Is bitcoin gradually turning away from its purpose? - page 4.

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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?

Bitcoin was initially created as a peer-to-peer electronic cash system intended to replace traditional fiat currencies for everyday transactions.
Due to the volatility and appreciation of Bitcoin as we pass the West, people are increasingly adopting Bitcoin as an investment asset. Consider using it for transactional use as well as for future savings.

So we can say that the original purpose of Bitcoin has not changed but people have started to think and view Bitcoin differently. It is being used for future planning and people are starting to trust Bitcoin more and more to keep their large amounts of money safe for a long time and get double, or triple benefits from it.

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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 both. Bitcoin was created for the purpose of making a peer-to-peer transactions without the help of 3rd party in the process but this, besides many other positive sides, is the reason why it became a perfect investment choice. Just look at this, created 15 years ago, the limited supply of 21 million Bitcoins, coin with no $ value goes up to tens of thousands of dollars. Now you see, many people see Bitcoin as a great investment option and don't care about the other positive sides and functionalities that Bitcoin carries and that's pretty normal. Not everyone cares about decentralization, improved privacy, security and so on. Many people value ROI because finances matter in 21th century. Bitcoin still carries it's purpose, simply, people prefer to invest and automatically you think that it gradually turned away to mainly investment purpose.

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Quote from: royalfestus on June 04, 2024, 06:43:19 PM

I believe the primary purpose of Bitcoin is to decentralize currency, making it accessible to everyone globally, enabling fast and anonymous transactions. In the long run, investing in Bitcoin appears to be a viable use, as holding through bull markets tends to be more profitable than using it solely for transactions.

I believe that Bitcoin, is not turning from it's original purpose, instead it is diversifying and becoming more innovative, meaning that it's added investment features is what is making it's adoption to be growing faster. Why it seems like the original p2p intention of Satoshi Nakamoto, for creating Bitcoin, is turning away from it's purpose is because hodling it for investment is more profitable, but that doesn't mean that people are no longer using it for p2p to make payments for transactions.

Although because people hodl Bitcoin more for investment, they hardly use it for payments, they'd rather use fiat, but I believe that if more businesses starts to accept Bitcoin, as payment, it will encourage more hodlers to be making payments with it.

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Quote from: royalfestus on June 04, 2024, 06:43:19 PM

I believe the primary purpose of Bitcoin is to decentralize currency, making it accessible to everyone globally, enabling fast and anonymous transactions. In the long run, investing in Bitcoin appears to be a viable use, as holding through bull markets tends to be more profitable than using it solely for transactions.

I believe that Bitcoin, is not turning from it's original purpose, instead it is diversifying and becoming more innovative, meaning that it's added investment features is what is making it's adoption to be growing faster. Why it seems like the original p2p intention of Satoshi Nakamoto, for creating Bitcoin, is turning away from it's purpose is because hodling it for investment is more profitable, but that doesn't mean that people are no longer using it for p2p to make payments for transactions.

Although because people hodl Bitcoin more for investment, they hardly use it for payments, they'd rather use fiat, but I believe that if more businesses starts to accept Bitcoin, as payment, it will encourage more hodlers to be making payments with it.

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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.

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?

There are lots of room for improvement on blockchain technology and we'll get there someday. For now it would be best to make use of cryptocurrencies the way you will benefit whether as a user or an investor. As long as you aren't using it on illegal transactions then you're good to go.

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Quote from: wxa7115 on June 10, 2024, 12:16:00 AM

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.

While bitcoin has a stated purpose, this does not mean that it is the only thing you can do with it, besides it is not as if this exclusive to bitcoin, every single good out there can be used to speculate with and become an asset in the process.

And when even fiat currencies are subject to speculation, I do not see how it could be possible for bitcoin to not go through the same process as well, so just let it go and accept it, since there is nothing we can do to stop this anyway.

Sticking to one goal for bitcoin might be hardly impossible since not everyone of us has the same mindset and goals with bitcoin. Although Satoshi has introduced bitcoin as a digital currency, but if we can do more than that and still put us having the highest benefits, why not? After all, bitcoin is freedom, which only means as long as bitcoin is capable to do it without the interruption of any other third party most particularly the government, then it will never go against with bitcoin feature. So just don’t bother to raise an issue with bitcoin as an investment.

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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'd like to think of it as "birthing a new purpose" rather than be very pessimistic about it and call it steering away from what it is intended to do. First off, it's not like everyone's at a disadvantage with the way things work in the crypto industry now, matter of fact, I would say that it is much better if bitcoin remains this way, or at the very least be able to discover and explore new ways it could be used cause it just remaining as a glorified currency remittance system is droll, and had bitcoin stayed like that it would've died in its first few years mind you.

So while some bitcoin purists here say they like bitcoin to go back from being a very important store of value of an ecosystem it has birthed and nurtured from the ground up, to a currency system, I always slap them with the fact that if bitcoin remained that way, there's wouldn't be any bitcoin to look at right now.

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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.

Hmm, I think by "I would love to see different versions of input." you meant by community perspective, TBH my personal view is Bitcoin was meant to be the best self-controlled payment system but now it's likely, not possible as you better know meme pool is not consistent yup there are some alternatives like L2, still there's nothing if people consider Bitcoin as a mode of investment for long term. You need to know that narratives keep changing. I don't oppose anyone in the Bitcoin community haha this is my updated view on it as if you love to make transactions with Bitcoin just go for it, if you love to make holding then g for it, if you love to trade only on short frames go for it.

Whereever Bitcoin fiits in your network just go for it.

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Quote from: SickDayIn on June 10, 2024, 08:26:46 AM

It was created to be an alternative money.

I would add to this:

It was created to be an alternative money for people who could not safely use normal money.

Bitcoin was never created to replace the US dollar, or even be a digital means of mainstream everyday transactions. It was specifically designed to create a means of value transfer for people who could not, for legal reasons, use an ordinary bank.

The blockchain architecture was designed to have one (any only one) unique advantage: to be able to thwart government interference and discovery into transaction. Whatever it might also do today (e.g. be an meme investment instrument), in its inception, that's all Satoshi was trying to do.

(And in the end he didn't really do that since a) Bitcoin has a public ledger and chain analysis allows governments to track transactions; and b) Bitcoin is, defacto, controlled by a small handful of companies that could be--or maybe even are already--controlled by a government).

Bitcoin--and the blockchain architecture generally--cannot scale to even within several orders of magnitude of the volume necessary to handle mainstream worldwide transactions. And it was never meant to: only a tiny niche of users have the "problem" that Bitcoin was designed to solve: most people don't need to avoid their government to make transactions.

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It was created to be an alternative money.

Now that can mean a lot of things. In the day-to-day, we buy things with money, but we also store money to build wealth. Because of the fees, using Bitcoin for all daily transactions is just not going to be possible without adaptations like the Lightning network. However, Bitcoin is still an excellent storage of wealth over the long term. "Long term" is also 7 to 10 years or longer. Not 12 months like some people may think.

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Quote from: ahmedjamal1998 on June 07, 2024, 07:55:58 AM

But at the same time it also has monetary value.

Bitcoin gained its value due to the demand and supply. Bitcoin’s limited supply was used so that it can be protected against inflation. But because it is limited and the demand is high, the value goes up.

Quote

If you want proof that it's going in the right direction, look how many people in many under-developed nations are now using crypto to transact because they have no other way.

Bitcoin is very helpful in transactions between different countries because especially in underdeveloped countries, the fees of sending money to a different country is high. It’s also much more convenient and faster to send bitcoin from country to another.

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Quote from: Abiky on June 10, 2024, 05:54:01 AM

Quote from: legendbtc on June 07, 2024, 08:17:18 AM

Even if they hold the majority of the supply, and that would make bitcoin more centralized, but as long as you and everyone store bitcoin in uncustodial wallets, no one can take our bitcoin. Bitcoin's decentralization will never completely disappear, it will become weaker with the participation of Wall Street investors. But this is inevitable because no one can stop them from doing this, so we need to accept and adapt.

Of course no one can stop "Wall Street". Money talks, right? Our only hope would be to hold as much BTC in non-custodial wallets to help prevent a major takeover from the "Elites". As long as there's a small number of people in defense of decentralization, Bitcoin won't be going anywhere soon.

Fortunately, there's a "Plan B" if all else fails. The community can make a new fork if things start going south. We can thank Bitcoin's open source nature for that. If BTC was centralized and closed source, it would've been doomed by now. Satoshi knew what was coming all along. He was well ahead of his time. Who knows what crypto's future will be once CBDCs are launched? Cheesy

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.

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Quote from: legendbtc on June 07, 2024, 08:17:18 AM

Even if they hold the majority of the supply, and that would make bitcoin more centralized, but as long as you and everyone store bitcoin in uncustodial wallets, no one can take our bitcoin. Bitcoin's decentralization will never completely disappear, it will become weaker with the participation of Wall Street investors. But this is inevitable because no one can stop them from doing this, so we need to accept and adapt.

Of course no one can stop "Wall Street". Money talks, right? Our only hope would be to hold as much BTC in non-custodial wallets to help prevent a major takeover from the "Elites". As long as there's a small number of people in defense of decentralization, Bitcoin won't be going anywhere soon.

Fortunately, there's a "Plan B" if all else fails. The community can make a new fork if things start going south. We can thank Bitcoin's open source nature for that. If BTC was centralized and closed source, it would've been doomed by now. Satoshi knew what was coming all along. He was well ahead of his time. Who knows what crypto's future will be once CBDCs are launched? Cheesy

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Asking this question can mean that you are very familiar with BTC, so why still ask if it's built for investment purpose or for peer-to-peer to alternate fiat? Obviously mate it is mainly created for peer-to-peer to alternate fiat. But unlike with the traditional fiats, BTC only has a limited amount of supply and it is decentralized.

Eventually, people figured out that these two are responsible to the continuous increase in the BTC value and that is how they started to treat it like an asset for investment use. Even though many people are like that now, I think we can still say that the rate at which BTC is being used as a currency has increased by some percent.

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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.

While bitcoin has a stated purpose, this does not mean that it is the only thing you can do with it, besides it is not as if this exclusive to bitcoin, every single good out there can be used to speculate with and become an asset in the process.

And when even fiat currencies are subject to speculation, I do not see how it could be possible for bitcoin to not go through the same process as well, so just let it go and accept it, since there is nothing we can do to stop this anyway.

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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 not yet accepted in most countries, and governments are still against it in most countries, which is really affecting bitcoin growth. When bitcoin is accepted in different countries, the companies, and stores will begin to accept bitcoin as a payment method, then bitcoin will start serving its purpose, but for now everyone is making money from bitcoin. People are accumulating so that they can sell when the price is high.

I will be using my country as an example. Bitcoin transactions are not allowed by the Central Bank, and accounts connected to bitcoin transactions will be blocked, so don’t expect people from my country to be making transactions with bitcoin daily, because when they try to convert some to fiat, their account might be compromised, so everyone prefers holding their bitcoin.

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Bitcoin is a fully decentralized network and as much as we'd like to keep everyone confined to discussing the technology alone, everyone is entitled to their own focus and endeavors. That's why the trading and speculation sections were created specifically for folks that solely want to discuss price action and movements. If you want to see and participate in more Bitcoin Network centric discussions, Development and Technical Discussions is a good start.

It's similar to how ethereum opened access to creation and development of smart contracts and now there are memecoins everywhere which are essentially token smart contracts deployed by anyone, anywhere in the world.

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Quote from: kryptqnick on June 05, 2024, 03:15:34 AM

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.

That's a relevant concern these days. There are some regions where Bitcoin payments are conducted fairly often, so Bitcoin does in a way remain an alternative to fiat. Then there is also the usage of Bitcoin for gambling, where Bitcoin is a good alternative to fiat and successfully functions as such. But it's true that more and more people are talking about Bitcoin as something to hodl, as an investment asset. Bitcoin is ultimately what we make of it, and how we collectively use it. It can be both a form of money and an investment opportunity. These two are not mutually exclusive.

Bitcoin is not only limited to a single purpose, but it can do both as a form of money and an investment, that’s how flexible and useful bitcoin is. And as much as people want to use it for fiat alternative, but as long as investing and hodling seem more profitable than spending alone, then it’s not surprising that people would stick to it more. At the end of the day, people acquire bitcoin for money and wealth, and financial security and independence, that’s the most important about it.

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Quote from: Natsuu on June 08, 2024, 07:42:56 PM

Quote from: Raflesia on June 08, 2024, 04:25:42 PM

Actually in this case I think it still does not deviate from the original purpose.

I agree with this, it might happen that OP is more expose where Bitcoin is being traded in a centralized exchange but nothing in fundamental changed in Bitcoin. Which means that if it happens that centralized exchange fails at some degree, bitcoin can still operate and maintain it's value because it is more likely to operate according to original purpose. There is no middle man or institution in between, only P2P.

We dont need to be too idealistic someone who will only consider bitcoin as a medium of exchange because after all if you look at the current conditions , bitcoin is actually becoming more flexible and even sometimes it is not uncommon for people to consider that bitcoin is only for investment or as one of the trading assets . Thats not wrong because after all it is a condition that occurs now even though there must be a little corrected from his understanding but the fact that currently occurs that bitcoin can indeed be used as an investment or trading.

So,by looking at this we dont have to consider it a mistake because even though bitcoin is functioned as a payment option but with the flexible nature of bitcoin now coupled with the value of prices that are getting better in terms of prospects, IMO its not a mistake if this is considered a good enough asset to be used as investment material and reap the benefits in it .

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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 can't deny that Bitcoin is mostly called as investment rather than a payment but still it's too early and there are places we can pay Bitcoin directly/indirectly as payments, here are some websites you can purchase using bitcoin in the form of BTC itself or via gift cards.

250+ companies & stores that accept cryptocurrency

Bitcoin is decentralized money, so user can do what they want to do it and that's the absolute meaning of decentralization so whether it's used as investment or payment it is not losing it's fame it just keeps growing every day.

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