Bitcoin Forum

Great article on Bitcoin.com (https://news.bitcoin.com/satoshi-versus-infrastructure-bill-political-permission-not-required/) that people should read. Crypto has the potential to usurp the banks, allow private, digital transactions, serve as a universal currency, escape from rampant fiat inflation, etc. People need to wake up, be more active in politics and be stronger advocates against KYC.


I think many retail investors in the US are Robinhooder types that have a "Bitcoin go up - me buy!" mentality. They don't realize what the loss of utility from anonymous P2P transactions will mean for Bitcoin.

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.

Europe has never cared about privacy, so anonymous tracking or banning of anonymous wallets isn't something that surprises me.

The US infrastructure bill isn't too much about tracking, it's just a dumb way to make sure everyone pays their "fair share" to the cows in the US government. They're forcing intermediaries like miners or 3rd party platforms to fill out IRS forms so they can be taxed, not much about privacy, they just want to dip their greedy hands in the crypto world because they are hemorrhaging money and want to cover themselves for spending 1.2 trillion dollars with an inflation rate already over 5 percent.

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.

Defi has nothing to do with bitcoin in the first place. Defi has been a scam just like NFT. These are different projects than bitcoin. Bitcoin on layer 1 cannot function as a currency though, that's not a secret however it works quite well as a store value. If you want to pay fast without waiting just use your credit card.

If anyone against CBDC, the person is also againsting Fiat, Bitcoin is not DeFi, Bitcoin is also not a replacement but an alternative, Fiat is inflationary while Bitcoin is deflationary, appreciative and increase in value, while you can make use of it and have privacy, unlike Fiat or CBDC, but there are many reasons we may still need Fiat or CBDC which are legal tender. But Bitcoin as an asset, also as money and appreciate in value over time.

Why linking or relating Bitcoin with DeFi? They are two different things, Bitcoin is a complete decentralized digital asset.

The plans of government have always been this, where the world is moving more and more towards tracking and data collection, there is no chance governments are giving you free hand in your financial transactions, this data relating to your incomes and expenses alone is so monetizable for your banks and credit card companies these days. But these things set apart, I think Bitcoin's utility trajectory isn't going to be as Parabolic as its price chart, that's for sure. The main reason is that the mindset of the retail investors, today the mindset regarding cryptocurrencies isn't like an alternate currency but more like a tool for investment, and trust me 90% of them will support this ban on anonymous transactions because then investment in these currencies would become even easier but how profitable that only time will tell, because reducing utility of bitcoin would make its price just a bubble.

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.

What's the purpose of Bitcoin? There's no absolute answer to that question. Anyway, as much as I don't enjoy doing KYC, businesses must get customers' data for shipment and stuff. Anonymous transaction has drawbacks. Let's say you sell goods in the marketplace. You need more hassle to verify whether Alice or Bob did the payment (in Bitcoin you simply attach the link to blockchain explorer). And then Alice and Bob still cannot be anonymous because you need their address for shipment. Bitcoin is not anonymous, that's an old concept predates Silk Road, and other, now closed, anon businesses.

Yep, Bitcoin can replace the payment part of commercial banks with its P2P e-cash system, but I think we won't win the battle anytime soon.

How exactly is BTC losing its purpose? Do you even realise how much BTC and the crypto market has grown overall during the past couple of years? If anything, BTC is actually growing more and more relevant over time(Not the opposite).

Personally, I hate KYC myself and it's still possible to execute cryptocurrency transactions in different sites without providing our KYC documents and I don't think this will change at any point in the future.

Being a store of value is also part of being money, it seems that fiat has been around for so long that people have forgotten that fact, so bitcoin is still fulfilling its purpose it is just that right now its usefulness as a store of value dominates it usefulness as a currency that you use in your everyday life.

Is this going to change? I think it will but for that to happen we will need for adoption to grow significantly and a deepening of the crisis of fiat currencies, and while both are underway it is going to take some time before this becomes the main use of bitcoin.

They are two different things. My intent was that DeFi coins would be an alternative to BTC or CBDC. Why use BTC (or DeFi) if CBDC replaces their function? Especially considering the likelihood that governments will completely ban BTC to prevent competition from CBDC.

I will be specific on Bitcoin. CBDCs are pegged with Fiat or manipulated like Fiat, which means they are inflationary, subjected to central control and the control always lead to devaluation, also any currency controlled by the government has no privacy, not a speculative asset, neither also a store of value. That is why Bitcoin is so different, it is an alternative, it is a speculative asset and also a store of value, it appreciate in value over long period of time, this has been the reason for the price valuation of bitcoin, because people know it is appreciative and buy more of it. The more the demand the higher the value and the more valuable it is and the higher the price.

Bitcoin was not created to serve as a universal currency, it was created as an alternative currency that will make people's financial freedom.

It is not possible for any government to track all Bitcoin transactions and ban every anonymous wallet, if they do a new alternative will always be introduced and I once read that the ETH dev is also planning to create a tumbling service.


Ask yourself who's going to KYC Bitcoin when it is decentralized? They can only KYC/AML exchange and others payment sites. DeFi coins are the future of finance and they don't hype or hope before they can stay true to their mission.

Yes, unfortunately, “no KYC” isn’t happening anytime soon in China, they’re all about controlling their nation.

But I’d say that things are a little different in the US. I think it’s only fair to impose taxes on those who make a fortune from cryptocurrencies. People pay those on stocks investments, so why shouldn’t crypto investors pay as well? I think it would be a perfect compromise if other countries would agree to let people use, keep, exchange cryptocurrencies, but in return, people would pay the government. It’s a good trade considering the prize. Do no questions to the IRS. But the SEC seriously needs to calm down and let people have a little privacy!

You certainly can use bitcoin as it was intended originally, but only for transactions that make sense in relation to the level of fees. That is the only reason I see to argue that it has lost the original purpose of easy peer-to-peer transactions, which was better covered by BCH. You do not need to pass any short of KYC to use bitcoin, that is for sure. It may be easier to do so, since when you buy bitcoin with fiat you are not following the spirit of bitcoin in the first place, that is, you are not using it for its intended purpose but rather just buying.

KYC is done by exchanges since the operate based on certain rules governing their existence and would not want any factor to hinder their operations knowing fully well if the violate government orders on KYC verifications it might cost them their license to operate. This doesn't stop Bitcoin from maintaining it's anonymous nature. CDDCs even with their increasing nature can't cause a treat on Bitcoin it's the blueprint upon which other digital currency exist.

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.





Bitcoin has never been a truly anonymous P2P. Nor was it designed to be. There will be no loss of anonymous P2P as its not something that ever existed.

The concept of bitcoin supporting anonymous transactions was a media fabrication intended to fool people into thinking bitcoin was useful for money laundering purposes. Its not something that actually happened or existed in the real world.

Sorry to say that, that dream is still far from reality. We must put some things into consideration before making conclusions on some things.
Have you forgotten that terrorism still exist? Do you want someone to kidnap your family and ask for crypto as random because they it's a means to get fund without been trace by the officers if the law, that will be a disaster to everyone if we ignore kyc.
You can choose not to do but others will be force to comy to rules and regulations.

Do you mean OP that we are losing the purpose of being anonymous due to the KYC system implemented by some banks and exchanges?
Personally, we're still not but can't disclose any possibility of losing it in the future. As long as you can still make use of it and do the transfer without any KYC verification, you are still there. But the moment that you are using a third party and pass the KYC, you will no longer enjoy the anonymity that you've wanted.

Well, they have some purpose as well and I understand that. But of course, you can also understand that not all will stay forever, like losing our anonymity is an example. But still, I'm in trust with Bitcoin and also those who ask for my personal information, so it was not a big deal for me.

There are just too many reasons to why this recent rules are popping up thereby making it seem bitcoin isn't getting that anonymity it supposed to get, but the fact is nothing changed bitcoin hasn't lost it purpose, you can still send funds across country's without going to bank, and people have got to see more usefulness in bitcoin, not only just using it as means of transaction but also a good store of value and a successful form of investment.

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.

The blockchain technology is where it all matters. As long as there is a way in order to transact anonymously, BTCs will still remain relevant in the future. Even if people think that it is the perfect avenue for an investment, as long as people transact with it, it will not easily lose its purpose (and price).

I would say that BTC will never lose its purpose, many people who use BTC are freer, they escape from the traditional economy that is the one that suffocates, and that usually is the one that produces and generates debt, in addition the growth of BTC is a fact , El Salvador has already adopted BTC, Paraguay is very close to doing so and now Argentina is also in the process of adopting it, I believe that the purpose of BTC apart from generating a totally deflationary economy, is opening minds, many people are against BTC, Because they do not see it as reliable because it does not have stability, volatility is usually an ingredient that many will never accept, but BTC represents Freedom and now its mission is firmer.

The era of digitalization of technology gave birth to Bitcoin as an exciting new currency for the world community.  He became an alternative to complete the needs of financial transactions at the global level who crave convenience, efficiency and security.

 Bitcoin has indeed captured market opportunities well.  The trend of increasing internet users around the world is a strategic moment for Bitcoin's presence.  Especially with the development of global e-commerce business potential that encourages global people to conduct cross-border trade transactions.

 So the development of Bitcoin remains on the right track.

 Although Bitcoin exchange rate fluctuations are closely related to world economic policies including the regulation of a country, the perception of expectations and Bitcoin owners (panic) Bitcoin owners and the amount of demand and supply of Bitcoin in the market.

Yes, bitcoin is not losing its purpose but bitcoin has become more popular and will be the next mainstream thing in the world. Bitcoin now slowly attracts more attention from people, especially big investors who do not know much about digital transformation. They heard the news about bitcoin price and how the price can go up and down suddenly and that can make them curious and use bitcoin as their new asset in the investment.

You only need KYC when you buy bitcoin at the exchange and gladly, you can buy bitcoin from other third-party services anonymously. If you do not want to do KYC, you can search for the exchange or services that do not require KYC. I am sure these services will still be available as a crypto means anonymous.

There is nothing said to be anonymous. In fact, it is not.
They want to list every holder of crypto assets. Not a problem. But I think the real reasons behind it are still hidden. Tax.
It could have been better if the information they will get will be used for a better purpose. Adoption, Usage, Information that would make merchants choose to have Bitcoin as a payment option rather than cash.
But, if it's for the purpose of tracking down every transaction you will make, then that's the scary part.
DeFi on the other hand is a different discussion, comparing it to Bitcoin is off.

Exchanges have set their limits for those friendly-countries that don't enforce KYC to the exchanges customers. Some exchanges does that and there's no problem with it but the limit is just exact to those retail investors and traders.

They have a lot of option in the US and they know the limitations if they won't pursue KYC. To us, like small investors and traders. We know where we should go, as long as it's a good exchange and it doesn't enforce KYC with some limits, we should be good with it.

Bitcoin has not lost it's purpose.... people are still using it as a payment option, but governments classified it as a "Commodity" to protect their Fiat reserve currencies. Once government put it in a "Commodity" box, it is very difficult for merchants and retailers to legally accept it as a "Currency".

Imagine reporting your yearly tax to the tax authorities in your country and then showing your profit and losses in Crypto currencies. They will throw the book at you, because the laws of the government does not allow for you to use Bitcoin as a legal tender. (Currency)

The Bitcoin community must stand together in their respective countries and they must vote for a party that are supporting Bitcoin and Crypto currencies.  ;)

Look, just like the dotcom bubble, I think that crypto is going through a similar phase of mania right now.

It is completely understandable imo. There is still a lack of real world usage cases for bitcoin despite all the traction that we've gained, so its purpose as a speculative asset still stands.

Look at this as a natural progression. It's inevitable that speculation will ensue before any large scale adoption of the asset the way it is intended.

it could be slightly loosing its purpose after the kyc came but before i dont remember that we have a kyc in bitcoin maybe because we only have p2p's and decentralize exchange before but now there are centralized exchange and they are more popular but many people use it and i dont think they care if btc slowly loosing its purpose or not but to us that care we can continue using the old way of trading our btc's .

As an asset class, bitcoin is doing its job well enough.

It's a long term store of value, and not a short term store of value. If you want a short term store of value, look no further than the fiat that you are holding - it is guaranteed to hold a part of its value each day but also guaranteed to decline in value each day.

In that sense, regardless of how much short term price action is going on, as long as in the long run bitcoin's supply cap is not broken, it is doing its job.

Here is some stuff from the article  (https://news.bitcoin.com/satoshi-versus-infrastructure-bill-political-permission-not-required/)I want to address:
KYC is about documents, not about payments. And if it's about taxes, the analogy isn't exactly right (or, at least, not supposed to be) because the taxes go on developments of the infrastructure, subsidizing medicine and public transport, and other things like that that benefit you and others in the community. So it's not like your money goes straight into someone's pocket, and you only lose from it. At least, that's not the idea behind taxes, although corruption is a big problem in some countries, and a lot of money from taxes can go into someone's pocket. And as for prohibition, I don't think it was ever enforced so far, and the idea is also not that 'the neighbor' doesn't like someone, but that this person's a killer, rapist or other serious criminal.
Banning anonymous transactions or imposing huge taxes upon Bitcoin users is too harsh, but mild taxation and KYC required for pricey transactions (both for all fiat and for cryptos, of course) seem okay to me. So it's more about the degree than the action itself for me.

Currently kyc is being scammed so no one believes in kyc sites and everyone thinks it is better to stay away from this type of site. But there will be no such effect for bitcoin no one will exchange kyc regardless of the way bitcoin is centralized and decentralized bitcoin and popular currency in crypto corruption is directly linked to helpless citizens losing their hard earned money to fraudsters, further complicating the country's economic crisis. Many have lost money in register scheme trading and more recently in bitcoin trading and are still losing.

to see the results of bitcoin we really need a long term, so that later bitcoin will be in accordance with what we have expected. with current evidence where bitcoin has shown its class so that more and more people believe in it, and if this positive sentiment continues then it could happen that the government will consider it more, so that bitcoin's function can be fully achieved

Well, one government will ban it, may be 2, or who knows 15-20 governments will ban the use of bitcoin or it's mining operations within their country. However, let us not forget the globe is big and there 200+ countries in the world. Though they might constitute of poor countries or underdeveloped countries then also world has around 25 Federal countries and many highly complex governments with mixed national constitution who are willing to support such modern crypto world. We dont need all of them to approve the use of bitcoin. Honestly, even few governments with green signal on crypto mining operation is enough.

Because people will surely move to that country with their mining operation base. There you go rest of the world can survive anonymously from any country and bitcoin still get to live further. 

If you look at Bitcoin solely from the perspective Satoshi was talking about, then let's be honest that its invention never had its initial purpose - because most people didn't use it as a currency, but only as a speculative asset - and so it remained until today. Volatility from which BTC cannot escape (for now) is its curse that holds it firmly in its hand, and the occasional problems with transaction fees that can be quite high are always something lurking in the shadows.

When it comes to accepting CBDC or something, most people act like robots anyway and do everything the government programs them to do, so no matter how much better the alternative is than what they already have, we can't expect them to accept it.

I am fully aware that every country in the world has mechanisms to destroy Bitcoin to such an extent that it can only survive as something illegal - all it takes is to ban trade, mining, and payment for goods and services by law.

It may not be a good analogy, but let's look at what happens with vaccination against Covid-19 - some countries have started to restrict human freedoms to the extent that they forbid unvaccinated people to use public transport, enter shopping malls, theaters, cinemas... This will soon become the standard in most of the Western world, which only shows that governments always have the means to achieve their goal.

Investors here in crypto have their own ways on how they can benefit from it. Most of such does it the usual way wherein as the price falls, they buy as much as they can and hold it. Bitcoin's real purpose is slowly fading as time passes by and as more people view it as just an another source of profit. The probability of having many countries banning it is still high specially now that China offically banned crypto mining within their territory and with consideration also with the influence they have over other countries. It will happen, one way or the other, but I'm pretty sure crypto, specially bitcoin will still prevail.

Those laws that are being passed is for making sure that people pay their taxes from crypto gains. The government doesn't even care as long as you give them a share of what they want. And bitcoin was never meant to be anonymous. I don't know why people keep on thinking that bitcoin is anonymous. Bitcoin was never made to keep you anonymous. Lets say you are making a purchase from a store and you made the payment with bitcoin. You are no longer anonymous. And the KYC is inevitable. It will happen no matter what.
This is what it has become now. A store of value.

Bitcoin is whatever the user wants it to be, it's just a tool, like a gun it can fire or not, like a piece of meat you can turn into steak or meatballs.

As mush, as I dislike the way BTC, is slowly turning in the views of many to something you need to hoard, keep it for 3 years and then sell and live a wonderful life with the gains you can't truly embrace bitcoin without understanding that you have to respect the choice of the owner, his keys, his bitcoins. I would love to see more usage daily, fewer coins on CEX and fewer dumps and pumps, less coins hoarded by companies just to be sold when the shareowners agree but that's on of the beauty of the system from one perspective.


All it takes is for the US and EU to ban it and the rest 200 can simply watch.
North America and Europe hold 57% of the global wealth, China 18%, and Japan 6%, what is left here?

Who is going to support the current price and usage, Somalia and Tokelau? What are you going to do without the western banks and services, how is the rest of the world even going to get coins when there are no more banks, cards, any other payment services accepting bitcoin or exchanges dealing with bitcoin? Revert to barter? Lol.

One must acknowledge, right now Bitcoin still has a lot to grow, from usage to userbase, it's still a tiny speck in the world, there is a long way before we can pick a fight with the current system with bitcoin alone. A very long way!

I remember coming to use bitcoin for the first time and everyone was saying one of its purposes of bitcoin was that we could use  it as an anonymous user but with time this has changed as we have learnt that it's actually not.

About losing its purpose I don't think so, as crypto users we all have diverse reasons for using bitcoin, some use it as a form of money, some it's a form of asset that represents an investment ,list goes on, honestly this not be bundled up as one main purpose of using it.

CBDC, DeFi, Fiat and etc still not going to replace the utlity of bitcoin since its completely decentralized but not completely anonymous so if you address of an exchange linked with your KYC then you may get tracked but government is not going to track everyone, even there are ways to avoid using the exchanges to buy bitcoin and eraces the traces of your transaction by sending them to legit mixtures.

You actually have a good intellectual foundation about bitcoin, it's such a pity that some people still think bitcoin is used by scammers. Sometimes I frown on some comments in my local forums but I don't blame them, ignorant doesn't have cure if one doesn't have the right knowledge.
Bitcoin value is increasing at arithmetic mean if you compare its average growth time in 4 years. The halving have been good so far and I look forward to what will happen by 2024, perhaps we will see $100+k  :-*

It is not about how many, it is about which ones. If you have Nigeria banning crypto, then it will definitely be a bad thing but not a huge bad thing considering how much they contribute, or if it is Venezuela, Zimbabwe, and many other things it is going to be a bad thing but not a huge deal.

However if USA bans it, if UK bans it, can you imagine how bad it is? I rather have 20 different small nations banning crypto versus 1 USA banning it, that is the difference. Which is why I think it is not going to be something that will be a problem with just numbers, it will definitely be a problem depending on the power. China was a problem because of this, they are very powerful and considering how they were cornering the mining market, they’re banning miners was a big deal. These type of power struggles between nations could create a problem, not the amount of nations.

I don't think that's the case, bitcoin's still serving it's purpose, the mass media is just muddling up the story so we get confused, no such thing as losing it's purpose. Bitcoin can still be used as a P2P currency like what Satoshi intended it to be.

Bitcoin has never lost its purpose, this fierce campaigns by governments to suppress encryption and ban Bitcoin mining clearly shows that Bitcoin has achieved its purpose, what scares governments and pushes them to work day and night to fight crypto and establish regulatory laws? Because they lose control and centralization in the first place and because they want to fill their pockets of crypto taxes secondly. This turmoil that Bitcoin has caused in various governments around the world and forced them to move aggressively shows that Bitcoin has indeed fulfilled its purpose.

Well said and it is indeed true. If something gets paid a lot of attention, be sure that that something is in one sense or another of importance. All of us who have been in crypto for a very long time know exactly how all of this worked out. Those who had no clue denied and ignored the technology, thinking they would know better and Bitcoin is going to disappear. Then Bitcoin slowly grew organically, and grew, and grew... The ecosystem expanded, exchanges popping up everywhere, more and more banks stopped blocking transactions from exchanges, which really was a hassle in the early days. First tech gurus started talking about it, China learned it can't ban Bitcoin. Honestly, this was a fun journey to see something growing that many of us here knew from the very beginning could very likely end up being a great success. And it did! Bitcoin is more relevant than ever, and being relevant and keeping the global hierarchical system busy is exactly one of the purposes Bitcoin was meant to serve. It does that well.

You can't blame them.  That's what the "store of value" change did to the community.  It was no longer about building Bitcoin infrastructure to change the world, it was about assimilating into legacy finance in order to make the price go up.  Those early developers who built useful things to show what Bitcoin could achieve have become enemies clogging the mempool, while clueless investors who want to dump their money into Robinhood and get rich became the target audience. 

Bitcoin isn't losing it's purpose, it lost it's purpose, several years ago.  The community at large is now just hoping to sell coins for a lot more than was paid for them to new entrants in the space.  We all know what that's called, but there is hope that once Bitcoin assimilates into the legacy finance system that changes will be made and it will return to a permissionless p2p currency.  I like the Trojan Horse line of thought, but am not sure I believe it.  In any event, buy, hold, get rich.  That's why satoshi made Bitcoin right?

I am not seeing defi/CBDCs/government's ban on mining are a threat to bitcoin ecosystem in any manner. If most of the governments ban bitcoin mining, then bitcoin foundation will find a permanent solution which could be switching over to different algorithm that can be better than POS and more secured than POW. As long as fairness and anonymous are concerned I am not seeing defi and CBDCs got any chances to boom and sustain.

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.


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.

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.

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 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.

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.

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. 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.

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

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.

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.

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.

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  ::). 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.

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.

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

  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.

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.

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.

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.

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.

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.

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.

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.

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.

  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.

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.

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.

maybe for now this goal has not been achieved, but we do not know in the future, because the advantages of bitcoin as a digital currency are still being debated. and we let the government with their own awareness later realize that bitcoin is a currency that is relevant to the current developments. but at least now we can make money from crypto

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.

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.

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?

• 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

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 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.

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.

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 ;D

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.

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.

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.

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.

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

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.

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.

Everyone has different purpose when it comes to Bitcoin, and I'm using Bitcoin for now to make money. And until now my purpose is going well,
because the price of Bitcoin continues to rise. Then I also have a desire to use Bitcoin as payment and it has not been achieved because my country
does not allow it. But I believe in the future my country will be more open to Bitcoin, so the conclusion for me is that Bitcoin does not lose its purpose.

Bitcoin doesn't lose its purpose. Although many people trade Bitcoin, in fact Bitcoin is still used as a payment tool. So, it still functions as a digital currency. Become a trading object, is just another function of Bitcoin. People use Bitcoin for trading, doesn't mean people forget to use Bitcoin as a payment tool. We don't misunderstand about this.

maybe you are right if more and more BTC is accepted, BTC will lose its decentralized nature, I just read a news from an article they said that regulated BTC will collect electricity tax death and in the future it is possible that BTC will lose its decentralized nature and private ownership of each one of us.

Fighting KYC is exactly the type of thing that's going to lead to harsh crackdowns by governments. Either you want bitcoin to be a widely accepted part of the economy or you want limited utility untraceable dark money.  You can't have both. Bitcoin can occupy a not insignificant part of the financial system, but only when it fits into the current framework and the current laws. Bitcoin will not be the glorious revolution you envisioned.

but admit the fact that Bitcoin is not created in purpose of Asset or Holding , instead this is to provide freedom from Fiat spending to digital and private  currency.

using this for trade is not that appropriate because this must be for payment and easy transacting and not what it is now.

so in that , yeah this is losing its original purpose.

Very true, bitcoin was not intended to become a speculative asset for holding, in my opinion, Nakamoto's original purpose for the creation of bitcoin is to give the user control and freedom over their money and eliminate the third party interference from traditional banks. This singular purpose has not been defeated completely, but has metaphorsed and evolved such that bitcoin has found multiple purpose for its users, one of them is it becoming an asset.

It is deemed an asset now because it's volatility/liquidity is still very high, The original intention for it as an alternative currency will come into play when its liquidity has reduced, and almost all the mineable bitcoin has been mined. The value will by then become stable and the original intention the creators have for it will materialize.

For now, bitcoin is indeed experiencing a shift in function, where because it has the potential to increase the price, many people think that from bitcoin we can make money, while the actual function has not been achieved. but we don't know in the future where with technological developments there will also be the development of civilization, so bitcoin will have a place as a means of payment

Now that the price is even more higher than what it use to be, some people find it difficult to spend their btc on items, because you know when you hold the price can go even higher, hence it is difficult for the price not to go up, many people see btc as a store of value than a means of payment, the narrative already changed long ago when btc was paired to usd, maybe if there was no fiat value btc will not lose its purpose according to the op, but now things have changed. 

Bitcoin is still on its way bitcoin is not losing its purpose bitcoin is being used as a digital currency and traders are gaining by investing in bitcoin than trading every day it is better to keep it for a long time. If you don't understand the market properly for trading, you will lose everything if you make a mistake although bitcoin has not yet been introduced as a payment method in the whole world everyone is assuming that it will be accepted by everyone very soon.

I think that the fact of doing the KYC is something very disguised for banks and especially governments to have control, in a very subtle way they were getting involved with the excuse of avoiding "Scams", the large countries made those laws for acceptance Of crypto in general, I am one of those who think that if they get into some type of activity people know what they are getting into, for this is that they demand to be of legal age.

For this reason I believe that KYC exists, it is only a form of control that they do through Exchanges and any project, it is the easiest way to obtain all the data of the people who operate with crypto, that's where the casino licenses, exchanges, and everything, of course this is my perception of the activities.

in my own opinion the usa is actually a free country in terms of individuals and they don't care about any individual rights of each person. but if the US government requires everyone to participate in KYC before participating in the cryptocurrency market, then they are actually implementing a greedy scheme to make profits for their government.

I don't know how you've thought of that OP, bitcoin is still doing just fine when it comes to it's purpose, bitcoin's still doing what it was at first, a lot of people still use bitcoin to do transaction for products and services so I don't see how bitcoin's lose it's purpose.

I believe that in order to understand this situation, you need to turn your attention to the history of the development of financial systems. And then we will find that there has always been a centralized financial management system, which means that all talk about anonymity and free money is probably just a deception or a temporary phenomenon, which will sooner or later acquire the character of centralized management. That is why Bitcoin can also lose or even lose its purpose, although we do not yet know 100% who and for what exactly created Bitcoin. But we know one thing for sure, that no government in the world will allow the availability of free uncontrolled money.

The OP subject was the regulators on US which force users to do KYC on all possible exchange that they can trade Bitcoin. By that means Bitcoin is not a used as decentralized cryptocurrency anymore because regulators requires user to submit all there transaction to them for tax purposes. It is not a direct approach against decentralization but the result is still the same. The privacy on each transaction is still compromised at the end of the day. Maye this is still not happening on other country but sooner or later they will follow US once they see that there's a lot of free money flowing without a tax due to its decentralized feature.

Yeah it has now transitioned into an speculative asset backed by trust. BTC is evolving into a store of value asset and somehow its utility is not fully utilized. Its now becoming an investment rather a peer to peer digital currency and that's where governments are trying to regulate. I think in the future we could still be operated anonymously without intermediary using BTC but using DeFi sector and not the centralised one.

So what makes you think that the purpose of Bitcoin was not to act as a speculative investment asset? Nothing in Satoshi's original whitepaper says that Bitcoin should be exclusively used as a currency, and it should not be used as an investment asset. Satoshi's main intention was to change the current centralized banking system, and for that it doesn't really matter whether Bitcoin is used for payments or not. And that said, Bitcoin is still being used as a currency and with every passing year more and more stores are accepting it.

The function of bitcoin since 2013 has completely changed, all users only save and speculate to continue buying because of the hope that prices will rise, this is something to watch out for because if it has become an investment then many government roles and rules will be applied.

Binance has implemented KYC and this is the first step that crypto is no longer anonymous, I believe this will soon be followed by other exchanges, many countries see opportunities from crypto to monitor transactions and owners so I believe implementing KYC is pressure from the state.

Binance is just a service... I got the mail from them about this matter, and I moved all my balance to another exchange, I don't plan to do KYC, I plan to avoid doing that as long as it's possible.

Bitcoin didn't lose its purpose, mandatory KYC for all wallets will not pass, people will rise against that. I am sure that we who support decentralization will find a way to stay free and anonymous.

If I'm not wrong they didn't push anyone to do so since they only put some low limits to the people who didn't do the KYC required by them. So if you think you didn't surpass to the limit required by them monthly better don't do what they ask since its not good to risk our identity. But if you go above beyond your limit then better provide this information ask so that you can enjoy the huge limits benefits.
 from them.

I agree in large part but this is something that was inevitable.  Most people in this world are too stupid to understand what needs to be done to make this place better for us all, it's just a simple true fact of life.  Sadly the majority of people whom own bitcoin only do so to make "profits", as you'll see stated around this forum quite a bit.  I think cryptocurrency has a ton of upside to do a lot of good in the finance industry and it's exactly why I started "getting in to" bitcoin as a financial advisor.  That being said things like DeFi have a LONG WAY to go before ever coming close to replacing finance at banks..reason being is these currently are unsustainable scams.

I wouldn't say backed by trust because there are so many miners and the amount of electricity used for crypto is getting to an insane level, but at the same time I would have to say that it is definitely correct that we are making a leeway towards becoming just a "come here and make a profit!!!" type of deal for many people. Don't get me wrong it is cool to make a profit from crypto, any crypto, but it is not just about that, we should not be investing into crypto JUST for profit, we should focus on that, it could even be the main thing if you want to, but it should also include other stuff as well.

For example, the amount of development made on the blockchain technology in the past 10 years is the reason why world should switch databases into blockchain based reward giving databases, after all there are so many companies with database needs that we could literally get paid by those companies to hold those information in our computers (split up to be secure so nobody snoops around) and they would have to pay less than what they are paying to databases, that is just ONE example.

What bitcoin is currently achieving in my opinion is amazing performance, the larger number of users makes the price continue to rise and this is according to the laws of the market so no one can manipulate.

Did you even read the OP actually? The problem isn't about losing money in crypto trading or how popular bitcoin is right now.

The part OP wants to discuss is the added focus towards KYC on most of the sites these days. Earlier, you could gamble on a crypto casino without any hassles but now you may be asked for KYC and that directly means you are liable to pay taxes.

Earlier no exchanges used to ask for KYC before trading above a certain limit but now every exchange needs all the details about the user unless you want to trade peanuts.

It's true that we can see for ourselves since the beginning of the appearance of Bitcoin the price is still very cheap,
and now we can see the price is really going up and of course this achievement is not easy to get,
I'm sure Bitcoin will still go up, the most important thing for now is just to wait

The problem lies within the people, not the way Bitcoin was designed. There's nothing we can do if most people use Bitcoin as a speculative asset instead of a currency. Human greed will always be there, so we should learn to live on with it. What matters is that Bitcoin stays true to its principles by being a decentralized and censorship-resistant cryptocurrency anyone can use worldwide. As long as people have an exit route from the current monetary system, nothing else matters.

The fact that Bitcoin is decentralized and open source, gives people the liberty to do what they want with it. Adoption is growing at a fast pace, so it should only be a matter of time before Bitcoin gets used more thoroughly as a currency for day-to-day payments. The Lightning Network will make Bitcoin extremely practical as a currency due to its ultra-low fees and near-instant speeds. With due time, Bitcoin will achieve its purpose by being a peer-to-peer electronic cash system. We just need to be patient in order to see great results in the future. Just my opinion :)

The implementation of KYC certainly makes it easier for the government to monitor crypto transactions, if they see suspicious transactions then they can easily block the account, this is a big pressure for crypto when many exchanges implement KYC.

Bitcoin's main purpose is to give an opportunity for people to use Bitcoin freely and anonymously. That's the part that has drawn people's attention the most so far. However, governments have started to hinder this anonymity with their regulations. They have started to demand people to share the information about who the wallet belongs to and they have started to track people's transactions. This caused Bitcoin to start to lose its main purpose.

I agree with you that the United States of America is the most free country in individual affairs, but if the problem can lead to crime of course any country will not stand still. if required for KYC in my opinion it is not a big problem especially personal data will be protected by the state. After all KYC is a common thing, just like you when you first opened an account at a bank.

I don't see a reason for this to lead to price stability.  If the world is still denominated in fiat currencies, then chasing the limited supply of bitcoin (assuming the store of value premise is still relevant) will mean the price will still be based on speculation and thus likely suffer from high volatility.  This is what keeps it from being a useful currency.  Also, with the elimination of block rewards, fees are likely to go up to subsidize the cost of mining, further reducing any utility as a currency.

As time goes by, not only will some see it as currency, it may not meet some standards, but JP Morgan banks are already accepting it despite JP Morgan going very against BTC, some economists, banks and Governments will never accept volatility, it is obvious, they will go to safe assets and stocks, such as Gold, among others.

Crypto currencies can never be of a nature like fiat money, their protocols are very different, this without mentioning that crypto is usually deflationary in nature while fiat money is inflationary in nature and its endorsements such as gold is simply a mirage. I think that the purpose of BTC still holds and with much more force as time goes on.If we take into account the examples of countries like "El Salvador" and possibly Paraguay, it changes every point of view of those who are enemies of BTC.

How can Bitcoin lose it purpose? Bitcoin is beautifully doing very well and it plays it's purposes daily by users  . Bitcoin growing and becoming more popular everyday. The purpose of bitcoin is been seen more expecially in Russia,  where they sell their oil with bitcoin.

but if we want more adoption, i believe, this regulation is already a part of it. understandably, we want to have anonymous transactions without worrying anyone to look at our crypto activities. however, as this market is growing, and so the government's intervention on this market. by now, this market is already the subject of their scrutiny. hence, implementing laws and regulations towards this market.

Government do really love to involved on everything which isnt surprising.If they cant taxed all of crypto transactions then they would normally be touching on centralized platforms which can be easily regulated.
For us crypto enthusiast or supporters then we dont really have any choice but to deal with it but doesnt mean that Bitcoin is losing its purpose.It is really just the platforms that we are just using
do really remove the essence of anonymity but doesnt mean that we would be completely be stop on here.

More countries are involved in creating a regulatory framework that will keep the users within the eyes of the government. This isn't possible with bitcoin, and now only bitcoin is gaining its importance and serving people with its real purpose for which this is being innovated. In recent days the big role and usage of bitcoin is found among the people of Ukraine and Russia. Governments haven't seen such a kind of real-time usage in the past and that's the one leads to the intervention by different governments.

They are trying to suppress it as much as they could even up to these days and some had gave up and adapted it instead and some do still find ways on how to exploit this system or breaking overall but still fail to do so.

Just as we can see on how government do really make out some new laws and regulations in regarding about crypto since they cant see nor control everything thats why we do see lots of ways that they are doing.

Bitcoin is still standing strong and with having huge community support yet it do able to stand the test of time and still remain its purpose.

Do you understand what OP means? He didn't discuss Bitcoin adoption or its popularity, he specified telling us about KYC leads BTC to lose its native purpose. We know that many exchanges obligate KYC for BTC holders if they want to trade or transfer their BTC in the exchanges. As Satoshi ever stated that BTC is electric cash with no need for third parties and it keeps our privacy since it is transferred from person to person. Now, an exchange has a role that is almost the same as the third party. No different than when we use fiats and transfer it among banks.

CMIIW

Unfortunately, the OP is right. The ever-increasing number of exchanges and services requiring KYC, greatly defeats Bitcoin's purpose of bringing true financial freedom. KYC will only bring us the single points of failure crypto was meant to avoid in the first place. This is no different than traditional banking if you ask me. While there are still a handful of decentralized alternatives that don't require KYC, most people prefer the centralized route because it's much more convenient.

I'm afraid centralization will continue to dominate in the upcoming years. Who knows what the future holds for Bitcoin as regulations continue to take the crypto world by storm? Just my thoughts ;D

We are really heading there and its inevitable considering that crypto do really get much attention then its no surprise that it would really be targeted or close monitored by the government.They might not

able to get rid or stop it technically but on the sense that they could touch up platforms or any service that is attached to it then t hey would really be doing such chances and possibilities thats why

these services doesnt have any choice but to abide these laws which would be passed up into its users and honestly we cant really do anything but in exchange then the comfort is really there
but the true essence is really fading away.

exchange is just a company that is under the auspices of the government, so it must also comply with the requirements of the government. therefore KYC is needed to make it easier for the government to track every user. this is very visible to local exchanges, by having our identity the government is free to see our transactions making tax rules in the end. and indeed anonymity is not fully visible here, but we can't do much, except to follow the rules from the government even though it's not in accordance with our conscience

Op, bitcoin is not only all about privacy, bitcoin is a currency;
Bitcoin is not only a currency, bitcoin is an assets;
Bitcoin is not only an asset bitcoin is connections;
Bitcoin is a set of algorithms.
Bitcoin is liberty.

Bitcoin did not come to be the only way,
Bittcoin allows altcoins,
Banks and exchanges can co-exist.

What one needs in bitcoin is not what another needs.
Some needs privacy;
Some wants to use it and buy coffee;
Some is using it as an investment;
Some wants to mine it.

In all, no government can stop totally bitcoin. Bitcoin is for the people and the people decides what bitcoin will be.
I fear developers more than the government.

We should determine what are its purposes first.
As long as it's fully decentralized, it won't lose its purposes until we decide it. At extreme case, an alternative to bitcoin from potential alts may replace it for technical reasons maybe (far to be true), but even though, this wouldn't mean that Bitcoin lose its purposes.

Even the recent adoption of Russia made it overcome the sanctions when the entire transaction is being cut. Beyond this now the cryptocurrency exchanges too have begun to restrict people from Russia. So, as said above the exchanges are functioning similar to the banks for cryptocurrency. Even the governments try to have control over the non custodial wallets. This shows how focused are the countries in taking control over the market.

Unfortunately, this is the aftermath of something that becomes too popular worldwide. Governments bring out obstacles/hurdles in order to make one's life harder. Bitcoin is still decentralized, so I wouldn't say it's losing its purpose. Of course, most people often see Bitcoin as an investment tool than a digital currency. But that doesn't take away BTC's purpose since you and only you decide what to do with it. As long as there are decentralized alternatives where people can freely buy/sell Bitcoin or even store it in the long-term without intermediaries (non-custodial wallets), governments will have a hard time trying to destroy it altogether. That's the beauty of decentralization. Things would've been different if Bitcoin was completely centralized. Who knows what the future holds for this exciting cryptocurrency? Just my thoughts ;D

Where some see an issue, another ones see an opportunity. Coercive, restrictive countries dispel investors and crypto enthusiasts in general (customers, developers, entrepreneurs...), while smaller countries looking for foreign income adopt a friendly stance towards bitcoin and crypto, consequently bringing new people and more money to their territories. So far it's not scaring news, because we are talking only about one country (USA). Bitcoin can't be defeated by a single nation and can't be defeat while there are still people and countries supporting its usage.

Maybe CBDCs are going to be a big issue for some of us, as some governments are going to impose its adoption by difficulting the access to decentralized crypto and making it more expensive to deal with through taxes. However, there is still time until it happens, so there is still time to elaborate a solution for the problem. If my country did something like US is attempting to do and I had enough financial conditions, I would move myself to a bitcoin friendly country without any doubts.

I myself have not been able to find the specific biggest purpose of bitcoin. But in my opinion bitcoin has exceeded its initial goal in other words it has achieved its main goal even more than that. If so, I'm sure the main creators are also targeting a new goal to get bitcoin even more in demand. Yes, although it is still a mystery who the person behind all this is, but I really enjoy this.

It only thiyse that are not into bitcoin that can make an instance on loosing it purpose or so, ever since I've been in this it has always been a good experience for me and i see alot of difference from the fiat currency in bitcoin, some may give a conclusion on bitcoin loosing it purpose maybe when the speculation on prize run deep but that is an insinuation by the government and other entities out there who does not adopt the use of bitcoin but rather sit to watch and give an imaginary analysis of what is not.

Why you don't know? Didn't you own any bitcoins? But if you own some, you will know if what is its purpose. For others btc for them is an asset while for the rest, bitcoin can be both a currency and an asset. Bitcoin's specific purpose is for the people to have a money that they can use online that is decentralized and anonymous.

You're right, btc has exceeded its goal because who would have thought that it will also work better in terms of an asset? But what could that new goal be? Are there any other use for btc aside from being an asset and a currency? I can't think of anything right now but if we have goals that we want for bitcoin to achieve, that is its price. We want 100k per btc

It’s like what way you use bitcoin will define whether it’s loosing its purpose for an individual. As community its not loosing any purpose because it works with framework which public ledger and can not be undone now. With the time bitcoins use case would be vast and could easily surpass the current regulations and obstructions like KYC. Why I am saying it’s more or less individual based is because of its nature. If you are going to work your transactions on the exchanger then definitely as company they will seek the KYC documents while on the other hand if you gonna work transactions with custodial wallet, no one care about your KYC.

Just to refresh your memory, the original purpose of bitcoin was to reduce the fees charged by other online money senders because, at that time, sending money required a huge fees as well as time, and it was also not real-time and difficult to track. That was the purpose before, but as the years went by, it became an investment or an asset that owning one could earn you more money and also make you rich. But the purpose of it is still there, but now the most important thing about it is its value. That can help a lot of people to earn money.

I blame your opinion, but I don't think that perception is correct because I think bitcoin was created for something different from the traditional financial system where bitcoin is a decentralized currency with a number of innovations it brings including transaction fees, security, privacy and more.


Like most currencies, bitcoin also has value after supply and demand. Bitcoin is a tradable asset from the start although satoshi does not put an initial price, but due to the increasing demand and scarcity factor, its price continues to rise which makes people make it a potential asset for profit ^{[investing or trading].} So it is a normal state without affecting its basic purpose as a different currency than fiat.

Do you know,what the purpose of the bitcoin was created.It’s to replace the Fiat of world countries.Mainly it targeted the Dollar.Because as we all know,the dollar rule the world.People of world country,hold US dollar for the reserves.Because the United State will try to influence the other countries,during the war time situation.Now bitcoin was moving towards it purpose and not deviated from his purpose of creation.

It was never intended to replace fiat but rather been an option on having p2p payments without 3rd party involvement and it did really just happen that the support did really become big over time.

Its purpose isnt losing because it wont really be sitting on top of the market if it does have that kind of problem.So its better not to stress yourself out about its purpose.

Lets just see on how the community is been mainly supporting it because we know that it wont really be on the top coins for nothing.

As long as Bitcoin remains decentralized, governments won't be able to stop it. I wouldn't say Bitcoin is losing its purpose, simply because people are free to do what they want with it. Those who care about decentralization would use alternatives that are KYC-free and non-custodial (without middlemen). It's normal to see centralization taking over the industry especially when popularity is increasing at a fast pace. Governments will successfully regulate anything that's centralized, but again, they won't have any success doing so on something as decentralized as Bitcoin. Who knows how Bitcoin will be put to the test with CBDCs in play? Just my thoughts ;D

I think bitcoin still fits the purpose of its creator, Mr. Nakamoto, the main purpose of the presence of bitcoin is to help people to transact faster, cheaper and of course more secure, and this feature is still available in bitcoin, maybe at this time most investors just buy and hold because they hope to get big profits from rising prices.

right, I think it still needs a process to realize its main goal in creating bitcoin. it's just that nowadays more people look at it from the business side, which can make a lot of money. especially if it is noticed that there are still few users, thus opening up a great opportunity to increase its value. on the other hand, the absence of legalization from the government makes bitcoin more difficult to accept like fiat money

You say the purpose of bitcoin being created is to help people transact faster and cheaper but only a small percentage of people use bitcoin for payments. on the other hand you also say that nowadays most people buy bitcoins just to invest, and you still say that bitcoin still lives up to its creator's purpose. actually the purpose of bitcoin was created for transaction speed or investment?

I think bitcoin is currently better than its initial purpose, namely as second money, bitcoin is more worthy of being digital gold because the price continues to increase, everyone is speculating by storing bitcoin so that the transaction volume continues to increase.

I don't think the fake news will shake bitcoin because bitcoin users has experienced positive income from bitcoin that will make them to have more confidence on bitcoin investment than fiat investment. I believe people will continue to show more interest on bitcoin investment because bitcoin investment has brought more income to them than others businesses which was affected by pandemic some years ago in the country. Bitcoin investment is a something that has to do with digital before it can be successful compare to fiat investment where you can start investing without having the knowledge of digital.

What I hear about the purpose of bitcoin is as a system that facilitates transactions, if bitcoin only functions like Fiat then there is a stronger system that is Paypal, and the thing that makes Bitcoin continues to develop is because it becomes speculative so that anyone who buys bitcoin certainly hopes to profit.