Peer-to-Peer without the involvement of a bank. It is the most valuable thing we have, although when we practice P2P we are buying and selling Fiat in exchange for bitcoin, the bank entities do not participate even though we make use of our bank accounts. Today for us it is our preferred medium, it is included in our lifestyle.
In relation to the prohibition of bitcoin, China will not achieve it, there are many Chinese buying cryptocurrencies despite all the prohibitions.
Topic: Is Bitcoin losing its purpose? - page 4. (Read 1107 times)
I am glad we are discussing this actually.
There has been so much focus around KYC for crypto gambling, trading, merchant sites that I do feel we are slowly losing the decentralized purpose and nature of cryptocurrencies.
Gone are the days when you could make an account at just any exchange and start trading (something like btc-e maybe?)
Although there are positives and negatives that comes with it. With more KYC and legalization, there are lesser chances of exit scams but the anonymity is losing it's value.
There has been so much focus around KYC for crypto gambling, trading, merchant sites that I do feel we are slowly losing the decentralized purpose and nature of cryptocurrencies.
Gone are the days when you could make an account at just any exchange and start trading (something like btc-e maybe?)
Although there are positives and negatives that comes with it. With more KYC and legalization, there are lesser chances of exit scams but the anonymity is losing it's value.
It's already been answered, it didn't, we just found new ways to use it. Lock this thread because it doesn't serve anything other than repeating the same thing. I mean you could try to be different and say that bitcoin has lost it's initial purpose but you would be wrong
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.
I defiantly agree, throughout the years bitcoin has turned from a decentralized digital currency that aims to change the way we make transaction, to a just an investment to make money, and this has especially got more and more the norm and bitcoin losing its true purpose with more and more people that are only interested in the volatile aspect of the price of the bitcoin that lets them make more and more money, and even the new people don't know anything about bitcoin and why it is created except the fact that they can make money from it.
Yes true, bitcoin can be said to have lost its original purpose, now everyone is trading daily to get a profit from high volatility, many people are always focused on getting profit and don't care about bitcoin whether it can continue to shine or not.
To straight forward answer your question, no, bitcoin isn't losing its value. You see, bitcoin has withstood the tests of time. It has shown its potential to the whole community and is still soaring to the top at the present. Mass adoption is slowly happening and the improvement of its features such as processing time and transaction fees are definitely going to happen sooner which means more people will be enticed to invest on it and use it.
It's slowly fulfilling its purpose which is to be a currency which is the primary intended usage of it in the first place. Because of mass adoption by several countries and companies, bitcoin can now be one of the modes of payment and it was even made as a legal tender in El Salvador. It is going places and certainly in the future, more and more people will be knowledgeable about runarounds and how it functions in terms of being a store of value and currency.
It's slowly fulfilling its purpose which is to be a currency which is the primary intended usage of it in the first place. Because of mass adoption by several countries and companies, bitcoin can now be one of the modes of payment and it was even made as a legal tender in El Salvador. It is going places and certainly in the future, more and more people will be knowledgeable about runarounds and how it functions in terms of being a store of value and currency.
It's losing its purpose as more people consider it a new digital gold mainly used for investing and store value, which is actually understandable. Even though Bitcoin is accessible, volatility hindered its acceptability as a payment alternative. I still hope it will be more accepted like fiat. There is more to achieve.
Our hope to become fiat is certainly difficult to achieve at this time, maybe if the user has reached more than 1 billion then bitcoin is getting stronger and difficult for any country that wants to ban bitcoin, our big job together is to continue to campaign positively about bitcoin.
True that bitcoin was intended to be a P2P electronic cash alternative, but as time went by people realized that bitcoin also works well as a store of value, hence why a lot of people cared about the price of bitcoin more than its status as an alternative way to pay whatever they purchased online. It is almost inevitable that bitcoin will get regulated one way or the other, though that per se, IMO, does not lessen or change bitcoin's purpose.
Bitcoin has lost its purpose for a long time. What most people care about these days is making money with Bitcoin, instead of using it as "Peer-to-Peer Electronic Cash". It's probably why Fiat is still the dominant form of money worldwide. If people started using Bitcoin for payments regardless of its Fiat value, then things would've been a lot more different than what they are right now. That's not the case these days, so Bitcoin will remain as a speculative instrument for a long time. Bitcoin's decentralized and open source design allows anyone to do whatever they want with it, so there's that. There's freedom in Bitcoin, but the same cannot be said about Fiat. Regulations will be inevitable since governments always want a pie of the pie. As long as Bitcoin stays true to its roots, there should be nothing to worry about. Just my thoughts
It's losing its purpose as more people consider it a new digital gold mainly used for investing and store value, which is actually understandable. Even though Bitcoin is accessible, volatility hindered its acceptability as a payment alternative. I still hope it will be more accepted like fiat. There is more to achieve.
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.
I defiantly agree, throughout the years bitcoin has turned from a decentralized digital currency that aims to change the way we make transaction, to a just an investment to make money, and this has especially got more and more the norm and bitcoin losing its true purpose with more and more people that are only interested in the volatile aspect of the price of the bitcoin that lets them make more and more money, and even the new people don't know anything about bitcoin and why it is created except the fact that they can make money from it.
Bitcoin is no longer suitable for use as a medium of exchange, money, mainly because the price is getting higher and the transaction fees are getting crazy.
In terms of volatility, it is not suitable to be used as money because the volatility is quite high, although not as high as other alts.
People now use it more for long-term assets or often called speculative assets because bitcoin is not supported by anything, only people's expectations.
So has bitcoin deviated from its original purpose?
In terms of volatility, it is not suitable to be used as money because the volatility is quite high, although not as high as other alts.
People now use it more for long-term assets or often called speculative assets because bitcoin is not supported by anything, only people's expectations.
So has bitcoin deviated from its original purpose?
- Maybe Yes because it is not suitable for payment instruments,
- Maybe Not because the spirit of the technology, namely blockchain is increasingly being developed to facilitate human affairs
Bitcoin is working towards achieving it purpose but you should also have in mind that developers and investors in cryptocurrency space are not living in another planet, we all still living in this government regulated society. 100% anonymity in cryptospace may not be possible.
I don't see any reason for Bitcoin to lose its purpose. Government and Private investors may have tried to manipulate the coin or find a way to obstruct the purpose by the KYC but I know it won't stand.
It will stand and already happening with centralized exchange, as long as you want to trade in any centralize exchange you must be required to perform kyc, same will apply to any centralize institution that want to adopt btc as payment system, look at PayPal, every of their users have done some form of verification before they can access their platform, so you see my friend, kyc is already in place and as long as we have more institutions coming in they will keep requesting it.
The concept of bitcoin and cryptocurrencies is unique, it can be used for transactions and its value continues to grow as the number of active users continues to grow, it can be said that bitcoin is like gold, which can be used for transactions and if stored its value continues to grow.
Yeah that's also the purpose of Bitcoins in transaction value, and I don't think so Bitcoins will lossing their purposes. Bitcoins had a big purpose that we can use in everyday and as we can see more active user whom likely to use this Cryptocurrencies. Even they other people without knowing about Bitcoins they can say that Bitcoins is scam ,but us that we know Bitcoins we know the purpose and usage on this crypto.
Price movements have nothing to do with popularity in use and network, just market demand. I wouldn't say struggling either, BTC has been just doing a slow burn the whole month. Remember, there's still 6 weeks left to Q3 and Christmas is the target to match and break the ATH.
That will of course need a fresh round of FOMO but it's for sure coming.
Hopefully, that can become true for the bitcoin price to rise so high in Christmas to make a lot of money from bitcoin. Otherwise, if the price can not break the last ATH but is a bit lower than that, I will not have a problem because we can still profit. Maybe that do not have relations between price movements and popularity but someday, it could happen, especially if bitcoin price is up to $100,000-$200,000.That will of course need a fresh round of FOMO but it's for sure coming.
The difference is that bitcoin was created to be "used", that was the purpose of it, and is it losing its purpose? Well, it is surely a lot further away from what Satoshi was considering, that's for sure. I do not know who he is, I do not know if he is still around, last time he ever wrote something was years ago when he said he wasn't this guy some tv shows found, he declined being him and that was it, never wrote ever again, maybe he is dead and we may never know what he feels about the current crypto situation.
That is good (not him being dead, just not writing) because we can use it however we want to, that is sort of the idea of decentralization but the fact is that people are acting as if the purpose of bitcoin was to make them more fiat, of course it's not, nobody created a crypto currency just so you can be rich in fiat, the purpose is to be used.
Maybe bitcoin needs more time to be "used" as what Satoshi was considering or wanted. But if the world will ready to use bitcoin, it will become true and bitcoin will be very popular in our lives and it will attract more people's attention to use it as a currency or just an investment thing. Yeah, we do not know who Satoshi are and I think that will not just be one person behind the name Satoshi. But who cares about that because as long as we can use bitcoin for whatever we want, Satoshi will watch his creation grow as he wants. That is good (not him being dead, just not writing) because we can use it however we want to, that is sort of the idea of decentralization but the fact is that people are acting as if the purpose of bitcoin was to make them more fiat, of course it's not, nobody created a crypto currency just so you can be rich in fiat, the purpose is to be used.
The concept of bitcoin and cryptocurrencies is unique, it can be used for transactions and its value continues to grow as the number of active users continues to grow, it can be said that bitcoin is like gold, which can be used for transactions and if stored its value continues to grow.
Yeah that's also the purpose of Bitcoins in transaction value, and I don't think so Bitcoins will lossing their purposes. Bitcoins had a big purpose that we can use in everyday and as we can see more active user whom likely to use this Cryptocurrencies. Even they other people without knowing about Bitcoins they can say that Bitcoins is scam ,but us that we know Bitcoins we know the purpose and usage on this crypto.
I don't see any reason for Bitcoin to lose its purpose. Government and Private investors may have tried to manipulate the coin or find a way to obstruct the purpose by the KYC but I know it won't stand.
if the price is not struggling, the price will stay at that lower price and not increase for a long time. Or the price is set at that price and the investor moves to the altcoin or leaves the market temporary because they already take profit from bitcoin. We do not know for sure why we see many speculations about what happened to the bitcoin price.
As we know that bitcoin is not controlled by anybody nor the government, it seems the government is not ready yet to use bitcoin as a currency. But we should be happy because, on the internet, we can use bitcoin to purchase something and even if the price always changes, that will not be a problem for us.
The difference is that bitcoin was created to be "used", that was the purpose of it, and is it losing its purpose? Well, it is surely a lot further away from what Satoshi was considering, that's for sure. I do not know who he is, I do not know if he is still around, last time he ever wrote something was years ago when he said he wasn't this guy some tv shows found, he declined being him and that was it, never wrote ever again, maybe he is dead and we may never know what he feels about the current crypto situation.As we know that bitcoin is not controlled by anybody nor the government, it seems the government is not ready yet to use bitcoin as a currency. But we should be happy because, on the internet, we can use bitcoin to purchase something and even if the price always changes, that will not be a problem for us.
That is good (not him being dead, just not writing) because we can use it however we want to, that is sort of the idea of decentralization but the fact is that people are acting as if the purpose of bitcoin was to make them more fiat, of course it's not, nobody created a crypto currency just so you can be rich in fiat, the purpose is to be used.
I feel like the more institutions that continue to adopt accepting Bitcoin as a payment brings with it more regulation and taxation from the United States and potentially other governments as well. The more it continues to get regulated and controlled by counties the further away from its purpose it is going to become. KYC was just the first step in being able to track and control who can make payments. Outlawing accounts in the United States based on what state you live in is extremely frustrating to slowly see Bitcoin controlled more and more by the government.
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