Bitcoin is useless

[andeluna]

I think this post of yours about Bitcoin is somehow controversial.
Bitcoin is still and will ever remain the back bone of CRYTOCURRENCY.

Bitcoin will never be useless because it still has its value. I'm sure that the value of bitcoin will last for a long time because it is the king of Cryptocurrency. Many are becoming rich and wealthy because of bitcoin. It is useful and will never be useless.

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[dvillier]

Never , Bitcoin will never become the useless, Because the bitcoin have a lot of its trusty user. The user of the bitcoin trust in bitcoin and believe that this way is very good for them. The bitcoin value is the key for the generating income with bitcoin even the value of the bitcoin may hit the 1k$.

[ashley_49]

 A lot of people get rich because of bitcoin & I personally like bitcoin.so I don't agree with you.

[Sam76512]

If you now said bcash is the real thing, and that it's the only crypto that could be used as a payment system or a currency, I would say you are working for Roger Ver. As a Sr. Member you should be here for a while, so you had enough time to make some research about crypto and bitcoin, but you are either going to the wrong sources, or you didn't understand anything you've read.

You are entitled to your opinion, but you are wrong in most of the aspects of your analysis.

You say it has no value or use, but lets compare it to fiat. Fiat might have an enormous amount of liquidity, is backed by governments and it's well established worldwide. It's our traditional financial system but although it might seem stable, we do see come big crises now and then, simply because people can just borrow money from banks, and since there is no max supply, there is the risk of hyperinflation, and it does happen. Just look to Venezuela now. This happens because our financial system is broken, but we don't really have an option.

Bitcoin on the other hand, has a limit supply, just like gold, but it's easier to use, it's much more secure than fiat and can't be forfeit (and you don't need banks to verify this for you), and isn’t confined by borders of countries. Bitcoin is is independent, robust and most importantly, decentralized. It's price can't be influenced by banks or govern politics, and this makes it much more reliable than fiat.

You are correct about fees and txs taking a while to confirm, but this is where your research is probably failing you. The lighting network has the potencial to solve these issues, and it's close. A lot of users are testing it on the main net, and we even have universities that are committed to put the LN to the test, so we will see it soon, and right now things looks promising.

https://bitcointalk.org/index.php?topic=2784564.msg28574299#msg28574299

As soon as everything is up and running, we will see more stores using it, adoption will grow, BTC will get more stable, and it will not just be used for payments, it will actually have the potencial to replace fiat.

Maybe we will never see all this happening, but it has the potencial for that, and you can't deny it.

Well I didn't read the whole thread but I read the first and last page. By far this is the best answer given.

I think the OP of this thread must work for a bank or something and sees how much utility that Bitcoins (i.e. cryptocurrencies) has for the common people. Now he must try and do whatever possible to try and derail the movement and technology that will reshape the future of transaction and trust.

It is about us controlling our own economy. Why put our financial trust in a entity that has and will always have corruption? Governments and Banking. The USD will collapse. It has inflated enormously over the last 50 years and I hate to think of what it will be worth in another 50 years. Although you will probably be able to afford a loaf of bread with a trillion dollar bill. Our financial system is completely broken and fat cats at bank and government heads only want to keep lining their pockets instead of empowering people to think and act for themselves. They print off bills faster than we can spend them. If you think that it can continue this way then you are in for a rude awakening.

I am not saying that Bitcoin is the be all and end all for that problem. But the blockchain technology coupled with a highly adopted cryptocurrency can solve so many financial problems that the world as a global population faces in current economic times. I mean what will the world look like if money isn't an issue anymore. It is all about transacting for goods and services, however that transaction may take place. I have no doubt the fiat will be replace eventually. Just hope that the OP understands how things work when that time comes and he doesn't get stuck. Oh yeah and who cares if some people become millionaires in the process. That is what early adopters should get. They should be rewarded for leading the way. We still have some time to grow and this tech and still in its infancy. Only time will tell. But I am all for something that can rid me of middlemen getting their grubby fingers in every little aspect of every little transaction. If I want to go buy a pizza I should be able to send money straight to the provider. No one else needs a piece of our pie!

[fredo123]

Nop, somehow bitcoin generates good profit margin to investors, Without btc, alt-coins will never evolve in digital world, Bitcoins has also advantages in real world, It is very efficient to use and a good source of income:)

[Sam76512]

Nop, somehow bitcoin generates good profit margin to investors, Without btc, alt-coins will never evolve in digital world, Bitcoins has also advantages in real world, It is very efficient to use and a good source of income:)

Currently it is not at all efficient to use so you can not say that. Long tx times coupled with large tx fees do not allow it to be used as a daily transaction currency. I am a big proponent of bitcoin and believe these fixes will be enabled but until they are, you should not expect Bitcoin to be used for easy transactions on a widely adopted scale.

As well as your point of a good source of income... How is it a good source of income? If you are talking in a mining aspect then sure if you own 100k worth of hardware you can probably make some money. If you are talking as a purely speculative investment standpoint then I am sure anyone that bought BTC in the last 60 days will probably disagree. I love crypto and know things will rebound but your two points are completely false currently. In long term yes you can probably have a good ROI on your investment but "income" to me means a continual, consistent, and constant source of revenue.

Also yes Bitcoin may have paved the way for other coins and shed light on the blockchain technology. But if you think that it will forever remain on the top than you will probably be upset in the near future. Much more use cases and value in some of the other tokens out there.

[Granxis]

Bitcoin no means a useless invention today, it is imperative that you use with Bitcoin to buy altcoins in almost all major stock exchanges. Even for this reason, Bitcoin never loses value.

[potzpotz]

I am amazed with number of people being fooled with BTC:

1. Transactions takes hours
2. Fees are high
3. Development team sucks, uncapable solve scalability issues for years
4. Its not anonymous, every solution to make it, failed so far
5. Its centralized: who is biggest hash power owner? Who is biggest miner hardware provider? Who owns most of bitcoins? What is % of Bitcoins in coldstorage and what in exchanges ( Ye Mt Gox )
6. There is 0 economics for BTC, it just tight to USD with liquidity providers, cut that and try to value pizza box with just BTC
7. Its not store of value, its not digital gold, and it will never be 100k USD. Because it has no value. It has value only for energy probiders, hardware manufactures and random phils.
8. Its not insured, If some crap happened to your BTC, its gone.
9. Bitcoin has a limited supply, but it does not help much. Bitcoin has a code that can be amended and its enough of small group of people to work together to support that. Question really is: do someone need that hassle? No really. Bitcoin has satoshis, that currently meaningless and just nice numbers after dot, but this a very well painless way to inflate any crypto currency and its up to liquidity providers. Again it falls to point #5 and #6. Added on 24/01/2018

Such crap will never be used in payments, noone wants to support Terrabytes or Petabytes of data.

Its funny to observe how uneducated shills trying to make casual office landline phone to look smart phone.

BTC is scam of the century, stay away.

UPDATE 23/01/2018:

useless, guys the fact that some of you become reach and wealthy does not make Bitcoin useful. You wealth does not come from values that are used in propaganda.

1. Why I am still here? I believe there are technologies that are better maintained and lead than BTC, I prefer put money in something that bring value, has use-case and been used.
2. LN is panacea! Well not, so far its more dream than reality, no doubt it will be delivered in one or other way, but it will not solve all problems and so far it has more questions than answers.

UPDATE 24/01/2018:

Everyone is amazed of why I called it useless, well, recently Stripe dropped support for Bitcoin payments. This is the prove of Bitcoin being useless. Stripe was not the only one in recent months to do so. It should ring a bell.

UPDATE 29/01/2018:
Few points were made here that are unfair:

1. Bitcoin is a first one, its revolutionary and so on and so forth, wrong, Bitcoin is a client that is build on top of practices that were developed and test long time before Bitcoin e.g. Proof of Work, Hashcash, eCash, bit gold, Merkle Tree, Peer-to-Peer,Byzantine fault tolerance etc.

2. Bitcoin is still in development and it needs a time and so on and so forth, really? its a 10 years old technology. Its usage is very easy predictable, no rocket science here. Scailibility problems were addressed long time ago. But like in every corrupted government, Bitcoin has biased devs, greedy miners and exchanges driven by capitalists. Why to care about tech? When everyone is just become wealthy on nothing. This is why its scam and this is how it become useless, because everyone only cares about price, not utility on day-to-day basis. Typical ponzi game.

3. Bitcoin is store of value, fake as is. Everything that has Blockchain underneath is store of value, Bitcoin is neither exception nor unique here. And again it has no value, because there is no utility. Remove exchanges from equation, and tell me how much BTC will be worth 1 pizza?

UPDATE 30/01/2018:

Bitcointalk, and many other crypto related forums are heavily manipulated by bots, the amount of useless posts and conversation is just crazy. Even look at this thread, so much messages about "it will make me reach", "it growing", "I am going to be wealthy" so much manipulation, only in ponzi game this possible. It proves just on how bitcoin is useless, because 90% of people just copy paste message from bots, even not knowing basic fundamentals.

No bitcoin is helpful it's not useless it's helps you to become wealthy as long as you believe in it makes effort

[vsyc]

So 99% knowledge of  BItcoing is: "I haz wealthy"

[jaysabi]

Nop, somehow bitcoin generates good profit margin to investors, Without btc, alt-coins will never evolve in digital world, Bitcoins has also advantages in real world, It is very efficient to use and a good source of income:)

Currently it is not at all efficient to use so you can not say that. Long tx times coupled with large tx fees do not allow it to be used as a daily transaction currency. I am a big proponent of bitcoin and believe these fixes will be enabled but until they are, you should not expect Bitcoin to be used for easy transactions on a widely adopted scale.

[snip]

It's made large improvements recently. This has been my biggest complaint for the last several months, how useless and expensive it was for transactions, but the mempool has been cleared out and transactions are cheap again. I don't know if this is entirely due to SegWit or if a massive ongoing spam attack has ended, or both. But the most important thing is that transactions can be completed at a fraction of the cost of a few months ago. Whether that's as good as it was or is a long-lasting change, that remains to be determined.

[odolvlobo]

So 99% knowledge of  BItcoing is: "I haz wealthy"

Yes, it is pathetic that Bitcoin has gone from "it will change the world" to "it will make me rich".

[mrcash02]

Nop, somehow bitcoin generates good profit margin to investors, Without btc, alt-coins will never evolve in digital world, Bitcoins has also advantages in real world, It is very efficient to use and a good source of income:)

Currently it is not at all efficient to use so you can not say that. Long tx times coupled with large tx fees do not allow it to be used as a daily transaction currency. I am a big proponent of bitcoin and believe these fixes will be enabled but until they are, you should not expect Bitcoin to be used for easy transactions on a widely adopted scale.

[snip]

It's made large improvements recently. This has been my biggest complaint for the last several months, how useless and expensive it was for transactions, but the mempool has been cleared out and transactions are cheap again. I don't know if this is entirely due to SegWit or if a massive ongoing spam attack has ended, or both. But the most important thing is that transactions can be completed at a fraction of the cost of a few months ago. Whether that's as good as it was or is a long-lasting change, that remains to be determined.

It's a problem that decreases and increases without final solutions, but it's not something fatal for Bitcoin... Otherwise Bitcoin would be already dead. Sometimes it's very nasty to see expensive transactions and it makes people move their money to other Crypto-Currencies or even go back to fiat, but once the issue is temporarily solved, investors come back to Bitcoin again.

And I believe in the future there will be a final solution for this. I don't know if it would be Lightning Network, anyway it will help a lot.
So I would say Bitcoin is 'temporarily' useless sometimes for those who want or need to transact very often.

[bert20]

Bitcoin is not useless because of the bitcoin there job the unemployed, unable to venture outside. Shy people who are unable to venture outside. How can you say that bitcoin is useless, many people here have good life becomes rich, they have a lot of money. It also helps young people away from bad habits.

[Klausi]

Bitcoin is not useless because of the bitcoin there job the unemployed, unable to venture outside. Shy people who are unable to venture outside. How can you say that bitcoin is useless, many people here have good life becomes rich, they have a lot of money. It also helps young people away from bad habits.

Yes i agree, bitcoin is not useless. How could it be useless if many people are using and receiving benefits from it. Bitcoin now a days is a great help to many people, it helps us in terms of financial stability, in fact there are individuals whom made their life away from poverty and i am one of those. Bitcoin has risen me from difficulty in life, i am thankful and will always support bitcoin forever.

[Destnhel]

Btc is not useless. Those that was stated above, all are negativities. Description bias. It was stated without considering the good part of btc. If so, why do people continue patronize it? It's because its not useless afterall.

[foxbat]

I do not think it is useless. It has given us so many opportunities to become rich. Besides, I think the Bitcoin technologies have been improved because they are always traded in large volumes. So, I think you should improve it, too, and there should be posts like this. Bitcoin die, crypto will also die

[Coinsher]

I am amazed with number of people being fooled with BTC:

1. Transactions takes hours
2. Fees are high
3. Development team sucks, uncapable solve scalability issues for years
4. Its not anonymous, every solution to make it, failed so far
5. Its centralized: who is biggest hash power owner? Who is biggest miner hardware provider? Who owns most of bitcoins? What is % of Bitcoins in coldstorage and what in exchanges ( Ye Mt Gox )
6. There is 0 economics for BTC, it just tight to USD with liquidity providers, cut that and try to value pizza box with just BTC
7. Its not store of value, its not digital gold, and it will never be 100k USD. Because it has no value. It has value only for energy probiders, hardware manufactures and random phils.
8. Its not insured, If some crap happened to your BTC, its gone.
9. Bitcoin has a limited supply, but it does not help much. Bitcoin has a code that can be amended and its enough of small group of people to work together to support that. Question really is: do someone need that hassle? No really. Bitcoin has satoshis, that currently meaningless and just nice numbers after dot, but this a very well painless way to inflate any crypto currency and its up to liquidity providers. Again it falls to point #5 and #6. Added on 24/01/2018

Such crap will never be used in payments, noone wants to support Terrabytes or Petabytes of data.

Its funny to observe how uneducated shills trying to make casual office landline phone to look smart phone.

BTC is scam of the century, stay away.

UPDATE 23/01/2018:

useless, guys the fact that some of you become reach and wealthy does not make Bitcoin useful. You wealth does not come from values that are used in propaganda.

1. Why I am still here? I believe there are technologies that are better maintained and lead than BTC, I prefer put money in something that bring value, has use-case and been used.
2. LN is panacea! Well not, so far its more dream than reality, no doubt it will be delivered in one or other way, but it will not solve all problems and so far it has more questions than answers.

UPDATE 24/01/2018:

Everyone is amazed of why I called it useless, well, recently Stripe dropped support for Bitcoin payments. This is the prove of Bitcoin being useless. Stripe was not the only one in recent months to do so. It should ring a bell.

UPDATE 29/01/2018:
Few points were made here that are unfair:

1. Bitcoin is a first one, its revolutionary and so on and so forth, wrong, Bitcoin is a client that is build on top of practices that were developed and test long time before Bitcoin e.g. Proof of Work, Hashcash, eCash, bit gold, Merkle Tree, Peer-to-Peer,Byzantine fault tolerance etc.

2. Bitcoin is still in development and it needs a time and so on and so forth, really? its a 10 years old technology. Its usage is very easy predictable, no rocket science here. Scailibility problems were addressed long time ago. But like in every corrupted government, Bitcoin has biased devs, greedy miners and exchanges driven by capitalists. Why to care about tech? When everyone is just become wealthy on nothing. This is why its scam and this is how it become useless, because everyone only cares about price, not utility on day-to-day basis. Typical ponzi game.

3. Bitcoin is store of value, fake as is. Everything that has Blockchain underneath is store of value, Bitcoin is neither exception nor unique here. And again it has no value, because there is no utility. Remove exchanges from equation, and tell me how much BTC will be worth 1 pizza?

UPDATE 30/01/2018:

Bitcointalk, and many other crypto related forums are heavily manipulated by bots, the amount of useless posts and conversation is just crazy. Even look at this thread, so much messages about "it will make me reach", "it growing", "I am going to be wealthy" so much manipulation, only in ponzi game this possible. It proves just on how bitcoin is useless, because 90% of people just copy paste message from bots, even not knowing basic fundamentals.

I respect on your opinion sir but every human has his own way of understanding.If you think this is useless then so be it.But for us who loved to explore the world of cryptocurrencies,it is very useful and helpful.It brings hope to us.And there's no need to explained to you on what can we achieved after knowing this coin.We just want you to respect this forum.

[johnpeter49]

It was not useless as an interesting experiment for blockchain, but frankly now it is a little outdated. Cryptocurrencies are to be taken as a whole, bitcoin was only the first try.

[vsyc]

Even DarkNet realises that bitcoin is useless: https://cointelegraph.com/news/is-darknet-done-with-bitcoin

This is a very worried signal

[Crazygreek]

You are just listing disatvantages of bitcoin and saying that bitcoin is useless but it's wrong. You should understand that big money is already moving around bitcoin