Is Bitcoin losing its purpose? - page 5.

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Quote from: michellee on August 16, 2021, 05:17:03 AM

Yes, bitcoin still has popularity today and that is proved with the good movements from bitcoin price to reach the highest price so far, although right now, the price still struggling to back to that high price. The popularity of bitcoin will still increase, especially if bitcoin price can start another bull run this year to open people's eyes and see that bitcoin still leads the crypto market.

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.

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Quote from: Shamm on August 17, 2021, 12:04:40 AM

We all know that Bitcoins had a purpose to us that is why we use Bitcoins cause there's a purpose that we wanted to use and there opportunity a lot of benifets we can used in bitcoins that is why also more user in bitcoin. Bitcoin known as the outstanding Cryptocurrencies. So there's a purpose of Bitcoins of us we can trade and invest also we can earn.

It was found to be confusing for some as they have no trust in Bitcoin, they keep thinking negative things, and the reason that they could never see it. For billions of people across the globe, only a few have seen and knew it, the majority are still blind and deaf about Bitcoin.
Honestly, it was not hard to prove the purpose of Bitcoins existence but the problem is that these people are losing their interest due to some unrealistic news and FUds which has been influenced more by the social media.

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Quote from: Rahman11 on August 17, 2021, 01:51:10 AM

Bitcoin value is determined by demand. However, it doesn't actually exist. Technically it can be traded for goods and services like traditional currency, but that's not really what it is being used for. Currently, it is used for speculative online investments and to evade certain laws.

What are you saying OP? It can be traded for goods and services, there's no technically needed there, the 10k bitcoin pizza is a good example of this so I think that it's considered like a normal currency. Although, you're right about the stuff in regards to bitcoin, and I feel like the evading certain laws is starting to gain some traction because with a lot of people knowing about it, pretty sure that malicious people will want to join in on the fun.

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Quote from: ene1980 on August 16, 2021, 07:45:08 AM

Quote from: michellee on August 16, 2021, 05:17:03 AM

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Yes, bitcoin still has popularity today and that is proved with the good movements from bitcoin price to reach the highest price so far, although right now, the price still struggling to back to that high price.

I have a doubt, do you think that every time the price of Bitcoin goes below the all time high valuation you will consider that the price is struggling Roll Eyes

. The price is rallying 400% from the past years valuation and why would anyone think that the price is struggling, which does not even makes sense and do not expect the market to only in one direction .

The purpose of Bitcoin as a currency is not bad either, i am able to make transaction at very low fees and i do not have a complaint against Bitcoin for the past few months because the transactions fees are lower than ever and the confirmation times are surprisingly faster.

Yes, 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.

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Bitcoin value is determined by demand. However, it doesn't actually exist. Technically it can be traded for goods and services like traditional currency, but that's not really what it is being used for. Currently, it is used for speculative online investments and to evade certain laws.

Shamm

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We all know that Bitcoins had a purpose to us that is why we use Bitcoins cause there's a purpose that we wanted to use and there opportunity a lot of benifets we can used in bitcoins that is why also more user in bitcoin. Bitcoin known as the outstanding Cryptocurrencies. So there's a purpose of Bitcoins of us we can trade and invest also we can earn.

Bravehash

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If BTC can't take over means of payment or Fiat well it's also here to eradicate poverty in the world, BTC as means of payment may never work but the asset form will never die, BTC today is 47K something that's not even been used as money yet, it's more like a gold than money mate and in fact many don't care at all using BTC for payment

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bitcoin has not lost its way even though some people find it difficult to accept its development.

Every policy taken by big countries such as the United States and China is indeed a concern for many parties, because of their influence.

but even so, blockchain technology will continue to develop digital currencies will continue to grow.

just a matter of time, all will agree to the presence of bitcoin.

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Quote from: michellee on August 16, 2021, 05:17:03 AM

~
Yes, bitcoin still has popularity today and that is proved with the good movements from bitcoin price to reach the highest price so far, although right now, the price still struggling to back to that high price.

I have a doubt, do you think that every time the price of Bitcoin goes below the all time high valuation you will consider that the price is struggling Roll Eyes

. The price is rallying 400% from the past years valuation and why would anyone think that the price is struggling, which does not even makes sense and do not expect the market to only in one direction .

The purpose of Bitcoin as a currency is not bad either, i am able to make transaction at very low fees and i do not have a complaint against Bitcoin for the past few months because the transactions fees are lower than ever and the confirmation times are surprisingly faster.

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Quote from: Rajamuda on August 16, 2021, 02:10:26 AM

Due to some negative feedback... I think Bitcoin will still hold a strong role, overall I don't think that Bitcoin will lose its purpose, it will remain in popularity over time as more and more enthusiasts are taking it, anyway I think it's like hope is not something like the purpose I guess. The purpose is for Bitcoin users only, Bitcoin was created to develop by itself till getting a lot of demand, not for a certain purpose.

Yes, bitcoin still has popularity today and that is proved with the good movements from bitcoin price to reach the highest price so far, although right now, the price still struggling to back to that high price. The popularity of bitcoin will still increase, especially if bitcoin price can start another bull run this year to open people's eyes and see that bitcoin still leads the crypto market. Bitcoin will have more people to join and invest in bitcoin and will be one of their best investments.

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Due to some negative feedback... I think Bitcoin will still hold a strong role, overall I don't think that Bitcoin will lose its purpose, it will remain in popularity over time as more and more enthusiasts are taking it, anyway I think it's like hope is not something like the purpose I guess. The purpose is for Bitcoin users only, Bitcoin was created to develop by itself till getting a lot of demand, not for a certain purpose.

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Quote from: zanezane on August 15, 2021, 09:25:34 AM

The purpose of P2P transaction is still there so I don't get why you are saying that bitcoin has lost it's purpose, it's still the same, we just don't think too much of that purpose because it's not like it's a requirement to use and enjoy the benefits of using bitcoin. That's like saying to your friend that they've changed just because they got better than you, they didn't change, it's you that has changed.

All the purpose has entirely change everytime a person used cryptocurrency as their good source of income. P2P was our mediator between digital to fiat experience, and I don't think it's gonna lose our purpose on bitcoin. Maybe we're just having a different interpretation, mostly those lack of knowledge and appreciation of bitcoin would tend to say those those in an inappropriate ways.

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Quote from: zanezane on August 15, 2021, 09:25:34 AM

The purpose of P2P transaction is still there so I don't get why you are saying that bitcoin has lost it's purpose, it's still the same, we just don't think too much of that purpose because it's not like it's a requirement to use and enjoy the benefits of using bitcoin. That's like saying to your friend that they've changed just because they got better than you, they didn't change, it's you that has changed.

I think OP is annoyed with the KYC thing but I don't think it's even an option to carryout a know your customer identity verification, it's an option and ones you aren't sure about giving out your privacy, it's easy to skip and go for options that suits you but I doubt if he/she will be able to enjoy transaction.
KYC sometimes isn't because they feel like they want to invade one privacy but because they don't want find it difficult in the future when the need arise or perhaps when the government of your country complain about how you avoiding tax for long time.

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Quote from: Assface16678 on August 15, 2021, 10:05:06 AM

Quote from: zanezane on August 15, 2021, 09:25:34 AM

The purpose of P2P transaction is still there so I don't get why you are saying that bitcoin has lost it's purpose, it's still the same, we just don't think too much of that purpose because it's not like it's a requirement to use and enjoy the benefits of using bitcoin. That's like saying to your friend that they've changed just because they got better than you, they didn't change, it's you that has changed.

Yeah, I still use that when I can pay someone with bitcoin for their services or products. OP must be smoking something good to arrive to this kind of conclusion. The purpose is still there and in terms of materials or things, it's unlikely that it will lose it's purpose in the long run, it was made for that so how will it change along the way unless you can directly intervene with the material, the purpose won't change, people just finds a new/novel way to use it.

right, so far I don't think bitcoin has lost its main goal, but is struggling to get there. in the process of its journey, bitcoin needs to be known and adopted by everyone, so that they will easily access it, and because more and more adoption it increases the price of bitcoin, so that the current process is used by people to seek profit, because they can see the future of bitcoin later

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Bitcoin is undoubtedly being overshadowed by numerous cryptocurrencies that offer the same functionalities, sometimes even more than what bitcoin could initially offer, and that for me is okay. Competition always bring out the best in each other more than anything, and with a standard that high, subsequent cryotocurrencies that want to make a cut out of the market must make something remarkable in order to not get thrown under the bus. This enaures a bright and fruitful future for us cryptocurrency enthusiasts, be it whether there is bitcoin or none in that future.

Quote from: zanezane on August 15, 2021, 09:25:34 AM

The purpose of P2P transaction is still there so I don't get why you are saying that bitcoin has lost it's purpose, it's still the same, we just don't think too much of that purpose because it's not like it's a requirement to use and enjoy the benefits of using bitcoin. That's like saying to your friend that they've changed just because they got better than you, they didn't change, it's you that has changed.

Not literally losing its purpose as in losing all the functionality all of a sudden, with the sudden rise of multiple cryptocurrencies in the market that could offer the same benefits as bitcoin, there is no doubt bitcoin is slowly being overshadowed by cryptocurrencies that are much better in terms of functionalities and system.

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Quote from: zanezane on August 15, 2021, 09:25:34 AM

The purpose of P2P transaction is still there so I don't get why you are saying that bitcoin has lost it's purpose, it's still the same, we just don't think too much of that purpose because it's not like it's a requirement to use and enjoy the benefits of using bitcoin. That's like saying to your friend that they've changed just because they got better than you, they didn't change, it's you that has changed.

Yeah, I still use that when I can pay someone with bitcoin for their services or products. OP must be smoking something good to arrive to this kind of conclusion. The purpose is still there and in terms of materials or things, it's unlikely that it will lose it's purpose in the long run, it was made for that so how will it change along the way unless you can directly intervene with the material, the purpose won't change, people just finds a new/novel way to use it.

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Quote from: Hydrogen on August 12, 2021, 06:27:00 PM

Bitcoin.com has always been controversial due to its ownership by Roger Ver and past history of questionable activity. There was a past legal case where people who tried to buy bitcoin on that site were sold bitcoin cash instead. Notions of bitcoin "usurping banks" are political in origin. As if people desiring basic protections from inflation and economic mismanagement through bitcoin, is somehow a direct attack on the banking industry. I'm not a fan of that messaging.

I also avoid reading articles over bitcoin.com because they provide btc hatered news like hacks ans scams usually to defame the image of bitcoin and try the normal tricks to make bitcoin cash famous and earn more profits.So simply read on some other sites and avoid visiting bitcoin.com.

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The purpose of P2P transaction is still there so I don't get why you are saying that bitcoin has lost it's purpose, it's still the same, we just don't think too much of that purpose because it's not like it's a requirement to use and enjoy the benefits of using bitcoin. That's like saying to your friend that they've changed just because they got better than you, they didn't change, it's you that has changed.

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Quote from: bocyaj on August 12, 2021, 01:27:51 PM

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.

Exactly as you said. Bitcoin is a very popular and number one coin in the world today. Bitcoin crashing is not as easy as people say. Bitcoin is very much in demand by investors and ordinary people. With so many bitcoin enthusiasts, Bitcoin will easily live in the digital world.

Moreover, bitcoin is very useful during the current epidemic. Like my case, at least my income is helped by bitcoin. Because during a pandemic, real activities are very difficult to do, especially when it comes to finding a new job. There are employers who have laid off their employees because they are affected by the effects of the pandemic.

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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?

DeFi is not the future, that is where you are mistaking. Bitcoin is something that will exist in future with fiat but not DeFi. The hype around DeFi changed the very nature that DeFi started with. Having seen the days when a much less popular site today, Bitrefill arise from, that is the DeFi that people need. Not stablecoin pools and other passive earning methods.

Quote

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.

1. Banning bitcoin mining and banning bitcoin are not the same.
2. It is next to impossible to ban bitcoin. For doing so means shutting down complete electricity and internet services - that is not possible for any democratic country do today.
3. Banning mining can happen and a government might choose to take steps to stop people from mining or to regulate mining in a different way that does not interfere with their monetary policy. That is a risk miners have to take.

So no bitcoin is not losing its purpose. If you are using bitcoin you are still serving its purpose. Depending on where you live, you may not be able to spend your bitcoin for paying costs. That does not remove its purpose. Regional differences only show that improvements in usage are needed in future.

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