The purpose of Bitcoin

[Tristan1337]

Bitcoin is like a runaway ponzi/HYIP scheme without the guys at the top.

So basically it just keeps going up and up, until something screws up somewhere and people lose confidence in it, then the bubble can pop.

It did have more usage before the governments got involved, like franky1 pointed out, but not as much anymore. Now it's more a ponzi/HYIP/bubble.

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[franky1]

@ franky1
That's part of the point of it being a store of wealth currency. Yes, you will always have to exchange some to pay your taxes but the person selling you a coffee, new car or a house will probably be delighted to take the currency that will hold its value over the fiat one.

the real estate was a store of wealth........ until 2007/8
and people wont b delighted to sell coffee a new car or a house if accepting that payment is:
higher than fiat
involves using a service that is the same counterparty authorisation control as fiat

many are already asking why buy bitcoin to buy coffee and the retailer just converts it back to fiat.
bitcoin has lost its utility.

now its just like real estate scandal of hanging onto vacant properties purely waiting for the price boom. or like domain squatting hoping someone will buy your domain at a higher price than you bought it for. even it the domain doesnt come with any webstorage/function

.. as for the first part of your post to the other person.
just making a currency that people love is not enough. millions of people love the euro because they can USE IT in many countries without needing to exchange it when going from lets say france to belgium to germany. but this does not mean the euro has toppled america, or africa, or china or australia. because those governments have laws.

its not citizens just using a currency that changes things. its the laws. and governments will not simply rip up legal tender laws

[franky1]

Bitcoin is like a runaway ponzi/HYIP scheme without the guys at the top.

So basically it just keeps going up and up, until something screws up somewhere and people lose confidence in it, then the bubble can pop.

It did have more usage before the governments got involved, like franky1 pointed out, but not as much anymore. Now it's more a ponzi/HYIP/bubble.

i think of it more like the real estate bubble, than a full outright ponzi scheme. but yea things have changed since 2014, not for the better
and yes even real estate bubble can be seen to some as a ponzi scheme even when a house has a real function

[Tristan1337]

Bitcoin is like a runaway ponzi/HYIP scheme without the guys at the top.

So basically it just keeps going up and up, until something screws up somewhere and people lose confidence in it, then the bubble can pop.

It did have more usage before the governments got involved, like franky1 pointed out, but not as much anymore. Now it's more a ponzi/HYIP/bubble.

i think of it more like the real estate bubble, than a full outright ponzi scheme. but yea things have changed since 2014, not for the better
and yes even real estate bubble can be seen to some as a ponzi scheme even when a house has a real function

Yes, i agree. Basically it's value is not so much based on what it could do/be. But mostly what it's price could be in the future.

[stephylarde]

The purpose of bitcoin in my opinion is the investment as well as a tool transactions of various goods and services just bitcoin digital currency.

Most likely, the purpose of bitcoin is like a cash for the internet users. It is a concurrence network that permits a new payment structure and completely a digital currency money that is powered by the bitcoin users with no central authority at all.

Bitcoin is the most transparent way to send funds directly to those in need. And the purpose of Bitcoin is to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.

[MakeMoneyBtc]

Bitcoin was obviously created to be used as a new payment method and to be different than banks and reduce all the fees while making transactions faster and trustworthy As we can see , right now bitcoin is used only as an investment to make profit from it and it is not used at all as a payment method.

I dont think this situation is going to change pretty soon. Bitcoin will remain just a making money method for long time because people are making dozens of money through it.

[TheQuin]

the real estate was a store of wealth........ until 2007/8

That's not really a valid comparison. Real estate could never be classed as currency.

and people wont b delighted to sell coffee a new car or a house if accepting that payment is:
higher than fiat
involves using a service that is the same counterparty authorisation control as fiat

I have already acknowledged that there are technical challenges before we get there. I'm talking about whether that original purpose of Bitcoin still exists.

many are already asking why buy bitcoin to buy coffee and the retailer just converts it back to fiat.
bitcoin has lost its utility.

Obviously, noone would buy Bitcoin just to buy a coffee. Again this is about the future, the theoretical ideal. The point is to buy Bitcoin with however much fiat you can and then spend that as and when. Holding the Bitcoin shields you from the devaluation of fiat. Same from the retailer's point of view, they would only need to convert to pay taxes.

.. as for the first part of your post to the other person.
just making a currency that people love is not enough. millions of people love the euro because they can USE IT in many countries without needing to exchange it when going from lets say france to belgium to germany. but this does not mean the euro has toppled america, or africa, or china or australia. because those governments have laws.

its not citizens just using a currency that changes things. its the laws. and governments will not simply rip up legal tender laws

It's nothing to do with loving the currency, it's about having a currency nobody has the power to systematically devalue. The EUR is just as bad as the USD from that perspective so there would be no reason for anyone outside of a country where it is legal tender to use it. Bitcoin or something similar does have an advantage over whatever the local fiat currency is and as of yet, there is no law prohibiting its use in most countries.

 

[Empiretoken]

     Anybody can come up any publication about the negative side of Bitcoin or Cryptocurrency in general
     but the truth is that people need to take charge of their finance and thats what cryptocurrency has made possible.

[lili song]

For me bitcoin help more people in the world, unemployment and people have a problem with financial. For myself purpose of bitcoin is great.
Bitcoin can also make transactions easy and fast to pay, and the price every year is up. So for investors bitcoin still profitable.

[achsan fauzy]

I think, one of the main goals of bitcoin is to make it easier everyone to transact their money without the help of the bank, or any other party.

[oaz7t]

According to me the main purpose of bitcoin was to transfer money online being anonymous and having no central authority over the transactions
but now a lot of people are buying bitcoins and holding them so that the prices rise and they can sell them for a profit
the transactions fees have also increased a lot

[LeGaulois]

It's a bit out of topic but since we are talking about the finance, governments, and take back the control... Check out this video when you have some free time.This guy is a goldmine
Worse than Useless: Financial Surveillance

In this talk, Andreas makes a connection between medical pseudoscience and modern financial totalitarian surveillance, as practiced by banks and state intelligence agencies. He explores the hidden externalities and moral hazards inherent in KYC/AML policies, disconnecting whole countries and even continents from the world economy. Why is it common sense that money laundering is the fundamental business of fully-licensed, regulated banks? Who runs the real "dark net"? He urges that before people try to fix things they should first be sure they're not making it worse.

So for investors bitcoin still profitable.

That's a problem, Satoshi didn't create Bitcoin as an investment but as a currency. It hurts Bitcoin, to a certain extent, to call it "investments"
If Satoshi wanted to create an investment he could have opened a bank and sold useless life insurances and other products that are usually found in it

[poor-yorik]

That's a problem, Satoshi didn't create Bitcoin as an investment but as a currency. It hurts Bitcoin, to a certain extent, to call it "investments"
If Satoshi wanted to create an investment he could have opened a bank and sold useless life insurances and other products that are usually found in it

But it is not that bad to have your coins to be worth over a dozen billion dollars, is it? And while Satoshi might have envisioned Bitcoin as a payment system, now that one bitcoin is worth almost $20,000, it still looks like a better idea than selling useless life insurances and similar stuff.

[Baby Dragon]

The main purpose of Bitcoin was to make a currency which is controlled by the people or the users itself. But now bitcoin is used just as a gambling token.

Not all people uses bitcoin in gambling. I think the main purpose of bitcoin is to help every nation to become successful.  It reduce poverty. Bitcoin help people to invest and gain profit and also bitcoin teach us to gain our knowledge in investing and trading to make our future become better.

[Bdstar]

I think Bitcoin has been made for the benefit of the human being, Normally, people want to transact by the regular currency but in this platform people usually faces a lot of difficulties such as fees and taxes without any benefit so Bitcoin is the platform which is controlled by the people or the users. I think Sotoshi made this blockchain system for this purpose where no control of a single authority.