Topic: Is bitcoin gradually turning away from its purpose? - page 2. (Read 1700 times)

Altcoins needs Bitcoin to survive hence we can't see Altcoins rising when Bitcoin hasn't had its own. It's only after Bitcoin has had its bull run that other altcoins get to benefits from the money coming into the market. Bitcoin will keep being the number one cryptocurrency because of the trust that Bitcoin has gained from investors. No altcoins can remove Bitcoin from being the most marketcap coin because you have to consider the choices of altcoins available to choose from to invest hence investors interested in altcoins will always have divided attention when they want to invest hence giving Bitcoin more privileges to keep dominating the market. Bitcoin hasn't turned away from its purpose but it's in a phase when people coming into the market are profits driven hence they tend to talk and focus more about Bitcoin getting to new ATH more than Bitcoin adoption success.

The market cap is the number of coins in circulation multiplied by the current price so the number of coins in circulation definitely has a role. You see coins like Shiba inu with 0.000018 as price per coin among the top 15 coins in the market based on market cap simply because they have over 580 trillion coins in circulation.


I understand what you mean and you might probably be right, but 10x more in 10 years is a big reach. I don't see that happening. Maybe I'm being a little pessimistic, but it's hard not to be based on this prediction. I know the altcoin market is growing rapidly but I doubt it will grow that much in the next ten years.

The way I have read through this thread multiple times, I think the conclusion is that Bitcoin purpose is subjective to what everyone thinks. Bitcoin can be anything anyone want as long as the purpose is achieved because if I say what you said it's not true, I might be wrong because it might be working with you that way but in my own view, I don't think Satoshi created Bitcoin to support fiat currency transaction but as a stand alone peer to peer transaction to support people with freedom of transactions without any middle man.


We can't really blame people for changing their intentions towards Bitcoin, we wanted adoption obviously and this is definitely what will happen, it wouldn't go in a uni direction. Today, we have ETFs for institutional investors that want Bitcoin but don't want to hold it directly due to government regulations and also the security measures they don't want to deal with and it's working for them.

Because in the end Satoshi did not create bitcoin as a competitive material but as an option for governments who feel that bitcoin is disruptive and categorized as a competitor it will be a different story because it is the assumption of those themselves who sometimes do not like bitcoin not from the purpose of bitcoin itself.

For now I prefer to say than bitcoin can further develop its potential instead of getting out of the predetermined path of creation because even though the goal remains the same where bitcoin can be used as an alternative to means of payment but there are more developments that bitcoin has where they can also be used as investment assets for now or maybe trading and it's not out of line because the goal remains the same it's just that the development is more than previously thought.

Bitcoin is digital currency that is developed for multipurpose usage which is not only limited for exchange on payments as money but also potential for source of income when hold stably.
Every bitcoin users is entitled to utilize their bitcoin based on their usefulness.
However, enthusiasts utilizes their bitcoins depending on the state of their residence that is to say you don't have to force in as peer-to-peer to anyone not willing to accept it for services for payments.
Referencing a place like El Salvador, there in it is recognized as legal tender which is assumed what you Op is talking about is practically exercised there.

Altcoins do not individually have an unlimited supply, and people buy one altcoin at a time, not the whole market.

Also, the number of units a coin has does not relate to market cap: that's not how math works .

I didn't say that there will be another digital currency that will surpass Bitcoin in market cap--although I don't think that's impossible--I merely said that I expect Bitcoin's overall marketshare to dip below 50% at some point and go further down after that.

I believe the overall market for digital currencies will be 10x what it is today in ten years, but a majority of that growth will be non-Bitcoin (and non-blockchain, imho) currencies.

Those who understand the power in Bitcoin will agree with me that Bitcoin serve exactly the same purpose that gold, silver,  diamond and all the precious items you can think of, and still serve more purpose than they do with a liquid market that is akin to none. The only difference is that the others are physical treasure while Bitcoin is a digital treasure. Bitcoin is a dependable store of value and a medium of exchange, you can store your wealth in Bitcoin by simply making it your choice of investment portfolio just like you would with gold and the safety in Bitcoin is far better than that in physical gold. There are countless ways in which Bitcoin stand out.

Bitcoin alone is 59% of the crypto market cap with a $1.2 trillion market cap and that number is expected to rise when Bitcoin hits a new ATH sometime next year, so no, I can't entirely agree that "Bitcoin is on the verge of becoming the minority in market value".
Altcoins are many are are constantly increasing with more investors, but a lot of these investors still invest in bitcoin too so it would be difficult to see only altcoins rising while bitcoin is not.

These altcoins have an unlimited supply and this affects their price a lot so it will be difficult for their market cap to increase significantly. A lot of them have a high market cap simply because of the billions of coins in circulation. I don't think any single altcoin has been able to outperform bitcoin in the long term, they mostly prosper short term.

Yes gold, silver, and diamond are now basically for the investment but long years ago these especially the silver, gold these are also used for the transaction. And If you look back to now these you will also see that lots of people and the countries are holding the USD because the inflation rate of this quite low than others and also this has kinda global acceptance. So in the case of Bitcoin this is better because here there is no inflation except the volatility and there is a option for holding so why not we hold them like we save money at bank and when we have the needs we also used that. And about the transaction of Bitcoin it won't be stop it will be increase day by day. But I want to also agree with you if a person think that bitcoin is only for the investment then he is surely wrong.

Yes I've actually come across a couple of videos where some rich guys in a podcast were talking about money and economics. Actually they said that the whole cash system was a scam and I actually believed that to quite a huge extent because of my normal economics and history of money class taught back then when I was still a freshman. Anyways the summary of the gist was that back in the days note money was actually implemented as a coupon for gold deposited at the bank.

The gist they were discussing was actually the cause of inflation and they were of the opinion that gold is a better store for value compared to fiat notes or cash. The idea is quite right based on the fact that inflation has actually become a world problem.

But Satoshi never mentioned that he created bitcoin to beat banks or replace fiat. If we use bitcoin as a currency and use it to beat the banks then that is our goal not bitcoin or satoshi.


You are right, bitcoin is straying from its original purpose but that is not its fault, it is our fault. Not only today, bitcoin has been used as an investment asset by early users since the early days and is passed down to this day.

But I think using bitcoin as an investment is much better than using it as a currency because if bitcoin is used as a currency. How many people will use Bitcoin when the network is constantly congested and transaction fees are unstable? How would you feel if your transactions were delayed and you had to pay extra transaction fees for your daily bill transactions?

It's true that people are holding other currency such as gold, silver and other valuable resources but it wasn't meant for a transactional purpose, but as I know Gold, Silver or diamond as we know is basically for investment. Please do not quote me wrongly, I didn't say bitcoin is not meant for investment or worth for investment, but what I am trying to deduced is that people are now now channeling efforts on the investment purposes than the transactional aspect of bitcoin.

At first read up then i do really have that same impressions or thoughts too on which it is really that Bitcoin goes away into its actual purpose but rather instead this do talks about on how a certain individual
do really that getting ending up on trying out to deal up with Bitcoin which is really not into its actual utility or usage. You cant really be able to stop people on having this kind of approach on which on the moment that you would really be dealing up with Bitcoin or crypto space then the primary thing that comes up into your mind is on how you would really be that making yourself that trying out to make money or simply you would be accumulating Bitcoin or any crypto because you do know that it could give out that kind of probability that you could make money with it. Whose the ones wont really be liking to make money? We are all thriving on finding ways on how to make money and thats why on the moment that they've been able to encounter about Bitcoin or crypto space about this manner then of course you will really be ending up on having this kind of approach on which you would really be trying out to accumulate as much as you can. You wont really be that mindful in speaking about its utility or simply this will really be your second priority when it comes on this manner.
You will really be that always focusing on how you will really be that ending up on having tons of profits and be mindful about such aspect and not on the other side of things.