Topic: Bitcoin failed to fulfill the purpose it was created for ? - page 5. (Read 658 times)

It has literally achieved both of those things? It is alternative to fiat currency and you may not like the amount of places that accept bitcoin but it is an alternative, there is a whole nation that turned it into official legal tender at this point, and that happened in just a bit over 10 years, wait a few more decades and we may have whole continents accepting it.

On the other hand, it is not controlled by nations as well, it could be regulated, but not controlled. Nations print their own money and cause hyper inflation and so forth whereas we are talking about crypto getting more valuable because it cannot be printed however you want, there is mining and that is it. So all in all it is exactly how it was created for and there is nothing missing.

Bitcoin was meant to displace centralised payment methods such as PayPal. It was supposed to provide a more secure alternative. It was supposed to help the unbanked. It was supposed to have many other useful uses. But when it reached mass market, it was unable to match up to its ideals.
But regardless, Bitcoin is still an alternative to fiat currencies. It still remains a payment method. It will still find its place. Regarding the ban, no country will be able to ban Bitcoin entirely due to its decentralized nature. Users will still find a way to continue using the Bitcoin network.

Regarding point one, it remains to be seen whether this is a real alternative in the future. At the moment it is used partly as currency and partly as investment, but I don't see it being a real alternative to cash in the short term, even considering how fast the use of cash is being reduced around the world.

Regarding government control, I think today it is much more controlled than Satoshi and the cyberpunks thought. Private use of Bitcoin, apart from going through centralized exchanges, is in the minority. But that is partly why it is becoming more and more widespread.

Bitcoin can not fulfill this purpose without the involvement of the government (perhaps that's the part satoshi did not take into account) as long as there is government in existence they will not stay aside and watch btc becoming an alternative to fiat without any interference,
The government will always use that power and influence to suppress btc growth as an alternative payment system because they want to control it, so in other for this to happen, the government must be part of it, otherwise, the purpose will always remain unfulfilled.

Bitcoin is not supposed to be a magic pill to that. You are getting this wrong. You are always under the government's control however you might put it. You are a human and you need to survive, therefore you will need a place to live, food to eat. Bitcoin was created with the idea of being an alternative to fiat due to problems that fiat had, nothing more.

People who have a red-pilled concept of government control being pressurized on them have this mentality and frankly, this is a wrong concept.

The ones who do are in no comparison called "big". They are niche and niche markets are always "small".

If your metric about being "ahead" of fiat, which is absurd in the first place, is being accepted in big marketplaces, then you will remain disappointed for a long time. For that to happen you need the support of the government, refer to what I said in the first few lines about fanatic bitcoiners being wrong about government pressure.

Again your metric should be the pros and cons that bitcoin offers and those are working as intended.

A country banning bitcoin mining does not mean all countries would do the same so dont cherry pick on this. It will take them time to accept this and it will happen eventually as more countries become lenient towards it. At the same time we bitcoiners also have a job of spreading awareness and the pros and cons of bitcoin to our close relatives.

What Bitcoin is for is totally up to you. You're not forced to use it as a currency if you don't want to; because freedom is one of the main points, right? Satoshi put up the groundwork and initial specifications on the whitepaper, but in the end it will be totally up to the people what the direction of Bitcoin will go, not Satoshi.

As you have said people are using it for storing values but wasn't it suppose to help people to use it as an alternative to fiat? If people buy it only to hold it as they did with gold and other precious commodities then we can not consider it as a payments system. It become an ultimate way of storing values which redirected its sole purpose of creation.

It could be yes.

1. Because people didn't want to spend their Bitcoin after they bought it, they prefer it to store a value which is hoping that the amount vs to dollar will increase and sell when they saw a profit.  Maybe 40% of it is used as an alternative currency the rest could be the holder which is they hold for profit.

2. As I can see in this case, those governments adopting Bitcoin are implementing their own regulations to the users but not directed to the Bitcoin itself and I think Bitcoin wasn't a failure in this case and it's still free from government control.  Different countries have a different approaches.

Bitcoin is very young to fullfill for the purpose it is being developed. Considering its early days now it has made a big change in the market as an alternate form of payment. More companies and daily life shops have begun to accept bitcoin. At the same time the people haven't changed much, because of the growth. People prioritise it as an investment that can bring big money and this restricts them from spending it same as currency. This will change with time.

Nowhere bitcoin is being controlled by the government. There are bans from different governments. Does that mean people aren't using it anymore. No, people continue to use it through other possible ways. Only thing majority of the holdings will be acquired by the corporate networks in the future which might make the bitcoin market highly manipulative, but won't have the ability to control the market.

Well if we do say that there are levels to how you can call something an "alternative", then pretty sure Bitcoin is at least past the beginning parts. It works as an alternative, there are merchants that now accept it as payments and you can also transact it with others who are willing to, I don't see a reason why it can't be taken as one.

As for being controlled, well, pretty sure the government has no access/control over the main workings of Bitcoin? Specifically, they're just banning it. Technically, what they're controlling is not Bitcoin, but rather their citizens. Doesn't seem like they were that successful though tbh.

And if we look at the aspect that bitcoin has failed its purpose, then, we won't be seeing this price level of bitcoin today. So in my opinion, bitcoin has actually surpassed Satoshi's expectations for this project. When he created this currency, was he expecting that it will reach this price level in the market? Also, the scope is getting wider everyday, as more and more users are learning about crypto. Once they educate themselves about it, I can say, one way or another, they will change their perspectives towards bitcoin or other crypto. And those 2 purposes mentioned by the OP have been served already.

Can you exchange products and services directly for bitcoin? Yes, can you do it without government intervention? Yes, so I do not see how you can think that bitcoin has failed, bitcoin is simply not popular enough, I will give you that, however if we look at the trends we can see that bitcoin is slowly becoming more and more popular around the world, so given enough time bitcoin will be able to reach a turning point in which businesses not accepting bitcoin will be leaving so much money over the table that they will have no other option but to accept it even if they do not want to.

What Satoshi aimed was an open source decentralized money that has a transparent ledger.
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That is same thing too. Satoshi aim is not defeated open source is transparent yet the real physical identity is not revealed and that is the freedom or free from government control. The mode of transaction is decrete based on individual wallet. It is an asset that it value is not undermined and can increase based on speculation and real market interaction of demand and supply.

China and other countries banned the internet so why are we still using it?

That was meant to be a global resource of information but only half the world has it so we should just give up on that too in the same logic...

Bitcoin was more a technological concept that might replace banks or mightve just thrived from people being annoyed with government affiliation and control of their banks and the entire value production process.

If you have bitcoin on your noncustododial wallet, you can decide to send it to anyone for  payment. I remember a time when a friend told me he did not have money and I wanted to send him money, what came out of his mouth was that 'but you have bitcoin an you can send it'. He knew I do not hold fiat. Bitcoin is money but also an asset, it is an alternative to fiat but superior and better because of its speculative value.

What Satoshi aimed was an open source decentralized money that has a transparent ledger.

Bitcoin is far from replacing fiat currencies currently, even in the future it won't be able to replace fiat only that it can work along with hard cash. Bitcoin is what many people say internet money but whereas people still prefer to not go through the hassle to buy crypto just to transact where they can only pay for their daily goods with cash, which is time saving as well as safe to use for non tech-savvy people.
About government control, bitcoin is still free from government control and will always be, it's just that the price fluctuate a lot in accordance to the decisions made about the legality of bitcoin by governments.
The purpose of bitcoin was always giving power back in the hands of public and I guess it is doing its job in the right way. Who could have thought 20 years ago that we could be albe to send money to others over internet just using a Sting of numbers or a QR code.

1. Bitcoin is an alternative to fiat currency. It's not popular, but it works just like it claims to work - it can't be stopped, transactions can't be reversed or controlled by third parties, etc.

2. Banning is not the same as controlling. China scared off a lot of people from using Bitcoin, especially big services and miners, but they can do absolutely nothing against people who still use Bitcoin in China, so it doesn't count as control.

We all know that bitcoin is the king and father of all digital assets. Bitcoin was created for 2 purposes.

1. To be an alternative to fiat currency.
2. Stay free from govt control.

At present some big online marketplaces accept bitcoin but from being an alternative payment to fiat currency I think we are still behind. We also saw many countries are hostile towards bitcoin and china baned everything related to bitcoin. So china's ban on bitcoin shows that it's free from govt control or its the opposite? Bitcoin can really be the alternative to fiat in spite of this extreme volatility?