Bitcoin: A Medium Of Exchange *Not A Fiat Multiplier*

[hatshepsut93]

If Satoshi didn't want Bitcoin to be a fiat multiplier, he wouldn't make it have fixed supply - that's like just asking people to hoard it and trade. But also the whole point of Bitcoin is to have money that you can use however you like, without others telling you that you are wrong and should use them in some other way. And you don't have to zealously hate fiat money to use Bitcoin, if it was the case, Bitcoin would never see any real adoption.

[Distinctin]

Satoshi wants bitcoin to be decentralized so it's going to be a good online currency with fast and cheap transaction fee.

However, we can't deny that the government always wants a piece of it, and it continue to grow its popularity, more people are treating bitcoin as a form of investment, rather than an online currency, and that's where the government has to play since there is a risk in investment and without them overseeing bitcoin, this might be widely use for illegal transactions.

[CryptoBry]

Bitcoin has not been following what its WhitePaper contained because the users and hodlers themselves are not utilizing it as such...what with so many speculations around it. And we could not blame (not even can stop) people to speculate since Bitcoin is a store of value that is very volatile. Just because Satoshi Nakamoto has not yet personally surfaced should not immediately mean he was killed by the government...at that time of his disappearance the government had not yet fully realized the potential of Bitcoin and even up to now it has not yet understood the whole thing. Now, having said that, if there are people that should be blamed for this DEVIANCE from the original vision set for Bitcoin it would be us and no one else.

[CBANX Ltd.]

Off course, Bitcoin is not a fiat multiplier and if your point of view towards BTC is like a fiat multiplier then, boss you are underestimating this high voltage digital asset. Bitcoin is a potential currency that can be used as a medium of exchange.

[kryptqnick]

I completely agree that using exchanges as your wallet is an improper way to use Bitcoin, but using them to buy or sell is perfectly acceptable.

Yes, after all, it's not realistic to believe people will only get Bitcoin by mining it or by asking a friend to share some for free/actual goods. You're mentioning using exchanges as wallets, but I was also thinking about wallets in general for a while. We all use them, but it means that we are often again trusting a third party to keep our coins safe (okay, sometimes there's no way this third party can break into our accounts, but it still exists as an intermediary). So basically, unless it's a paper wallet kind of situation, even if one is not using exchanges, one is usually not using Bitcoin the way Satoshi had in mind.