Topic: The purpose of Bitcoin (Read 339 times)
I think Bitcoin has been made for the benefit of the human being, Normally, people want to transact by the regular currency but in this platform people usually faces a lot of difficulties such as fees and taxes without any benefit so Bitcoin is the platform which is controlled by the people or the users. I think Sotoshi made this blockchain system for this purpose where no control of a single authority.
The main purpose of Bitcoin was to make a currency which is controlled by the people or the users itself. But now bitcoin is used just as a gambling token.
Not all people uses bitcoin in gambling. I think the main purpose of bitcoin is to help every nation to become successful. It reduce poverty. Bitcoin help people to invest and gain profit and also bitcoin teach us to gain our knowledge in investing and trading to make our future become better. That's a problem, Satoshi didn't create Bitcoin as an investment but as a currency. It hurts Bitcoin, to a certain extent, to call it "investments"
If Satoshi wanted to create an investment he could have opened a bank and sold useless life insurances and other products that are usually found in it
If Satoshi wanted to create an investment he could have opened a bank and sold useless life insurances and other products that are usually found in it
But it is not that bad to have your coins to be worth over a dozen billion dollars, is it? And while Satoshi might have envisioned Bitcoin as a payment system, now that one bitcoin is worth almost $20,000, it still looks like a better idea than selling useless life insurances and similar stuff.
It's a bit out of topic but since we are talking about the finance, governments, and take back the control... Check out this video when you have some free time.This guy is a goldmine
Worse than Useless: Financial Surveillance
That's a problem, Satoshi didn't create Bitcoin as an investment but as a currency. It hurts Bitcoin, to a certain extent, to call it "investments"
If Satoshi wanted to create an investment he could have opened a bank and sold useless life insurances and other products that are usually found in it
Worse than Useless: Financial Surveillance
So for investors bitcoin still profitable.
That's a problem, Satoshi didn't create Bitcoin as an investment but as a currency. It hurts Bitcoin, to a certain extent, to call it "investments"
If Satoshi wanted to create an investment he could have opened a bank and sold useless life insurances and other products that are usually found in it
According to me the main purpose of bitcoin was to transfer money online being anonymous and having no central authority over the transactions
but now a lot of people are buying bitcoins and holding them so that the prices rise and they can sell them for a profit
the transactions fees have also increased a lot
but now a lot of people are buying bitcoins and holding them so that the prices rise and they can sell them for a profit
the transactions fees have also increased a lot
I think, one of the main goals of bitcoin is to make it easier everyone to transact their money without the help of the bank, or any other party.
For me bitcoin help more people in the world, unemployment and people have a problem with financial. For myself purpose of bitcoin is great.
Bitcoin can also make transactions easy and fast to pay, and the price every year is up. So for investors bitcoin still profitable.
Bitcoin can also make transactions easy and fast to pay, and the price every year is up. So for investors bitcoin still profitable.
Anybody can come up any publication about the negative side of Bitcoin or Cryptocurrency in general
but the truth is that people need to take charge of their finance and thats what cryptocurrency has made possible.
but the truth is that people need to take charge of their finance and thats what cryptocurrency has made possible.
the real estate was a store of wealth........ until 2007/8
That's not really a valid comparison. Real estate could never be classed as currency.
and people wont b delighted to sell coffee a new car or a house if accepting that payment is:
higher than fiat
involves using a service that is the same counterparty authorisation control as fiat
higher than fiat
involves using a service that is the same counterparty authorisation control as fiat
I have already acknowledged that there are technical challenges before we get there. I'm talking about whether that original purpose of Bitcoin still exists.
many are already asking why buy bitcoin to buy coffee and the retailer just converts it back to fiat.
bitcoin has lost its utility.
bitcoin has lost its utility.
Obviously, noone would buy Bitcoin just to buy a coffee. Again this is about the future, the theoretical ideal. The point is to buy Bitcoin with however much fiat you can and then spend that as and when. Holding the Bitcoin shields you from the devaluation of fiat. Same from the retailer's point of view, they would only need to convert to pay taxes.
.. as for the first part of your post to the other person.
just making a currency that people love is not enough. millions of people love the euro because they can USE IT in many countries without needing to exchange it when going from lets say france to belgium to germany. but this does not mean the euro has toppled america, or africa, or china or australia. because those governments have laws.
its not citizens just using a currency that changes things. its the laws. and governments will not simply rip up legal tender laws
just making a currency that people love is not enough. millions of people love the euro because they can USE IT in many countries without needing to exchange it when going from lets say france to belgium to germany. but this does not mean the euro has toppled america, or africa, or china or australia. because those governments have laws.
its not citizens just using a currency that changes things. its the laws. and governments will not simply rip up legal tender laws
It's nothing to do with loving the currency, it's about having a currency nobody has the power to systematically devalue. The EUR is just as bad as the USD from that perspective so there would be no reason for anyone outside of a country where it is legal tender to use it. Bitcoin or something similar does have an advantage over whatever the local fiat currency is and as of yet, there is no law prohibiting its use in most countries.
Bitcoin was obviously created to be used as a new payment method and to be different than banks and reduce all the fees while making transactions faster and trustworthy As we can see , right now bitcoin is used only as an investment to make profit from it and it is not used at all as a payment method.
I dont think this situation is going to change pretty soon. Bitcoin will remain just a making money method for long time because people are making dozens of money through it.
I dont think this situation is going to change pretty soon. Bitcoin will remain just a making money method for long time because people are making dozens of money through it.
The purpose of bitcoin in my opinion is the investment as well as a tool transactions of various goods and services just bitcoin digital currency.
Most likely, the purpose of bitcoin is like a cash for the internet users. It is a concurrence network that permits a new payment structure and completely a digital currency money that is powered by the bitcoin users with no central authority at all.
Bitcoin is like a runaway ponzi/HYIP scheme without the guys at the top.
So basically it just keeps going up and up, until something screws up somewhere and people lose confidence in it, then the bubble can pop.
It did have more usage before the governments got involved, like franky1 pointed out, but not as much anymore. Now it's more a ponzi/HYIP/bubble.
So basically it just keeps going up and up, until something screws up somewhere and people lose confidence in it, then the bubble can pop.
It did have more usage before the governments got involved, like franky1 pointed out, but not as much anymore. Now it's more a ponzi/HYIP/bubble.
i think of it more like the real estate bubble, than a full outright ponzi scheme. but yea things have changed since 2014, not for the better
and yes even real estate bubble can be seen to some as a ponzi scheme even when a house has a real function
Yes, i agree. Basically it's value is not so much based on what it could do/be. But mostly what it's price could be in the future.
Bitcoin is like a runaway ponzi/HYIP scheme without the guys at the top.
So basically it just keeps going up and up, until something screws up somewhere and people lose confidence in it, then the bubble can pop.
It did have more usage before the governments got involved, like franky1 pointed out, but not as much anymore. Now it's more a ponzi/HYIP/bubble.
So basically it just keeps going up and up, until something screws up somewhere and people lose confidence in it, then the bubble can pop.
It did have more usage before the governments got involved, like franky1 pointed out, but not as much anymore. Now it's more a ponzi/HYIP/bubble.
i think of it more like the real estate bubble, than a full outright ponzi scheme. but yea things have changed since 2014, not for the better
and yes even real estate bubble can be seen to some as a ponzi scheme even when a house has a real function
@ franky1
That's part of the point of it being a store of wealth currency. Yes, you will always have to exchange some to pay your taxes but the person selling you a coffee, new car or a house will probably be delighted to take the currency that will hold its value over the fiat one.
That's part of the point of it being a store of wealth currency. Yes, you will always have to exchange some to pay your taxes but the person selling you a coffee, new car or a house will probably be delighted to take the currency that will hold its value over the fiat one.
the real estate was a store of wealth........ until 2007/8
and people wont b delighted to sell coffee a new car or a house if accepting that payment is:
higher than fiat
involves using a service that is the same counterparty authorisation control as fiat
many are already asking why buy bitcoin to buy coffee and the retailer just converts it back to fiat.
bitcoin has lost its utility.
now its just like real estate scandal of hanging onto vacant properties purely waiting for the price boom. or like domain squatting hoping someone will buy your domain at a higher price than you bought it for. even it the domain doesnt come with any webstorage/function
.. as for the first part of your post to the other person.
just making a currency that people love is not enough. millions of people love the euro because they can USE IT in many countries without needing to exchange it when going from lets say france to belgium to germany. but this does not mean the euro has toppled america, or africa, or china or australia. because those governments have laws.
its not citizens just using a currency that changes things. its the laws. and governments will not simply rip up legal tender laws
Bitcoin is like a runaway ponzi/HYIP scheme without the guys at the top.
So basically it just keeps going up and up, until something screws up somewhere and people lose confidence in it, then the bubble can pop.
It did have more usage before the governments got involved, like franky1 pointed out, but not as much anymore. Now it's more a ponzi/HYIP/bubble.
So basically it just keeps going up and up, until something screws up somewhere and people lose confidence in it, then the bubble can pop.
It did have more usage before the governments got involved, like franky1 pointed out, but not as much anymore. Now it's more a ponzi/HYIP/bubble.
The main purpose of Bitcoin was to make a currency which is controlled by the people or the users itself. But now bitcoin is used just as a gambling token.
Not all people uses bitcoin as a gambling token. In my case bitcoin has a big purpose in my life. It can help me a lot in life, I can have an extra income to have profit because of bitcoin. I can easily encash everytime I want and I need. Especially during emergency. I can save some of my income so this is very helpful for me. Bitcoin has a very big purpose. Lightning "hubs" is a myth created by big blockers to misguide noobs into thinking that LN is some centralized system like Visa. In reality anyone can open channels with anyone, it is peer-to-peer just like Bitcoin itself, and it is trustless - you don't "deposit" your funds and lose control over them like it happen with banks, you can always close the channel and get your coins back to your address, because Lightning funds and transaction are real Bitcoins, they are not some tokens or giftcards. There's no reason why Lightning Network should have big hubs, because anyone who is currently running a full node, which is thousands of home users, can also run a Lightning node and collect fees.
At the same time, it is big blockers who want to have a small centralized network of big full node hubs while most users are connected with SPV clients, because no one can afford to run a full node with gigabyte blocks.
At the same time, it is big blockers who want to have a small centralized network of big full node hubs while most users are connected with SPV clients, because no one can afford to run a full node with gigabyte blocks.
1. you have been reading too much of the reddit propaganda.. with your "gigabyte blocks" falsehood
2. you have not read the technicals of LN and just the promotional material
3. even core devs have now admitted that 8mb blocks was always safe and that 4mb blocks are ultra safe. hense why they are allowing 4mb 'weight'
yet they still refuse real legacy utility of the blockchain for 2mb... think about that..
4. LN is not trustless. and yes you do have to put funds into a new address and yes that new address is no longer permissionless because it needs you AND the counterparty to agree.
5. you need run some rational scenarios in your head about the functionality of LN. but only do this after you have read the technicals.
6. oh and stay away from reddit. its propaganda heaven
I won't be surprised if in a near future another cryptocurrency takes the throne.
That is quite possible but if it does happen I think it is still quite far off in the future.
I see another problem also: with all the regulations from governments taking place (taxes, bans, restrictions, etc...)
Governments have been very slow to recognise the nature of the threat. Things are going to get interesting when they do.
the total control of money and the "be your own bank" slogan may be just out of the "dream" to a certain extent. If at the end of the chain there are governments, it is useless.
I still see a huge potential for cryptocurrencies because Fractional Reserve Banking is Obsolete and the technologies behind cryptos are still valuable.
I still see a huge potential for cryptocurrencies because Fractional Reserve Banking is Obsolete and the technologies behind cryptos are still valuable.
This is what I was really getting at, that dream is still alive and that article really reminded me of it yesterday. I've always had doubts whether it will succeed but just about convinced myself that it will in the end.
I am not if this is a good comparison but look GNU/Linux. First came Debian, it wasn't perfect, it wasn't easy to use for the mass, but to help Ubuntu came, with improvements etc, Then from Ubuntu came the other forks, and the story goes on... What I mean is, GNU/Linux learned and improved with time and the community, etc. Maybe, cryptocurrencies are still too young for our dream.
It is a very good comparison. It doesn't really matter if it has the Bitcoin name at the end of it all, there will be many forks and always some will give improvements and others fail. This is very early days indeed and this journey has a long way to go.
@ franky1
That's part of the point of it being a store of wealth currency. Yes, you will always have to exchange some to pay your taxes but the person selling you a coffee, new car or a house will probably be delighted to take the currency that will hold its value over the fiat one.
then when you actually look at LN you will see that people will need to transfer funds into a co-owned address with a counter party.
which is pretty much like depositing funds into a walmart giftcard to then spend funds at walmart and whereby walmart can then act as your banker if you wanted to spend your walmart funds at any other merchant(with extra fees added for that privilege)
LN is banking 2.0.
other issues are that although its said to be dirt cheap tx fee's inside LN, ALL LN proposals are more infavour of the hubs/counterparties making money out of being hubs/counterparties/service providers by means of charging a fee.
Lightning "hubs" is a myth created by big blockers to misguide noobs into thinking that LN is some centralized system like Visa. In reality anyone can open channels with anyone, it is peer-to-peer just like Bitcoin itself, and it is trustless - you don't "deposit" your funds and lose control over them like it happen with banks, you can always close the channel and get your coins back to your address, because Lightning funds and transaction are real Bitcoins, they are not some tokens or giftcards. There's no reason why Lightning Network should have big hubs, because anyone who is currently running a full node, which is thousands of home users, can also run a Lightning node and collect fees.
At the same time, it is big blockers who want to have a small centralized network of big full node hubs while most users are connected with SPV clients, because no one can afford to run a full node with gigabyte blocks.
personally i have made mega profit from btc, but to me its the ethos i cared much more about. and here is how i seen it
I read your points about LN, TBH I'm relatively new to learning about it so I'm not getting into the technical arguments of whether or not it can succeed.
To me, the ethos is still there and I have the belief that technical solutions will be found to make it functional whether that is LN or whatever comes next. There's just too much to be gained from doing it for someone not to. It may even be the case that it isn't Bitcoin in the end but another coin not yet invented, but I'm convinced that the future is a cryptocurrency that takes back control of the supply of money from government.
the government has laws.
such as taxes needing to be paid in fiat (legal tender)
wages being measured in fiat (minimum wage law)
court, parking, other fines being paid in fiat (legal tender)
its not as simple as just introducing a new currency and the government gives up. after all rationally.. the euro has been around a few decades now and yet americans still use the dollar..
yep thats right. just having a currency that many countries recognise, does not mean governments are toppled
because the US government dont want the euro as a legal tender in the US even if its a currency that has utility and recognition in many countries.
bitcoin has lost its utility and so people wont adopt it for buying coffee, or sandwiches. and until the devs actually implement a fee formulae again that punishes people for spamming every 10 minutes via high fee's and rewards people who only spend once or twice a day with low fee's.. bitcoin will remain just a speculation real estate/domain squatting scheme.
yes crypto's as a whole has potential as an alternative choice to sit beside fiat, but bitcoin as it stands right now has no chance...
and crypto as a whole and bitcoin will not topple the governments legal tender laws. both crypto and bitcoin will just be a secondary currency to sit alongside fiat, not topple it.
much like deciding to open an EU bank account so you can choose to buy things with Euro around the world while still using dollars in the US
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