Has Bitcoin FAILED?

[ven7net]

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??

I believe that the story of the pizza for BTC is a fiction, which is used to attract the attention of investors to both BTC and other cryptocurrencies. As for BTC itself, I believe it was created as a temporary counterbalance to fiat money and other assets. As for its future, it will probably continue to be used, but if we talk about adoption in the world, then I am more inclined towards the emergence of state cryptocurrencies.

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[kryptqnick]

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.

Well, I think that we should admit Bitcoin isn't moving forward seriously in the direction of being money. As investment? Sure. Something new people get more and more familiar with? I agree. But are there more places accepting Bitcoin as payment now than in 2017? How many of them appeared recently? And even if they accept Bitcoin, do they immediately convert it into fiat? I want to see Bitcoin as money in the near future, but for me it's currently not the case. It's not much of money if you can't buy basic stuff with it and can spend it only under very restricted circumstances.

[Crptomagma]

The whole issues is complicated because there are May situations attached to these. The promise bitcoin gave us maybe all is not accomplished but we shouldn’t that bitcoin is decentralized and it’s really fighting its way through the centralized Authority. In a current post I read couple of hours ago in these community. Someone was complaining of how bitcoin users are treated and persecuted by the government for using bitcoin.

So it’s clear enough bitcoin have lots of chains to break because the centralized governments want to take control of bitcoin and if they achieve that, then then bitcoin has failed as a decentralized currency that it claim. I’m optimistic and believe the future is bright for bitcoin.

[Asuspawer09]

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??

Totally bitcoin has not failed to its purpose because bitcoin is still under a process of adaption and it is still growing in the past and coming years.

Maybe bitcoin is not really great when it comes to spending at this point since the market price is so volatile so it would really make sense just investing bitcoin instead of using it in buying things in a store.

But still, I wouldn't say it's a failure since the process is not yet over and in the coming years, it might succeed as a digital currency that you could spend.

[Beyerd17]

"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?

Thats not a fair comparison, stocks are an investment vehicle for the investors and a way for companies to raise money, gold can be used for industrial uses as well as jewelry among other things, so both those assets classes have not failed in any way.

Bitcoin on the other hand was initially set up as a way to do payments/money, and is now mostly relegated to a store of value for Wall Street and the rich. So it has mostly failed in that regard.
Where is the mass adoption and use cases for the masses of the people?

[GeorgeJohn]

Bitcoin has not failed, portraying such is abnormal because since the existence of bitcoin it's very clear that bitcoin has been yielding positively across the countries, many people who don't have it are soliciting to know the rudiments of it in order to enable them to purchase it, so bitcoin is adding values day by day, and it's obvious that is propagating.

[passwordnow]

No, it wouldn't be replaced by another "crypto project". There could be some projects that the government will work with try to remove the attention of bitcoin but they can't just create a project that's totally decentralized. That will be totally a loose project on their side if no control is being shown to the people who are interested in joining that project. The reality is that bitcoin is here to stay, as long as it lives and it has all the demand that it's getting, it will remain the number 1 cryptocurrency. Before a lot of people want to see institutions joining and investing in bitcoin and now that they're here, I think that's an absurd idea thinking that bitcoin will be just for rich people soon. It is for everyone, capable or not capable individuals or institutions.

[Stedsm]

There can be nothing like a second Bitcoin. I hope you're getting my point there.

Next, I believe Bitcoin has truly and effectively served its purpose of getting accepted at many major firms and yeah,even if it's stopped to get accepted there, P2P is not going anywhere and you can still purchase even Rs.100 (worth ~$1.4) when buying through P2P. Even if your sole purpose is for investment, I believe there's nothing that could beat this asset. Transformation from just a mode of payment to becoming an asset class of its own is the real definition of Bitcoin's success IMHO.

[Samthehero]

The TS is making some valid points although i don't agree with all the statements, but i feel most respondents simply trying to protect their investments in bitcoin. Hodlers don't want anyone asking too many questions it seems 

[Traderbtcc]

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.

There are few reasons why alot of shops don't accept of bitcoin payment method, it could be due to high volatility of the market, or maybe due to the high cost of transactions or time taken for the other party to receive the bitcoin, but one of the main reason would be due to regulation policies, since the government is against the use of bitcoin in several countries, some even threaten to jail anyone who makes use of it,so there's absolutely no way shops in that country will accept bitcoin payment as it is prohibited in the country.

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.

Hard to mine is also what adds value to bitcoin, cause not everyone can mine it unlike back then when it was quite easy were the early to find blocks,there were less users of bitcoin back then compared to now, so you can't expect it to still be that way.

[Wysi]

Bitcoin has not failed as it's still used as P2P payment transfer medium, but people have started using it as an medium of investment which has attracted some corporate giants since 2017 and it's primary feature (P2P transactions) are less utilizes which is a concern for sure but people have just moved to other altcoins like litecoin, XRP and XLM for payment transfer due to it's speed and lesser transaction charges. But that doesn't mean Bitcoin has failed, its original purpose has diminished.

[Bitcoin_bullish]

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?

The point is that Bitcoin failed because only a few of us use it? It looks to me that it works exactly as planned.

In your neighbourhood how many people have heard of Bitcoin? Probably everybody as in mine. Even my grandma has heard of Bitcoin. The fact they haven't used Bitcoin yet doesn't mean they won't use it later and that Bitcoin has failed. Ask the people in Venezuela, Lebanon, and Turkey if they prefer their wage in their fiat currency or in Bitcoin.

[Natalim]

Bitcoin will never fail because it's main purpose is just an alternative currency, a decentralized one.

The failure is on the part of the human, either we fail to invest,(we loss) or we failed to adopt on bitcoin, because bitcoin will continue to exist regardless of its price and the number of people using it, which we would never know, and as long as there are miners, bitcoin will live.

[pixie85]

nothing that hard fork can't fix

And end up like BCH? No thank you.

The TS is making some valid points although i don't agree with all the statements, but i feel most respondents simply trying to protect their investments in bitcoin. Hodlers don't want anyone asking too many questions it seems 

You're misjudging us. We don't defend Bitcoin in threads because we want to protect our investments. We have investments because we believe in it, so it's natural for us to defend something we believe in.

[24Kt]

Bitcoin will never fail because it's main purpose is just an alternative currency, a decentralized one.

The failure is on the part of the human, either we fail to invest,(we loss) or we failed to adopt on bitcoin, because bitcoin will continue to exist regardless of its price and the number of people using it, which we would never know, and as long as there are miners, bitcoin will live.

That's what my take on this. And considering its price in the market today, I don't think Satoshi envisioned this price level when he was creating it. The price 10 years ago was way way below than what we have now. I believe the goal of Satoshi has been surpassed already, if he can only make a statement on this regard.

[Beyerd17]

Bitcoin will never fail because it's main purpose is just an alternative currency, a decentralized one.

The failure is on the part of the human, either we fail to invest,(we loss) or we failed to adopt on bitcoin, because bitcoin will continue to exist regardless of its price and the number of people using it, which we would never know, and as long as there are miners, bitcoin will live.

If it has failed or not will depend on what the original intent was. It can still exist and even have value even if it is considered a failure.

The most complaintes I hear about the usage of Bitcoin is that it's ;

     * Slow to confirm.
     * Relatively expensive, especially if paying low amounts.
     * Very few shops/businesses accept BTC.
     * Hardly anyone use it on a daily basis.
     * Fluctuates to much on a weekly and monthly basis
     * Has become too centralized/concentrated because of huge asic farms and hedgefunds/1% elite buying it up.


And this is after 10 years of its inception, seems like the majority has given up on it's original ideas and regular Joe can't be bothered.

Well, then I ask you guys this. What if anything can fix this in your opinion?? How would you fix Bitcoin??

[inanilujimi]

In my opinion nowadays bitcoin is getting better over time, nothing has been able to overtake the domination until now is a clear proof of how strong bitcoin dependency is.
My view of the future of bitcoin will definitely continue to grow bigger from now on because this technology will continue throughout the ages.

[Warkop]

I think Bitcoin has never failed since then, Bitcoin only needs time to live in the next few years and at that time many people thought that Bitcoin failed because of its long journey, but it was all wrong, in fact Bitcoin is still in demand by all investors until right now, and it looks a lot better than before. So the point is never to judge something that is not clear, because to be successful requires several processes with a very long time in the future.

[Swopon]

The whole substance should not be judged on some awful characteristics. Furthermore, it is unreasonable to assume that Bitcoin is a failure for some principles. Overcoming everything, it nevertheless snatches its position and will go extensively further in the future.

[Innerpumper]

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??

Bitcoin's fully decentralized concept of bitcoin satoshi nakamoto disappeared, now bitcoin is developed by miners and communities. I think as long as there are still coins that imitate the concept of bitcoin during that time bitcoin remains, don't you see the current bitcoin #1 in coinmarketcap in recent years?