For something to become a medium of exchange, it must already be valued as a commodity (regression theorem). More to the point, for something to be widely used as a medium of exchange, it must already be widely valued as a commodity. Bitcoin arguably meets the condition of the regression theorem (a handful of techies valued it as a commodity originally: "digital jewelry" as they say), but it is definitely not widely valued as a commodity, nor is it likely to be (IMO), and so it has very limited potential as money.
If you want to demonstrate that bitcoin has the potential to become money in a meaningful sense (a widely excepted medium of exchange), then you need to make a case for how bitcoin becomes a widely accepted commodity.
Note: by "commodity" I mean simply a good, whether a producer or consumer good. Hwwever, since bitcoin cannot possibly be a producer good (one cannot make anything with bitcoin), bitcoin can only be a commodity in the sense of a consumer good (e.g. as "digital jewelry"). So, again, if you think bitcoin can become a widely accpted medium of exchange, you need to explain how it first becomes a widely accepted consumer good.
Content of posts and comments on the Daily Paul represent the opinions of the original posters, and are not endorsed, approved, or otherwise representative of the opinions of the Daily Paul, its