Is bitcoin gradually turning away from its purpose?

Abbatty

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Quote from: Perfectbaby on June 04, 2024, 06:16:39 PM

Like the title explained it all when sighting towards the speculation or trade discussion section I mostly found out that lots of people are gradually turn away the purpose of bitcoin to mainly investment purposes and I mean to asked, was bitcoin created for investment purpose or it's for peer to peer to alternate fiat?

I would love to see different versions of input.

Bitcoin is more like a multi purpose asset even though it’s main purpose was to give people financial freedom and also an alternative payment method but with such an asset that offers other benefits i don’t see anything wrong in enjoying its other benefits and that is why it has been the best asset in the world. The growth has been great and investment purposes has also played a huge part in its growth as it has given some people to adopt it. Whatever purpose it is used for if it is all good for the development of the asset.

FortuneFollower

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Quote from: Miles2006 on November 17, 2024, 05:14:20 PM

Quote from: Perfectbaby on June 04, 2024, 06:16:39 PM

Like the title explained it all when sighting towards the speculation or trade discussion section I mostly found out that lots of people are gradually turn away the purpose of bitcoin to mainly investment purposes and I mean to asked, was bitcoin created for investment purpose or it's for peer to peer to alternate fiat?

I would love to see different versions of input.

In any area you find yourself either peer to peer purpose, investment, trade, just accept the fact bitcoin have a great potential that can’t be store for transaction purpose alone. As few will support bitcoin as an asset including me because from the start of early adopters they choose to follow the part of storing and they’re definitely seeing the benefit. I’m not against peer to peer but supporting peer to peer in a society that’s not bitcoin friendly sounds strange, I read different oppositions concerning the real purpose of bitcoin personally it doesn’t matter rather I will prefer to treat bitcoin as an asset, future investment.

Everybody chooses what suits him best - BTC is in benefit of it either way.
And that is what matters.

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Quote from: Gladitorcomeback on November 18, 2024, 02:02:27 AM

Quote from: Z-tight on November 15, 2024, 01:54:33 PM

Quote from: DediRock on November 15, 2024, 12:39:28 PM

Bitcoin was originally meant to be a decentralized digital currency, but its volatility has led many to see it more as an investment.

BTC's volatility does not affect its decentralization, there is still no central authority in control and the network is run by the community. There is nothing wrong if people find different use for BTC, their coin, their choice and there's no control, so people can do what they want with their coin, but it does not change the core purpose why BTC was created.

He points out that most people see Bitcoin more as an investment asset than a decentralized digital currency that they can use to make peer-to-peer transactions without involving a central authority. This is true because most new investors who enter the market barely know why Bitcoin was created in the first place. If you ask a new Bitcoin investor about what Bitcoin is, they will most probably say it is an investment asset instead of a decentralized cryptocurrency.

Leave retail investors, even institutional investors are into Bitcoin because of its volatile nature, which creates the potential for them to earn money on the money they invest in Bitcoin, and to be honest, this thing isn't harmful because Bitcoin's quick adoption is also a resultant of the same thing. We would barely have this many people interested in Bitcoin if it was only for the technology, but we do have so many people interested because there are profits attached to it.

It's a double-edged sword, so to speak.
The price and volatility of BTC push people into it, and investors and higher institutions too, however, most of them wouldn't want to know the details and beauties of it - they would just do it for the buck, and that's okay.. However, those interested in the ideas of BTC and what it stands for would benefit from it the most, in my opinion, simply due to knowing so much more.

fikrett

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Quote from: Kelward on November 18, 2024, 02:42:04 AM

It's no doubt that Bitcoin has been gaining massive adoption because it has become a store of value, most people hold it basically for investment purposes. Although this is not the primary purpose of creating Bitcoin but it has become a plus for it, and I agree that if it were only for p2p transactions, the adoption wouldn't have been increasing to what we're seeing today. So rather than seeing Bitcoin as deviating from the reason why it was created, we should see it as something that has built reputation and trust for itself, that individuals and institutions can confidently hodl without fear.

We can call it an adaptation of sorts - crypto is becoming more and more lucrative in the eyes of the common folk, so it's no wonder that such people would view BTC, the most trusted coin out there, this way too.
Nobody denies them craving more knowledge in it, it's just that they really don't want it in most cases. Only the $.

betswift

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Quote from: goldkingcoiner on November 17, 2024, 10:01:08 PM

Quote from: Perfectbaby on June 04, 2024, 06:16:39 PM

Like the title explained it all when sighting towards the speculation or trade discussion section I mostly found out that lots of people are gradually turn away the purpose of bitcoin to mainly investment purposes and I mean to asked, was bitcoin created for investment purpose or it's for peer to peer to alternate fiat?

I would love to see different versions of input.

I would not say so.

I mean sure, the fees are still much higher compared to other cryptocurrencies but I remember it being much higher in the past. The devs and the community are figuring things out in that respect.

I also heard that the changes in BTC are not done or approved in one day (as it was with Rome Grin

), so that's why it is no wonder that the changes are slow, but they are steady.
Thus, of course, crypto as a whole has become more and more known to people, but most of them see only the profits at stake - no tech, innovation, or use cases.

Kelward

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Quote from: Gladitorcomeback on November 18, 2024, 02:02:27 AM

Quote from: Z-tight on November 15, 2024, 01:54:33 PM

Quote from: DediRock on November 15, 2024, 12:39:28 PM

Bitcoin was originally meant to be a decentralized digital currency, but its volatility has led many to see it more as an investment.

BTC's volatility does not affect its decentralization, there is still no central authority in control and the network is run by the community. There is nothing wrong if people find different use for BTC, their coin, their choice and there's no control, so people can do what they want with their coin, but it does not change the core purpose why BTC was created.

He points out that most people see Bitcoin more as an investment asset than a decentralized digital currency that they can use to make peer-to-peer transactions without involving a central authority. This is true because most new investors who enter the market barely know why Bitcoin was created in the first place. If you ask a new Bitcoin investor about what Bitcoin is, they will most probably say it is an investment asset instead of a decentralized cryptocurrency.

Leave retail investors, even institutional investors are into Bitcoin because of its volatile nature, which creates the potential for them to earn money on the money they invest in Bitcoin, and to be honest, this thing isn't harmful because Bitcoin's quick adoption is also a resultant of the same thing. We would barely have this many people interested in Bitcoin if it was only for the technology, but we do have so many people interested because there are profits attached to it.

It's no doubt that Bitcoin has been gaining massive adoption because it has become a store of value, most people hold it basically for investment purposes. Although this is not the primary purpose of creating Bitcoin but it has become a plus for it, and I agree that if it were only for p2p transactions, the adoption wouldn't have been increasing to what we're seeing today. So rather than seeing Bitcoin as deviating from the reason why it was created, we should see it as something that has built reputation and trust for itself, that individuals and institutions can confidently hodl without fear.

Gladitorcomeback

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Quote from: Z-tight on November 15, 2024, 01:54:33 PM

Quote from: DediRock on November 15, 2024, 12:39:28 PM

Bitcoin was originally meant to be a decentralized digital currency, but its volatility has led many to see it more as an investment.

BTC's volatility does not affect its decentralization, there is still no central authority in control and the network is run by the community. There is nothing wrong if people find different use for BTC, their coin, their choice and there's no control, so people can do what they want with their coin, but it does not change the core purpose why BTC was created.

He points out that most people see Bitcoin more as an investment asset than a decentralized digital currency that they can use to make peer-to-peer transactions without involving a central authority. This is true because most new investors who enter the market barely know why Bitcoin was created in the first place. If you ask a new Bitcoin investor about what Bitcoin is, they will most probably say it is an investment asset instead of a decentralized cryptocurrency.

Leave retail investors, even institutional investors are into Bitcoin because of its volatile nature, which creates the potential for them to earn money on the money they invest in Bitcoin, and to be honest, this thing isn't harmful because Bitcoin's quick adoption is also a resultant of the same thing. We would barely have this many people interested in Bitcoin if it was only for the technology, but we do have so many people interested because there are profits attached to it.

goldkingcoiner

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Quote from: Perfectbaby on June 04, 2024, 06:16:39 PM

Like the title explained it all when sighting towards the speculation or trade discussion section I mostly found out that lots of people are gradually turn away the purpose of bitcoin to mainly investment purposes and I mean to asked, was bitcoin created for investment purpose or it's for peer to peer to alternate fiat?

I would love to see different versions of input.

I would not say so.

I mean sure, the fees are still much higher compared to other cryptocurrencies but I remember it being much higher in the past. The devs and the community are figuring things out in that respect.

Miles2006

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Quote from: Perfectbaby on June 04, 2024, 06:16:39 PM

Like the title explained it all when sighting towards the speculation or trade discussion section I mostly found out that lots of people are gradually turn away the purpose of bitcoin to mainly investment purposes and I mean to asked, was bitcoin created for investment purpose or it's for peer to peer to alternate fiat?

I would love to see different versions of input.

In any area you find yourself either peer to peer purpose, investment, trade, just accept the fact bitcoin have a great potential that can’t be store for transaction purpose alone. As few will support bitcoin as an asset including me because from the start of early adopters they choose to follow the part of storing and they’re definitely seeing the benefit. I’m not against peer to peer but supporting peer to peer in a society that’s not bitcoin friendly sounds strange, I read different oppositions concerning the real purpose of bitcoin personally it doesn’t matter rather I will prefer to treat bitcoin as an asset, future investment.

finaleshot2016

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Quote from: Perfectbaby on June 04, 2024, 06:16:39 PM

Like the title explained it all when sighting towards the speculation or trade discussion section I mostly found out that lots of people are gradually turn away the purpose of bitcoin to mainly investment purposes and I mean to asked, was bitcoin created for investment purpose or it's for peer to peer to alternate fiat?

I would love to see different versions of input.

This topic is never ending in crypto discussions. The way I see it, btc started as a way to be a decentralized peer-to-peer currency, like the whole point was to replace or at least provide an alternative to fiat. That’s why the first Bitcoin transaction was for pizza, right? Remember the bitcoin pizza story? It was all about showing how BTC could be used in real-world exchanges.

But over time, people realized it’s also a limited-supply asset, which makes it attractive for investment. So now you’ve got two options, the “Bitcoin is digital gold” people, as a store of value, and the “Bitcoin should be used for payments” crowd who want it to stay true to its roots.

But think of the advantage of it, it will benefit bitcoin, it'll recognize as a major payment recognize by the country and at the same time as an investment, you can do both of course. Did the person who accepted bitcoin as a payment for the pizza knew what will happen to bitcoin? There's a chance that it's yes and saved it up for investment purposes that time and if the bitcoin became this way, it means that bitcoin is literally meant to be like this.

alastantiger

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Quote from: Swordsoffreedom on November 17, 2024, 12:58:28 PM

Personally I find it more suitable as an asset because with its volatility, if someone knows how to take advantage of it they can make significant profits and possibly improve their lives.
In my opinion, it doesn't matter in what case we use bitcoin, what matters is whether it benefits us or not.

More people are deciding to use Bitcoin as an asset hence we might be gradually turning away from the purpose of Bitcoin creation but I'm not that bothered because it's part of the things that you mentioned that's making people to have second thoughts to use Bitcoin as a currency for payment. There's the thought of people not wanting to sell their Bitcoin and want to hodl so they too can have the benefits that others have celebrated of having. People don't see the fun in using Bitcoin for payment because we celebrate hodlers and not those that make Bitcoin to be a currency. People laugh at the individual that used Bitcoin as a currency to buy 2 pizza and prize those hodling hence we're encouraging more of investors than everyday users of Bitcoin as a currency. For Bitcoin to be use as a currency for spending we need to cultivate the habit of celebrating those that spend Bitcoin.

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Quote from: GbitG on November 16, 2024, 06:12:02 PM

To be honest Bitcoin is not getting away from the real purpose. It's was created for p2p network affliction and now still Bitcoin is a p2p decentralized network and has no central oversight. Sometimes a thing is made for one purpose but people modify it and use it as a subroutine for a different thing although its real purpose is the same. For example, if we see that the car is made only for riding, but now people use it for racing etc. Now we cannot say that they denied the real purpose of the car by using it for racing instead of riding. So the purpose of Bitcoin was decentralized ecosystem and still is, but now people have
seen the sustainable gain of value and they pick up it for investment.

Indeed, the core purpose of bitcoin remains the same as it was in the early days, it is still a peer-to-peer network that does not need to rely on third parties whether we use it as a payment method or an investment.
But we cannot deny that using bitcoin as a payment method is quite cumbersome because of transaction fees and unstable network, sometimes causing inconvenience to its users in daily payments.
Personally I find it more suitable as an asset because with its volatility, if someone knows how to take advantage of it they can make significant profits and possibly improve their lives.
In my opinion, it doesn't matter in what case we use bitcoin, what matters is whether it benefits us or not.

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Quote from: FinneysTrueVision on November 16, 2024, 08:38:10 PM

Spending Bitcoin on-chain is a really cumbersome experience. I have to time my transactions to when there is less Runes spam flooding the mempool and driving up fees. Even when fees are low you have to wait for a while and if a block isn’t found for a long time it can cause some frustrating delays.

Very few people seem to care about peer-to-peer payments, privacy or self-custody. Newer investors prefer ETFs rather than holding their own keys. Bitcoiners don’t want to hold politicians accountable, they just want them to pump their bags. I could make many similar criticisms about altcoins, that’s why I don’t hold that many, but I don’t hold the worldview of those that want to believe that Bitcoin is perfect in every way and hyperbitcoinization is inevitable.

That's why I think the future is centralized. Consumers simply don't care about "decentralized". They just don't. They just want something that is safe, fast, and cheap. The way almost everybody uses Bitcoin etc. today is centralized. People don't care.

The market keeps telling us this over and over. When will people in the industry start to listen?

And "centralized blockchain"--which is what almost all non-Bitcoin cryptos are these days--is about as stupid an architecture as you can imagine because it's a complete waste of time and resources.

You can build a digital currency that is faster, cheaper, and safer using a non-blockchain architecture. That is the future--because only an architecture like this will truly scale to mainstream everyday transactions for the whole world.

It might might take a while, but the market is clearly going this direction and nothing will stop it.

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Quote from: non fungible anxiety on November 16, 2024, 07:03:21 PM

True, I dont hear about anyone buying something with btc in ages, actually they mock people like the pizza guy who used btc as a currency lol

Spending Bitcoin on-chain is a really cumbersome experience. I have to time my transactions to when there is less Runes spam flooding the mempool and driving up fees. Even when fees are low you have to wait for a while and if a block isn’t found for a long time it can cause some frustrating delays.

Very few people seem to care about peer-to-peer payments, privacy or self-custody. Newer investors prefer ETFs rather than holding their own keys. Bitcoiners don’t want to hold politicians accountable, they just want them to pump their bags. I could make many similar criticisms about altcoins, that’s why I don’t hold that many, but I don’t hold the worldview of those that want to believe that Bitcoin is perfect in every way and hyperbitcoinization is inevitable.

non fungible anxiety

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Quote from: DediRock on November 15, 2024, 12:39:28 PM

Bitcoin was originally meant to be a decentralized digital currency, but its volatility has led many to see it more as an investment.

True, I dont hear about anyone buying something with btc in ages, actually they mock people like the pizza guy who used btc as a currency lol

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Quote from: Jon_Hodl on November 15, 2024, 12:47:10 PM

Bitcoin's adoption is inevitable. That means that even banks, corporations, and governments will use it.

Unfortunately, they won't use it as a p2p cash system. They will use it primarily as a reserve asset that they will never sell and they will lend and borrow against it which will ultimately be used for price-suppression.

If you use RoboSats and grow the circular economy, then you are doing your part to make sure it stays p2p cash.

We won"t know for sure what will be the part of this currency with respect to banking industry. Anything can change and evolve depending on the advantages that they can get from this market.
But on the note of mainstream adoption, I believe we are already heading to that direction. Hence, most crypto-related businesses are complying with how a regular business works. And that translate to the fact that they need to comply with government protocols.

GbitG

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To be honest Bitcoin is not getting away from the real purpose. It's was created for p2p network affliction and now still Bitcoin is a p2p decentralized network and has no central oversight. Sometimes a thing is made for one purpose but people modify it and use it as a subroutine for a different thing although its real purpose is the same. For example, if we see that the car is made only for riding, but now people use it for racing etc. Now we cannot say that they denied the real purpose of the car by using it for racing instead of riding. So the purpose of Bitcoin was decentralized ecosystem and still is, but now people have
seen the sustainable gain of value and they pick up it for investment.

Quote from: DediRock on November 15, 2024, 12:39:28 PM

Bitcoin was originally meant to be a decentralized digital currency, but its volatility has led many to see it more as an investment.

Hmmm, Nope volatility can not affect the decentralization of Bitcoin. Bitcoin is decentralized and will always be decentralized. No one, whether a government, entity, or person, can not change the ideal base of Bitcoin. Satoshi created Bitcoin as a peer-to peer network for a decentralized ecosystem without central oversight.

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Quote from: DediRock on November 15, 2024, 12:39:28 PM

Bitcoin was originally meant to be a decentralized digital currency, but its volatility has led many to see it more as an investment.

BTC's volatility does not affect its decentralization, there is still no central authority in control and the network is run by the community. There is nothing wrong if people find different use for BTC, their coin, their choice and there's no control, so people can do what they want with their coin, but it does not change the core purpose why BTC was created.

Jon_Hodl

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Bitcoin's adoption is inevitable. That means that even banks, corporations, and governments will use it.

Unfortunately, they won't use it as a p2p cash system. They will use it primarily as a reserve asset that they will never sell and they will lend and borrow against it which will ultimately be used for price-suppression.

If you use RoboSats and grow the circular economy, then you are doing your part to make sure it stays p2p cash.

DediRock

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Bitcoin was originally meant to be a decentralized digital currency, but its volatility has led many to see it more as an investment.

Topic: Is bitcoin gradually turning away from its purpose? (Read 1700 times)