Doesn't bitcoin compete more with electronic money than it does with cash?
That it is person to person makes it like cash, but moving a dollar with bitcoin isn't quite as convenient as moving a dollar with cash, whereas moving $5000 with bitcoin is vaguely comparable to moving $5000 using a bank transfer (the value has to be present at the bank/in bitcoin, etc).
That it is person to person makes it like cash, but moving a dollar with bitcoin isn't quite as convenient as moving a dollar with cash, whereas moving $5000 with bitcoin is vaguely comparable to moving $5000 using a bank transfer (the value has to be present at the bank/in bitcoin, etc).