Has Bitcoin FAILED?

[Beyerd17]

We have all heard the story of the pizza guy getting paid in BTC, yet some 10 years after Bitcoin was made, hardly any shops accept BTC in the great scheme of things.


It started off as a project that would enable the regular guy with a modest pc to mine BTC, now you need a huge farm to be able to mine effectively.


Bitcoin is getting further and further away from the guy in the street, and is now some rich hedgefunds 1% elite plaything.


What is the future of Bitcoin in your view, will it render itself useless and be taken over/killed by a better suited cryptoproject, or are we stuck with it??

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[Poker Player]

Has Bitcoin failed?

NO.

It's changed from the original vision of a P2P currency as to be the best store of value in the world although you can still pay with it.

Bitcoin is getting further and further away from the guy in the street, and is now some rich hedgefunds 1% elite plaything.

Not really, rich hedgefunds are getting into it but there are lots of us who hold bitcoin and there's plenty of room for the average Joe.

[Oshosondy]

Bitcoin is not failed and has never failed before, before it was only retail investors but now institutions have joined which makes bitcoin to be a coin that has more value in 2020. If it goes like this, possibly bitcoin will be the first world's currency and yet an asset. Bitcoin is just going stronger with better future.

[Beyerd17]

Well, my gut feeling is that it is getting further and further away from regular Joe in the street, and it may be eventually just getting concentrated in the hands of the rich classes as a store of value.

Prove me wrong!


How many people in your neighborhood where you live hold or use Bitcoin, probably close to zero. And how many in your own family has recently paid for anything with BTC?

[Charles-Tim]

Well, my gut feeling is that it is getting further and further away from regular Joe in the street, and it may be eventually just getting concentrated in the hands of the rich classes as a store of value.

What is bitcoin? Bitcoin is money, and also an asset. Who has money and assets? The riches. Or, do you want it to be otherwise?

How many people in your neighborhood where you live hold or use Bitcoin, probably close to zero

I have friends having bitcoin and I have many disturbing that they want to know about it. I have family members having it, and I am happy to have it also as it is a deflationary money.

And how many in your own family has recently paid for anything with BTC?

Bitcoin is not about you using it for payment only, bitcoin is also an asset, holding it is not bad. And, as bitcoin is getting more adopted, expect it to go mainstream and emerge as the first world's currency. But, it being an asset to hold is also worth it.

[mk4]

Well, my gut feeling is that it is getting further and further away from regular Joe in the street, and it may be eventually just getting concentrated in the hands of the rich classes as a store of value.

You know why? Because the regular Joe in the street isn't likely to take part in new technological inventions. Especially when they don't even know what a certain technology does in the first place.

Prove me wrong!

How many people in your neighborhood where you live hold or use Bitcoin, probably close to zero. And how many in your own family has recently paid for anything with BTC?

None. Because not a single person I know in my city even invests in general. Just consumerism everywhere. Does that make certain assets such as gold and stocks a failure as well?

You're making conclusions that bitcoin is a failure just because you don't know anyone using it. Even though you probably know well that Bitcoin is still a very new technology.

[BitcoinGirl.Club]

Adoption takes time.

You are judging an invention which is only 10 years old and only after 2017 most of the people around the world heard about it for the first time. Culture of printed bank notes did not evaluate over night. In fact the idea of money took place before we had idea about writing.

Do you think bank notes are better than bitcoin? If you think yes then still we have a long way to go but if you think no then bitcoin has not failed yet.

[NeuroticFish]

Prove me wrong!

No use. As Satoshi said "if you don't believe me or don't get it, I don't have time to try to convince you, sorry".

The problems are not the ones you wrote. The problem is that you have no patience.
How you expect that the herd would massively use this coin all the governments said they should stay away of?
Do they have enough good examples there for long time and telling they should use Bitcoin? No. Not yet.

I'll be waiting patiently for the time to prove you wrong.

[Obi theo]

It a nice questions , but it all depends on the perspective you view bitcoin from, we can simplify bitcoin as "A grass to Grace project" so no it has not failed , as saying it is now getting away from a guy in the street it's just to show it's importance in the world today.

[mindrust]

Has bitcoin failed what exactly?

Being a store of value?
Being a world reserve currency?
Being a bank of your own?
Being a VISA/MC replacement?

Store of value works quite well if you buy from here and there but many people got fucked because of the volatility too. I am neutral about this.

Btc was never meant to be the World reserve currency because no government would accept it so It didn't fail it because it was never going to happen anyway.

Bank of your own works just fine because as long as you own your keys nobody can seize it from you. The problem here is, they can manipulate its dollar value and at the end of the day, bitcoin is backed by dollars.

VISA/MC replacement... that's a physical limitation. Impossible to work like VISA on a decentralized network.

[bitmover]

Well, my gut feeling is that it is getting further and further away from regular Joe in the street, and it may be eventually just getting concentrated in the hands of the rich classes as a store of value.

You know why? Because the regular Joe in the street isn't likely to take part in new technological inventions. Especially when they don't even know what a certain technology does in the first place.

It is silly to think that a regular joe would use bitcoin now.
Bitcoin is still very restrict. There are people who use it to invest/trade and some others who receive it from services done in the internet (blogs, webs design, coding). Very few people use it to buy stuff, as there are very few places to use it.

Maybe in a few years we will see big retailers such as Amazon/Uber/etc using it. Then the regular Joe might be interested.

Personally, bitcoin is still mostly useful to buy/sell stuff in the internet, specially when dealing with people from foreign countries. When I am face to face I prefer to use Visa/cash, specially because of long confirmation time.

But I could buy a TV in the web using bitcoin, it would be nice.
We will get there some day, in a few years.

[Theoboy]

I believe this to be a normal question asked by almost everyone that is into cryptocurrency.
Even if Bitcoin was created to enhance peer to peer transaction, but now it is used as otherwise I will still say that Bitcoin has not still failed

[DarkDays]

How has it failed??? What sort of question is this? Do you expect BTC to just keep going up without any market correction, because if you think you can buy BTC to only see your money going up without no risk of losing then you're in the wrong market, and it is no market of this kind.

Pls don't spread this sort of false, incorrect opinion with no substantial wight to it whatsoever.

BTC is the inventions of the 21th century equivalent to the 20th century invention of the Internet!

[NeuroticFish]

But I could buy a TV in the web using bitcoin, it would be nice.
We will get there some day, in a few years.

Years? I can do that for years now.. in Romania!
I've got 3 years ago some coins as Christmas present from @yahoo62278 and I bought a computer display off them, directly for Bitcoin. I use that display even at this moment.

OK, I can do that at a very limited number of online shops, but I am sure that this is more common in more evolved countries.

...did I misunderstand something you meant?!

[pawanjain]

None. Because not a single person I know in my city even invests in general. Just consumerism everywhere. Does that make certain assets such as gold and stocks a failure as well?

Good point. Adding to this, the regular Joe is manipulated by media that bitcoin is scamcoin and probably holds all his amount in a bank.
The regular Joe doesn't takes up the motive to read what bitcoin is all about.

I am pretty damn sure that if everybody in the world reads or knows what bitcoin actually is then they would rather consider holding bitcoin than holding money in banks.

[Fesatmas]

We have all heard the story of the pizza guy getting paid in BTC, yet some 10 years after Bitcoin was made, hardly any shops accept BTC in the great scheme of things.


It started off as a project that would enable the regular guy with a modest pc to mine BTC, now you need a huge farm to be able to mine effectively.


Bitcoin is getting further and further away from the guy in the street, and is now some rich hedgefunds 1% elite plaything.


What is the future of Bitcoin in your view, will it render itself useless and be taken over/killed by a better suited cryptoproject, or are we stuck with it??

we can't say that bitcoin failed.
related to a restaurant that once allowed its customers to pay in bitcoin and finally stopped accepting it. that doesn't mean bitcoin failed.
Bitcoin cannot move without someone moving it. Likewise with the restaurant, it is clear that the problem lies with the restaurant manager.
In this context clearly separated, the success or failure of bitcoin in an exchange depends on how one manages it.

and for the future of bitcoin, of course it will be very popular and become the best choice for future transactions.

[Beyerd17]

Good point. Adding to this, the regular Joe is manipulated by media that bitcoin is scamcoin and probably holds all his amount in a bank.
The regular Joe doesn't takes up the motive to read what bitcoin is all about.

No, not at all. If you look at CNBC and Bloomberg they pump it at a daily basis. They have guests on that are either very positive or at worst neutral to BTC. They have bought it and now they want to make a profit.

[pawanjain]

None. Because not a single person I know in my city even invests in general. Just consumerism everywhere. Does that make certain assets such as gold and stocks a failure as well?

Good point. Adding to this, the regular Joe is manipulated by media that bitcoin is scamcoin and probably holds all his amount in a bank.
The regular Joe doesn't takes up the motive to read what bitcoin is all about.

I am pretty damn sure that if everybody in the world reads or knows what bitcoin actually is then they would rather consider holding bitcoin than holding money in banks.

No, not at all. If you look at CNBC and Bloomberg they pump it at a daily basis. They have guests on that are either very positive or at worst neutral to BTC. They have bought it and now they want to make a profit.

When was the last time (before this bull run) you heard these news channels promoting bitcoin ?
In the last 2.5 years I have only seen the media criticizing bitcoin. No wonder why they are promoting it now because bitcoin has rallied upwards.
They want to grab the attention of people which is why they bring in big players to speak about bitcoin.

[oktana]

What if some other coin toke over (4th option)? I mean, Bitcoin is doing great but remember that technology is constantly growing. Bitcoin is simply about payment and sending me money.  So, what if some other coin which has way more use cases than Bitcoin comes up? I do anticipate Bitcoin but don't tell me it's not possible. Some coins already have a few extra use cases than Bitcoin.

[Sebas.tian]

Bitcoin to my very best of knowledge has not failed and nothing has made it look like a failed digital currency. We have seen what it means to have a failed digital currency, even the fiats currency in history. The defi's has taught us how a failed coin looks like but Bitcoin has no feature of such. Bitcoin has made so many things gearing becasue of it recent adoption by different types of institutions and individual investors. The huge numbers of investors has moved their funds from stock market to Bitcoin and this made it a successful digital currency.