced by market sentiment, news stories, and regulatory changes, creating a lot of unceratinty.

Additionally, transaction speeds and fees can be issues at times, especially during heavily congested times on the Bitcoin network. This can cause delays in transactions, which is not ideal for a currency used in everyday life.

Another point to consider is its legal status. In some countries, Bitcoin is not recognized as legal tender, which limits its acceptance and usage. This can affect its reputation and trust amoung the general public.
While Bitcoin has a lot of potential and certain unique features that could make it a strong currency, it is currently facing various challenges that hinder its stability and widespread adoption. Thus, I would say it has the potential to be a strong currency, but it still has a long way to go.

I often see people misinterpret Bitcoin. Its not a type of money, but more like a product, similar to gold, crude oil, or property that doesn't have any rent. Bitcoin is stored on a USB drive and doesn't generate any sort of revenue. In fact, you could compare it to a gold nugget buried in the ground; if you find it later, its value hasn't change since you first put it there.

You can think of Bitcoin as a digital item; it's kind of like an electronic design. It resembles a QR code, which might seem like just random black shapes to some but can be regarded as a complex and beautiful mathematical creation by others. Many individuals are even willing to trade this unique design for different items or services.

However, it's uncertain how long people will find this digital creation valuable, and that will rely on its stability over time. Stability in the crypto world is crucial for continued interest and value appreciation among users.

I always thought of bitcoin like a reflection for pulling individuals into cash flows. It's unclear to me which agencies are backing this whole system, but even someone like myself can see there's some kind of support behind it. Bitcoin only works when there are buyers; once it starts being sold off aggressively, it will just fail.
If it can't find a proper role as a usable asset, people will treat it like a discarded gadget. That's when it will truly face a downfall, and then folks will be flocking to invest in Ethereum and other useless coins.