I am surprised to see so much enthusiasm for BTC. I guess Peter Schiff is not popular here either, but oh well.
My own concerns with it have to do with the "qualities" that make it bad as money:
1) People are (almost always) buying BTC because they want to sell it later at a higher price, which is not how people treat money.
2) Reason #1 makes the price of BTC extremely volatile, because it moves according to speculative impulses, which are very hard to predict.
3) Nothing is currently priced in BTC, but instead is priced in dollars with BTC equivalents.
4) Things can't generally be priced in BTC (can you imagine seeing a 0.000089 BTC price for a hot dog on a menu?).
5) BTC is just one of many cryptos, and there is really an infinite supply of crypto coins, when all other coins are taken into account.
6) BTC is dependent on a network of computers, which is a really fragile foundation in my opinion.
7) BTC is difficult for a normal person to use and store.
Money is supposed to be an instrument that stores the wealth gained by labor and trade, which can be reliably exchanged for goods at any point in the lifetime of the one who earned it. Bitcoins can be easily lost, and whoever buys them has no clue what they'll be worth in 1, 10, or 50 years.
The volatility, fragility and difficulty of use of BTC make it just plain bad money. Claiming that it will go up and up in the future has nothing to do with how good of a currency it is, and currency is what BTC was supposed to be in the first place. So it's price must be driven by something else other than its fittingness as a currency. If that's the case, it's extremely risky to hold.
Please research Aristotles arguments for good money it gives good insights.
1) Ppl consume mindlessly and unconsciously because money looses value rapidly
2) not really, over 4-5 years very easy to predict
3) This is an accounting issue and you can always try to price in btc
4) you can price in sats, very easy to do
5) network effects, there are not too many real projects if at all
6) everything depends on computers. Better how it is organized with btc than with banks
7) yes, steady improvements made.