Is bitcoin gradually turning away from its purpose? - page 6.

Abiky

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Quote from: Mia Chloe on June 05, 2024, 05:56:23 PM

Personally op I don't agree fully with that. I believe the reason why it seems like Bitcoin is gradually drifting away from the plans which Satoshi NAKAMOTO initially had is because of the debate about Bitcoin being a P2P currency or a valuable form of investment. The fact is that from the initial intension of Satoshi, Bitcoin was meant to be an easy form of electronic peer to peer cash system without a third party involved.
The fact that Bitcoin price is increasing doesn't mean that it isn't a suitable P2P currency. However the difference is that it is a better currency for larger volumes of transaction in cash.

Although Satoshi's original dream was a simple P2P transaction system, we can arguably say that the result of Bitcoin gaining adoption and value was actually quite inevitable given special factors like decentralization, POW and even halving.

Bitcoin was initially designed as P2P electronic cash. The fact that now people are using it as a store of value has to do much with the currency's deflationary mechanism. With high fees and slow confirmation times, we shouldn't expect people to change the way they use BTC anytime soon. Now with "Wall Street" in the game, things got worse.

What I care about is Bitcoin's decentralization. If institutional investment companies amass a large portion of the circulating supply, BTC would be doomed. Even if economic holders don't determine network consensus (only miners). These entities can influence the direction of the Bitcoin project with their money. It's like moving one step backwards. At least, the code is open source. With many forks around, Bitcoin's original ideals can be preserved for generations.

Magic-Money

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Bitcoin is created in a multiple purpose and limited of 21million total supply, in which is simply used as a digital currency where it can be used as a means of payment, trading and investment by holding for a long term and price keep increasing as time goes on. Therefore Bitcoin is an asset that keeps increasing with a very high demand and low supply in the cryptocurrency market.

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Quote from: Plaguedeath on June 06, 2024, 10:47:43 AM

Sadly, yes.

Most people choose to use Bitcoin as a commodity instead of as a currency.

Are you using bitcoin as an investment or are you just using it as a currency? And what's wrong with people using bitcoin as an investment when they are getting many benefits from it and their lives are getting better and better because of bitcoin? Additionally , even if you are using bitcoin as an investment, if there is a store that accepts bitcoin payments, will anyone prohibit you from using bitcoin for payment? So how can it be said that bitcoin is gradually moving away from its purpose of becoming a currency?

Quote from: Plaguedeath on June 06, 2024, 10:47:43 AM

A lot people choose to hold their coins in centralized exchange or company (ETF) instead of in non custodial wallet.

Most people don't care with their privacy, they willing to submit their KYC to centralized sites and some people even dare to publicizing if they're own Bitcoin.

This is true, but I don't think it's the reason why bitcoin strayed from its original purpose of being a currency . Bitcoin is still bitcoin, it's just that the way people use bitcoin is not in the direction of turning bitcoin into currency .

Z-tight

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Quote from: Plaguedeath on June 06, 2024, 10:47:43 AM

Most people choose to use Bitcoin as a commodity instead of as a currency.

A lot people choose to hold their coins in centralized exchange or company (ETF) instead of in non custodial wallet.

Most people don't care with their privacy, they willing to submit their KYC to centralized sites and some people even dare to publicizing if they're own Bitcoin.

All of these is correct, but i don't think it still means that BTC is moving away from its purpose, we have to accept that people would use their coins anyway the way they want to, but doing so does not change what BTC is, and that is a p2p digital currency. Take note as well that there are also people who use BTC as a currency, people who correctly store their coins in self custody and people who only use p2p exchanges, they probably are not talked about that much.

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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.

Its not really that Bitcoin had gone into its main purpose, it is really just that the community or most people taking advantage into one of its benefits or opportunities on which Bitcoin could give.
We can actually do the same time when it comes on p2p transactions and at the same time you do make money once the value do rise up and this is something that could benefit out.
Just dont make yourself that too serious on sticking into a single thing if Bitcoin could give out other possible benefits that a certain person would really be able to attain or achieve on simply holding it.
No matter what we do, as long there's demand and recognition then its price wouldnt really be just that stagnant or would really be staying still. This is why it is really that getting that so much support.

We do know that it isnt really just that limited to BItcoin but in overall coins in the market that we can see those kind of opportunities. This is why it would really be better that
you should really be wise on placing yourself or having that good entry to take that advantage and making profits.

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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

So, you went to a section of the forum filled with traders to find out they're mostly... trading Cheesy

Should have also gone to speculation to find that most people do what the name suggests.

Go to development and you'll see people who talk about ways to improve bitcoin. Go to mining and you'll see people looking for efficient ways to mine and I'm sure that you'll find someone willing to sell you something for bitcoin in the Marketplace Wink

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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.

Despite the fact the fact that a lot of people are investing in Bitcoin and holding it for a long time for the sake of profit, there are still people who are spending their Bitcoin to purchase any item they desire. Bitcoin is not turning away from its purpose, man. Bitcoin was not only created for p2p transactions; it was meant to be used for whatever purpose it can serve. Bitcoin is a store of value; rather than holding fiat, which can lose value, it's better to hold bitcoin, and that is why investors are holding onto their bitcoin and not fiat.

Plaguedeath

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Sadly, yes.

Most people choose to use Bitcoin as a commodity instead of as a currency.

A lot people choose to hold their coins in centralized exchange or company (ETF) instead of in non custodial wallet.

Most people don't care with their privacy, they willing to submit their KYC to centralized sites and some people even dare to publicizing if they're own Bitcoin.

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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 can never say it is turning away from its real purpose until nobody is buying and selling their Bitcoin. Most exchanges are adding P2P trade which means that they are seeing the growing event in this area. We can say it is for investment purposes because that is what we think but if we try to use this as an alternative currency, we can also say that it was still in the direction of its creation. We can't totally feel it now because only a few people are using it and also still few companies are accepting this but it is actually growing and sooner we really gonna be seeing it boldly.

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Bitcoin was created as a p2p digital cash system to bypass banks and empower the people. A nice idea, but no one buys coffee with Bitcoin anymore. Honestly, who would? Too slow, pricey, and volatile for daily transactions.

People have spoken and chosen a different Bitcoin path. Its become a store of value, a digital gold, a hedge against inflation and the reckless money printing of central banks. Its a moon ticket, investment, and speculation. You know what? Thats OK.

The beauty of Bitcoin is that its decentralized. No one controls it, not even yours truly. The people control its fate, and they're HODLing, accumulating, and betting on it. It shows the strength of free markets and human inventiveness. Bitcoin is changing and finding its place. Thats worth celebrating, friends.

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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.

Besides El Salvador, the only country that makes bitcoin legal tender, which other countries have adopted bitcoin as legal tender? You need to know that to be able to use bitcoin as currency, we need to be recognized and legal by the government, and that is also a huge barrier for bitcoin to become a currency.

I won't deny you that bitcoin is more often used as an investment than as a currency. For personal gain, we took advantage of bitcoin as an investment to seek profits for ourselves. But we also need to consider the factor from the government, if they do not allow it, no one can use bitcoin as currency even if we want that to happen. So the fact that bitcoin cannot become a currency largely comes from the government, you should also ask the government about this, not just us.

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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 turning from it purpose instead bitcoin is even getting more awareness because the number of people that use it for p2p has increased more compare to years back. You should also understand that bitcoin has different purposes that people can also hodl to invest in it. Bitcoin has different good purposes, it is left for people to make choice on what they want to use bitcoin for. It is just a matter of time as bitcoin is gaining more adoption without any interruption from government users will increase that will be using it to purchase things.

If their are some limitations that are depriving people to spend bitcoin the most important thing is for people to understand the value bitcoin has and take advantage of it by investing that can make one to be financially stable.

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Quote from: Russlenat on June 05, 2024, 05:50:59 PM

Quote from: Hatchy on June 04, 2024, 06:23:17 PM

Bitcoin isn't turning away from its purpose at all mate. Infact, it is advancing and growing massively in different aspects compared to what it was initially created for. If you check the Bitcoin white paper, you will clearly see that Bitcoin was created as a decentralized p2p payment alternative. But with such great technology, you don't expect it to stop there. You as an investor can choose to use it for what ever purpose you want to, either as a long term investment plan or a payment option. But the truth is that bitcoin hasn't shifted a bit from its initial purpose of creation.

Well said mate. Bitcoin has even gone a long way in its limitless purpose, and that’s why we can’t blame the people if they rush to own bitcoin since they can always take advantage on it by making it a long term investment or a payment alternative to fiat. Bitcoin hasn’t shifted its purpose, but it’s actually its users and investors who are using bitcoin at a good cause beyond its initial purpose.

Yep, bitcoin is still bitcoin, it has never changed but people's usage has changed and most people just prefer to use bitcoin as an investment rather than a currency.

But I think it's not as serious or bad as many people think. Because at the end of the day, whether bitcoin is a currency or an investment, it is still decentralized and most importantly, it still benefits those who invest in it. An invention will truly become useless when it is not used or does not bring any useful use or use case. But in this case, bitcoin has brought great benefits as a decentralized asset. It not only helps people become aware of the concept of decentralization, privacy... but it has been helping many people improve their economy and have a better life.
So, even though bitcoin is not used as a currency and is only considered an investment, it is not that bad.

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Quote from: martinex on June 05, 2024, 11:31:55 PM

Quote from: Jegileman on June 05, 2024, 06:19:45 PM

The initial purpose of bitcoin is still obeyed and no one gave shifted from its purpose till date. Bitcoin has become so popular and vast that other means of benefiting from it has been discovered which makes it a more valuable and attractive concept for payment which was the main purpose of its creation and to serve as alternative to the traditional banking system. It is not here to bring an end to the traditional banking system and also not here to devour from its main purpose of invention, but the aspect of investment it can also be ventured into, makes it an exclusive asset also to depend in when it comes to saving and investment altogether.

It's true, until now the world of banking still exists and is present in our midst and BTC is here to provide its users with various other conveniences. Yes, BTC is also seen as an investment tool that has various advantages compared to investments made traditionally and of course provides users with a good opportunity to get large returns if done long term and correctly. Apart from that, Blockchain technology behind Bitcoin also provides many business opportunities if you dig deeper into where it can be used.

Banks and bitcoin will help every people in the world because we will be using one of them in our own conveniences
and this is also the reason why I find someone that tries to make them with competition annoying , we must not hate
banks and just choose Bitcoin instead lets see what is their to provide for us and not just now but in our future as well .

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Quote from: Jegileman on June 05, 2024, 06:19:45 PM

The initial purpose of bitcoin is still obeyed and no one gave shifted from its purpose till date. Bitcoin has become so popular and vast that other means of benefiting from it has been discovered which makes it a more valuable and attractive concept for payment which was the main purpose of its creation and to serve as alternative to the traditional banking system. It is not here to bring an end to the traditional banking system and also not here to devour from its main purpose of invention, but the aspect of investment it can also be ventured into, makes it an exclusive asset also to depend in when it comes to saving and investment altogether.

It's true, until now the world of banking still exists and is present in our midst and BTC is here to provide its users with various other conveniences. Yes, BTC is also seen as an investment tool that has various advantages compared to investments made traditionally and of course provides users with a good opportunity to get large returns if done long term and correctly. Apart from that, Blockchain technology behind Bitcoin also provides many business opportunities if you dig deeper into where it can be used.

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Quote from: Abiky on June 05, 2024, 03:21:03 PM

Of course. Network consensus is determined by miners. Not economic holders. But what's stopping the aforementioned entities from getting into the mining game? As long as they have the money, anything's possible. Fortunately, Bitcoin is open source. So if all else fails, we can just fork off to help protect decentralization + censorship-resistance. The future is unpredictable, thus we can only hope for the best. Undecided

Well someone like me still takes solace in the fact that it's still open source, and mining is still controlled by individual companies and not the government yet, although I envision government agencies taking part in mining activities in the nearest future, if they haven't already.

I think the bitcoin spot ETF's was initiated to encourage mass adoption of bitcoin either directly or indirectly as some people feel safer buying shares from companies than purchasing their own coins through exchanges and finally transferring it to their decentralized wallets. projects get slightly flexible at long runs to maintain its spot in the competitive markets. Bitcoin isn't the first.

Yeah, we can only hope for the best and most importantly that it doesn't loose its core values in the long run which are anonymity, transparency, decentralization and a store of value. With government continuous interference, privacy is still kinda farfetched.

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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.

The initial purpose of bitcoin is still obeyed and no one gave shifted from its purpose till date. Bitcoin has become so popular and vast that other means of benefiting from it has been discovered which makes it a more valuable and attractive concept for payment which was the main purpose of its creation and to serve as alternative to the traditional banking system. It is not here to bring an end to the traditional banking system and also not here to devour from its main purpose of invention, but the aspect of investment it can also be ventured into, makes it an exclusive asset also to depend in when it comes to saving and investment altogether.

CODE200

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People are still trading bitcoin P2P so I don't get the concern, maybe this is just a part of bitcoin in the first place, for this to be a way for people of all backgrounds to invest and hopefully achieve financial freedom for the people, maybe you're too worried about the purpose that this might be it OP, this might be the purpose that you were looking for, as long as people are trading bitcoin and buying with bitcoin, it's never going to be straying away from it's purpose.

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Quote from: Mia Chloe on June 05, 2024, 05:56:23 PM

Personally op I don't agree fully with that. I believe the reason why it seems like Bitcoin is gradually drifting away from the plans which Satoshi NAKAMOTO initially had is because of the debate about Bitcoin being a P2P currency or a valuable form of investment. The fact is that from the initial intension of Satoshi, Bitcoin was meant to be an easy form of electronic peer to peer cash system without a third party involved.
The fact that Bitcoin price is increasing doesn't mean that it isn't a suitable P2P currency. However the difference is that it is a better currency for larger volumes of transaction in cash.

Although Satoshi's original dream was a simple P2P transaction system, we can arguably say that the result of Bitcoin gaining adoption and value was actually quite inevitable given special factors like decentralization, POW and even halving.

Of course your right to an extent, but from what op is saying is the fact that bitcoin from an obvious point or view or if you're very observant with the way things are going now you will find out that bitcoin is more of a speculative currency than a P2P digital currency that it was meant for, although it's still in its original track but from a closer look with the way adoptions and big institutions are showering in a lot of cash into bitcoin holding it as a reserve currency you can see that it's more life a speculative device than a cash thar it is.

It is what it is but the investment part of bitcoin is put first this days instead of a currency for transactions.

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Personally op I don't agree fully with that. I believe the reason why it seems like Bitcoin is gradually drifting away from the plans which Satoshi NAKAMOTO initially had is because of the debate about Bitcoin being a P2P currency or a valuable form of investment. The fact is that from the initial intension of Satoshi, Bitcoin was meant to be an easy form of electronic peer to peer cash system without a third party involved.
The fact that Bitcoin price is increasing doesn't mean that it isn't a suitable P2P currency. However the difference is that it is a better currency for larger volumes of transaction in cash.

Although Satoshi's original dream was a simple P2P transaction system, we can arguably say that the result of Bitcoin gaining adoption and value was actually quite inevitable given special factors like decentralization, POW and even halving.

Topic: Is bitcoin gradually turning away from its purpose? - page 6. (Read 1697 times)