Is Bitcoin losing its purpose? - page 3.

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Quote from: iv4n on August 24, 2021, 07:36:46 AM

Quote from: Lubang Bawah on August 23, 2021, 11:52:10 PM

Quote from: maisao1991 on August 23, 2021, 03:34:07 AM

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Binance has implemented KYC and this is the first step that crypto is no longer anonymous, I believe this will soon be followed by other exchanges, many countries see opportunities from crypto to monitor transactions and owners so I believe implementing KYC is pressure from the state.

Binance is just a service... I got the mail from them about this matter, and I moved all my balance to another exchange, I don't plan to do KYC, I plan to avoid doing that as long as it's possible.

Bitcoin didn't lose its purpose, mandatory KYC for all wallets will not pass, people will rise against that. I am sure that we who support decentralization will find a way to stay free and anonymous.

If I'm not wrong they didn't push anyone to do so since they only put some low limits to the people who didn't do the KYC required by them. So if you think you didn't surpass to the limit required by them monthly better don't do what they ask since its not good to risk our identity. But if you go above beyond your limit then better provide this information ask so that you can enjoy the huge limits benefits.
from them.

iv4n

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Quote from: Lubang Bawah on August 23, 2021, 11:52:10 PM

Quote from: maisao1991 on August 23, 2021, 03:34:07 AM

...

Binance has implemented KYC and this is the first step that crypto is no longer anonymous, I believe this will soon be followed by other exchanges, many countries see opportunities from crypto to monitor transactions and owners so I believe implementing KYC is pressure from the state.

Binance is just a service... I got the mail from them about this matter, and I moved all my balance to another exchange, I don't plan to do KYC, I plan to avoid doing that as long as it's possible.

Bitcoin didn't lose its purpose, mandatory KYC for all wallets will not pass, people will rise against that. I am sure that we who support decentralization will find a way to stay free and anonymous.

Lubang Bawah

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Quote from: maisao1991 on August 23, 2021, 03:34:07 AM

in my own opinion the usa is actually a free country in terms of individuals and they don't care about any individual rights of each person. but if the US government requires everyone to participate in KYC before participating in the cryptocurrency market, then they are actually implementing a greedy scheme to make profits for their government.

Binance has implemented KYC and this is the first step that crypto is no longer anonymous, I believe this will soon be followed by other exchanges, many countries see opportunities from crypto to monitor transactions and owners so I believe implementing KYC is pressure from the state.

Sir Legend

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Quote from: Snappycoco on August 23, 2021, 11:22:59 AM

Yeah it has now transitioned into an speculative asset backed by trust. BTC is evolving into a store of value asset and somehow its utility is not fully utilized. Its now becoming an investment rather a peer to peer digital currency and that's where governments are trying to regulate. I think in the future we could still be operated anonymously without intermediary using BTC but using DeFi sector and not the centralised one.

The function of bitcoin since 2013 has completely changed, all users only save and speculate to continue buying because of the hope that prices will rise, this is something to watch out for because if it has become an investment then many government roles and rules will be applied.

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Quote from: Snappycoco on August 23, 2021, 11:22:59 AM

Yeah it has now transitioned into an speculative asset backed by trust. BTC is evolving into a store of value asset and somehow its utility is not fully utilized. Its now becoming an investment rather a peer to peer digital currency and that's where governments are trying to regulate. I think in the future we could still be operated anonymously without intermediary using BTC but using DeFi sector and not the centralised one.

So what makes you think that the purpose of Bitcoin was not to act as a speculative investment asset? Nothing in Satoshi's original whitepaper says that Bitcoin should be exclusively used as a currency, and it should not be used as an investment asset. Satoshi's main intention was to change the current centralized banking system, and for that it doesn't really matter whether Bitcoin is used for payments or not. And that said, Bitcoin is still being used as a currency and with every passing year more and more stores are accepting it.

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Yeah it has now transitioned into an speculative asset backed by trust. BTC is evolving into a store of value asset and somehow its utility is not fully utilized. Its now becoming an investment rather a peer to peer digital currency and that's where governments are trying to regulate. I think in the future we could still be operated anonymously without intermediary using BTC but using DeFi sector and not the centralised one.

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Quote from: Kong Hey Pakboy on August 23, 2021, 03:59:47 AM

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.

The OP subject was the regulators on US which force users to do KYC on all possible exchange that they can trade Bitcoin. By that means Bitcoin is not a used as decentralized cryptocurrency anymore because regulators requires user to submit all there transaction to them for tax purposes. It is not a direct approach against decentralization but the result is still the same. The privacy on each transaction is still compromised at the end of the day. Maye this is still not happening on other country but sooner or later they will follow US once they see that there's a lot of free money flowing without a tax due to its decentralized feature.

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I believe that in order to understand this situation, you need to turn your attention to the history of the development of financial systems. And then we will find that there has always been a centralized financial management system, which means that all talk about anonymity and free money is probably just a deception or a temporary phenomenon, which will sooner or later acquire the character of centralized management. That is why Bitcoin can also lose or even lose its purpose, although we do not yet know 100% who and for what exactly created Bitcoin. But we know one thing for sure, that no government in the world will allow the availability of free uncontrolled money.

Kong Hey Pakboy

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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.

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in my own opinion the usa is actually a free country in terms of individuals and they don't care about any individual rights of each person. but if the US government requires everyone to participate in KYC before participating in the cryptocurrency market, then they are actually implementing a greedy scheme to make profits for their government.

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Quote from: jaysabi on August 21, 2021, 08:05:59 PM

Quote from: BrianH on August 12, 2021, 01:01:30 PM

Great article on Bitcoin.com that people should read. Crypto has the potential to usurp the banks, allow private, digital transactions, serve as a universal currency, escape from rampant fiat inflation, etc. People need to wake up, be more active in politics and be stronger advocates against KYC.

Fighting KYC is exactly the type of thing that's going to lead to harsh crackdowns by governments. Either you want bitcoin to be a widely accepted part of the economy or you want limited utility untraceable dark money. You can't have both. Bitcoin can occupy a not insignificant part of the financial system, but only when it fits into the current framework and the current laws. Bitcoin will not be the glorious revolution you envisioned.

I think that the fact of doing the KYC is something very disguised for banks and especially governments to have control, in a very subtle way they were getting involved with the excuse of avoiding "Scams", the large countries made those laws for acceptance Of crypto in general, I am one of those who think that if they get into some type of activity people know what they are getting into, for this is that they demand to be of legal age.

For this reason I believe that KYC exists, it is only a form of control that they do through Exchanges and any project, it is the easiest way to obtain all the data of the people who operate with crypto, that's where the casino licenses, exchanges, and everything, of course this is my perception of the activities.

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Bitcoin is still on its way bitcoin is not losing its purpose bitcoin is being used as a digital currency and traders are gaining by investing in bitcoin than trading every day it is better to keep it for a long time. If you don't understand the market properly for trading, you will lose everything if you make a mistake although bitcoin has not yet been introduced as a payment method in the whole world everyone is assuming that it will be accepted by everyone very soon.

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Quote from: The Sceptical Chymist on August 18, 2021, 12:12:34 PM

Quote from: qwertyup23 on August 12, 2021, 08:41:29 PM

Of all the things that you mentioned, this is the only phrase that matters- BTCs were created in order to have an anonymous p2p transactions between users. It just so happened that its price on the market is significantly high (collateral damage) that most people purchase it either for short or long-term investment.

Bitcoin has been that way since the start, when it went from basically zero value to having some fiat value--and then it just kept increasing in the early years, and people didn't even want to spend it then (in general). I've gotten through most of Digital Gold by Nathaniel Popper and it's clear that bitcoin wasn't taken very seriously as a currency--and certainly not as a replacement for cash--as far back as 2011, and probably even before that.

The anonymity has always been a funny thing, since addresses can be linked and bitcoin never was completely anonymous. So I agree with those who said that all of this KYC stuff isn't detracting from that (much). I would hate to see governments wanting anyone owning bitcoin to report it, however--unfortunately the US is already starting to do that.

Now that the price is even more higher than what it use to be, some people find it difficult to spend their btc on items, because you know when you hold the price can go even higher, hence it is difficult for the price not to go up, many people see btc as a store of value than a means of payment, the narrative already changed long ago when btc was paired to usd, maybe if there was no fiat value btc will not lose its purpose according to the op, but now things have changed.

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Quote from: Chato1977 on August 21, 2021, 10:10:32 PM

Quote from: bct-user on August 21, 2021, 06:36:15 PM

Quote from: Semar Mesem on August 20, 2021, 09:57:31 AM

bitcoin can be said to have lost its original purpose, now everyone is trading daily to get a profit

Bitcoin doesn't lose its purpose. Although many people trade Bitcoin, in fact Bitcoin is still used as a payment tool. So, it still functions as a digital currency. Become a trading object, is just another function of Bitcoin. People use Bitcoin for trading, doesn't mean people forget to use Bitcoin as a payment tool. We don't misunderstand about this.

but admit the fact that Bitcoin is not created in purpose of Asset or Holding , instead this is to provide freedom from Fiat spending to digital and private currency.

using this for trade is not that appropriate because this must be for payment and easy transacting and not what it is now.

so in that , yeah this is losing its original purpose.

For now, bitcoin is indeed experiencing a shift in function, where because it has the potential to increase the price, many people think that from bitcoin we can make money, while the actual function has not been achieved. but we don't know in the future where with technological developments there will also be the development of civilization, so bitcoin will have a place as a means of payment

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Quote from: Chato1977 on August 21, 2021, 10:10:32 PM

but admit the fact that Bitcoin is not created in purpose of Asset or Holding

Very true, bitcoin was not intended to become a speculative asset for holding, in my opinion, Nakamoto's original purpose for the creation of bitcoin is to give the user control and freedom over their money and eliminate the third party interference from traditional banks. This singular purpose has not been defeated completely, but has metaphorsed and evolved such that bitcoin has found multiple purpose for its users, one of them is it becoming an asset.

It is deemed an asset now because it's volatility/liquidity is still very high, The original intention for it as an alternative currency will come into play when its liquidity has reduced, and almost all the mineable bitcoin has been mined. The value will by then become stable and the original intention the creators have for it will materialize.

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Quote from: bct-user on August 21, 2021, 06:36:15 PM

Quote from: Semar Mesem on August 20, 2021, 09:57:31 AM

bitcoin can be said to have lost its original purpose, now everyone is trading daily to get a profit

Bitcoin doesn't lose its purpose. Although many people trade Bitcoin, in fact Bitcoin is still used as a payment tool. So, it still functions as a digital currency. Become a trading object, is just another function of Bitcoin. People use Bitcoin for trading, doesn't mean people forget to use Bitcoin as a payment tool. We don't misunderstand about this.

but admit the fact that Bitcoin is not created in purpose of Asset or Holding , instead this is to provide freedom from Fiat spending to digital and private currency.

using this for trade is not that appropriate because this must be for payment and easy transacting and not what it is now.

so in that , yeah this is losing its original purpose.

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Quote from: BrianH on August 12, 2021, 01:01:30 PM

Great article on Bitcoin.com that people should read. Crypto has the potential to usurp the banks, allow private, digital transactions, serve as a universal currency, escape from rampant fiat inflation, etc. People need to wake up, be more active in politics and be stronger advocates against KYC.

Fighting KYC is exactly the type of thing that's going to lead to harsh crackdowns by governments. Either you want bitcoin to be a widely accepted part of the economy or you want limited utility untraceable dark money. You can't have both. Bitcoin can occupy a not insignificant part of the financial system, but only when it fits into the current framework and the current laws. Bitcoin will not be the glorious revolution you envisioned.

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maybe you are right if more and more BTC is accepted, BTC will lose its decentralized nature, I just read a news from an article they said that regulated BTC will collect electricity tax death and in the future it is possible that BTC will lose its decentralized nature and private ownership of each one of us.

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Quote from: Semar Mesem on August 20, 2021, 09:57:31 AM

bitcoin can be said to have lost its original purpose, now everyone is trading daily to get a profit

Bitcoin doesn't lose its purpose. Although many people trade Bitcoin, in fact Bitcoin is still used as a payment tool. So, it still functions as a digital currency. Become a trading object, is just another function of Bitcoin. People use Bitcoin for trading, doesn't mean people forget to use Bitcoin as a payment tool. We don't misunderstand about this.

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Quote from: sana54210 on August 21, 2021, 01:11:34 PM

Quote from: BrianH on August 12, 2021, 01:01:30 PM

If Bitcoin is KYC, DeFi coins have no hope of replacing the traditional banking system and CBDCs are everywhere, why use Bitcoin at all? Governments will likely ban it in the future anyway. China and the US infrastructure bill have already set a precedent for banning mining and development in those countries.

Many people are approaching this differently and I get it, you do not have to have the same "purpose" in mind when you are talking about bitcoin, which is understandable. Some people see bitcoin as something that would help them get profits and that purpose is not done at all, some people think it is about adopting and being accepted everywhere and that purpose is growing every day, and some people believe that it should replace fiat like dollars which I have to say that purpose was never even underway and will probably never happen, some go as further as saying destroying central banks and that is not even close.

So, it depends on your definition of purpose of bitcoin, what do you think its purpose is? And in that regard everyone has a different answer and that causes the answer of this question to be different for people too.

Everyone has different purpose when it comes to Bitcoin, and I'm using Bitcoin for now to make money. And until now my purpose is going well,
because the price of Bitcoin continues to rise. Then I also have a desire to use Bitcoin as payment and it has not been achieved because my country
does not allow it. But I believe in the future my country will be more open to Bitcoin, so the conclusion for me is that Bitcoin does not lose its purpose.

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