Bitcoin Electronic Cash or a Collectible?

Bitcoin was designed to be peer-to-peer electronic cash*. It set out to be faster, cheaper and more reliable than sending any other currency around the world. However, in 2015, Bitcoin development was taken over by a group of people with a different vision.

Their vision was that Bitcoin should essentially be a collectible — something you hold onto whose price goes up forever. Following this vision, they allowed fees to rise and rise, until eventually peaking at $60 to make one transaction*.

Bitcoin was no longer electronic cash.