Topic: Bitcoin failed to fulfill the purpose it was created for ? - page 2. (Read 656 times)

From the pointers OP stated, I believe both items have been successfully accomplished by bitcoin already. It is now an alternative payment method to fiat and it is still free from government control. No government has the sole control over bitcoin as it can exist even without government's mandate. There may be regulation in some countries, but they won't get the sole power over bitcoin's market, because they can't as it is decentralized. So I don't know what the OP wants for bitcoin. I won't consider this as a failure because we will not be here if it has failed its purpose.

Bitcoin does have its own function
Fiat does have its own function

It would only differ on some aspects thats why its just right that both would co-exist on which we could at least have the option on which one we would really prefer to use.
I dont know on why such thing on claiming out about its purpose had been failed to fulfill considering on how far we do able to reach out.

Alternative to fiat in my own understanding from your post @Op you mean bitcoin can also serve the full functionality every other fiat posses and still grant you your privacy and also protect from a third party intermediary if this be the point then that is it. Bitcoin has actually fulfilled its full purpose then giving you full control of your coin using cryptographic hash function.

Bitcoin isn't controlled by any government yet so I don't see how it has failed it's purpose yet, in the means of alternative, I think that it's a gradual process and it's also next to impossible given that it's going to cause a massive power vacuum when fiat is suddenly replaced by bitcoin, and the financial institutions threatened by it's existence is also trying to hinder the progress because they will get obsolete real fast.

It's still too early to tell that bitcoin has failed to do its purpose. Bitcoin is still on its early years. There still so much more waiting for it in the future. Right now, bitcoin is doing exactly what is intended for it. It serves as analternative payment option for online transactions in several countries already. Some countries even made and are planning to adopt bitcoin as their legal tender. The fact that it does not only plays as an alternative choice, but becomes the choice itself is an achievement for out community. Aside from being a store of value, it is now used to be a medium of exchange. Indeed, bitcoin has been becoming more popular and used in other parts of the world. It is fulfilling its purpose of becoming a "currency" slowly. And we should notice that.

The banning and the status of legalization of crypto and bitcoin is beyond our control. It is the government's choice and we have no power over it. But that doesn't mean that the government is having a leverage to control and manipulate bitcoin. The government just dictates the legality of it in their scope of leadership, but it isn't directly involved in the mechanisms and dynamics of bitcoin in the market. Because after all, bitcoin is decentralized. They can try to put regulations as much as they want, but they can't touch bitcoin itself because it isn't that easy to wrap it around their fingers.

We can't say that Bitcoin has failed to fulfill its original purpose as a payment alternative. Because Bitcoin is relatively new in this world compared
to fiat, we are too quick to jump to conclusions right now. After all, there are still many people who don't know Bitcoin or even get the wrong
information about Bitcoin. Currently, only a few countries accept Bitcoin as payment. But in the future the majority of countries will accept Bitcoin
as payment. Today many countries are too afraid of their country's currency being replaced by Bitcoin, even though the purpose of Bitcoin was
not created to replace fiat. The majority of people in the world do take longer to realize that they should use Bitcoin as a payment alternative.
So there comes a time when Bitcoin will reach its goal, at least the next decade will see significant changes in this world, I predict the next decade
will see Bitcoin getting closer to its original purpose.

This is why it did really get that much support and recognition because there are people who do really loves out decentralization and anonymity which is totally opposing
on what we do have today which is too centralized.Although there are people who do presume out that it could replace fiat someday which is totally not that possible.
Being optimistic isnt bad but be sure that you should really be realistic because as long government does exist then it wouldnt happen but surely they could
both co-exist.

I believe Bitcoin is still the alternative to the Fiat currencies in the world.

No currency in the world can be out of control from the nation government because there was a currency existing in the state before Bitcoin so it is the decision of the government to accept it or not..

The hostility comes from them not been able to control it, they are trying to discourage their citizens from embracing it but so far all their attempts has failed. With this you should understand that its second purpose is been achieved. Bitcoin has never been regulated, the worse the government can do is what they're currently doing. They are trying to sabotage any service that brings adoption to the currency. They can only regulated centralized service providers but that's fine because it only encourages more decentralised service which at the end is what we need in the industry.

The government loses no matter what negative decision they take towards the industry, you don't keep your enemies far instead you draw them closer so you can monitor/observe them to attack on their witness. That's the approach the government would have taken if they want to stand a chance at defeating Bitcoin but that's unlikely to happen.

If you will only be hodling bitcoin for the rest of your life, that's the time that bitcoin has failed to serve its purpose. Bitcoin is a currency, having it as a good store of value should only be its last option. For now, its reasonable that we are using it as a store of value but when the time comes that bitcoin will be globally accepted, then it should start to function as a currency. However, judging bitcoin by now i don't think it has failed in its purpose. El Salvador has been using it already, and i think Russia and Ukraine will be next to adopt it. So the purpose has been already starting to slowly realized, and before we knew it, majority of the countries are already accepting bitcoin already as a medium of exchange.

But can you live with spending zero bitcoin.

You need to spend it in order to match what so called money ....
Money is meant to be used, it's a medium of exchange .. a transaction tool.
If you just do holding and treat it like an investment , then i think bitcoin is not really used as money , it's used to transfer purchasing power right? That's what most people do right now.
We might use altcoin better as a transaction tool with ts really low fee

They are less in number because even the older citizens often prefer the online payment when they purchase via their bank card. They know about bank cards and they know how to use it. If they will know about bitcoin and they will learn hat how to use it then they will use bitcoin.

If all the transactions will be done online, then bitcoin will definitely fit for it. But most of the people still prefer fiat because they are used to it especially in the case for older citizens as they are not totally inclined with using new technology payment system. However, i would say that bitcoin has not failed in its own goal because some countries at the moment are already starting to establish solid proofs about bitcoin before they will consider adopting it as a currency. And bitcoin does not end here, good things will certainly happen in the future and maybe by that time, bitcoin will be used already as an alternative to fiat.

In actual it depends on time and on the people and on the technology of future but in this time it seems that usage of bitcoin is more convenient for people as nowadays many of the purchases are done via online services and for fiat people feel it difficult to go through complicated processes of online payment processors. If the usage of bitcoin is allowed by the authorities without any restrictions then people will like to choose bitcoin to use for their daily transactions.

Well, not everyone would think like that since I believe both fiat and Bitcoin should exist at the same time. They can't eliminate fiat and switch to Bitcoin since only fiat is being controlled by the government therefore, they can have it while owning a Bitcoin will remain in your own wallet and you are free to use it as you may. So it's just up to the people if they want fiat or Bitcoin, as long as there is a merchant who could accept Bitcoin or fiat if someone wants to withdraw.

So choosing between fiat and Bitcoin is still on a big debate.

It's a work in progress, Bitcoin can't be a Fiat alternative without fighting some war with centralised entities first and this can take years to accomplish and we shouldn't worry ourselves over it, my belief is bitcoin will make it happen anyways.

Is that really need to be a store of value to be a legit currency? Then we can store values in real state, lands, oil those can be currency too? It totally depends on people. If sellers accept something in exchange for their product then who will prevent them not doing it? Retail businesses and shops don't want to accept bitcoin because of its instability in price. Bitcoin become the ultimate way of storing value but failed to become a currency till now.

Sorry to say this but first of all, please change the way you write, it's really difficult and confusing to read. Second, I don't know why you responded to my post with those things you are saying this is just making your post even more confusing and a hassle to read. I wonder if you really took the time to read my post before you quoted it. I maybe wrong here since you might mean something that I cannot understand. If so, please do clarify.

Edit: removed the quoted post and just placed the one I am responding to.

Personally I do not understand why this is used against bitcoin, a form of money is supposed to be a store of value, the gold that you could use hundreds of years ago to buy something can still be used today to buy a lot of stuff, making gold a fantastic store of value, while in the case of fiat you would be lucky to buy 1% of what you could buy with it 100 years ago, so the fact that people prefer to hold their bitcoin shows how strong bitcoin really is compared to fiat.

There is nothing that can actually define the reason why bitcoins were created in the first place, the reason why bitcoins was created was to cater to the need of every individual holding it, one cannot define if a person uses it as an asset or if he or she uses it as a currency. Government is going to control everything, at the end what's needed is positive control and no negative effect from that side. It haven't failed anything it's important to see the things being done, like El Salvador, Ukraine, Russia,. US every country is doing something important to care and control the whole system which is inevitable. Regulations are not really a bother until and unless they have a space to breathe.