Topic: Is Bitcoin truly losing its identity? - page 3. (Read 492 times)

There is no point to listen to those people as they do not know what they are talking about, if you take a look at the history of money, you will see the first currencies were called commodity money, which means that people at the time simply began to use a popular commodity as a currency in order to facilitate trade, then there is nothing wrong with bitcoin being a great asset, and if anything this should just make its case for becoming a widely used for of money all over the world even stronger.

If we say losing its identity then we should be wrong, even with the sole creation as a currency forming a hedge against centralized system,  i believe identity can be shifted but not totally removed. Just as a currency alone, less or few people would have been a part of this journey, what has successfully moved a lot of people towards adopting Bitcoin is due to its ability to give profits when controlled like an asset.

With the recent knowledge and advancement, we can see different institutions beginning to accept Bitcoin as a standard payment option, this means the ideology about issuing as a currency is also advancing, El Salvador already adopted as a legal tender, now the US are attempting a bill as a reserve fund, everything surrounding Bitcoin benefits is showing signs of improvement and more adoption is possible as time continues.

Who cares what other people think of bitcoin? It only matters what btc means to you and how you are using it. Some people indeed use it to store value or trade it like a stock. That doesn’t mean you should too. If you are using btc to pay for products and services then it means you are using it like a currency. Lots of different people find value in btc and they use it differently. We can’t stop people from trading bitcoin like it is another stock. They creating liquidity in the markets and they are also helping with the crypto adoption.

People will buy bitcoin because of its price and value that is increasing. But that does not mean bitcoin can not be used as currency.

An instance is if you do not have fiat and you want to pay someone money and the person can accept bitcoin, you can decide to pay him from your bitcoin investment instead of converting to fiat first.

Another instance is when you want to send money to your family or friend in abroad and you do not want the annoying fiat payment and decide to use bitcoin instead for the transaction.

Can you see now that mnothing takes bitcoin being a currency.

I would just use Gresham law where he states bad money(fiat) would remove Good money(Bitcoin) from the market.
I wouldn't state that Bitcoin has lost its identity because it's still decentralization
But with its scalabilty and attractiveness as a store of value
Many option to hold it while making Fiat for their everyday transactions
This doesn't mean Bitcoin isn't used as a means of Payment.

I pity who holds Dollar as an asset.

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?