For now, many people are focusing on the price to get the profits. They have not used the uses that already exist in Bitcoin because of regulations issued by the government. They are better off sticking with Bitcoin as an investment first.
If they can profit from Bitcoin, they can improve their economy. After that, they will see the true use of Bitcoin after studying it for some time. Bitcoin is still a good tool for transactions but can only be used partially due to regulatory constraints.
We use Bitcoin as an investment and get a profit first. And when the time comes to use Bitcoin as a means of payment, we are ready to do it. Even though we can now use Bitcoin as a means of payment, there are still many of us who want to keep Bitcoin as an investment. And that's okay.
Topic: Bitcoin as a peer to peer method less popular than as an investment (Read 429 times)
November 15, 2023, 10:35:35 PM
November 15, 2023, 07:22:43 PM
I was thinking about this, and realized that Bitcoin on-chain peer to peer works great for transferring large amounts of money.
If you plan to use a bank to transfer a lot of money, it is really inconvenient and it takes forever to send the funds internationally.
With Bitcoin though, you just need a few minutes and you can transfer any amount, anywhere in the world.
Yes, to pay for a coffee you would probably use a different method, like lightning for example. In the same way that you wouldn't make a bank transfer to pay for your coffee with fiat and use a card instead.
If you plan to use a bank to transfer a lot of money, it is really inconvenient and it takes forever to send the funds internationally.
With Bitcoin though, you just need a few minutes and you can transfer any amount, anywhere in the world.
Yes, to pay for a coffee you would probably use a different method, like lightning for example. In the same way that you wouldn't make a bank transfer to pay for your coffee with fiat and use a card instead.
November 15, 2023, 05:43:26 PM
It's not as "less popular" as a peer 2 peer payment system as it is an investment. It's just that when you're a newbie, or perhaps someone on the crypto scene looking to earn as much money as possible, the logical course of action is to use bitcoin as a way to earn money rather than to use it as a way to transfer money from one person to another. Just picture this, how many times in a day are you required to transfer money to a friend from a different part of the planet? Anyone who says they need to do that shit everyday is generally lying.
It's not "less popular" per se, it's just that the situation and the necessities of the people who use bitcoin on a daily basis do not call for the usage of its peer 2 peer aspect more than the investment aspect.
It's not "less popular" per se, it's just that the situation and the necessities of the people who use bitcoin on a daily basis do not call for the usage of its peer 2 peer aspect more than the investment aspect.
November 15, 2023, 04:39:05 PM
I think btc as a peer to peer method isn’t all lost to the world
I see a lot of people integrating btc into their everyday lives even going as much as adding it as a possible payment method in their businesses btc offers multiple and various benefits to us there’s nothing wrong to make use of all of it
I see no harm in promoting btc as an investment as long as they understand the fundamental concept of btc and that is to transact without any third party
I see a lot of people integrating btc into their everyday lives even going as much as adding it as a possible payment method in their businesses btc offers multiple and various benefits to us there’s nothing wrong to make use of all of it
I see no harm in promoting btc as an investment as long as they understand the fundamental concept of btc and that is to transact without any third party
November 15, 2023, 04:20:22 PM
When I first stumbled upon Bitcoin, I was told that if you buy Now you would make more in the future. I got hooked without even knowing its uses and why it was created.
The limited supply of Bitcoin like land has made it turn to an investment opportunity with many not even knowing why it was created and market its meant to satisfy.
Bitcoin, according to the white paper is a peer to peer payment method. It serves as money with no third party or central body involved. Currently, it hasn't fully meant the criteria of money due to certain limitations but it has helped one become their own Bank. Not to mention, Created more uses than satoshi anticipated.
Don't get me wrong I'm not saying it as an investment is bad since it has helped in increasing the community but many people have become so concerned about its price and have forgotten it's inherent uses.
There's nothing we can do if most or majority of people are really that minding much about its investment opportunity on which it is really that something that could really benefit out people to engage with it.The limited supply of Bitcoin like land has made it turn to an investment opportunity with many not even knowing why it was created and market its meant to satisfy.
Bitcoin, according to the white paper is a peer to peer payment method. It serves as money with no third party or central body involved. Currently, it hasn't fully meant the criteria of money due to certain limitations but it has helped one become their own Bank. Not to mention, Created more uses than satoshi anticipated.
Don't get me wrong I'm not saying it as an investment is bad since it has helped in increasing the community but many people have become so concerned about its price and have forgotten it's inherent uses.
Of course there would be those people who do really that totally impressed about its utility and this is why they do make out such engagement but still cant really be denied that when it comes to investment
talks then those people who do appreciate its utility would really be also considering on making some holds since they do know that they could really be able to have such opportunity.
Just leave it that way because no matter how someone would be forcing about giving important into its utility which it would be normal that people would be focusing
that much about into its investment opportunity or approach on things.
So what if we would be having this way? Even if we do speak on altcoins on which we do still highly doubt that majority of people do give out importance
about its utility. We are always minding about 10x,100x,1000x.
November 15, 2023, 04:13:28 PM
When I first stumbled upon Bitcoin, I was told that if you buy Now you would make more in the future. I got hooked without even knowing its uses and why it was created.
Bitcoin is very difficult for new people particularly the ones that don't have background knowledge of computer and some other related info about bitcoin. But since bitcoin rise in value after some time and people loves to hear things like profits, they use that to draw their attention sometimes which is not bad. We can't deny that bitcoin does give quality return but it's also risky at the same time.
Quote
The limited supply of Bitcoin like land has made it turn to an investment opportunity with many not even knowing why it was created and market its meant to satisfy.
Bitcoin has limited supply of 21 millions and 19.5 is already in circulation, and the rest will be unlock through continues mining, this is why bitcoin is special but land doesn't have limited, they only appreciate when you by them in a location where people want to live. If you should buy land anywhere, it might be there for 20 years without any appreciations.
Quote
Bitcoin, according to the white paper is a peer to peer payment method. It serves as money with no third party or central body involved. Currently, it hasn't fully meant the criteria of money due to certain limitations but it has helped one become their own Bank. Not to mention, Created more uses than satoshi anticipated.
Don't get me wrong I'm not saying it as an investment is bad since it has helped in increasing the community but many people have become so concerned about its price and have forgotten it's inherent uses.
Don't get me wrong I'm not saying it as an investment is bad since it has helped in increasing the community but many people have become so concerned about its price and have forgotten it's inherent uses.
I don't think there is anywhere in bitcoin white paper that says bitcoin is money but I know that it can be use to transfer value if you wish to do so and peer to peer has long been happening before centralized exchanges where born to crypto. It's just that, bitcoin is already bigger than what Satoshi himself dream about, there is more dream on dream of Satoshi that we are seeing everytime through the growth and adoption.
November 15, 2023, 03:45:48 PM
Don't get me wrong I'm not saying it as an investment is bad since it has helped in increasing the community but many people have become so concerned about its price and have forgotten it's inherent uses.
No, I didn't get you wrong because you are right. I'd say that 90% of people use bitcoin for investment purposes and they rarely know its major advantages. Not many people use bitcoin because of its decentralization, p2p payments and improved privacy. I dare to say that people don't know this side of coin, they only think about profits because it was some cents in 2010 and rose up to 70K. Now, everyone is focused on price and the popularity with reserves of centralized exchanges is a good proof to back up my argument. Even better is Monero. I have been saying since 2016 that Monero will be the next bitcoin because it has so many advantages in every aspect but it's still not so popular. My conclusion is that people care about investments instead of benefits that they can achieve from it besides finances. 
November 15, 2023, 03:39:47 PM
I agree with you that a lot of people are now focused on the profit bitcoin offers and forgetting the core purpose of bitcoin which serves as a decentralized digital currency but since it is very volatile, people are already capitalizing on the volatility and focusing on making profits but I also think one major reason why people are still holding strong to bitcoin is the possibility of making more risk free profits from bitcoin and from my opinion, if you take away the volatility, a lot of people wouldn’t still be holding bitcoin
November 15, 2023, 01:30:04 PM
but many people have become so concerned about its price and have forgotten it's inherent uses.
I don’t think a lot of people have forgotten about it’s inherent use as you presume but, what we have is more of a leveraging of the opportunity at hand with the absence of means to usage as a purchasing power.It’s only right and serves more that Bitcoin should accord itself more uses than its initial idea but, all remains in line with a more broad usage following its limited nature.
November 15, 2023, 08:58:53 AM
Even Satoshi itself agree if Bitcoin can be viewed as a commodity, so @OP what are you looking for? if you think Bitcoin should be used as a currency, start by yourself by purchasing foods where you need to spend your money regularly.
It's not make sense asking other people to use it as a currency when you're not do that.
It's not make sense asking other people to use it as a currency when you're not do that.
Bitcoins have no dividend or potential future dividend, therefore not like a stock.
More like a collectible or commodity.
More like a collectible or commodity.
November 15, 2023, 08:13:07 AM
If you think about it, it makes sense.
Bitcoin makes you think with a long term mentality, you should save more than what you are spending. That's a big change from the "spend now, pay later" mentality of fiat.
This means that sending peer-to-peer Bitcoin (spending) should be less popular than investment (saving).
Bitcoin makes you think with a long term mentality, you should save more than what you are spending. That's a big change from the "spend now, pay later" mentality of fiat.
This means that sending peer-to-peer Bitcoin (spending) should be less popular than investment (saving).
Bitcoin doesn't make you think long term. It's your mindset and choice that makes you want to leave your Bitcoin for the long term. Just the way you feel like HODL there are persons that prefer day to day trading because they feel that is the fastest way to get profit.
Both peer-peer Bitcoin and investment should both be giving equal attention. Different features but one system. It is Bitcoin that should be giving more popularity and not the feature itself.
November 15, 2023, 07:26:55 AM
How about considering Bitcoin as a financial literacy tool rather than an asset or tech? Imagine Bitcoin as a portal to finance, economics, and technological education. It's a gateway to understanding money's history, worth, and future. This way, Bitcoin's fluctuating prices and investment hype become part of a larger, more meaningful conversation.
Being your own bank? Very powerful idea. While it's not flawless and has hitches to work out, it gives you control and independence. Like learning to drive, it's all about the thrill at first, but you gradually understand the freedom and responsibility.
Right now, Bitcoin's dual role and its basic purpose must be balanced against the allure of investment returns. How do we preserve Satoshi's vision in our fast-paced, price-focused world
Being your own bank? Very powerful idea. While it's not flawless and has hitches to work out, it gives you control and independence. Like learning to drive, it's all about the thrill at first, but you gradually understand the freedom and responsibility.
Right now, Bitcoin's dual role and its basic purpose must be balanced against the allure of investment returns. How do we preserve Satoshi's vision in our fast-paced, price-focused world
November 15, 2023, 06:21:25 AM
Whatever you want with Bitcoin is available, a good store of value? Some privacy off the bank when moving money? Decentralization hunger? Like seriously this is a well made digital currency and there is no single doubt why it's taking the lead over other cryptocurrencies.
It's consumers choice to make, but I choose Bitcoin for everything it has to offer, all the utilities of Bitcoin are useful for someone like me, I use Bitcoin to make payment online and I am still sad that this is limited in some areas, but hopeful things will change soon, I am now storing more money in Bitcoin instead of banks and I am not scared like when I used to store money in the bank.
I was worried that I could be tracked if my bank account worth a lot of money, since so many things are happening in my country, I feared for myself that's why Bitcoin seem to be the best option and so far it's been years and I feel more safe holding Bitcoin than having money in the bank.
It's consumers choice to make, but I choose Bitcoin for everything it has to offer, all the utilities of Bitcoin are useful for someone like me, I use Bitcoin to make payment online and I am still sad that this is limited in some areas, but hopeful things will change soon, I am now storing more money in Bitcoin instead of banks and I am not scared like when I used to store money in the bank.
I was worried that I could be tracked if my bank account worth a lot of money, since so many things are happening in my country, I feared for myself that's why Bitcoin seem to be the best option and so far it's been years and I feel more safe holding Bitcoin than having money in the bank.
November 15, 2023, 04:18:50 AM
Uses will not come unless the thing has value, and this value will only come from the high price. The rise in the price of Bitcoin may be a reason for people to return to using it as P2P if we reach a price after which increasing the price becomes very difficult, just as happened with gold, and it can happen with any asset that reaches a value. Considerable marketability. Some people still use Bitcoin as a store of value, but as long as the transaction is peer-to-peer, then Bitcoin still serves its purpose unless it is kept on central platforms, and here Bitcoin fails to achieve its goal.
November 15, 2023, 02:35:48 AM
You're right, it doesn't align with the original Whitepaper, but I don't think the widespread adoption is necessarily a bad thing. It's better than Bitcoin not progressing at all... satoshi even seemed to predict that in the future, Bitcoin would either be extremely valuable or essentially worthless. Now, its skyrocketing value makes BTC as a speculative asset to gain profit or making money purpose.
Despite Bitcoin deviating from its intended functions outlined in the Whitepaper, I believe Satoshi would still approve of it being traded and used as a speculative asset. The limitations and regulations prevent Bitcoin from functioning as freely as the envisioned decentralized currency.
According to the white paper, Satoshi's purpose in creating bitcoin was peer-to-peer currency, but I'm sure he also predicted that it would be difficult for bitcoin to become popular as a currency because governments would stop it, and that's also the reason he has chosen to remain anonymous until now, IMO. I believe he also thought about the scenario of bitcoin being used as an asset instead of a currency because it has characteristics like scarcity and decentralization, those characteristics are actually more suitable to be an asset rather than a currency.Despite Bitcoin deviating from its intended functions outlined in the Whitepaper, I believe Satoshi would still approve of it being traded and used as a speculative asset. The limitations and regulations prevent Bitcoin from functioning as freely as the envisioned decentralized currency.
But whether he accepts it or not, or whether we accept it or not, bitcoin is still considered an asset rather than a currency. We need to accept reality and what is happening, we cannot fight the crowd. He created bitcoin for the community and let the community decide its future, and we need to adapt to what is happening.
November 15, 2023, 02:33:24 AM
It's the people that's using bitcoin as a P2P payment that had created the concern that you're talking about, when more and more people are buying bitcoin, the demand increases and with the demand increasing then it will eventually make the price of bitcoin higher because people are willing to pay to get their hands on bitcoin and maybe you're right that a lot of people have forgotten what it's used for but the function of being a P2P is still there so it's nothing worthy of concern as long as the feature is still there waiting to be used.
November 15, 2023, 02:20:20 AM
When I first stumbled upon Bitcoin, I was told that if you buy Now you would make more in the future. I got hooked without even knowing its uses and why it was created.
The limited supply of Bitcoin like land has made it turn to an investment opportunity with many not even knowing why it was created and market its meant to satisfy.
Bitcoin, according to the white paper is a peer to peer payment method. It serves as money with no third party or central body involved. Currently, it hasn't fully meant the criteria of money due to certain limitations but it has helped one become their own Bank. Not to mention, Created more uses than satoshi anticipated.
Don't get me wrong I'm not saying it as an investment is bad since it has helped in increasing the community but many people have become so concerned about its price and have forgotten it's inherent uses.
The limited supply of Bitcoin like land has made it turn to an investment opportunity with many not even knowing why it was created and market its meant to satisfy.
Bitcoin, according to the white paper is a peer to peer payment method. It serves as money with no third party or central body involved. Currently, it hasn't fully meant the criteria of money due to certain limitations but it has helped one become their own Bank. Not to mention, Created more uses than satoshi anticipated.
Don't get me wrong I'm not saying it as an investment is bad since it has helped in increasing the community but many people have become so concerned about its price and have forgotten it's inherent uses.
Don't feel bad about thinking that bitcoin for you is for investment since many people have same impression regarding on how they view bitcoin for now. We can't deny that there's limited usage for this coin especially on physical merchants that's why its acceptable for now that this is called for profit generating option for them. If that happens where all major stores will accept it and people on our neighborhood then by that time we can say that bitcoin can be 100% called as currency.
So for now focus on how you can earn more with it since this is what we need to take care and we should prioritized on how we can earn a lot of BTC so that we can be lucky in future to earn a lot of money from this. Don't get distracted by people discussing nonsense thing about it since what's more important for now is you earn from bitcoin so maintain your focus and research for more knowledge on how you can multiply more your investments.
November 15, 2023, 01:15:44 AM
You're right, it doesn't align with the original Whitepaper, but I don't think the widespread adoption is necessarily a bad thing. It's better than Bitcoin not progressing at all... satoshi even seemed to predict that in the future, Bitcoin would either be extremely valuable or essentially worthless. Now, its skyrocketing value makes BTC as a speculative asset to gain profit or making money purpose.
Despite Bitcoin deviating from its intended functions outlined in the Whitepaper, I believe Satoshi would still approve of it being traded and used as a speculative asset. The limitations and regulations prevent Bitcoin from functioning as freely as the envisioned decentralized currency.
Despite Bitcoin deviating from its intended functions outlined in the Whitepaper, I believe Satoshi would still approve of it being traded and used as a speculative asset. The limitations and regulations prevent Bitcoin from functioning as freely as the envisioned decentralized currency.
November 14, 2023, 11:55:57 PM
People today will consider BTC as an investment as its inherent use case of BTC. It doesn't really matter how a person will treat Bitcoin, they may look at it as a tool to gamble online or simply to send payments off the grid, whichever it is, its adoption of BTC.
If you mean peer-to-peer in a decentralized way where 2 people make transactions with no platform in between, humanity has lost trust in each other.
That's what's happening. Face-to-face transactions would be possible but still risky.Most communities here in this business industry really believe that Bitcoin is proven and tested for long-term investment. And I don't disagree with that, because it's true. Just because of the reality of what's happening to me now, I can't save at least 1 bitcoin until the bull run comes or before the halving.
So I am saving another alternative cryptocurrency that I think also has the potential to increase its value in the market, at least based on my studies and its usage in the market too.
November 14, 2023, 11:41:04 PM
But the problem is that when people use it as their payment, they are hindered by regulations in their country. For example, in my country, people are prohibited from using Bitcoin as a substitute for fiat and violating this can be punished. Not to mention fees that are sometimes unreasonable and Bitcoin adoption that is not yet massive, these are the reasons that make people reluctant to use Bitcoin as their payment method and prefer to make it an investment that can bring profits.
Jump to: