Has Bitcoin FAILED?

[lepbagong]

The value of Bitcoin is keep increasing from the pizza story but it doesn't mean in 2020 you can buy bitcoins with what amount you got, like if you got only 100 dollars but the current value of Bitcoin is 24k means you can buy 100 dollars worth of Bitcoin on the available platform then how can we say that Bitcoin became the product for elites only...

Only people failed to realize the potential but still its the beginning so one who is buying right now will get their benefits sooner.

bitcoin is growing very fast and this is really beyond the predictions of many people because it is estimated that bitcoin will only be in the position of the end of the year at $ 20K, but that has passed a few days ago and bitcoin continues to move to try to break the $ 25K.
many predict that this year will be the same as the events in 2017, where after the end of the year, the beginning of the next year will decline. but it is different now that in fact next year is the highest increase that bitcoin will do.

indeed, if to buy bitcoin at a time like this, of course, the risk of requiring high enough funds, it is wiser to wait for bitcoin to make corrections that will be made at the beginning of the year, hopefully at that time we can buy bitcoin to be used as an investment at least we can also enjoy a sharp increase from bitcoin next year.

bitcoin will never fail like it did in 2017, bitcoin continues to move well into the next year. and will show the magnification and power that many have been doubting.

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[shoreno]

many rich people invest in btc more than the poor , i agree that btc is getting farther from regular individuals but there are still other cryptos that are like bitcoin when it was starting .

if you miss the old times of btc you need to start embracing those coins now before those coins will also end up like btc and then you can switch again from the other . btc failed as a currency but it was successful as an investment asset , atleast it didnt totally failed .

[Lorence.xD]

many rich people invest in btc more than the poor , i agree that btc is getting farther from regular individuals but there are still other cryptos that are like bitcoin when it was starting .

if you miss the old times of btc you need to start embracing those coins now before those coins will also end up like btc and then you can switch again from the other . btc failed as a currency but it was successful as an investment asset , atleast it didnt totally failed .

I agree with your insight, in my country, I did observe that the gap between the have a lot (upper class), have some (middle class) and have nothing (lower class) is getting bigger by the day, what I would not agree with you is your second statement that each coin might be the next bitcoin because nowadays, most coins that is introduced into the market are just a weaker clone of the stronger ones in the market, it will be a dangerous behavior because you are prone to hypes that lead to nowhere which could put you into a series of financial misfortunes.

Bitcoin in my opinion did serve its purpose, it is the people that uses it that failed, they never believed that it will go that far and now look at where bitcoin is at.

[kotajikikox]

many rich people invest in btc more than the poor , i agree that btc is getting farther from regular individuals but there are still other cryptos that are like bitcoin when it was starting .

Poor people might be investing a little but How many of those people are these many?

Look if this composed of 100k people that investing 100-500$ in bitcoin ,How much are those?

if you miss the old times of btc you need to start embracing those coins now before those coins will also end up like btc and then you can switch again from the other . btc failed as a currency but it was successful as an investment asset , atleast it didnt totally failed .

No time is losing here mate ,every Year is a New entrance  for each investors ,yeah it is cheaper in the past but the value is continue increasing  ..

So if we are buying now then after 10 years what's the difference when it is a penny?

[Hobo66]

many rich people invest in btc more than the poor , i agree that btc is getting farther from regular individuals but there are still other cryptos that are like bitcoin when it was starting .

if you miss the old times of btc you need to start embracing those coins now before those coins will also end up like btc and then you can switch again from the other . btc failed as a currency but it was successful as an investment asset , atleast it didnt totally failed .

how can you say that BTC failed as a currency? bitcoin is still a digital currency. aren't you getting the news everyday a new company accepting bitcoin as their payment model? first paypal started accepting bitcoin. now I heard a news that Pornhub added Bitcoin with so many other crypto currency as a primary payment method.
and there are thousands of online retail shops and sevices can be bought for bitcoin.
I think Bitcoin is pretty much a proper currency now. and is not failed at all.

[Shasha80]

It would be unfair to say Bitcoin failed because there weren't many merchants that accepted Bitcoin payments yet. Even though for
a currency that is only 11 years old, it is very natural that not many merchants have accepted it. Compare that to fiat which has been
used for thousands of years, so we cannot judge that Bitcoin failed. Give 10 more years for Bitcoin to develop and begin to be accepted
by many countries, because I believe that one day Bitcoin will be accepted by many countries in the world.

[irixo10]

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 has not failed and of course it is better than ever. Let's go this way, if really it has failed do you think it would have grown this much? Do you think it will be getting the attention it is getting now? do you think it would have set a new ATH? I don't think so, but because of the value within it, because of the potential it offers and because of what lies in the future, Bitcoin has grown to be the best cryptocurrency. So to the best of my understanding, Bitcoin has not failed. In the aspect of Shops accepting, this is based on opinions, I think I have come across some platforms or shops that accept Bitcoin but can't really recall them, the fact is, the more the knowledge of Bitcoin spreads the more people will come to accept it. Bitcoin is not getting away from anyone or moving to a particular set of individuals, rather it is still open to everyone, remember there was a time it dumped this year, many ignored and many bought, thus it all depends on we humans and what we want.
Lastly, which better suited cryptocurrency will take over from Bitcoin? None because they lack what it takes, and if truly they have what it takes they would have given Bitcoin a run but yet, they are still far below it.

[Rishabh riyz]

BTC have not failed , its just that it has adapted to this pacing economy

“I cannot say whether things will get better if we change, what I can say is they must change if they are to get better.”
                                                             – Georg C. Lichtenberg

For things to get better and grow , for them to survive especially when it has to maintain its position in economic ecosystem ,
they have to change accordingly and adapt to the market.

[bosede1]

Bitcoin has not failed, a failure cannot be recognized and stand the test of time. Bitcoin will not render itself useless will not be taken over/killed by a better-suited crypto project, it's here to stay

[verita1]

Of course, Bitcoin has not failed. On the contrary we have given the original use and also the centralized organizations have joined in the game.

I think that OP's concern comes from governments and any centralized entity that has their eye on Bitcoin.
They had no alternative, we prefer Bitcoin to them.

The current crisis made us see things more clearly and our best resource was Bitcoin and crypto. Because we tested the magic of the internet and saw that we could access the digital money that Bitcoin offers us without distinction, that is the great legacy.

[Altcoinsintel]

the pizza guy getting paid in BTC,

You know that everyone back in the early days was spending their BTC to buy items and anything they wanted right? Bitcoin was seen by most as a currency.
The "pizza guy" was an early Bitcoin developer that was in email contact with Satoshi and perhaps we should start respecting the guy and his decisions.
Not everyone sold too early all their Bitcoins although most did. And then they tried to make more understanding the mistake they made.
The name of this ex Bitcoin dev is Laszlo Hanyecz and he still made more than you from Bitcoin that is calling him the pizza guy.

To the rest that are saying that Bitcoin hasn't failed, I don't think that we can judge Bitcoin by price today. The goal set is 20 years later or more. If Bitcoin manages to keep being an asset as a counter measure for inflation then it will be great. Although, is this what it will be? Or perhaps this is how we see it today and discuss about it.

[Oceat]

It would be unfair to say Bitcoin failed because there weren't many merchants that accepted Bitcoin payments yet. Even though for
a currency that is only 11 years old, it is very natural that not many merchants have accepted it. Compare that to fiat which has been
used for thousands of years, so we cannot judge that Bitcoin failed. Give 10 more years for Bitcoin to develop and begin to be accepted
by many countries, because I believe that one day Bitcoin will be accepted by many countries in the world.

So far Bitcoin is getting a lot of attention now than in the past and it is being appreciated by some people all over the world. So, I don't think Bitcoin has failed but instead it is getting better now than in the past and if you think how the "pizza guy" just sold those Bitcoin just for some pizza, you might think it was his lost. But, no, without him we wouldn't see Bitcoin this far as today and that's why merchants all over the world are starting to show up just for the sake of someone might have to buy some pizza using Bitcoin again.

[Namiks]

I truly believe it has failed. I got into bitcoin back in 2012, and back then it truly felt revolutionary; a group of genuine cypherpunks promoting the name of bitcoin and creating useful services on top of it in order to provide true decentralisation and the removal of banks. Now, here we are, with mining growing increasingly more centralised with ASICs and everyone celebrating the arrival of banks buying up all the limited supply, using centralised services (trading, wallets, etc.)

I really miss when this space was small, and there was a genuine feeling of community within it. I think we all knew this day would come, but perhaps slightly differently. I remember when even on here coins with a 1% premine would be laughed at and die on arrival, and here we are asking for huge centralised teams and a 40% premine can be shrugged off. I love crypto, I really do. I'll never truly leave this space, but I do feel bitcoin has failed to be what it was meant to be.

[Battle1doom]

The wall street bitcoin pump continues. Since this is a zero sum game, someone is gonna be left holding the bag laden with big losses. You know, wall street used to do this in the good old days as well. A 100 years ago the big wall street brokers used to get togheter and agree on pumping some blue chip  stock, then they would dump on retail investors. Pump & Dump has been around for a very long time and is alive and kicking today as well.

The funny thing is the fact that bitcoin isn't even any good by todays crypto standards. If bitcoin came out NOW as a NEW cryptocoin, crypto enthusiasts would laugh their asses off and call it slow, inferior and insecure compared to the best cryptotech we have in 2020. Put simply, just a shitcoin.
Most people here tell a story of bitcoin not failing because the price is rising, there is no correlation there, what will the same people say if the price drops hard?

Go figure, it's a crazy world out there.

 

[Fredomago]

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.

That Pizza think becomes only controversial when the price of Bitcoin grows hugely high specially in 2017 ,But without this increase ?the Pizza for BTC is just another story to tell.

Actually Shops and merchants accepting bitcoin may increase with our help, Tell our friends and family that has business to Study about the potential of Bitcoin as Payment option .

from this we will contribute to the mass adoption.

The problem Here in forum is that ,People keep on asking this and that ,but in reality ?Doing nothing for the future.

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??

Before Asking this and expect answers ,why not try asking Yourself first .

"What have I done for the Future of bitcoin,Do i deserve to Use this?" Bitcoin is a currency Virtually but this is Nothing if we are not Doing our part.

[bryant.coleman]

I truly believe it has failed. I got into bitcoin back in 2012, and back then it truly felt revolutionary; a group of genuine cypherpunks promoting the name of bitcoin and creating useful services on top of it in order to provide true decentralisation and the removal of banks. Now, here we are, with mining growing increasingly more centralised with ASICs and everyone celebrating the arrival of banks buying up all the limited supply, using centralised services (trading, wallets, etc.)

I really miss when this space was small, and there was a genuine feeling of community within it. I think we all knew this day would come, but perhaps slightly differently. I remember when even on here coins with a 1% premine would be laughed at and die on arrival, and here we are asking for huge centralised teams and a 40% premine can be shrugged off. I love crypto, I really do. I'll never truly leave this space, but I do feel bitcoin has failed to be what it was meant to be.

I don't agree with most of your statement. Despite the entry of banks and other wall street giants, Bitcoin has maintained its centralized character. And to claim that banks are buying up the supply is completely wrong. Vast majority of the Bitcoin supply is owned by individual investors and the coins are stored in personal wallets. The banks and other centralized institutions don't even own 10% of the supply as of now.

And regarding premined coins, you need to remember that many of these coins are not doing great. XRP had a 100% premine, and it is almost destroyed now. Many of the other coins with similar premine levels are also going to end up like XRP.

[Tingtong]

Bitcoin is not failed, Won't fail. We know that 2 year ago bitcoin position is relly good but before 1 year we know bitcoin price too low.  But right now we see that bitcoin price already hit in $20k which is really amazing news. And i think that his position will be increase by increase in future.      

[samputin]

Bitcoin has not failed, a failure cannot be recognized and stand the test of time. Bitcoin will not render itself useless will not be taken over/killed by a better-suited crypto project, it's here to stay

Well said. First thing that comes to my mind is no. And I think that wouldn't change. Bitcoin has not failed in general. It has served it's purpose well especially when it comes to having anonymous transactions and it's decentralized nature. Some may not fully understand it well even if it has been around for more than 10 years already, but great things take time. We cannot push people to like it like we do but eventually, they can also see what we see.

[Samthehero]

The wall street bitcoin pump continues. Since this is a zero sum game, someone is gonna be left holding the bag laden with big losses. You know, wall street used to do this in the good old days as well. A 100 years ago the big wall street brokers used to get togheter and agree on pumping some blue chip  stock, then they would dump on retail investors. Pump & Dump has been around for a very long time and is alive and kicking today as well.

The funny thing is the fact that bitcoin isn't even any good by todays crypto standards. If bitcoin came out NOW as a NEW cryptocoin, crypto enthusiasts would laugh their asses off and call it slow, inferior and insecure compared to the best cryptotech we have in 2020. Put simply, just a shitcoin.
Most people here tell a story of bitcoin not failing because the price is rising, there is no correlation there, what will the same people say if the price drops hard?

Go figure, it's a crazy world out there.

 

Why do you think it is a zero sum game. Bitcoin will always retain some value.

[Kocret02]

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??

for the future if you look at bitcoin travel it looks like it will add value to bitcoin itself. we can see that in the past bitcoin was worthless but now bitcoin is becoming familiar. and for the future I think bitcoin will become more valuable and more expensive and can be used for many transactions