Topic: Is bitcoin gradually turning away from its purpose? - page 7. (Read 1697 times)
I think not. Well, you see, bitcoin is a new technology and really has the potential to be the most powerful currency in the world. It's not that bitcoin is being used for its intended purpose; it's just that people are implementing it in other innovations, which is a good thing. Bitcoin being used in many projects or innovations means the future of bitcoin is bright. So dont just stay what you think bitcoin purpose is because its better to have many innovations in bitcoin, unlike what its primarily purpose is, and it is another way of introducing bitcoin to other people. If people can see bitcoin in many things, then people will be more interested and most likely to use bitcoin. Many bitcoin users mean bitcoin will increase more, so dont be too worried about bitcoin drifting to its original purpose, because it is not; its just that bitcoin is being used and implemented in many things.
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.
I don't think that what is happening now with Bitcoin is moving away from its true purpose; you are wrong in that matter in the topic you made an op. In truth, bitcoin still remains true to its purpose, because apart from being a good investment, it has been used as a payment option for a few years now in various businesses, merchants, and even large companies.
So, right here, we can see that Bitcoin has not really changed in its true design, which is why it was actually created by Satoshi Nakamoto. Just for me, it is still good for long-term investment, payment options, and source of income either.
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. 
An investment doesn't always have to mean something that you can get a monetary turn on. From my perspective owning Bitcoin is a hedge against the entire economic system collapsing. It's an investment of your time, energy and resources.
Exactly been an alternative to the traditional currency fiat isn’t only related to it been used only for payments purposes, fiat are also saved in banks although we all know the risk involving that which is the devaluation when inflation hits it. Bitcoin on the other hand was created to be an alternative to it offering a way out of your saved currency not been affected with inflation. Bitcoin been decentralized, fixed or limited supply are all the features to make it an hedge against inflation. So many people still hoarding it rather than using it for payments might have their reason but this still doesn’t drives it away from been an alternative to fiat.
The reason why you even see a low turn out of individuals using it for payment purposes is not majorly because of the transaction fee that most people use as an excuse but to me it is because of government policies that are still strict in some countries and has prevented open acceptance of it as a means of payment.
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.
It's not Bitcoin. But the people who are moving Bitcoin away from its intended purpose. You see, most people are focused on spot ETFs approval and whatnot to make a lot of money. They're not into BTC because they believe in the tech. This will eventually lead to centralization issues as institutional investment companies (and mainstream governments) amass a large portion of the circulating supply.
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.
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?
It depends on which point of view you want to see. Bitcoin is basically a free currency system without being tied to one party. If in its journey many people make it an investment asset, it is because it has been proven to get returns because the price has increased and has been proven to be able to be a hedge.Something that has value will be used as an investment asset and it is worthy. Why do people try to invest in gold? the answer is because of value. Bitcoin is great again, it can be used as a means of payment in transactions without a third party, it can be invested.
Bitcoin's adoption has undergone a fascinating evolution. Keen-eyed forum members have rightly emphasized the need to balance investment opportunities with Bitcoin's original vision: a decentralized financial system. However, others have argued that Bitcoin can function as both an investment and a means of exchange without sacrificing its core principles.
In my opinion, while Bitcoin's use cases have broadened beyond its initial purpose, it remains a powerful tool. It continues to serve as a decentralized and censorship-resistant currency, empowering individuals with financial sovereignty.
In my opinion, while Bitcoin's use cases have broadened beyond its initial purpose, it remains a powerful tool. It continues to serve as a decentralized and censorship-resistant currency, empowering individuals with financial sovereignty.
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.
I don't think it's even Bitcoin alone, the entire crypto phase is changing and I don't know where we are actually going right now as people who use to be pioneer of Bitcoin and support Bitcoin are all after where they can make quick money since Bitcoin can't give them those insane profits anymore. The coins we used to called shitcoins are now rebranded as meme coin and people loves it, the trading volumes I see sometimes even exceed the volume of Bitcoin trading volume on some exchanges.
Between the end of last year we saw BRC20 tokens growth on Bitcoin network, we all complaint here for it to be ban and developers to patch that but they didn't care about them and now those ones has been swept under the carpet. There was rune launch too, that was a day to Bitcoin halving that even made mempool too congested but what happened 1 month later, they are all forgotten.
ETFs are good for adoption but I will say they are just making Bitcoin names to go far into the hands of institutional investors and nothing much, on the main chain it will remain Bitcoin as even the ETF launchers has an equivalent number of Bitcoin that are been issue for every ETFs.
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.
Is it due to what people's earnings on Bitcoin that is why many people's are classified it as a purpose of investment I will not say that is for the peer-to-peer alternative because not all the people's know about that. I would love to see different versions of input.
Furlthermore, Because even though I've known about Bitcoin for a long time, the only thing I know about it is the investment. That's the only purpose I know of it, but may be there will be another purpose for it since it's not only mainly for investments, but even though there is another purpose that so many people have been benefiting from i don't think it will reach the invesment.
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.
If Bitcoin can give birth to more goals for everyone, I don't think anything takes away from the goals of Bitcoin itself. Because investment for the future that can be carried out through Bitcoin will not make Bitcoin bad, which can even make Bitcoin more famous in the eyes of investors themselves. Now you can throw more of your fiat into Bitcoin every week or every month and that can be a great long-term goal for yourself, as well as for others. Because fiat can only be relied on for buying and nothing more, moreover its value does not increase every year, so I think there is nothing wrong with the investment objectives made through Bitcoin so far. I would love to see different versions of input.
If cryptocurrencies or Bitcoin to be precise were introduced in the lines of financial freedom, then it just makes sense that the user chooses how to use their Bitcoin...if it's a store of value then let it be, if it's used as a currency as an alternative to fiat that works too... nobody will dictate the rules on the right way of using BTC as use
is decided by the hodler !!
Btw sticking to intended use of Bitcoin by the whitepaper can never work as unforeseen circumstances came into the picture such as Regulation, centralised exchanges, inflation in some countries and the list goes on...
is decided by the hodler !!
Btw sticking to intended use of Bitcoin by the whitepaper can never work as unforeseen circumstances came into the picture such as Regulation, centralised exchanges, inflation in some countries and the list goes on...
You raise a thought-provoking question! It's true that Bitcoin's original vision was to revolutionize the way we think about money, making it decentralized, accessible, and free from institutional control. But, as with any disruptive technology, its evolution has been shaped by the community's diverse needs and interests.
While some people still use Bitcoin for its intended purpose, others see its potential as a store of value, most especially a hedge against inflation, and thus is very true in third world countries.
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.I would love to see different versions of input.
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.
No I don't think you. The thing to look here is that you have to change your way of marketing and your usefulness factors over the passage of time if you want to cope up with the generation gaps that are created nowadays.I would love to see different versions of input.
In the past world progressed slowly but nowadays things are changing in second and technological advancement has made it clear that you have to revolutionize with time if you want to stay in the game. So BTC is doing that.
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 wasn't created singularly for any of the purpose you did mentioned but then it can be used for both purpose and it will perfectly fit in. it only takes the decision of the person whos in possession of the bitcoin to decide what they want to do with the bitcoin they are in possession as at the tine they have the bitcoin, you can decide to trade it or better still you can decide to HODL for a while and eventually make it look like an investment for you then and that's not a bad one as well as it can turn out profitable to the HODLER.I would love to see different versions of input.
Bitcoin can as well be used for the purpose of an alternate decentralized fiat especially in regions where its accepted as a legal tender, but just like every other commodity or asset that has an appreciative values and can be used as a store of value, Bitcoin too can be seen as a store of value and it ends up giving the value for which was expected of it but its not instantaneous, it takes some time before it effectively gives the profit upon which its seen as a store of value and not just as an alternative peer to peer fait as you stated, the versatility of Bitcoin has made it such that it doesn't necessarily have to be limited to a particular use alone but can as well be used to get other things done as well.
The truth is: Yes, but this is not a bad thing.
Bitcoin has evolved beyond its initial perception as peer-to-peer cash and is now recognized as the leading asset and guarantor of property rights. In essence, Bitcoin offers advantages that surpass the mere function of fiat currency in peer-to-peer transactions. It's too good to be simply considered better than fiat. Not even debatable.
Bitcoin has evolved beyond its initial perception as peer-to-peer cash and is now recognized as the leading asset and guarantor of property rights. In essence, Bitcoin offers advantages that surpass the mere function of fiat currency in peer-to-peer transactions. It's too good to be simply considered better than fiat. Not even debatable.
No, Bitcoin didn't turn away from it's purpose.
There's nothing change, Bitcoin is still Bitcoin, if you want to use Bitcoin to pay something, you can, at the same time you can also use it as a store of value. It's up to each person who own Bitcoin, different person has a different purpose and the way to use the coins.
Bitcoin is freedom, so, let people choose what they want!
There's nothing change, Bitcoin is still Bitcoin, if you want to use Bitcoin to pay something, you can, at the same time you can also use it as a store of value. It's up to each person who own Bitcoin, different person has a different purpose and the way to use the coins.
Bitcoin is freedom, so, let people choose what they want!
True, every person defines what BTC means to them, but it doesn't mean that it changed. And it's actually great that everyone can do so many things with it.
An investment doesn't always have to mean something that you can get a monetary turn on. From my perspective owning Bitcoin is a hedge against the entire economic system collapsing. It's an investment of your time, energy and resources.
No, Bitcoin didn't turn away from it's purpose.
There's nothing change, Bitcoin is still Bitcoin, if you want to use Bitcoin to pay something, you can, at the same time you can also use it as a store of value. It's up to each person who own Bitcoin, different person has a different purpose and the way to use the coins.
Bitcoin is freedom, so, let people choose what they want!
There's nothing change, Bitcoin is still Bitcoin, if you want to use Bitcoin to pay something, you can, at the same time you can also use it as a store of value. It's up to each person who own Bitcoin, different person has a different purpose and the way to use the coins.
Bitcoin is freedom, so, let people choose what they want!
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 enjoyed the response from @Hatcy, Bitcoin is extremely going wild and a lot more purposeful to every enthusiast. Despite its originality as a decentralized currency which was evolved in other to counter the sole control of every currency by the government but further on has triggered into another dimension of usefulness and the most realistic reason for today's adoption is as of investment purposes. Bitcoin as an investment has made a lot of people to get involved, if not there wouldn't be as much people we have who are into Bitcoin. I would love to see different versions of input.
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