Topic: Is bitcoin gradually turning away from its purpose? - page 3. (Read 1690 times)
Bitcoin was created to support fiat currency for transactions such as to make easy and lesser stress for intercontinental transactions, and that's why government was kicking against bitcoin existence, and they tagged bitcoin as a means of involving in a money laundering, but I know that people is understanding the purpose of bitcoin been created or established as investment method, its obvious that when you read about bitcoin you will have different explanation of why bitcoin is been created, bitcoin is a support means of making transactions across other nations easier for people who lives in another country.
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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 thought the purpose of opening your topic was different, I thought your question would be that Bitcoin is gradually moving away from the purpose of financial freedom because of the huge amount of bitcoin adoption under various big companies. Even though I had prepared your answer in that way, I will answer your question now.I would love to see different versions of input.
Let me know first that don't it true that people are holding their fiat currencies or the gold silver which are exchangeable on the banks or what ever? I think the answer will be yes then if we think bitcoin as a digital currency i.e. cryptocurrency why we can't it use to hold for the future how we save fiat for the future. And Also we know fiat currencies are also havebeen trading on many exchanger and there were also trader. So saving bitcoin i.e. holding bitcoin i.e. investing on bitcoin will not going to take us from it's real purpose which is making the financial freedom and also peer to peer ecosystem.
I don't know where the author of the topic saw that society is turning away from Bitcoin. On the contrary, as far as I can see, everyone is abandoning altcoins, because it is pure speculation. No one cares about the meaning of coins and their technology. Everyone is only concerned with the hype and earnings on them. And Bitcoin is a reliable investment that is developing more and more, and this ETF is proof of this. Yes, we all don't like regulators, but you can't say that Bitcoin is turning away from its purpose.
The OP didn't say Bitcoin was becoming less popular as an investment. Indeed, the whole point is that Bitcoin as an investment has nothing to do with its original purpose--but that's all people care about now.
As for altcoins, the exact opposite is true: Bitcoin is on the verge becoming the minority of market value for all digital currencies. Non-bitcoin digital currencies are bigger than ever, and getting bigger.
I don't know where the author of the topic saw that society is turning away from Bitcoin. On the contrary, as far as I can see, everyone is abandoning altcoins, because it is pure speculation. No one cares about the meaning of coins and their technology. Everyone is only concerned with the hype and earnings on them. And Bitcoin is a reliable investment that is developing more and more, and this ETF is proof of this. Yes, we all don't like regulators, but you can't say that Bitcoin is turning away from its purpose.
What the OP means is that Bitcoin is moving away from its original purpose. Not that society is turning away from Bitcoin. Where did you read that? I'm afraid the OP is right. BTC is now being used as a store of value (investment) than a currency. Satoshi always said Bitcoin was meant to be a "Peer to Peer Electronic Cash system". If people started using it as a currency, Bitcoin would've beaten banks already. It's already too late to change the public's perception of Bitcoin. The cryptocurrency is still decentralized, though. At least, that's a good sign.
I think the coin that will fulfill Bitcoin's original purpose is Monero. It constanly faces pressure from mainstream governments, often getting de-listed from centralized crypto exchanges. Market prices are relatively stable in Fiat terms (USD) over the past years. This makes XMR an ideal currency for private, day-to-day payments. Bitcoin is only 15 years old, so I would give it more time to see what happens in the long run.
The beautiful part about Bitcoin is that it's much harder to co-opt as the supply side. Meaning, the hard ,money aspect side of BTC is pretty much on lock along with the cap of 21m. After distribution, the powers that be can deploy their derivatives to attempt to soften the cap, however it's much harder than say a precious metal where Mining, smelting, distribution, and sales can all be maipulated.
The cap is a great tool to ensure that BTC won't inflate itself, however, in the future, anything can happen in the space like crypto
I don't think it will be in our lifetime, though.
I don't know where the author of the topic saw that society is turning away from Bitcoin. On the contrary, as far as I can see, everyone is abandoning altcoins, because it is pure speculation. No one cares about the meaning of coins and their technology. Everyone is only concerned with the hype and earnings on them. And Bitcoin is a reliable investment that is developing more and more, and this ETF is proof of this. Yes, we all don't like regulators, but you can't say that Bitcoin is turning away from its purpose.
Hype drives people, people drive the flow of money, and money drives institutions and other entities to get the funds flowing into something that may not be such a good deal innovation / use wise
I see it that way. 
I don't know where the author of the topic saw that society is turning away from Bitcoin. On the contrary, as far as I can see, everyone is abandoning altcoins, because it is pure speculation. No one cares about the meaning of coins and their technology. Everyone is only concerned with the hype and earnings on them. And Bitcoin is a reliable investment that is developing more and more, and this ETF is proof of this. Yes, we all don't like regulators, but you can't say that Bitcoin is turning away from its purpose.
The beautiful part about Bitcoin is that it's much harder to co-opt as the supply side. Meaning, the hard ,money aspect side of BTC is pretty much on lock along with the cap of 21m. After distribution, the powers that be can deploy their derivatives to attempt to soften the cap, however it's much harder than say a precious metal where Mining, smelting, distribution, and sales can all be maipulated.
I don't know if Satoshi intended to use bitcoin as an investment when he created it, but in the bitcoin's whitepaper, he never mentioned that. Bitcoin is a peer-to-peer currency, he said, but since its launch, early adopters have turned it into an investment and spread this to this day. Most of the newbies to this field in recent years only consider bitcoin as an investment, an asset and few know that it was created to be a currency.
If we just want to talk about what's going on, bitcoin is being treated as an investment asset instead of being used the way it was originally created.
Yes, we can still use it as a currency and that will never go away. But with the limitations that bitcoin is facing like volatile transaction fees and network congestion, using it as a currency will be more difficult.
If we just want to talk about what's going on, bitcoin is being treated as an investment asset instead of being used the way it was originally created.
Yes, we can still use it as a currency and that will never go away. But with the limitations that bitcoin is facing like volatile transaction fees and network congestion, using it as a currency will be more difficult.
Exactly. The majority considers Bitcoin an investment rather than a currency. We can blame mainstream media for this. With spot ETFs approved in the US and abroad, the situation is even worse. BTC is now proclaimed as the next "digital gold", instead of the next "digital currency". It will never "beat" Fiat this way.
I think it's already too late to change the public's perception about Bitcoin. Especially when centralization is the dominating force of the industry. BTC by itself is decentralized, but centralized exchanges and institutional investment firms control most of the circulating supply. Besides, the main Bitcoin blockchain has limited transaction capacity. That, coupled with volatile market prices, makes BTC more suitable as a store of value than anything else.
Altcoins such as Litecoin and Dogecoin are better suited as a currency. Yet, people only get into these coins to make a lot of money. Perhaps, people will begin using BTC as a currency once CBDCs take over the world by storm? One can only hope.
Bitcoin was created by Satoshi as an alternative to fiat however its unique and innovative features offer more than that. It can be used as a place to hold your money in fighting against your currency going through inflation and it can also be an investment opportunity.
It turned into an investment opportunity simply because many people find bitcoin to have potential. They see it and now they are making off profits by selling it to those who want some bitcoin. You can do anything you want with bitcoin, truthfully. Use it as an alternative currency or use it as an investment tool, it’s all up to you.
Satoshi Nakamoto is anonymous till date, it's for his own safety because the world we live in today is cruel. Many of these top companies and firms would have tender to sue him since they're seeing him in person. But where would they get him from? Whenever bitcoin is in bear season, always withdraw your funds or better still, invest in bitcoin.It turned into an investment opportunity simply because many people find bitcoin to have potential. They see it and now they are making off profits by selling it to those who want some bitcoin. You can do anything you want with bitcoin, truthfully. Use it as an alternative currency or use it as an investment tool, it’s all up to you.
My advise is, do what you think is right to survive in the space. Setup investment in bitcoin and expects enormous earnings coming your path shortly, you do know there are risks ought to be taken care of? We have opportunities on the space, we ought to make good use of them because the system have been designated to make us run at huge losses. Bitcoin have made people become stinky rich in the crypto space and have also brought down top whales to become broke today, all of these outcome depends on our solid plans towards the space. Bitcoin is actively in use today, we are gradually understanding the pressing issues and maintained stability from our approach.
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?
Bitcoin was created by Satoshi as an alternative to fiat however its unique and innovative features offer more than that. It can be used as a place to hold your money in fighting against your currency going through inflation and it can also be an investment opportunity.It turned into an investment opportunity simply because many people find bitcoin to have potential. They see it and now they are making off profits by selling it to those who want some bitcoin. You can do anything you want with bitcoin, truthfully. Use it as an alternative currency or use it as an investment tool, it’s all up to you.
I don't know if Satoshi intended to use bitcoin as an investment when he created it, but in the bitcoin's whitepaper, he never mentioned that. Bitcoin is a peer-to-peer currency, he said, but since its launch, early adopters have turned it into an investment and spread this to this day. Most of the newbies to this field in recent years only consider bitcoin as an investment, an asset and few know that it was created to be a currency.
If we just want to talk about what's going on, bitcoin is being treated as an investment asset instead of being used the way it was originally created.
Yes, we can still use it as a currency and that will never go away. But with the limitations that bitcoin is facing like volatile transaction fees and network congestion, using it as a currency will be more difficult.
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?
Bitcoin was created by Satoshi as an alternative to fiat however its unique and innovative features offer more than that. It can be used as a place to hold your money in fighting against your currency going through inflation and it can also be an investment opportunity.It turned into an investment opportunity simply because many people find bitcoin to have potential. They see it and now they are making off profits by selling it to those who want some bitcoin. You can do anything you want with bitcoin, truthfully. Use it as an alternative currency or use it as an investment tool, it’s all up to you.
Bitcoin was introduced to avoid high inquiries and high fees.
High inquires, yes. High fees, no. Bitcoin transactions can cost up to $50 these days, which is more than most wire transfers. And at the level you are talking about, nobody would care much about the price in any case. Satoshi very intentionally designed Bitcoin to be slow and expensive (a.k.a. the proof-of-work model).
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The main thing to keep in mind is the fast service and it is also true that the faster you can transfer your large amount of money to another person through Bitcoin, the banks can't deliver that fast, and Bitcoin is one of the fastest ways to transfer money in the world right now.
For example, if you are going to the bank and want to send 10 million dollars to someone, how much time do you think it will take to send it from one bank to another person's bank? If you send the same transaction through Bitcoin, it will take you only a few minutes and your message will reach the other person and no one will know, only you or the person you have sent it to. So the main purpose of Bitcoin is to provide financial privacy and decentralization and that purpose stays.
You are correct that the original goal of Bitcoin was to allow people to transfer value in such a way that it could not be tracked by governments. (That is no longer technically true since there is chain analysis).
But almost nobody has a real need to transfer millions of dollars secretly. Indeed, in virtually every valid business scenario, the counterparties of a transfer of that size very much want to be identified in a real way such that there is legal force behind the transfer, not just a technical detail.
Most people don't want to conflict with their government, either out of fear of being caught or plain honesty. For those people, bank transfers work just fine for large amounts of money.
And for small amounts of money (viz. under $10,000), Bitcoin (and blockchain generally) is not technically suitable.
So without Bitcoin's original purpose meaning anything anymore, Bitcoin's only purpose in life today is that of a meme investment instrument.
Bitcoin is clearly defined on the whitepaper that it's a decentralized form of currency that enables it users to carry out transaction without a third party.So the purpose of Bitcoin still remain what it is till date,users only make their choice on how profitable to use Bitcoin,it's a choice of a bitcoiner to decide whether to make payments online with his coin or to invest on it.Let's us just assume that the fiat that is used for making transactions has a bull moment if it's held for a long term, majority would definitely want hold onto it because of how beneficial it would be in the long term and it doesn't also change the actual purpose.But unfortunately fiats doesn't have a bull moment, that why I stated it clearly that it's an assumption.
Bitcoin was initially created as a peer-to-peer electronic cash system intended to replace traditional fiat currencies for everyday transactions.
That is exactly false. Bitcoin was never intended to replace everyday transactions, and the blockchain architecture makes anything close to that absolutely impossible.
Bitcoin was invented to give people a way to transfer value who could not safely use normal means. Satoshi never intended to replace the normal banking system, and he would have looked like an idiot if that's what he said he was trying to do since it's technically impossible.
For example, if you are going to the bank and want to send 10 million dollars to someone, how much time do you think it will take to send it from one bank to another person's bank? If you send the same transaction through Bitcoin, it will take you only a few minutes and your message will reach the other person and no one will know, only you or the person you have sent it to. So the main purpose of Bitcoin is to provide financial privacy and decentralization and that purpose stays.
Wall Street will find ways to manipulate bitcoin as much as possible but they won't be foolish enough to make it completely centralized because if they did, many people would abandon bitcoin and it would become less attractive. I think they understand that the decentralized nature is the key factor that makes people interested in it. But if they turn it into a centralized asset and people lose interest and even leave it, their control over it will also become useless, IMO.
Regarding CBDC, I don't care much and am not worried because it is just a digital version of fiat. Fiat has no impact on crypto, so I also believe that CBDC will have no impact on crypto either.
Regarding CBDC, I don't care much and am not worried because it is just a digital version of fiat. Fiat has no impact on crypto, so I also believe that CBDC will have no impact on crypto either.
The thing is most people don't care about decentralization. They're only after what's most convenient for them. If Bitcoin becomes centralized, the masses will carry on as if nothing happened. It's all about making money these days. Gone are the days when the industry "sticked" to Bitcoin's true principles. Satoshi would've been very disappointed by now.
We've moved one step backwards by entrusting middlemen with our BTC. Now they hold "all of the cards" to manipulate (or influence) Bitcoin as they wish. With the approval of spot ETFs, institutional investment companies will buy most of the circulating supply. They can even use their money to build huge mining farms and participate in network consensus. Will things change for the better in the future? I doubt it. Nothing is set in stone, so lets hope for the best.
Given what's going on, you're not wrong in saying that most people don't care about decentralization, privacy, but not all. There are still some people who are concerned about privacy and the decentralized nature of bitcoin such as those on this forum. There is nothing wrong with people caring a lot about profits and money because without money, what good is privacy? Like who will care about the homeless and the poor? But I think at some point, when people have acquired a bit of wealth, they will care more about privacy because they certainly will not want that hard-earned money to be controlled by the government or a third party.
Things will not change for the better in the future but I believe it is also unlikely that bitcoin will become completely centralized because there will always be a demand for that and that is what makes bitcoin so special.
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 love to see different versions of input.
The purpose of bitcoin is clearly explained and it’s for the use as alternative to the traditional fiat currency. Overtime because of the other secondary benefits of having bitcoin, people have now delve into the investment aspect of it and that has made bitcoin a more recognisable and recommended asset to be invested in. It can’t move away from its main purpose, it just will suit more what the person wants to use it for and it’s all good in both ways. Its volatile nature that gave it the investable value is what a lot of people have leverage on and it’s the best for it, because it has encouraged more use and adoption of it while maintaining its decentralized system.
Wall Street will find ways to manipulate bitcoin as much as possible but they won't be foolish enough to make it completely centralized because if they did, many people would abandon bitcoin and it would become less attractive. I think they understand that the decentralized nature is the key factor that makes people interested in it. But if they turn it into a centralized asset and people lose interest and even leave it, their control over it will also become useless, IMO.
Regarding CBDC, I don't care much and am not worried because it is just a digital version of fiat. Fiat has no impact on crypto, so I also believe that CBDC will have no impact on crypto either.
Regarding CBDC, I don't care much and am not worried because it is just a digital version of fiat. Fiat has no impact on crypto, so I also believe that CBDC will have no impact on crypto either.
The thing is most people don't care about decentralization. They're only after what's most convenient for them. If Bitcoin becomes centralized, the masses will carry on as if nothing happened. It's all about making money these days. Gone are the days when the industry "sticked" to Bitcoin's true principles. Satoshi would've been very disappointed by now.
We've moved one step backwards by entrusting middlemen with our BTC. Now they hold "all of the cards" to manipulate (or influence) Bitcoin as they wish. With the approval of spot ETFs, institutional investment companies will buy most of the circulating supply. They can even use their money to build huge mining farms and participate in network consensus. Will things change for the better in the future? I doubt it. Nothing is set in stone, so lets hope for the best.
Bitcoin was initially created as a peer-to-peer electronic cash system intended to replace traditional fiat currencies for everyday transactions.
That is exactly false.
Bitcoin was never intended to replace everyday transactions, and the blockchain architecture makes anything close to that absolutely impossible.
Bitcoin was invented to give people a way to transfer value who could not safely use normal means. Satoshi never intended to replace the normal banking system, and he would have looked like an idiot if that's what he said he was trying to do since it's technically impossible.
We cannot blame people on how are they using Bitcoin whether it is for investment or currency purposes. What matters is that Bitcoin grows as a cryptocirrency both in value and popularity. Many people are taking advantage of its volatile market price and there's nothing wrong with that. On the other hand, many countries are still not widely accepting Bitcoin as a mode of payment, so what's their choice then? Would it be better if they will just wait for its adoption? Ask yourself as well, are you using cryptocurrencies on most of your transactions? With high fees?
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It is the choice of people to want to use bitcoin as their transaction or as their investment/trading, and both of these things will not make bitcoin deviate from its intended purpose, because it is the same as when people trade fiat on forex, it will not deviate from the purpose of fiat as a transaction tool. So this does not need to be too much of a problem, because it is as simple as people want to seek profit on the increase and decrease of the price of bitcoin and there is nothing wrong with that.
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