Bitcoin must come back to its original use - currency !

[justine11]

-snip- TLDR;

The problem is, government wouldn't consider it as currency instead they are putting it under pressure in form of regulations such as identity verifications in order to buy bitcoins and withdraw it to your wallet in some exchanges like bittrex, i think satoshi's vision will be just a vision if this current situation of bitcoin in eyes government dodn't improve.

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[FrueGreads]

Most of what you said make sense, but the red statement would not work right now. Not at least with the blockchain is designed.

You said : There are no creation of million BTC addresses daily but the only one unique address per head per bank account!

But don't forget that the blockchain is public, so if there was 1 unique address per head, everyone would know exactly how much money that person has, and how they spend it. This is not a good thing, because we all value privacy, or at least we should. Bitcoin tech would need to change for this to be true. To be honest I don't see why this is so important, there is no problem in users having as much addresses as they want. Total privacy leads the to "criminal use" dilemma, but then again, so does fiat, so we will never escape this part.

As for bitcoin being used as a currency and not  commodity, I totally agree. I do believe that we need liquidity and more stability for this to happen, and those things take time. Don't forget that bitcoin is scarce, and that has it's advantages and disadvantages, where the main disadvantage it that it gets very volatile, and people know it's value should increase if they hold it, and it should decrease if they sell it. This opens ways for speculation, and only enough liquidity will ever fix this problem.

[amih]

to make bitcoin as a ransaksi tool that can be used and apply in each country it is very difficult because in each each country of course already have a legitimate currency that must be used to make a transaction. although at the beginning created bitcoin with a goal as a tool of transactions but still many from some countries who think that bitcoin will be a problem that will face in terms of economy. and this is the reason for some people taking an alternative to making bitcoin a digital investment asset that aims to make a profit.

[mrcash02]

I believe except for the fact governments are trying to regulate Bitcoin heavily, everything is happening as it should be. Bitcoin gives us the chance to grow wealth by holding it on long term and there isn't any problem about. Makes no sense to keep spending it now while many others will be holding and enjoying the increasement in price on long term, while you will have nothing stored. It's upon to each one of us, and holders shouldn't be blamed for it, especially the little ones who collects each penny with a lot of sacrifice.

[wantjokull]

The idea is vein for now because we have missed the chance of using it as the currency. The purpose is now just an asset or store value which can be used for further tradings, gambling, investment and much more to name it.

How do we get it back as currency from such complex investment would be difficult because it has become the trend now and nobody is there to blame for that. It could or it may get back its status of currency if somehow it gets involved into regulations. That might sound like taking all the fun out of it but it think that's the only way for now.

[pinkflower]

One of BTC's strength, which is its deflationary nature, is also one of its greatest weaknesses. Like gold, its most valued utility is as an investment and a store of value if one was willing to take the volatility. But theres only one way BTC is going. Up.

With that said, tell me, are you willing to spend your coins for your daily needs? Then prove it. Because I dont. The opportunity cost is too great.

All currencies are assets as well, this is something usually forgotten and as long as bitcoin performs a better job being an asset then that is the use people are going to give to it, bitcoin as a currency is not very good, that will change in the near future but we cannot deny the best usage of our bitcoin does not come from paying our bills it comes from holding and trading and as long that is true that is what we will keep doing.

One of BTC's best usage would be the ability to make a censor resistant transaction at a time when its impossible to do it in all other currencies. Maybe in a dystopian setting.

Thats a very powerful use case if you think about it deeply enough.

[irsada]

As the title says I am pretty sure most of us who understands "what is the actual use of the bitcoin will know what it says"

Bitcoin :
Mint Symbol : BTC
Value : Avg. 10K USD/BTC
Form : Virtual
Use : Currency

This should have been the actual thing after the Satoshi's dream to release the coin like BTC in the market. The bitcoin was supposed to be used as currency to buy and sell things the same way we do with our dollar.

The first use of BTC was done when the guy bought pizza for 10K BTC. That was the thing which should have been continued today also. No matter what how much you pay for pizza in those early days, it could have been few satoshi's today but it could have worked just fine.

The status of the BTC has now turned to commodity. The commodity which is being traded globally for the own profit and to run the different industries. This is getting ridiculous day by day as replica of it coming out of the forks.

This Should have been the Future:

Bitcoin is ebbing used as currency in 2009-2010. Government see that its popularity is growing day by day and it could be of could use in the financial sectors, lets implement the blockchain in our banks!

Bitcoin earns the legal status

Bitcoin gets widespread across the globe and rest of the country follow the same and thus the nationwide legal status turns into the global legal tender!

People start using the BTC for trading daily life needs with help of bitcoin.

There are no creation of million BTC addresses daily but the only one unique address per head per bank account!

No exchangers are being created but only handy smart phone apps and PC wallets to store the coins linked with bank chain.

Bitcoin smoothly shifts in the market capitalism and keeps going upwards slowly but steadily. The value rises and it gets cheaper to use for daily needs.

Global financial advisor think about minted coins to be formed physically with unique barcodes printed on them.

First appearance of the BTC in the global market!

Yes, that seems to me perfect. This is what bitcoin could have followed but greedy human changed its history by using it for their own benefit as commodity.

you are too hypocritical I think.
try to think rationally and go forward, we must be ready to accept technological change if we do not want to be left behind from others.
do not force a bitcoin user to use your mindset.

[Kakmakr]

I like the fact that Bitcoin offer you the ability to chose if you want to use it as a currency or if you want to use it as a commodity. This choice should never be taken away from you, because Bitcoin is all about FREEDOM of choice.

People are so accustomed to governments or people in centralized authority, making the decisions for them that they seldom appreciate the freedom of "choice" that Bitcoin offer them.

Bitcoin gives you 100% freedom to control your own financial wealth. <Go to bed tonight and just think about that for a while, I promise you it is a eye opener when you get that.> ^smile^

,although i agree with you there is also no guarantee that after the legalization of bitcoin into a specific country it wont be controlled by mosr of the governments, and worst part is that they will monitor all of your funds and try to control it or limit the usage, hopefully that wont happen.

How will a government control a technology that cannot be stopped? China has some of the best firewalls in the world, but they cannot stop Bitcoin transactions going through that firewall. Agreed, they can make it a criminal offense, but people will still use it in Black markets or on the Dark web.

Regulation just increase the tax income form people who are using Bitcoin legally and it offer some level of customer protection. People still use other methods to circumvent government controls. <but it would be unethical for me to go into this on a public forum>

[Rashid555]

Bitcoin is the virtual currency and it can become to it's original use it is the currency of the future and mostly this currency is using for online transactions so it is good to hold the crypto and use them in the future now some of the organizations are ready to accept bitcoin as online payment and it is true that the bitcoin have a good future so it is our goodness to donate some of the bitcoin for charity as well.

[Notcalculator]

Why force it to be something it is less adapted to be? It doesnt have to be a currency to be a disruptive technology. It could very well still make an impact in the financial world as a "commodity". Right now, it's far too valuable to trade like currency, but it's still a good way to keep your money. I do agree, the forks are getting ridiculous and they tarnish crypto's reputation, but it's a minor set back, compared to the giant leap forward the development of bitcoin offers.

[carodupuis]

One of BTC's strength, which is its deflationary nature, is also one of its greatest weaknesses. Like gold, its most valued utility is as an investment and a store of value if one was willing to take the volatility. But theres only one way BTC is going. Up.

With that said, tell me, are you willing to spend your coins for your daily needs? Then prove it. Because I dont. The opportunity cost is too great.

Usage of paper money in order to meet your daily needs and wants is the best thing to do and that there is no point of spending your most worthy and valuable coins just for the sake is buying something or meeting your needs. Bitcoin can help you in much better way if you keep holding it for some good period of time as with every passing day, its value rises which actually means that you are having greater profit.

[fasdorcas]

It is impossible to return Bitcoin to its original use as a currency, because investors continue to buy it for long-term investments. Bitcoin did not return to the accumulation council

We made bitcoins asset, you are right here. The developing team might be cursing us as we have totally changed the nature of a thing. Bitcoins couldn’t never be thought as an asset in earlier times rather they were started to replace other currencies of the time. But the ending is somehow not according to the plan, as much of us are continuously dealing bitcoins as gold.

[BillCoin]

Bitcoin has never meant to be a currency, even if you could have used it as a currency when the fees were normal, it still doesn't mean that we should it as a currency.
If you wish to buy small items such as coffee, lunch meal and etc, you can use a smaller cryptocurrency who offers a smaller amount of security but at the same time it offers reduced fees.
Bitcoin has meant to be a store of value, just like the gold, and not for daily transfers.

[Mometaskers]

At this point it's unlikely to not be seen as an asset even if ease of making transactions have improved. People still look at it based on its exchange rate with fiat that they'd rather hold, trade and exchange rather than using it as money for purchases.

It is impossible to return Bitcoin to its original use as a currency, because investors continue to buy it for long-term investments. Bitcoin did not return to the accumulation council

We made bitcoins asset, you are right here. The developing team might be cursing us as we have totally changed the nature of a thing. Bitcoins couldn’t never be thought as an asset in earlier times rather they were started to replace other currencies of the time. But the ending is somehow not according to the plan, as much of us are continuously dealing bitcoins as gold.

You are right. It was intended as a secure, decentralized option to fiat and look how it turned out. Maybe things will change once all of it has been mined out? Hard to tell since that would still take decades to happen.

[Delivey]

We believe in Bitcoin. Its market capitalisation is 40% of all cryptocurrencies.

[fritzbird]

I think it's a little late for bitcoin to go back to being just a currency. It's evolve now, it innovated and
somehow I think that is good. It will always be a currency if you wish to use it as one, but fortunately
it is more than that now. We should try at least to accept and look forward what bitcoins can and will
achieve and accomplish, it will benefit us all.

[AjithBtc]

At this point it's unlikely to not be seen as an asset even if ease of making transactions have improved. People still look at it based on its exchange rate with fiat that they'd rather hold, trade and exchange rather than using it as money for purchases.

It is impossible to return Bitcoin to its original use as a currency, because investors continue to buy it for long-term investments. Bitcoin did not return to the accumulation council

We made bitcoins asset, you are right here. The developing team might be cursing us as we have totally changed the nature of a thing. Bitcoins couldn’t never be thought as an asset in earlier times rather they were started to replace other currencies of the time. But the ending is somehow not according to the plan, as much of us are continuously dealing bitcoins as gold.

You are right. It was intended as a secure, decentralized option to fiat and look how it turned out. Maybe things will change once all of it has been mined out? Hard to tell since that would still take decades to happen.

After the entire bitcoin getting mined changes might take place from something a transaction token to a currency. Still it has got little possibility, because with the limited number of bitcoin it is hardly an impossible task for each and every user having at least a small amount of bitcoin.

[Tyrantt]

Bitcoin has never meant to be a currency, even if you could have used it as a currency when the fees were normal, it still doesn't mean that we should it as a currency.
If you wish to buy small items such as coffee, lunch meal and etc, you can use a smaller cryptocurrency who offers a smaller amount of security but at the same time it offers reduced fees.
Bitcoin has meant to be a store of value, just like the gold, and not for daily transfers.

and that's how it's going to be in the future. Bitcoin will remain as the biggest one and will become a full on investment asset, while the smaller crypto will replace bitcoin in various fields like the state crypto we're seeing being developed today.

and tbh, that's what I'd love to see. Just like changing from one currency to another, you'll be hopping from one crypto into another for whatever you need and it can also be bought on some corner shop like you're buying bus ride tokens.

[jhean_arcane]

Bitcoin has never meant to be a currency, even if you could have used it as a currency when the fees were normal, it still doesn't mean that we should it as a currency.
If you wish to buy small items such as coffee, lunch meal and etc, you can use a smaller cryptocurrency who offers a smaller amount of security but at the same time it offers reduced fees.
Bitcoin has meant to be a store of value, just like the gold, and not for daily transfers.

and that's how it's going to be in the future. Bitcoin will remain as the biggest one and will become a full on investment asset, while the smaller crypto will replace bitcoin in various fields like the state crypto we're seeing being developed today.

and tbh, that's what I'd love to see. Just like changing from one currency to another, you'll be hopping from one crypto into another for whatever you need and it can also be bought on some corner shop like you're buying bus ride tokens.

Bitcoin strongly reminds me of gold. In the ancient times, they use gold and silver as means of currency to replace the barter system. However, as times go by, people used other means of currency which are cheaper and easier to obtain. The value of gold sky rocketed that normal citizens cannot afford to have it. As a result, gold became an asset instead of means of purchase.

That's what's happening to bitcoin now. It's more like an asset now than of a currency, which, for me is fine. We have Ethereum (which heavily reminds me of silver) and other good altcoins to use. Eventually, cryptocurrency will fall in the same trend as what happened to gold and fiat money.

[Tyrantt]

Bitcoin strongly reminds me of gold. In the ancient times, they use gold and silver as means of currency to replace the barter system. However, as times go by, people used other means of currency which are cheaper and easier to obtain. The value of gold sky rocketed that normal citizens cannot afford to have it. As a result, gold became an asset instead of means of purchase.

That's what's happening to bitcoin now. It's more like an asset now than of a currency, which, for me is fine. We have Ethereum (which heavily reminds me of silver) and other good altcoins to use. Eventually, cryptocurrency will fall in the same trend as what happened to gold and fiat money.

The value of gold sky rocketed that normal citizens cannot afford to have it.

Yes, but, you can still buy a fragment of bitcoin like 0.001 or 0.01 so it's still affordable. Tho that's not what I meant. Regardless of price, you can always buy fragments of any crypto, but just the very idea of people buying and trying to collect, while holding it all for a long time, is that's making it an asset.