Has Bitcoin FAILED?

[serjent05]

Getting the attention of the government shows that Bitcoin did not fail.  If OP's concern is the access of the less fortunate to Bitcoin, then there is always a fraction of BTC called satoshi that is available to anyone who cannot afford to buy the whole BTC.  The creator,  Satoshi Nakamoto, had taken the consideration of Bitcoin getting more value over the course of time, that is why he designed BTC to be divided into smaller fraction so that when that time comes that individual can hardly afford to buy 1 BTC, he has the option to buy it in parts.

As for Bitcoin being overthrown/dethroned by another more advanced cryptocurrency, I think it is possible since I always believe that there is no permanent in this world but change.  The only question here is the time that event will happen.

[acroman08]

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 exactly is bitcoin's original purpose?

are you saying that bitcoin is failing because of its price or it being able to afford is leaning more and more towards the rich people and not to the middle to lower class-income people?
you know you can always read the bitcoin white paper to know what was the reason why it is created.

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??

maybe, maybe not

[kentrolla]

Not at all, BTC gave opportunity for millions of people and those who took risk at that moment are millionares today also there was not any promised price of BTC as all of them are aware of the price it was before couple of months and it rallied till it's all time high is a good sign as a top crypto currency, victories and defeat are part of the game same applies here as well. We always can't expect high we need to face the downtrend as well, think about it.

[Beyerd17]

Not at all, BTC gave opportunity for millions of people and those who took risk at that moment are millionares today also there was not any promised price of BTC as all of them are aware of the price it was before couple of months and it rallied till it's all time high is a good sign as a top crypto currency, victories and defeat are part of the game same applies here as well. We always can't expect high we need to face the downtrend as well, think about it.

Yes, it was pumped by Wall Street/1% elite. What I'm asking is what has it accomplished in it's 10 years of being around, not much really, just looks like an mlm now.

[hongchao123]

Bitcoin is failed in terms of payment method, hower is still good as store of value

[mich]

Has Bitcoin failed it's original purpose?

Yes, it is irrelevant to the great masses of the people.    - 6 (33.3%)
No, it's better than ever.    - 11 (61.1%)
What is Bitcoin?    - 0 (0%)
Some other coin will eventually overtake Bitcoin.    - 1 (5.6%)
   
Total Voters: 18


My vote was for 'no its better then ever'.   This seems to be the most popular vote for you poll and rightfully so.   
I am interested to hear from person who voted for 'Some other coin will eventually overtake Bitcoin'. 
Just want to get a view from someone who thinks a other coin is more superior then Bitcoin (and to know which one.)

[Samthehero]

Just want to get a view from someone who thinks a other coin is more superior then Bitcoin (and to know which one.)

There are many alternatives to choose from, coinmarketcap is full of them. The more numerous coins are much easier for most people to understand. An ice cream or a soda costing 0.00008 btc is just not good for business.

[Gotumoot]

No it didn't fail in fact it is a huge success for me,
The fact that some elite and Millionaire's are getting interested in it is a sign that it is a successful project for me.
Aren't you glad that it is upgrading? From being a cheap at first now it is so valuable.

[hatshepsut93]

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.

Satoshi himself admitted that mining would eventually be done by big mining farms. Heavily decentralized mining was never a major goal of Bitcoin's protocol.

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

How it's their plaything? They don't control the price or the network, they are just investors like the others. Bitcoin does not prohibit "the elites" from owning it.

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??

How can it be replaced by any altcoin if those altcoins have even less adoption?

[imstillthebest]

btc may be difficult to mine now and its value is getting expensive but it is not being taken away from the non elite society .

 people in any status can buy btc if they cant mine btc now because of its difficulty or they can also work to earn a btc  .

 btc have changed and people may not like it but it was improved and i like it better than the days where btc is small and only revolves in a small environment .

[PonZZ]

Bitcoin aimed to be digital cash, but due to high transaction fees it isn't possible. I'm not saying that Bitcoin is failed. I also don't think that Bitcoin is a perfect medium of exchange.

[pecson134]

If bitcoin would really failed now as what to thread starter said then we wouldn't be here talking so much about bitcoin and all things related to it. But in the contrary it moves on the opposite ways and it is getting better in status as time passes by. There would be up and lows but that's how this industry works.

[Leviathan.007]

It's not failed at all. I don't think if bitcoin was made to act like a fiat currencies. I was not made for people to buy stuff with it from the supermarkets. Bitcoin is an asset, something you can invest on it just like gold. However, time after time people are using bitcoin and and many more shops and websites are accepting bitcoin as payment method for the people who want to buy stuff with bitcoin. Considering bitcoin is still young and progressing, this will take some time to see more users using bitcoin.

[ethereumhunter]

Bitcoin is not failing. But if you talk about the price is fail to break $19k again, then that is right. Bitcoin price seems doesn't strong to break $19k at this moment but I am sure that will happen in the future or at least in the near future. With the adoption in many places and people now are trying to invest in bitcoin, it proves that bitcoin is not failing so far. Bitcoin will grow more than today, so it is not failing.

[AicecreaME]

Using past tense on it is very wrong. I mean it's still functioning and you can see that, it's even near on making another All Time High, and yet you're asking if it has failed.

Bitcoin will never failed, it is those people who doubt it that has failed a long time ago when they stop using Bitcoin because they thought it was just a scam but crying right now having so many regrets that they shouldn't have been doubted bitcoin. Bitcoin might come to an end but I don't think it should be consider as failed if it would fullfil its purpose why it was built by Satoshi Nakamoto.

[Ayiranorea]

Due to the increased price of bitcoin, it has turned to be the plaything of the elite. For the same we can't conclude bitcoin to be failed. From the day of its existence the usage of bitcoin is not meant for any specific class of people. In simple we can't say bitcoin is unaffordable. Anyone can invest on bitcoin, and the lowest denomination in terms of Satoshi makes it possible. In recent weeks more and more elite group have got into the cryptomarket. There is a fear, these personalities might try to manipulate the market.

[LogitechMouse]

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.

TBH, there is a possibility that this might happen in the future. There is a possibility that a huge percentage of the total supply of Bitcoin will go just a handful of rich people around the world.
The problem with some people is that they can't adapt easily to their environment and they aren't interested in learning new things like in this case crypto. For sure you will ask 100 strangers out there and teach them Bitcoin or crypto and some or worst will just ignore you.
To answer the question, Bitcoin hasn't failed at all as a crypto.

Bitcoin has been created so that people can transact with other people without the help of any 3rd party and that is what is happening right now isn't it?? Yes its not 100% but there are some who are accepting it and that is the main objective of Bitcoin. To be used as another way or paying or another way of transacting to other people.

[pixie85]

Due to the increased price of bitcoin, it has turned to be the plaything of the elite.

The fundamental issue is that it has not!

Long time ago you could afford 10 bitcoins with ease but you still had a very small value in those 10 coins. If you could afford to spend 10 thousand dollars on Bitcoin 4 years ago and you are able to spend the same amount now, you're still in the same position because the elites could spend 10 million then and 10 million now. Back then the same 10 million gave them even more coins which meant even greater influence over the market.

They could influence it 5 years ago and they can do it now. Thinking that the elites weren't playing with it years ago is naive.

[visualr]

Has it really failed?

[Mike Mayor]

I agree with you about the miner but wtf are you talking about that the average everyday person cannot afford it? You ever heard of decimal places? You just talking nonesense.

If bitcoin failed this forum and many others would not exist. Many would be out of jobs and work. It wouldn't be around anymore or work if it has failed. You obviously don't know what failing means.