I believe that the initial purpose of crypto is to create a digital currency for making transactions quick and easy. However, in reality it has become an asset which everybody is buying and holding. Continuing doing like this will destroy the initial purpose of the coin?
What is your opinion?
Because of the high value of cryptocurrencies in the market nowadays, most bitcoin and altcoin holders prefer to hold and invest their cryptos rather than using and spending it as a currency. With the concept of crypto volatility, it is no doubt why bitcoin holders choose to invest and hold it because of the possible profit it might offer. Because of that, cryptos can be classified as an asset.
I think this phenomenon will not destroy the initial purpose of bitcoin. Instead, it will help in establishing bitcoin promotion so community who put confidence and trust in bitcin will continue to grow. If the bitcoin community continue to expand, then, more establishment will accept it as a form of currency that will lead to the possibility of its legalization. If that happen, people will also use it as a form of currency.
At present, even bitcoiner prefer not to use it as a mode of payment or tool for transaction, there are also some who use it as a currency if necessary. And that is something that we can appreciate about it. We can use and posses it both as an asset and currency.
