Topic: Is Bitcoin truly losing its identity? (Read 492 times)

Here is how I see things.

Bitcoin has been launched as a consequence of the 2008 Crisis.  Bitcoin was supposed to become an alternative to the Banking system.

To create an alternative to it, you need either a Currency or an Asset like Gold.  Bitcoin was initially created and shaped in a form closer to a Currency than an Asset.  But arguably, it did also have many characteristics of an Asset.  I mean.  Even today, it is still compared to Gold by a lot of people.  This is why I think it is not LOSING its identity but instead, it is becoming simply more clear to us how it is perceived by people.

Some see it as a Currency, others as digital Gold.  And I think it is fine to see these two sides.  There is no thing wrong in that.  I did see an increasing number of Posts asking whether Bitcoin is failing on its objective, but I think it is not failing yet at all.  It is the opposite actually, it is thriving!

The only reason I would say it is slowly boiling a failure is the lack of Privacy.  With so many Blockchain Analysis companies running like crazy for a way to de conspire each and every Transaction possible and to create links that should not have been created, I think this is the only way it is failing.  Other wise, it is truly thriving so far and there is no identity crisis.

Here is how I see things.

Bitcoin has been launched as a consequence of the 2008 Crisis.  Bitcoin was supposed to become an alternative to the Banking system.

To create an alternative to it, you need either a Currency or an Asset like Gold.  Bitcoin was initially created and shaped in a form closer to a Currency than an Asset.  But arguably, it did also have many characteristics of an Asset.  I mean.  Even today, it is still compared to Gold by a lot of people.  This is why I think it is not LOSING its identity but instead, it is becoming simply more clear to us how it is perceived by people.

Some see it as a Currency, others as digital Gold.  And I think it is fine to see these two sides.  There is no thing wrong in that.  I did see an increasing number of Posts asking whether Bitcoin is failing on its objective, but I think it is not failing yet at all.  It is the opposite actually, it is thriving!

The only reason I would say it is slowly boiling a failure is the lack of Privacy.  With so many Blockchain Analysis companies running like crazy for a way to de conspire each and every Transaction possible and to create links that should not have been created, I think this is the only way it is failing.  Other wise, it is truly thriving so far and there is no identity crisis.

So I've been seeing a lot of talks about how Bitcoin has lost or is losing its identity because it is now regarded as an asset and not as a currency.

Bitcoin started as a niche interest for cypherpunks and has grown to a $2 trillion market cap. With that level of mainstream popularity, I would expect it to have evolved significantly, and it will continue to evolve. Bitcoin does not have an identity that is set in stone. As it changes, some people are going to feel like it is not going in the direction they want it to go.

When compliance and regulation started creeping into every aspect of financial activity, many Bitcoiners were happy to go along with it. The focus on being peer-to-peer and banking the unbanked has been lost. It is undeniable that Bitcoin has changed and many of its original ideals have been forgotten or ignored.

I agree with you. The person who came to the conclusion that bitcoin is losing its identity is only quite ignorant (not in an abusive intention) of what is happening or that person chose to ignore it and come to the conclusion just to gain some attention. Even if the person don't want to read just ask one of those AI agents and your answers will be provided in less than a minute. As at today bitcoin's price is over $100k when the topic was created its price was over $95k. The other day the president of Russia was talking about bitcoin. Theres' also a debate about bitcoin being a reserve asset for some countries. What more do we need to write or what evidence is needed to show just to prove a point, well none is needed.

For me I would say Bitcoin is a currency and also am asset and it has not loss it values. Bitcoin is decentralized and not centralised so it can be used as currency and also an asset  but can not be classified as only a currency because it is versatile in it usage. Dollar can be an asset but can't be compeard with bitcoin.

Anyone can feel what they like about bitcoin but I know for sure that bitcoin is an asset a and a profitable asset that ever existed.

The identity of Bitcoin is different from the narratives on Bitcoin. Bitcoin isn't necessarily what people think of it. There are different perspectives and opinions on Bitcoin but these do not form Bitcoin. They do not provide Bitcoin's identity.

So, has Bitcoin lost its identity? The answer is no. The Bitcoin today is essentially the same Bitcoin that Satoshi presented to the cryptography mailing list. It's the same Bitcoin that's explained in the whitepaper.

Bitcoin remains as a currency. Whether people use it as such or not doesn't mean it ceases to be a currency. At any point in time, anybody can use it as a currency. And, well, a currency should be an asset as well.

...
From what I understand, these two features are not mutually exclusive. ...

So I've been seeing a lot of talks about how Bitcoin has lost or is losing its identity because it is now regarded as an asset and not as a currency. I used to see the discourse a lot before but recently I've been seeing it more (don't know if it's just me). I have made a couple of replies on posts related to something like this on the forum.
So I really want to understand how Bitcoin has lost its identity.
There is nothing that has stopped bitcoin from being used as a currency. Certain factors make it difficult for businesses to accept bitcoin as a means of payment but I don't think the fact that it's regarded as an asset is one of them

From what I understand, these two features are not mutually exclusive. In the sense that Bitcoin can be an asset and can also be a currency. Just as the dollar is an asset and also a current. The difference, Bitcoin is a better asset than the dollar. I was not opportune or smart enough to be among the early adopters of bitcoin, so I'm going to ask a question to people who were, was there ever a time that people bought bitcoin for the sole purpose of using it just as a currency?
Like when they bought the coin, they had no expectation or hope of bitcoin appreciating so they could make a profit? I doubt that and if they did, then Bitcoin was always an asset from the beginning and also a currency.
So at what point did bitcoin start losing its identity?

There is nothing that has stopped bitcoin from being used as a currency. Certain factors make it difficult for businesses to accept bitcoin as a means of payment but I don't think the fact that it's regarded as an asset is one of them

I was not opportune or smart enough to be among the early adopters of bitcoin, so I'm going to ask a question to people who were, was there ever a time that people bought bitcoin for the sole purpose of using it just as a currency?

So at what point did bitcoin start losing its identity?

To be fair, if we rely on the original purpose that satoshi created it for, it is clear that bitcoin has lost its identity, it is just that many people do not want to admit this so they say that it has not lost its identity.

But in my opinion, that is not so important. Even though it didn't become the currency it was originally intended to be, it still benefits us and the world, which is what matters. Bitcoin is an asset, an investment and it has changed many people's lives for the better. It helps us realize the importance of privacy and having complete control over our assets...For me, that's enough, we shouldn't be too greedy and ask for too much.
Instead of being concerned with whether it is being used for its original purpose, we should be concerned with the benefits it brings and the use cases it can bring.