Bitcoin as a peer to peer method less popular than as an investment - page 2.

CryptoBuds

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Quote from: Solokan on November 14, 2023, 11:02:51 PM

Quote from: Yatsan on November 13, 2023, 04:10:53 PM

Can it be helped? As you’ve mentioned, Bitcoin and this industry in general still has its limitations. Investors happened to find it more beneficial as an asset because of its profit potential and volatile market value. There’s nothing wrong with it and we cannot force other people to follow its ‘purpose’. We are just simply taking advantage of its characteristic more than its usage and that’s just fine ‘coz it is still having progressive growth over years. Bitcoin became more popular and acknowledged by more people and companies. With countries’ approval, we cannot do about it other than to wait for things to be better. For now, since it is more helpful as an asset due to high transaction fees, then let us allow ourselves on how would we be able to use it as long as it won’t cause any harm to other investors and to ourselves. Adjustments were done on its usage and I cannot see anything wrong from it.

I agree with your words, indeed as long as we are not harmed by Bitcoin, I think it is legal for us to invest in BTC, even though the purpose of BTC is for payment because BTC was created as a digital currency by Satoshi Nakamoto, but I think there are many people who investing in BTC and saving it for the long term is what pumps the price of BTC and finally BTC is known throughout the world. I think in this case OP doesn't need to be confused because I think BTC is now increasingly popular. I even see more and more people adopting BTC. and simple examples such as Elsalvador which has legalized btc in its country.

Many people are too rigid and stubborn to see bitcoin not being used as it was originally created and consider it a failure. For me, it's not important what bitcoin is, what's important is what benefits it brings to us and what purpose it is used for is up to each person to decide. Many people use bitcoin as an investment, that doesn't mean no one uses bitcoin as a currency, or even there are investors who are using bitcoin as a currency but they don't want to say it. No matter what bitcoin is, as long as it benefits people it is a success.

Solokan

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Quote from: Yatsan on November 13, 2023, 04:10:53 PM

Can it be helped? As you’ve mentioned, Bitcoin and this industry in general still has its limitations. Investors happened to find it more beneficial as an asset because of its profit potential and volatile market value. There’s nothing wrong with it and we cannot force other people to follow its ‘purpose’. We are just simply taking advantage of its characteristic more than its usage and that’s just fine ‘coz it is still having progressive growth over years. Bitcoin became more popular and acknowledged by more people and companies. With countries’ approval, we cannot do about it other than to wait for things to be better. For now, since it is more helpful as an asset due to high transaction fees, then let us allow ourselves on how would we be able to use it as long as it won’t cause any harm to other investors and to ourselves. Adjustments were done on its usage and I cannot see anything wrong from it.

I agree with your words, indeed as long as we are not harmed by Bitcoin, I think it is legal for us to invest in BTC, even though the purpose of BTC is for payment because BTC was created as a digital currency by Satoshi Nakamoto, but I think there are many people who investing in BTC and saving it for the long term is what pumps the price of BTC and finally BTC is known throughout the world. I think in this case OP doesn't need to be confused because I think BTC is now increasingly popular. I even see more and more people adopting BTC. and simple examples such as Elsalvador which has legalized btc in its country.

Agbamoni

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Quote from: The Cryptovator on November 14, 2023, 02:02:27 PM

Thanks God I was introduced to Bitcoin as a payment method when Ponzi schemes and so-called revenue-sharing sites were popular. I used Bitcoin as a payment method. Just for info, during that time I wasn't aware how Ponzi schemes scammed us. Day by day, I learn and leave Ponzi without losing too much. But I learned a lot about Bitcoin. No doubt, a lot of people don't know how Bitcoin works. Most of them just consider Bitcoin as an investment opportunity. It's because of the volatility of Bitcoin that we can make profits. This isn't bad, actually, but we need to learn about Bitcoin as well, besides considering it as an investment opportunity.

Good thing you were focused on what you believed about Bitcoin and not moved by the so-called Ponzi scheme at that period. I know what the press and so-called cryptocurrency influencers are capable of that hear. When it was newly introduced a lot of them use it for to get famous online when they do not even know much about it use cases. Many persons fell for their preaching but only few like you were not convinced by what they preach. So sad i came into Bitcoin lately and what has derived me into it deeply is because of its undermining technology. Something you can see, move around, control without feeling or touching it. It was like a magic to me and i was eager to go to the root.

Yes, we may go into something because of a particular thing we see at first instance but when we go deeper into it we become more interested in other things. That is how Bitcoin works. Currently i am more interested in accumulating a good amount of Bitcoin gradually. I have given myself a target and is working towards it. There are more to Bitcoin and with time we will unveil them and see the one we can adapt.

The Cryptovator

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Thanks God I was introduced to Bitcoin as a payment method when Ponzi schemes and so-called revenue-sharing sites were popular. I used Bitcoin as a payment method. Just for info, during that time I wasn't aware how Ponzi schemes scammed us. Day by day, I learn and leave Ponzi without losing too much. But I learned a lot about Bitcoin. No doubt, a lot of people don't know how Bitcoin works. Most of them just consider Bitcoin as an investment opportunity. It's because of the volatility of Bitcoin that we can make profits. This isn't bad, actually, but we need to learn about Bitcoin as well, besides considering it as an investment opportunity.

kentrolla

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When I was introduced to Bitcoin I was given a clear understanding and a video link of 2 and half hours was shared with me which had described the reason why Bitcoin is created and why we shouldn't reply on bank and it covered several aspects like how our bank balances are just a digital representative of number and if all of us wants to withdraw our money at one go they won't have it as it's circulated as loans.

But people including myself has started considering Bitcoin as an investment medium but we will surely be using Bitcoin as a mode of transfer when we don't want involvement of any 3rd party and don't want the transfer to be recorded. Satoshi made a smart move by designing it the way where it has limited supply else it would become like dollar.

Emergence of other coins with lesser transaction fee and faster transaction speed has pushed users to use them for payment transfer, like I use TRON for this purpose.

lixer

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Quote from: She shining on November 13, 2023, 01:51:23 PM

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.

There is nothing wrong with that, let people think of it that way and keep buying, storing, and using it, that makes Bitcoin known more in the world, and that's important for it. Don't we want Bitcoin to stay around for as long as possible and reign over the market the way it does right now? Just because people are getting involved because they see they can get money from it, it wouldn't change what Bitcoin can do and what it can be used for in general.

So, those who understand the actual meaning and reason for the existence of Bitcoin can still do that no matter how expensive and successful it gets over time. If you have come to know about what Bitcoin was created for, that's a great thing, now you can have two use cases for it, for others that don't know it yet, they will, in the future.

odolvlobo

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Quote from: CryptoHeadlineNews on November 14, 2023, 12:59:45 AM

...but it is it's price that gives Bitcoin it's value.

That is a problem.

If the value of Bitcoin relies on its increasing price, then Bitcoin will have no value when the price stops increasing. That is precisely the reason for so many Bitcoin skeptics who correctly argue that as long as people value Bitcoin as only a speculative asset, then it is doomed to being just a speculative bubble.

If you believe that Bitcoin has value, then you must believe that the value comes from something other than its rising price. If you don't believe that, then investing in Bitcoin is just a game of chicken where you hope that you can get out before it crashes.

CryptoHeadlineNews

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Quote from: She shining on November 13, 2023, 01:51:23 PM

The limited supply of Bitcoin like land has made it turn to an investment opportunity with many not even knowing why it was created.

Really, how true is that, because it's just now you are saying it, that I'm hearing it for the first time that land has limited supply.

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Currently, it hasn't fully meant the criteria of money due to certain limitations

What other criteria of money where you expecting Bitcoin to exhibit before knowing it is money itself? Can you just mention just a fee of them? Because the same way money is been used for exchange of goods and services, Bitcoin has been able to be used for that too, and even more. So Bitcoin is indeed digital money.

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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.

Without the price of Bitcoin, I'm sure even you @ O.P would never have taken Bitcoin serious, but it is it's price that gives Bitcoin it's value. Which means the price of Bitcoin plays a very important role for it's adoption.

nullama

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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).

Agbamoni

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Bitcoin is obviously a means for sending payment from one person to another. Which is one of the main features in the whitepaper. However, it is also considered as a store of value because the price increase in value and people now anticipate it. Allocating capital to a store of value with expectation to generate a huge return in future or appreciation of the underlying asset is quite literally why it is generally called investment. So, if it doesn't increase in value or have the potential to, people won't invest in it.

wallet4bitcoin

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You'd notice on a closer watch that people get to hear about Bitcoin while searching for alternative form of finance or transaction rather than they hear about it as a peer-to-peer system. A part of the cause of this is the slow pace of global adoption. Anything you hear about, your brain is wired to think thats's the core and possibly only reason why that solution exists except you are sold out to research.

Not everyone cares to further research on the multiple uses of Bitcoin after they have come across it as a form of finance, they just proceed with the basic understanding. This further means that we have more work to do in terms of global adoption and sensitisation towards Bitcoin and the Blockchain technology.

sheenshane

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Quote from: She shining on November 13, 2023, 01:51:23 PM

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.

I tend to agree and that's the fact of the white paper of Bitcoin, it supposedly didn't promise gains.
However, people see that Bitcoin has gained recognition as a digital store of value because of its limited supply that becomes Bitcoin's price is also influenced by speculative trading and traders may buy and hold Bitcoin with the expectation that its value will increase over time, allowing them to sell at a profit.

That's their perception now instead of following the main purpose of Bitcoin why it was created.

serjent05

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I agree that Bitcoin is indeed popular because many people make huge profits investing in it. People jump into Bitcoin not to use it as a peer-to-peer method of transaction but rather buy Bitcoin to hodl and sell it when profit is seen.

I think only a few percentage of people who are into Bitcoin use it as intended.

Quote from: odolvlobo on November 13, 2023, 06:19:08 PM

As adoption reaches its peak, bitcoin will reach its peak value and no longer have much upside potential. Though people may continue using it for savings, nobody will be investing in it. By then we should know how well it works as a currency.

I think there will be some people who will be investing in Bitcoin even after it reaches its peak. When Bitcoin adoption is everywhere and Bitcoin can be used to purchase items in the store nearby, people who want the convenience Bitcoin gives will invest money to buy Bitcoin. No one can use Bitcoin if they don't buy it to begin with ( if they are not into mining).

oktana

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You are extremely right on this. Bitcoin was not created as an investment opportunity, in fact, I do not think Satoshi thought it could blow up this much (or maybe he did, who knows). Bitcoin’s purpose is to be another form of money, money that respects privacy, money that has no middleman, money where you’re totally in control of you own, money that can be sent to anyone anywhere at anytime. I like to think that the price increase which calls as investment opportunity is just coincidental.

Dr.Bitcoin_Strange

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Quote from: She shining on November 13, 2023, 01:51:23 PM

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.

OP, Bitcoin has fulfilled so many purposes for which it was created, and it has also fulfilled the purpose that was not mentioned when it was created, and that purpose is Bitcoin as a means of investment. Bitcoin as a peer-to-peer transaction process without third-party involvement is what I have used Bitcoin for and am still doing. I have paid different kinds of people in Bitcoin, and that's a peer-to-peer transaction. I have also bought and paid for something in Bitcoin, and that's still p2p. So what more has Bitcoin not fulfilled? Bitcoin is not centralized; you don't need the authority of anyone to withdraw and deposit some bitcoin into your wallet.

Bitcoin has made some people millionaires and billionaires today because they bought it at an early stage and held it until the price skyrocketed. Bitcoin is a store of value, and the value and price increase over time, and that's why people invest in it. Our currencies (local currencies) are losing value, and Bitcoin has become a cool asset to invest in because the value of our investment will always appreciate during the bull season of Bitcoin. It's not a bad idea at all.

TravelMug

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Quote from: She shining on November 13, 2023, 01:51:23 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.

Yes, you are correct, the initial design of Satoshi is that it will become a payment system, an alternative to what we have right now. But you have to understand that when Bitcoin was traded initially, The New Liberty Standard Exchange, and then we have the Mt. Gox exchange the whole game play has change. And more than a decade, we have hit $69k as our last all time high. So it has evolved, not that it's bad, but it now become an asset that can be traded in many exchange now. But we can still go back to it's grassroots if you can. You can send anyone for anywhere as bitcoin is borderless. And then there are groups who saw it as money, so they spend as regular fiat. And when the pandemic happens, Bitcoin become a hedge and store of value. So it's really up to you on how you are going to treat and use BTC.

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Quote from: She shining on November 13, 2023, 01:51:23 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.

You can't say that they forgot about Bitcoin's original use if they never cared about it to begin with. And the fact that for a lot of people Bitcoin is only an investment means that those people could and most likely would dump it in the future if Bitcoin stops performing well. I doubt we can convince them to hodl no matter what and believe in financial revolution. They are investors, not idealists.

odolvlobo

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As adoption reaches its peak, bitcoin will reach its peak value and no longer have much upside potential. Though people may continue using it for savings, nobody will be investing in it. By then we should know how well it works as a currency.

Bitcoin_Arena

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There is a reason Bitcoin has a limited supply of coins and why there is halving every 210,000 blocks otherwise if satoshi didn't care about bitcoin being used as a hedge against inflation then there would be unlimited supply of coins just like it is with fiat currencies. The peer to peer nature of the network and the deflationary design are just two of the other important aspects of bitcoin.

People use it for different reasons and money being a very good motivating factor to most humans, then why not invest in it as well?

Dunamisx

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Quote from: She shining on November 13, 2023, 01:51:23 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.

Maybe this fact is one of the truth that first holds our interest on bitcoin the moment we heard about it, you can see that everyone had always been looking for an investment opportunity like such that could be reliable and trusted, so when you heard about bitcoin and what it offers, it remains irresistible to you to afford going without taking a look if you really want a change.

Quote from: She shining on November 13, 2023, 01:51:23 PM

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.

You're free to use any approach for bitcoin as long as you're adopting it's use, i believe it's best applicable on one important aspect of your life.

Topic: Bitcoin as a peer to peer method less popular than as an investment - page 2. (Read 429 times)