Topic: Is Bitcoin losing its purpose? (Read 1080 times)
What I hear about the purpose of bitcoin is as a system that facilitates transactions, if bitcoin only functions like Fiat then there is a stronger system that is Paypal, and the thing that makes Bitcoin continues to develop is because it becomes speculative so that anyone who buys bitcoin certainly hopes to profit.
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Don't spread the fake or negative news about the bitcoin in the forum.Because still had his originality and many new people investing their money blindly. Even in stock market, they will investigation the stock and then inverse their money.But bitcoin is different, many people invest blindly.
I don't think the fake news will shake bitcoin because bitcoin users has experienced positive income from bitcoin that will make them to have more confidence on bitcoin investment than fiat investment. I believe people will continue to show more interest on bitcoin investment because bitcoin investment has brought more income to them than others businesses which was affected by pandemic some years ago in the country. Bitcoin investment is a something that has to do with digital before it can be successful compare to fiat investment where you can start investing without having the knowledge of digital.
I think bitcoin is currently better than its initial purpose, namely as second money, bitcoin is more worthy of being digital gold because the price continues to increase, everyone is speculating by storing bitcoin so that the transaction volume continues to increase.
I think bitcoin still fits the purpose of its creator, Mr. Nakamoto, the main purpose of the presence of bitcoin is to help people to transact faster, cheaper and of course more secure, and this feature is still available in bitcoin, maybe at this time most investors just buy and hold because they hope to get big profits from rising prices.
You say the purpose of bitcoin being created is to help people transact faster and cheaper but only a small percentage of people use bitcoin for payments. on the other hand you also say that nowadays most people buy bitcoins just to invest, and you still say that bitcoin still lives up to its creator's purpose. actually the purpose of bitcoin was created for transaction speed or investment? I think bitcoin still fits the purpose of its creator, Mr. Nakamoto, the main purpose of the presence of bitcoin is to help people to transact faster, cheaper and of course more secure, and this feature is still available in bitcoin, maybe at this time most investors just buy and hold because they hope to get big profits from rising prices.
right, I think it still needs a process to realize its main goal in creating bitcoin. it's just that nowadays more people look at it from the business side, which can make a lot of money. especially if it is noticed that there are still few users, thus opening up a great opportunity to increase its value. on the other hand, the absence of legalization from the government makes bitcoin more difficult to accept like fiat money
I think bitcoin still fits the purpose of its creator, Mr. Nakamoto, the main purpose of the presence of bitcoin is to help people to transact faster, cheaper and of course more secure, and this feature is still available in bitcoin, maybe at this time most investors just buy and hold because they hope to get big profits from rising prices.
Where some see an issue, another ones see an opportunity. Coercive, restrictive countries dispel investors and crypto enthusiasts in general (customers, developers, entrepreneurs...), while smaller countries looking for foreign income adopt a friendly stance towards bitcoin and crypto, consequently bringing new people and more money to their territories. So far it's not scaring news, because we are talking only about one country (USA). Bitcoin can't be defeated by a single nation and can't be defeat while there are still people and countries supporting its usage.
Maybe CBDCs are going to be a big issue for some of us, as some governments are going to impose its adoption by difficulting the access to decentralized crypto and making it more expensive to deal with through taxes. However, there is still time until it happens, so there is still time to elaborate a solution for the problem. If my country did something like US is attempting to do and I had enough financial conditions, I would move myself to a bitcoin friendly country without any doubts.
Maybe CBDCs are going to be a big issue for some of us, as some governments are going to impose its adoption by difficulting the access to decentralized crypto and making it more expensive to deal with through taxes. However, there is still time until it happens, so there is still time to elaborate a solution for the problem. If my country did something like US is attempting to do and I had enough financial conditions, I would move myself to a bitcoin friendly country without any doubts.
As long as Bitcoin remains decentralized, governments won't be able to stop it. I wouldn't say Bitcoin is losing its purpose, simply because people are free to do what they want with it. Those who care about decentralization would use alternatives that are KYC-free and non-custodial (without middlemen). It's normal to see centralization taking over the industry especially when popularity is increasing at a fast pace. Governments will successfully regulate anything that's centralized, but again, they won't have any success doing so on something as decentralized as Bitcoin. Who knows how Bitcoin will be put to the test with CBDCs in play? Just my thoughts
Do you know,what the purpose of the bitcoin was created.It’s to replace the Fiat of world countries.Mainly it targeted the Dollar.Because as we all know,the dollar rule the world.People of world country,hold US dollar for the reserves.Because the United State will try to influence the other countries,during the war time situation.Now bitcoin was moving towards it purpose and not deviated from his purpose of creation.
It was never intended to replace fiat but rather been an option on having p2p payments without 3rd party involvement and it did really just happen that the support did really become big over time.Its purpose isnt losing because it wont really be sitting on top of the market if it does have that kind of problem.So its better not to stress yourself out about its purpose.
Lets just see on how the community is been mainly supporting it because we know that it wont really be on the top coins for nothing.
Do you know,what the purpose of the bitcoin was created.It’s to replace the Fiat of world countries.Mainly it targeted the Dollar.Because as we all know,the dollar rule the world.People of world country,hold US dollar for the reserves.Because the United State will try to influence the other countries,during the war time situation.Now bitcoin was moving towards it purpose and not deviated from his purpose of creation.
Just to refresh your memory, the original purpose of bitcoin was to reduce the fees charged by other online money senders because, at that time, sending money required a huge fees as well as time, and it was also not real-time and difficult to track.
I blame your opinion, but I don't think that perception is correct because I think bitcoin was created for something different from the traditional financial system where bitcoin is a decentralized currency with a number of innovations it brings including transaction fees, security, privacy and more.That was the purpose before, but as the years went by, it became an investment or an asset that owning one could earn you more money and also make you rich. But the purpose of it is still there, but now the most important thing about it is its value. That can help a lot of people to earn money.
Like most currencies, bitcoin also has value after supply and demand. Bitcoin is a tradable asset from the start although satoshi does not put an initial price, but due to the increasing demand and scarcity factor, its price continues to rise which makes people make it a potential asset for profit [investing or trading]. So it is a normal state without affecting its basic purpose as a different currency than fiat. I don't know how you've thought of that OP, bitcoin is still doing just fine when it comes to it's purpose, bitcoin's still doing what it was at first, a lot of people still use bitcoin to do transaction for products and services so I don't see how bitcoin's lose it's purpose.
We should determine what are its purposes first.As long as it's fully decentralized, it won't lose its purposes until we decide it. At extreme case, an alternative to bitcoin from potential alts may replace it for technical reasons maybe (far to be true), but even though, this wouldn't mean that Bitcoin lose its purposes.
Just to refresh your memory, the original purpose of bitcoin was to reduce the fees charged by other online money senders because, at that time, sending money required a huge fees as well as time, and it was also not real-time and difficult to track. That was the purpose before, but as the years went by, it became an investment or an asset that owning one could earn you more money and also make you rich. But the purpose of it is still there, but now the most important thing about it is its value. That can help a lot of people to earn money.
It’s like what way you use bitcoin will define whether it’s loosing its purpose for an individual. As community its not loosing any purpose because it works with framework which public ledger and can not be undone now. With the time bitcoins use case would be vast and could easily surpass the current regulations and obstructions like KYC. Why I am saying it’s more or less individual based is because of its nature. If you are going to work your transactions on the exchanger then definitely as company they will seek the KYC documents while on the other hand if you gonna work transactions with custodial wallet, no one care about your KYC.
I myself have not been able to find the specific biggest purpose of bitcoin. But in my opinion bitcoin has exceeded its initial goal in other words it has achieved its main goal even more than that. If so, I'm sure the main creators are also targeting a new goal to get bitcoin even more in demand. Yes, although it is still a mystery who the person behind all this is, but I really enjoy this.
Why you don't know? Didn't you own any bitcoins? But if you own some, you will know if what is its purpose. For others btc for them is an asset while for the rest, bitcoin can be both a currency and an asset. Bitcoin's specific purpose is for the people to have a money that they can use online that is decentralized and anonymous.You're right, btc has exceeded its goal because who would have thought that it will also work better in terms of an asset? But what could that new goal be? Are there any other use for btc aside from being an asset and a currency? I can't think of anything right now but if we have goals that we want for bitcoin to achieve, that is its price. We want 100k per btc
I don't know how you've thought of that OP, bitcoin is still doing just fine when it comes to it's purpose, bitcoin's still doing what it was at first, a lot of people still use bitcoin to do transaction for products and services so I don't see how bitcoin's lose it's purpose.
We should determine what are its purposes first.As long as it's fully decentralized, it won't lose its purposes until we decide it. At extreme case, an alternative to bitcoin from potential alts may replace it for technical reasons maybe (far to be true), but even though, this wouldn't mean that Bitcoin lose its purposes.
It only thiyse that are not into bitcoin that can make an instance on loosing it purpose or so, ever since I've been in this it has always been a good experience for me and i see alot of difference from the fiat currency in bitcoin, some may give a conclusion on bitcoin loosing it purpose maybe when the speculation on prize run deep but that is an insinuation by the government and other entities out there who does not adopt the use of bitcoin but rather sit to watch and give an imaginary analysis of what is not.
I don't know how you've thought of that OP, bitcoin is still doing just fine when it comes to it's purpose, bitcoin's still doing what it was at first, a lot of people still use bitcoin to do transaction for products and services so I don't see how bitcoin's lose it's purpose.
We should determine what are its purposes first.As long as it's fully decentralized, it won't lose its purposes until we decide it. At extreme case, an alternative to bitcoin from potential alts may replace it for technical reasons maybe (far to be true), but even though, this wouldn't mean that Bitcoin lose its purposes.
Where some see an issue, another ones see an opportunity. Coercive, restrictive countries dispel investors and crypto enthusiasts in general (customers, developers, entrepreneurs...), while smaller countries looking for foreign income adopt a friendly stance towards bitcoin and crypto, consequently bringing new people and more money to their territories. So far it's not scaring news, because we are talking only about one country (USA). Bitcoin can't be defeated by a single nation and can't be defeat while there are still people and countries supporting its usage.
Maybe CBDCs are going to be a big issue for some of us, as some governments are going to impose its adoption by difficulting the access to decentralized crypto and making it more expensive to deal with through taxes. However, there is still time until it happens, so there is still time to elaborate a solution for the problem. If my country did something like US is attempting to do and I had enough financial conditions, I would move myself to a bitcoin friendly country without any doubts.
Maybe CBDCs are going to be a big issue for some of us, as some governments are going to impose its adoption by difficulting the access to decentralized crypto and making it more expensive to deal with through taxes. However, there is still time until it happens, so there is still time to elaborate a solution for the problem. If my country did something like US is attempting to do and I had enough financial conditions, I would move myself to a bitcoin friendly country without any doubts.
We are really heading there and its inevitable considering that crypto do really get much attention then its no surprise that it would really be targeted or close monitored by the government.They might not
able to get rid or stop it technically but on the sense that they could touch up platforms or any service that is attached to it then t hey would really be doing such chances and possibilities thats why
these services doesnt have any choice but to abide these laws which would be passed up into its users and honestly we cant really do anything but in exchange then the comfort is really there
but the true essence is really fading away.
able to get rid or stop it technically but on the sense that they could touch up platforms or any service that is attached to it then t hey would really be doing such chances and possibilities thats why
these services doesnt have any choice but to abide these laws which would be passed up into its users and honestly we cant really do anything but in exchange then the comfort is really there
but the true essence is really fading away.
Unfortunately, this is the aftermath of something that becomes too popular worldwide. Governments bring out obstacles/hurdles in order to make one's life harder. Bitcoin is still decentralized, so I wouldn't say it's losing its purpose. Of course, most people often see Bitcoin as an investment tool than a digital currency. But that doesn't take away BTC's purpose since you and only you decide what to do with it. As long as there are decentralized alternatives where people can freely buy/sell Bitcoin or even store it in the long-term without intermediaries (non-custodial wallets), governments will have a hard time trying to destroy it altogether. That's the beauty of decentralization. Things would've been different if Bitcoin was completely centralized. Who knows what the future holds for this exciting cryptocurrency? Just my thoughts
Do you understand what OP means? He didn't discuss Bitcoin adoption or its popularity, he specified telling us about KYC leads BTC to lose its native purpose. We know that many exchanges obligate KYC for BTC holders if they want to trade or transfer their BTC in the exchanges. As Satoshi ever stated that BTC is electric cash with no need for third parties and it keeps our privacy since it is transferred from person to person. Now, an exchange has a role that is almost the same as the third party. No different than when we use fiats and transfer it among banks.
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CMIIW
Unfortunately, the OP is right. The ever-increasing number of exchanges and services requiring KYC, greatly defeats Bitcoin's purpose of bringing true financial freedom. KYC will only bring us the single points of failure crypto was meant to avoid in the first place. This is no different than traditional banking if you ask me. While there are still a handful of decentralized alternatives that don't require KYC, most people prefer the centralized route because it's much more convenient.
I'm afraid centralization will continue to dominate in the upcoming years. Who knows what the future holds for Bitcoin as regulations continue to take the crypto world by storm? Just my thoughts
I don't know how you've thought of that OP, bitcoin is still doing just fine when it comes to it's purpose, bitcoin's still doing what it was at first, a lot of people still use bitcoin to do transaction for products and services so I don't see how bitcoin's lose it's purpose.
We should determine what are its purposes first.As long as it's fully decentralized, it won't lose its purposes until we decide it. At extreme case, an alternative to bitcoin from potential alts may replace it for technical reasons maybe (far to be true), but even though, this wouldn't mean that Bitcoin lose its purposes.
Op, bitcoin is not only all about privacy, bitcoin is a currency;
Bitcoin is not only a currency, bitcoin is an assets;
Bitcoin is not only an asset bitcoin is connections;
Bitcoin is a set of algorithms.
Bitcoin is liberty.
Bitcoin did not come to be the only way,
Bittcoin allows altcoins,
Banks and exchanges can co-exist.
What one needs in bitcoin is not what another needs.
Some needs privacy;
Some wants to use it and buy coffee;
Some is using it as an investment;
Some wants to mine it.
In all, no government can stop totally bitcoin. Bitcoin is for the people and the people decides what bitcoin will be.
I fear developers more than the government.
Bitcoin is not only a currency, bitcoin is an assets;
Bitcoin is not only an asset bitcoin is connections;
Bitcoin is a set of algorithms.
Bitcoin is liberty.
Bitcoin did not come to be the only way,
Bittcoin allows altcoins,
Banks and exchanges can co-exist.
What one needs in bitcoin is not what another needs.
Some needs privacy;
Some wants to use it and buy coffee;
Some is using it as an investment;
Some wants to mine it.
In all, no government can stop totally bitcoin. Bitcoin is for the people and the people decides what bitcoin will be.
I fear developers more than the government.
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