Bitcoin Is Dying

[LeGaulois]

That's the problem since about 2015 or even before, people are only interested in Bitcoin for the speculation and not for the real use cases.
It also annoys me because I think speculating is the cancer of the economy and the mistakes we have made with traditional currencies, (or I should rather say the finance generally speaking) we replicate the same thing with cryptocurrencies.

On another side, if you think about it, with traditional currencies, there are people who :

- speculate on for example USD/EUR,
- others who save money on a saving account,
- others who invest in the CAC40, gold, crowdfunding, etc.
- and of course, live with it (pay to the supermarket, bills, etc)
 
With Bitcoin it's the same thing:

- some people speculate on BTC/Alt
- others save with staking
- others invest in companies.
- and some live with, although this remains marginal

So finally we have the same uses, it's just sad people don't make use of cryptocurrencies for their daily needs. At the same time, the ecosystem isn't enough developed for this. We can't pay our bills directly in BTC, we have to sell for fiat, transfer to our bank account, and then to pay.

Surely once this is possible we will see more people using cryptos for what it was supposed to do. I believe the decentralized nature of Bitcoin will play a major role and it will become the biggest benefit to attract the mass (for something other than speculating)

[Mpamaegbu]

Do you think Laszlo didn't see potential in Bitcoin? He could have hodl and sell it off, but, he made that transaction to prove a point; to prove that Bitcoin is actually a currency.

Obviously, the user you referred to  laszlo didn't know Bitcoin would be this big today. He said it in one of his comments. Laszlo first made the call for the pizza trade you mentioned in this forum according to this post Pizza for Bitcoin but never got any member to buy it. At a point, he asks "So nobody wants to buy me pizza?  Is the bitcoin amount I'm offering too low?" And then went ahead to reveal that he just wanted to put it on record that he bought pizza with Bitcoin and not that he was pizza crazy. It was a fun thing for Laszlo. He later sold it outside the forum a few days later.

However, I am sure (given the present circumstance) he is harbouring an element of regret at the moment somewhere in him for flushing away 10,000btc. In today's worth, it's 10,000 * $38,000+. Even Bill Gates would be envious of such huge stack. Also, remember the tides have tremendously changed. Then it was as easy as ABC generating lots of BTC rewards with simple mining machines. Not any more.

laszlo, a miner and programmer, was a member of this forum in its early stage from 2010 and they became inactive in November 2017.

[acener]

Psst. You can use Bitcoin for whatever purpose you may see fit. You want to use it as an investment? A payment currency? A way of having real ownership over your money? A way of hiding your wealth from the government? You may even use it to buy those anime waifu pillows or Belle Delphine's bath water and I don't care one bit. Because that's the point! You have complete freedom with Bitcoin, and you don't need to care what people think!

Yes I agree with this, Yes Bitcoin was created with some purpose to be a currency but along with it there are various ways to use it and we all have our own freedom to use it as however we like just like what mk4 has stated.
It is the same as money(Fiat) why do we need to care on how people use their own money when they are the ones who worked for it?
We think too much about it and have so many opinion on it why can't we just let them do what they want.
I think it doesn't matter whether it is crypto(BTC) or physical money (Fiat) people would always judge on how other use it for example,
Someone bought an expensive item even though he/she is just earning minimum wage.(People would create gossip and talk about it even though that person save up his money just to buy it to enjoy it).
So you see it doesn't matter whether it is in crypto or Fiat people would judge others on how they use it.

[davis196]

There's no point of over-dramatic clickbait forum posts about how Bitcoin is a "investment asset" rather than a currency.This topic has been discussed a lot and I'm surprised that there are people,who keep whining about Bitcoin being asset instead of a currency.Instead of whining about Bitcoin,why don't you just stick to some altcoin and use it as a currency?All the crypto enthusiasts have choice.Having a choice is something great.
The 10,000 BTC for a pizza happened in 2010,and the whole point of this transaction was to prove that Bitcoin can be used as a currency.Nobody in 2010 would imagine that the Bitcoin price would reach 40K USD 10 years later.

[oktana]

The OP sounds really stressed out.
Bitcoin isnt dying, if anything it is just approaching its teenage years, it has a lot of living yet to do.

We all know that Bitcoin has become something other than (as well as) a currency but it can be both.
There are plenty of places you can spend your Bitcoin and when Crypto backed credit cards become more
popular you will be able to spend everywhere.

You can Spend, Gamble, Hodl, Trade, Loan and Borrow Bitcoin. Plenty of choice.

The crypto space is moving and even Laszlo couldnt envision it. BTW here is his original pizza thread.
At that time in 2010 he was happy to get pizza for his tokens.

 https://bitcointalk.org/?topic=137.0

LOL! I am not stressed out one bit. I'm just looking at the present image of bitcoin using a microscope. You can spend bitcoin, yes, we all know that. But how many people spend it? Everyone is hodling! Wait for the price to go up, so they can exchange for fiat and purchase whatever they want. It's turning out the wrong way.


Also, I've seen some comments relating to me saying that Bitcoin is dead. Let me say this, based on my meaning of the sentence, Bitcoin can be at $50k and still be dead. How? As far as something isn't used for it's original purpose, it ceases to exist in that form. So, Bitcoin being dead doesn't mean it's price. The only reason one would think that it's the price that I was referring to is if you also considering Bitcoin as an investment rather than a currency. No offence... My true thoughts.

[eaLiTy]

The average person today sees bitcoin as an investment. Are we really turing this Cryptocurrency into a Crypto Asset?!

This is not a new phenomena that started today, once the scaling talks started a few years ago before the last rally people started considering BTCitcoin as an asset rather than a currency. It depends upon the investor what mode you want this to be, you can use this as an asset or you can spend according to your choice.

A way of making more money due to the price speculation. With every new investor believing this, I hate to say this but, Bitcoin is dying. I know that the chances of Bitcoin's price dropping so bad are small. But if it happens, if it ever happens, a lot of people will lose, a lot will pull out, a lot will tag us scam, a lot will (out of anger) say that we are centralized, and a lot would never know or participate in the real use of Bitcoin. We need to figure this out before it becomes too late.

Have you seen the last two rallies and how a correction wiped off billions once the bear market is settled. It is nothing new in the market to get the tag, it is called a Tulip mania multiple times and how many times people would tag the same headline. It is a speculative market and you will see major corrections and it will continue to move forward.

[oktana]

The average person today sees bitcoin as an investment. Are we really turing this Cryptocurrency into a Crypto Asset?!

This is not a new phenomena that started today, once the scaling talks started a few years ago before the last rally people started considering BTCitcoin as an asset rather than a currency. It depends upon the investor what mode you want this to be, you can use this as an asset or you can spend according to your choice.

You see, you just called everyone who purchases bitcoin an "investor". Today, if I buy some bitcoins, people will say that I have "invested" in bitcoin, and that isn't totally right. I believe that this currency was created to be used as a currency; Just like you spend your dollar. The point is, with the mentality of "investment", we could crash this plane. If by any means, the price crashes, the investment (Bitcoin) crashes too. Also, I think that it Bitcoin was around $100 rn, I think people will still see it as currency. I guess it's because it's shown characteristics of a investment.

[hatshepsut93]

Bitcoin was designed as indestructible payment network that does not rely on its users to selflessly support it. If Bitcoin could be destroyed by just trading it, then this whole idea is a failure.

Bitcoin's speculation and volatility are a direct result of its most basic principle - complete freedom for its users. You simply can't tell other users what to do or what not do with their coins. Even if you somehow convince Bitcoin community to stop talking about the price, it won't change anything, because people from outside would still use it as investment.

[sukbir]

It is too early to say Bitcoin is dying mate. If you look bitcoin early days, it was limited to only cryptographer. Now more individual and institution holding bitcoin. Don't worry Bitcoin will survive until we die because last Bitcoin will be mined on May 7th, 2140.

[dothebeats]

Yeah, bitcoin is dying to those people who see only exclusive uses for the cryptocurrency. They believe that the reason why bitcoin is created is being wasted away by it being mainly used as an investment and nothing else. But the reality is there are tons of people really wanting to use their bitcoins for purchases despite its high potential of being a top-performing asset, it's just that the merchant's side of things isn't really opening some doors for this particular scenario to happen. That's why bitcoin and other such cryptos would remain to be a speculative asset at best, until such time that merchants finally give in and integrate it fully in their structure.

The space isn't ripe just yet for the kind of adoption that you're seeking, though hopefully we'll get there.

[ninabobo]

Bitcoin is not dying. Bitcoin becomes standard now after the cost can break the boundary at $25k and still increment up to this point. Perhaps Laszlo saw bitcoin's latent capacity, and he needs to show us if bitcoin can be utilized to purchase something, all things considered. Yet, as the bitcoin cost isn't too high that year, he needs to spend a colossal measure of bitcoin. With bitcoin cost expands, you just need to purchase Tesla with just under 10 bitcoin.

[erikoy]

I get your point. In my opinion with the current market of bitcoin, bitcoin now had already evolve and bitcoin now will not be consider as a new digital currency for it is already spreading all over around the world. The point where bitcoin will be had two options either bitcoin will continue to rise or as what OP had said that btc could be dying already after all the greedy people trying to make money in it and that will reap bitcoin system maybe now or might be in the future. Well, no one will going to know what will going to happen with bitcoin.

[Becky666]

I think you are just thinking too much my friend. Just let the Bitcoin economy works there is no problem regarding the rising price of Bitcoin in fact it was a sign of growing Bitcoin demand so in my opinion there's no reason, for now, to worry that Bitcoin will die. just ride with the flow and dont counter it.

Nothing looks like dying in Bitcoin (it is a revolutionary technology), just stick towards the core aims of the technology and ride on with it. Due to it freedom for it holders; i decided to make this technology one of the platform my investment will flow into, if it mean dying let die together than to enjoy the strangles from the world governments around the world.

[gurunanakji777]

Some people, traders, or investors not thinking like you. We all know we can not earn well from a stable market. Traders or investors earn only when the market is volatile. This is a highly volatile market where most of the traders know they can lose too. We should not afraid of those people who say scam when they lose we must be mature enough.

[mk4]

You can spend bitcoin, yes, we all know that. But how many people spend it? Everyone is hodling! Wait for the price to go up, so they can exchange for fiat and purchase whatever they want. It's turning out the wrong way.

I'm pretty sure a lot of people do spend their bitcoin; it's just the fact that not every bitcoin holder does. Why? It's not like we can currently spend it everywhere lol; we can only mostly spend it online. Merchant adoption simply isn't there yet.

As far as something isn't used for it's original purpose, it ceases to exist in that form. So, Bitcoin being dead doesn't mean it's price. The only reason one would think that it's the price that I was referring to is if you also considering Bitcoin as an investment rather than a currency.

Bitcoin could be 100% used as an investment/store-of-value right now and I wouldn't call bitcoin "dead". Just a reminder that Bitcoin shouldn't be used solely for what Satoshi described it, just how Onion routing was invented for U.S. intelligence but yet here we are using it for privacy purposes.

[Slow death]

the reality is that most people are really in the world of cryptocurrencies to make a profit. most people will not take 1 BTC which is now worth 38000 $ and buy a car when they can do hodl and in 3 years' time make a profit of 2X or 3X, the person will prefer to use FIAT to buy car or even may prefer to Loan in the bank to buy a car while hodl your 1 BTC. the problem in all this is that the price is really increasing, but it is not increasing the number of countries that have legalized bitcoin and that allow bitcoin to be used as currency. I think that the destiny of bitcoin will be a means of investment, not payment method

[Coinsfera]

Bitcoin supply is limited. So, for now, everybody is trying to invest in it. If BTC succeeds in proving itself, a currency with such fundamentals will be the most useful currency of the future. It may seem like it doesn't serve its primary purpose for the moment. But let's not forget that it takes a long time for people to accept this change.

[bosede1]

This will not be the first time bitcoin will reduce and this does not mean bitcoin is dying. and this is because of the volatile nature of bitcoin possess.
And with the rate to which awareness into bitcoin we are good to go

[reliable]

Bitcoin has dual usage which can be use as a currency and also as an investment, that is why bitcoin is referred to as the digital gold. I believe in the future people will learn what bitcoin really is and will appreciate it for it value but in whichever ways bitcoin will survive the and become a mainstream currency.

Bitcoin is just not for investment and neither it just needs to be used for exchange of goods and services. Though the usage is less that is due to not many countries have completely legalized it. So, people are sceptical to use in their daily life’s and thus majorly being used for investing purpose and nothing wrong form their side too. This is giving them some profits so it’s an additional revenue for them. Also, merchants need to accept the bitcoin against their service and they are not ready due to lack for proper rules.

[AicecreaME]

Psst. You can use Bitcoin for whatever purpose you may see fit. You want to use it as an investment? A payment currency? A way of having real ownership over your money? A way of hiding your wealth from the government? You may even use it to buy those anime waifu pillows or Belle Delphine's bath water and I don't care one bit. Because that's the point! You have complete freedom with Bitcoin, and you don't need to care what people think!

I couldn't agree more.

No matter how we use Bitcoin, it is still going to the point where its price is going again near zero, its going to be devalued, because another cryptocurrency is going to replace it, but we're too far from that. Bitcoin is just dying in OPs world, but never in the majority of us. Spending it wherever you like doesn't matter, because it was made that way, to be a digital currency that can be pay on any goods or services, and that's what happening now.