Bitcoin Forum

Btc main use case now is this:
Bitcoin is good market prices indicator to show just wich way all other coins likely will go.

If there is another reasons to use ....its unlikely.
People say specially traders that btc price is good indicator also to show wich way altcoins might go.
For payments and moving funds the stablecoins are definately best ones.

But yeah..now we know btc main usecase

No. Bitcoin's main use case is it is an unrestricted medium of exchange.

Did you know that the StableCoins, that you use, can mostly be frozen right on your address?

The reason for the existence of others aspect of bitcoin is for transaction to be possible, bitcoin was created to be a means of exchange without depending on third party, making users to have total control on their asset (bitcoin). But not only that, it was also designed in a way to be an appreciative asset which is helping in its adoption.

If bitcoin price is increasing, altcoins price also will be increasing, if bitcoin price is decreasing, altcoins price will be decreasing. But bitcoin was created before altcoins, which means not the reason why bitcoin was created and only just a use case for traders that are dealing with altcoins.

If they froze my stable coins it means they steal my money.
Then i will leave crypto and many others.
I dont have to be in crypto we are all here to make profit if no profit and someone start stealing like frozing...lol then they can keep crypto for themselfes.

Its really that we dont need to be here in crypto ... we are only to get profit if not getting anymore profit then we can simply move away from here.

You're generalising.  Bitcoin's primary use case will be different depending on any given user's personal preferences.  Within the community we have hodlers, speculators, cypherpunks, idealists, philosophers and more.  Some people will even fit into more than one category.  You use it the way you want, I'll use it how I want, someone else may use it in yet another way.  As such, the primary use case is arguably freedom, because no one is in a position to stop anyone else utilising it in the manner they choose.

Every trader looking the btc price to know how to move.
Thats for sure

I'm pro Bitcoin but I agree to him, He mention for payment and moving funds meaning you are holding stable coins in a short period of time temporarily. Stablecoins is perfect for payment since it's value is fixed and the transaction speed is fast. Bitcoin value is volatile while it's transaction speed is slow so there's a chance that the value of the Bitcoin that you send will change during the confirmation time. It's good if the price change is positive but what if its a negative change?

Most of the stablecoins right now has a legal license to operate so there's no way that they will freeze randomly your stablecoins unless you get your token on a shady way. We are not on crypto pioneering era where lots of scam from project is happening. Big companies including stablecoins like USDC, PAXOS and many more is moving toward the legal way.

You clearly don't understand why bitcoin was created and I can acknowledge this from that very sentence:


So, I advice you to leave those technical-analysis books with attractive targets and start learning about it. Here's a great website to begin with:

• Bitcoin Wiki (https://en.bitcoin.it/wiki/Main_Page)
• Learnmeabitcoin.com (https://learnmeabitcoin.com/)
• Bitcoin Information & Educational Resources (https://www.lopp.net/bitcoin-information.html)

Here's a brilliant writeup which describes in the first page the purpose of this innovation; read it: Bitcoin: A Peer-to-Peer Electronic Cash System (https://bitcoin.org/bitcoin.pdf).

This is why a lot of people have high hopes with bitcoin because they thought that going into btc is like an easy path to get riches but it is not. This is created to be the means of payment method without central network governing it. Because its price is a volatile one, that's why this currency has evolved to be a speculative coin throughout the years. So some people have other perspectives on why they are getting into this market, the first thing that they think of is how to get profit. They never educate themselves about the reason of its creation.

And you're hoping that the value of stable coins remains steady based on the fact whatever stable coin you're using supposedly has assets to protect the value of the coin. I don't see what the benefit is nor do I see how you can trust these operators. The legal right to operate does not make any of these entities anymore trustworthy than had they not had any legal licensing, it doesn't take any less effort for individuals to exit the organization completely and leave any stablecoin holders left with worthless pixels on a screen.

Bitcoin is an indicator of the market price of where the Atlcoin market price will go.
When bitcoin rises or pumps, altcoin prices tend to follow, but many altcoins have not been able to recover and become a single rally for bitcoin. When bitcoin dumps all the altcoins go down. when the price of bitcoin stays or is stable, the chances of altcoin recovery are even greater.

Bitcoin will not depend on the price of the party when or any coin, because bitcoin comes first. Bitcoin is only affected by the state of the market and the fundamentals that occur.

Apart from how stupid your topics are these days, this is historically proven to be wrong because only most of the times altcoins get dumped whenever bitcoin price rises or falls. There are rare occasions that shitcoins go in the other direction, for example they dump even when bitcoin is stable and they are supposed to pump.

Actually they are the worst because if you want centralized payment systems then you have far superior options like Visa or PayPal or your bank than the centralized shitcoins called stablecoins that can disappear at any moment when the SWAT team raids their headquarters and shut them down.

You can fool yourself all day long it won't change the reality ;)

The innovation happened for some reason, but now bitcoin isn't used for the same. There are people who are using bitcoin for regular transaction, and for large volume transaction. Apart from this, there are multiple usage for bitcoin.

At present most of its volume comes out of trading, exchange and investment. Certain volume comes out of gambling houses. As the market keeps fluctuating people consider it a way to make money out of it. This makes people prefer it for trading/exchanging rather than a transaction medium.

Even in a trading perspective, this is BS. Traders know that BTC has great effects on altcoin price movements, but doesn’t solely look at BTC to see how alts would perform. Because if alts were totally reliant on BTC, then why even trade alts? Not to mention that USDT and USDC trading pairs have been slowly but surely dominating the alt markets.

Main use case of bitcoin since the beginning was decentralized payment system that doesn't rely on middle men or centralized system like bank or financial institution. A payment system that is anonymous and break barriers of financial freedom.

Actually one of the trading strategies in shitcoin market is to look at what bitcoin is doing. When bitcoin isn't making any move at all (like right now) they take their BTC to the shitcoin market to trade with it and increase the amount of bitcoin they own then come back as soon as bitcoin movements started. Which is why altcoins dump each time bitcoin rises or falls.

BTW OP is not arguing about what or why traders do what they do, he is claiming that this is the only purpose bitcoin has :D

Due to traders speculating the use case of BTC evolved. In any manner, it's still the use of BTC whether we use it for buying stuff as currency or use it to invest or just a store of value. It depends on how you use it, some use it to gamble. Today I think most will just buy BTC to speculate on its value in the future to make money. Buy BTC to make money.

Bitcoin was initially introduced for a different reason. But with the course of the time, it has taken a different direction. It's more of an investment now rather than anything else. But there are couple of people who likes to spend their bitcoins but for majority it's an investment.

For payments, we have much better options available in the crypto market which are faster and cheaper than bitcoin. But the long term value appreciation bitcoin can provide, it is second to none!

Bitcoins main use case now?

Arguably one of the main ones is a hedge against inflation, other uses: Store of wealth,
Funds and wealth transfer.

Bitcoin "MAINLY" being used as an price tracker for $h1tcoins is nonsense. Those coin
traders probably use Bitcoin as a gauge to how the market goes but I think the OP has eyes only
for $h1tcoins and is not focussed on Bitcoin.

This is sometimes not always the case. You must have seen time when Bitcoin was going down or being sideways and some other coins pumping because of some news related to that coin. Yes, bitcoins price action does play a role in the general market however, I do agree with DooMAD, Bitcoins usage is subjective. Investors have different perspectives on using bitcoin and that too is a fact.

Not that narrow in generalizing Bitcoin usage. Means you are only narrowing the use of Bitcoin in our eyes. So far Bitcoin is very complex and not only for the purposes you mentioned. We use it more widely and are not limited to just storage and then switch to Stablecoin when it goes downhill. We are mostly settled on Bitcoin even in bear markets.

I think btc should be seen as a digital currency which will be traded any person to person easy.

It should be a worldwide currency. Although btc is like gold with limited supply in future this won't get dumped.
.
If we had a system that we hold Bitcoin and when it's came to payment option it's instant convert into stable coin and who is receiver he will receive exact same amount wjen I sent it. Cause btc is volatile it can be dump anytime.

People just come for a trade and then lose their money and sometimes in profit.
Not now, it was just a long-term goal and it needs time (years) before it gets realized. Well, it is sad to see that we're still far from getting to it.
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No, we don't have. It's up to you if you either hold or not, even trading is still an option. The market never tells what you gonna do with your coins and it was you who could decide it.

Yeah, I agree that it's a very important point. Although it's not like Bitcoin is the only decentralized crypto, right? Also, if we were discussing the way Bitcoin is truly mainly used by the majority of people rather than the way of usage that makes Bitcoin most useful, I think it would be investments. People buy, trade, hodl, focus on the prospects of the value increasing and of making profit this way. There are major exceptions, such as El Salvador, but I don't believe the majority truly use Bitcoin as a medium of exchange and care about the potential of Bitcoin in this area.

Well, it’s an indicator for where majority of the market lies, but that’s not for all the coins in the market, there are still a lot of coins that don’t rely or correlates with bitcoin’s price at all. So, if you’re going to be thinking that every of the coins in the market would go up when bitcoin goes up, then I am sorry to say that you would be wrong by thinking that such is how it is in the market.

Bitcoin is still being used as a method of payment till this day, and is still preferred more than other coins there is in the market. No matter how things might seem to you today, maybe because of the fees, yes I do know that, but it still beats others in usage rate. The stablecoins you are talking about are nowhere near when we talk of usage rate, you’d hardly see them being accepted by anyone.

Not exactly.
There are Altcoins which are going up with Bitcoins because their trading pairs is the most popular. But against them there are Altcoins in the market which are performing well during the market crash, therefore it does mean that it won't work like this always.
Some Altcoins like ETH.
Well I like to call their relationship with Bitcoins synergistic, which does mean that they will go up! With Bitcoins and at the same time some Altcoins like ADA for example people are generally thinking that it would aky rocket in December 2021.
Some Altcoins are backed as well, owned by a company or enterprise. Their highs and lows in general can be related to bitcoins but can never be 100% in graph. They have synergistic relationship for sure but individuality as well. Let's not forget that.

Bitcoin's main use case for me is its unrestricted, cross-border transaction capability without the need to register or submit your details to a third-party entity. It's easy to send and receive money overseas without being questioned. Plus, fees aren't based on how much you send; you can literally place a dollar or even a cent's worth of fees and, if your transaction is done when there isn't much in the mempool, it will go through without any hassle.

What you're saying is quite far from the ethos or the main use case of bitcoin. Most people see bitcoin as a means to make profit. It is only one part. Its function and capabilities still exist and that's what some people are still using it for even today.

Yes most people around me also use bitcoin as an indicator when buying altcoins. But not all altcoins follow the ups and downs of the bitcoin price. Today more people are using bitcoin for investment than for payments due to high fees and switching to stable coins.

Bitcoin was invented as a digital store of value and also, a digital payment system.
Bitcoin is a digital currency that is fast, secure, and decentralized yet acceptable worldwide.
Bitcoin is a now considered by many investors as a preferred stored value instead of gold because of it's intrinsic value.  

stable coins are centralized, it is almost as unsafe
as holding them in your wallet as it is to hold crypto in a centralized exchange, if op knows that they can freeze when ever they want I am pretty sure he is not talking about big amounts of crypto that can make you depressed if you lose them, in cases where someone is using stable coins to make small purchases there isn't much to worry about.

That is what you think and not for general meaning i respect your views but this wasn't really a thing.

you did not even mentioned about the Medium of exchanging that totally bitcoin is what all about and you did not even bother to say how useful bitcoin in any areas?

you are a bitter crypto user that hates bitcoin and a altcoin supporter .

I agree. The main use of Bitcoin can be different for each individual, as mentioned, its essence is subjective depending on the user. For some it can be a medium of exchange that is free from third part interceptions, a medium of price indication, investment or income source. Nevertheless, it cannot be denied that Bitcoin has touched and is beneficial in diverse areas, all of which are being enjoyed by all of us.

I guess bitcoin main use case for every people will be different depending on what those people reason using bitcoin so far. Some people who came to bitcoin think that bitcoin is a tool to help them make money while others think that bitcoin is a tool to change the finances form and use bitcoin for daily life. While there are people who use bitcoin as their investment and only sell bitcoin when they can make a big profit. However, I think bitcoin main use case can change in the future, depending on how people use it and that will not the same for every people.

It’s main use case is to give an indicator where alt coins are going to be heading? That’s really just silly. Bitcoin has two main use cases at present, a medium of electronic exchange that’s fast, borderless and decentralized as well as being a hedge asset. People have certainly long debated these things but there is absolutely no question in my mind.

sorry but i don't understand what you are pointing here? what is the main idea of how you portraying bitcoin when that is far from the reality of its function ?

like what said above me it isElectronic exchange Medium and that is the main subject of bitcoin function , but that does not reflect on your belief above.

I was checking USDC, they are attested by Grant Thornton, LLP but i could not find any audit papers, if their audit papers are public then it would be great and we can say that they are doing everything on a transparent way.

When it comes to scams, yes there are many scams that are still in the market, the most common right now is to impersonate any legit project and create a replica of their website and scam users. There are rug pulls that are still going on, hopefully we will see a change in that aspect in the future.

It is not a simple electronic exchange, it is a honest ledger and the most important aspect is decentralization.  ;).

Bitcoin is mainly an investment asset now. It is not very widely used for payment, at least in my country, it is forbidden to pay with crypto here. Also bitcoin is an indicator of crypto market mood like you said. All altcoins follow its global movements but with a bigger amplitude usually. I think that it will be adopted more and more in the future so that we will pay with it almost everywhere.

I hope like you. But I don't know the future. Look at China, the government has completely closed access to all forms of crypto-related activities. I hope it is not followed by many other countries. They fear that the crypto power they can't see will destroy China's finances. Even though I'm sure they can go hand in hand. That's one proof that power can change all forms of hope for the future.

While technically you are correct that Bitcoin moves that market and is the king. You are wrong on your assumption that Bitcoin's only functionality is that. It is also a store of value, medium of exchange, and soon to be unit of account. We will one day I believe, be looking at a t-shirt and it will be 15000 sats because looking at 0.0000150000 is very unpleasant. Another use case would be to transfer funds. Currently, Strike is using the Bitcoin network to settle transfers that go across borders and for less than a fraction of a penny. Its ridiculous, and quite frankly you're notion here was ridiculous. I bid you adieu Good day to you sir. I said good day!

Like many have said, bitcoin real use case is being sound money.

Given enough time, it is more likely that fiat will collapse before bitcoin, because bitcoin has fundamentally sound structure, it can transact securely and globally traded (essentially that means every region of the world see value in it).

We don't know when that would happen, and before that, we will see bitcoin being even more accepted and more stores in the globe will want to accept bitcoin. We will see more applications build around bitcoin (it doesn't have to be on blockchain itself).

So bitcoin really has the biggest ambition in the entire crypto space, not defi, not gamefi.
imo all the defi activities are sort of testing ground for what can be possible, right now? It's just a place where people trade stocks A to stock B, not currency.

So the real issue is you want to invest in altcoin using Bitcoin as an indicator? How silly is that!

What's the benefit of using Bitcoin as an indicator, unless you can make a profit?

Didn't you notice that when Bitcoin is bearish then altcoin is double bearish? On the other hand, when Bitcoin is bullish, altcoin rarely rises?

When Bitcoin was priced at $40K in April, NEO was priced at $130.
After that, when Bitcoin was dumped and dropped to $30K, all altcoin including NEO was dumped and became the lowest price, then the price of Neo was only $30. Bitcoin has crossed ATH several times since then but NEO has not been able to cross the resistance of $60.

So using Bitcoin as an indicator instead of investing in it, and investing in Altcoin is nothing but nonsense

Haha it's pretty nice sarcasm I must say. But you aren't lying for sure, a lot of people who use Cryptocurrencies don't actually use it for payments but even stablecoins aren't used a lot for payments too, they are used instead by traders to just maintain their capital when they are not trading other than that even stablecoins aren't being used much in payments these days but bitcoin is still far better as a payment option than other Cryptos of it's magnitude, it's just that market participants have entered into this market for quick gains.

let's be honest, take just 10 minutes and read the bitcoin news channels and what a lot of people think of this market I guarantee you will find this out:

bitcoin is a money-making machine, this is the main use of bitcoin: buy low and sell high, it is a real money-making machine.

Okay you or some people might say I'm being wrong, but I'm being honest and saying what a lot of people don't like to admit, people enter this market to make money

That is your own point of view. Bitcoin still remains the most considerably option when it comes to transferring of funds. The stablecoin has it serious disadvantage. Bitcoin remains the king when it comes to cryptocurrency.

I still use bitcoin as a payment method. Although, not as often as I used to. I still use it from time to time. Other altcoins have not yet reached the same level as bitcoin.

Bitcoin is one of the best payment to this date. The fee for each transfer isn't costly anymore unlike way back years ago. It's not the same anymore that you're going to get stuck in the network even if you pay that much fee.

It's still good as both, an asset to hold and as well as payment. But the main use of bitcoin in particular is a payment. For some in the market that trades daily, it's the pair that they would rely on.

Yes, I agree. Bitcoin is probably going to be the next best thing in terms of monetary standard and will have a big impact on the current monetary system. The biggest impact of bitcoin will be the chance to move away from central banking system.

I don't think we will see this in our lifetime - the conversion of central banking system to crypto system. They will stay where they are and they may just integrate crypto system but the traditional banking system remains. The decentralized nature of crypto is the major aspect why most governments don't like it. They need full control and so why they will stick to the traditional system. Let us be grateful that a lot of governments now are accepting the existence of crypto. But don't expect that they will alter their financial system owed to crypto.
But I do agree that most bitcoin holders today are seeing bitcoin as investment not for day to day use. As much as possible, they want to hold it for the hope that they will get very good profits in the future.

It is already giving an impact on the mass. 

But as for the banking system, at first, a year ago many have already thought that it would be kicking the banking system just like me. As time passes, we do realize that the banks will just simply embrace it or remain to go against it but it won't be gone.

The power is in our hands, whether we like the system or not, we have a place to run and choose in terms of monetary and freedom and that's bitcoin.

I don't think so that main use case of bitcoin is being only an indicator of where altcoins prices would go. Bitcoin main use would be used as a payment method but majorly now it is used as investment option.Altcoins are nowhere near bitcoin level of popularity and adoption.When bitcoins falls generally all the altcoins also falls and much harder but when bitcoin starts to get bullish, only some top altcoins would increase with bitcoins many other altcoins just dont recover the fall.

Not an indicator, it just happens that it may be a good indicator for some assets for some time. Bitcoin is a currency and hopefully you will engage yourself appreciating that it's widely use as a medium of exchange. It is for long term, you do not have to tune up for its movement every single day and rant here because it is given that it is volatile.

How he thought that Bitcoin was just an indicator, really? Just like you said, it can serve as an indicator for some cryptocurrencies, but it is not even all the crypto currencies in the market that follows the price of Bitcoin just like the people would always say it.

There are thousands of cryptocurrencies in the market these days, a majority of them don’t even move the same direction, they move totally different. Even these days I no longer say that when Bitcoin goes up that altcoins follows it, because I know that wouldn’t be the case, there are many these days, and they wouldn’t be doing the same thing that Bitcoin is doing. And moreover that is what we really want, we need that diversity in the market, and not all the coins doing the same thing all the time.

Bitcoin is a currency and store of value. I don't really believe that the main use of bitcoin nowadays is intended as an indicator of price movement in the market only. It could be an indicator but that is not its main usage. In addition, not all coins actually move alongside the bitcoin's price. Hence, it wouldn't be accurate to claim that. Although it would work for the majority of the coin, but not for all because some coins still go against the flow of the current market just like now wherein some coins continue to pump despite the downhill trend of bitcoin.

One must still equip himself with proper knowledge regarding technical analysis to know which coin is best to invest in right now that we have a bearish market and which one is not worth it to risk.

it doesn't matter looking at the assets he owns. such as bitcoin or altcoins held in a wallet or exchange. Seeing growth and price movements is not something wrong. although everyone would probably be more into long-term planning for bitcoin.
but some people do not care about the investment plans made. they buy and trade it for profit. and most of them only see the trend in the market. that's how they manage their assets.
it will look worse when the investment is a beginner. because it can lead to feelings of panic when you see asset prices fluctuate continuously.

You are so wrong.....

Go to ANY Online Crypto casino now and see what coin does they accept? I bet you it is Bitcoin and some other less popular Alt coins. The main use case for Bitcoin is not trading, because the casino industry is huge.

Do you know of any Alt coin ATM's out there.. that are distributed as much as Bitcoin ATM's are? No, because most retailers accept Bitcoin as a payment option.  ;)