What are the official uses of bitcoin other then trading?

[beamin]

I'm sure the number one thing bit coin is used for is trading but that wasn't its original use and seeing how it still has value and exists a decade later it has utility. Officially what else is it used for? How could you find this out there isnt a wall street journal for bitcoin. But there must be a prospectus for it out there or as close to one as possible. Is there a way to read the original white paper?

I thought BTC was going to replace western union by now and be used by official brick and motor businesses. I guess thats the point of stable coins, Why doesnt BTC have a stable coin backed up by BTC; kind of like how they back up mortgages. I wish I could remember my series seven better I could think up more use cases for BTC.

Will it only be used for investing/speculation as long as its price is this unstable? Can you imagine a normal acting like bitcoin does? I guess pink papers/penny  stocks do that but those are just legal pump and dumps that clog up your work fax with junk faxes that come through at 4:00AM making sure you will se it.

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[BlackHatCoiner]

Officially what else is it used for?

How do you define "officially"? On Satoshi's whitepaper, it was introduced as a borderless peer-to-peer electronic cash system, not as an investment. But, by that, it doesn't mean that every other use of it is unofficial. Bitcoin works in a way. By understanding it, you can make up your own assumptions. Its censorship resistant philosophy made it be seen as more than an e-currency.

Is there a way to read the original white paper?

I linked it above.

I guess thats the point of stable coins, Why doesnt BTC have a stable coin backed up by BTC;

Because if it's backed up by someone, it goes against its philosophy. It goes against decentralization.

Will it only be used for investing/speculation as long as its price is this unstable?

You can answer this by yourself: Is it used right now beyond investing purposes?

[pooya87]

There is nothing official in bitcoin world because there is no centralization to issue anything "officially".
As for the main usage of bitcoin, it is still as a currency and the nature of a currency is also demanding store of value and the limited supply plus the increasing price makes it so that some people use it for an investment.

I thought BTC was going to replace

You thought wrong. Bitcoin was not created to replace X or Y. It was created to fill a gap in our world for a medium of exchange that is not and can not be controlled by any centralized authority.

I guess thats the point of stable coins,

The point of (centralized altcoins commonly known as) stablecoins is to let exchanges and users who don't want to go through the hassle of the banking system for their many deposits and money transfers between exchanges to have an option to do that. Not to mention reduce the risk of their bank accounts being closed. With stablecoins they reduce the number of times they deposit and withdraw fiat and reduce their risks that way.

Will it only be used for investing/speculation as long as its price is this unstable?

Each time bitcoin price goes up the number of purchases taking place using bitcoin increases to the point that the ATH of price is also the ATH of bitcoin usage as payment so your argument is moot.

[Oasisman]

I'm sure the number one thing bit coin is used for is trading but that wasn't its original use.

Well, this kind of thoughts only knew Bitcoin as an investment tool and a get rich quick mentality. You could actually google it and type what is Bitcoin, I'm pretty sure google will definitely give you enough answers why Bitcoin was created by Satoshi.
I guess everyone who wants to learn about Bitcoin knew why Bitcoin was created.

Lemme tell you, the number one thing Bitcoin is used for in simple words. To eliminate the need of central authority when financially transacting from one person to another globally.

Or you're always welcome to read Satoshi's whitepaper posted above by BlackHatCoiner.

I thought BTC was going to replace

You thought wrong. Bitcoin was not created to replace X or Y. It was created to fill a gap in our world for a medium of exchange that is not and can not be controlled by any centralized authority.

Definitely!
This is what people keeps forgetting about when they say Bitcoin will soon replace fiat or soon replace the traditional banking system. Satoshi for sure didn't write something like Bitcoin replacing something in the whitepaper.

[Charles-Tim]

Definitely!
This is what people keeps forgetting about when they say Bitcoin will soon replace fiat or soon replace the traditional banking system. Satoshi for sure didn't write something like Bitcoin replacing something in the whitepaper.

If cryptocurrencies are only currencies existing, the world will not balance, but existing with fiat currencies makes them perfect, but only the good ones like bitcoin. So, bitcoin is perfect because fiat are existing and have something to be compared with which it is superior over. I was thinking how the countries in Africa and poor other countries will be like if no fiat existing, countries that always devalue their fiat in order not to deplete much of their foreign reserve, if no fiat, they will all suffer as they import than export.

[xZork]

Of course, in addition to its investment value, Bitcoin is seen as a currency, and its characteristics are decentralized and anonymous.
There are many companies that accept bitcoin for payments like Amazon and Tesla, so people can't deny that Bitcoin is still a currency.

[Twinkledoe]

Of course, in addition to its investment value, Bitcoin is seen as a currency, and its characteristics are decentralized and anonymous.
There are many companies that accept bitcoin for payments like Amazon and Tesla, so people can't deny that Bitcoin is still a currency.

There are so many merchants now accepting bitcoin other than Amazon and Tesla.

This article give the top 11 major companies that are accepting bitcoin - https://www.buybitcoinworldwide.com/who-accepts-bitcoin/

Microsoft, Overstock, Home Depot, Namecheap, Starbucks, Whole Foods, NewEgg, Lolli, FoldApp, Purse.io, CoinCards

Those are just the major companies, there are also smaller merchants that are now accepting btc. So it is not for trading or investment purposes only but you can very well use them in a lot of merchants.

You can also check this one out - https://99bitcoins.com/bitcoin/who-accepts/

[J1mb0]

Bitcoin is now used by people more as an investment vehicle than a currency, and perhaps in the future Bitcoin will still serve as a vehicle for investment.

Will it only be used for investing/speculation as long as its price is this unstable?

It is clear that anything with a volatile price can be used to invest, from gold and stocks to other currencies.

[Spaffin]

Today, there are not many opportunities for using Bitcoin, but there are enough existing ones in order to get a huge benefit from this asset. At this time, Bitcoin is still volatile and therefore the most important advantage among all assets is the ability to make huge profits in the near future. But despite this, in many countries, Bitcoin is also used as a means of payment and quite legally. In addition, one should take into account the fact that many cryptocurrency users trust Bitcoin and its future very strongly, which is why they are already starting to transfer their savings into bitcoin, trusting this particular asset, which will give them financial independence, and not fiat money.

[Lucius]

I'm sure the number one thing bit coin is used for is trading but that wasn't its original use and seeing how it still has value and exists a decade later it has utility. Officially what else is it used for?

You have been a member of the forum since 2017, you can at least write the name of something correctly before asking a question, which by the way has hundreds of very extensive answers if you use search engines. ETFbitcoin he briefly told you what you can do with BTC, but it again depends on your location - in some countries you can do more, in some the offer is very weak or non-existent.

I thought BTC was going to replace western union by now and be used by official brick and motor businesses. I guess thats the point of stable coins, Why doesnt BTC have a stable coin backed up by BTC; kind of like how they back up mortgages. I wish I could remember my series seven better I could think up more use cases for BTC.

You live in the illusion that something created over the centuries can be replaced in just 10+ years, just as the illusion is that Bitcoin is something that must replace the existing financial system or various services that exist when it comes to money transfers. Bitcoin was created as an alternative, and it's not realistic that it will wipe out banks, fiat or WU in the near future - because let's not lie to each other, BTC is not something the average Joe can understand so easily, much less something he wants to use at all.

Most people in the world are extremely submissive and serve their masters in the system they have built for them, and those 1% or maybe even 2% of the world's population who use BTC are exceptions - be happy if you are one of them.

[Husires]

Why not stop thinking about comparing bitcoin with other and start thinking about what bitcoin can do are and the difference between them and traditional systems.
There are many places that accept Bitcoin the inability to use it for everyday solutions does not necessarily mean that it is a stock or it is used for speculation.
You can move bitcoin from one place to another for low fees.
We have a limited number of currencies which makes their value increase every day and per using.

[Dave1]

I thought BTC was going to replace western union by now and be used by official brick and motor businesses. I guess thats the point of stable coins, Why doesnt BTC have a stable coin backed up by BTC; kind of like how they back up mortgages. I wish I could remember my series seven better I could think up more use cases for BTC.

I think you really need to read the white paper to understand. You are very wrong in your assumption that it will replace Western Union. It has been existing for the first 10 years, and I doubt that we will have something like stable coin backup by BTC.

Will it only be used for investing/speculation as long as its price is this unstable? Can you imagine a normal acting like bitcoin does? I guess pink papers/penny  stocks do that but those are just legal pump and dumps that clog up your work fax with junk faxes that come through at 4:00AM making sure you will se it.

And that what separates bitcoin trading from stocks, it's very volatile. It's either you know how to take advantage or it, or learn the price movement. It decentralised, the market is open freely for everyone 24 x 7.

[Darker45]

Bitcoin's official use? There is none.

I suppose by original you mean its intended use as far as its original design is concerned. Well, everybody knows Bitcoin is a cryptocurrency. Needless to say, Bitcoin was designed to be a currency, an electronic cash which eliminates the need for a third party.

But its original use is never its official use. Bitcoin is all about freedom. And so you may use it as you please.

[nightxglow]

Well for now, it's true that bitcoin is mostly used for trading purpose or investment only. However, there are still many usage of bitcoin other than that. In some countries, it can be used as a method of payment, although it's not common yet since bitcoin is not widely accepted yet.
However, since bitcoin is really volatile and that makes it really great for investment, since we can gain a huge profit from it, then of course it can't be deniable that it's only used for investing right now, since it's the best way to make advantage of bitcoin atm.

[Peanutswar]

Bitcoin is just not only for trading, investment, or staking also good for trying to buy some stores on the internet or even physical store they are now supported by the use of bitcoin payment methods gambling platforms today already accept that cryptocurrency payment so the players can play too.

If you don't want your Bitcoin places are supporting the use of the withdrawal through the ATM but I think a good investment is the best option.

[mk4]

The thing is, the entire point of this asset is that you can do whatever you want with it. No one needs to tell what what bitcoin is for, and what it's not. You just have an asset that's decentralized, trustless, and has a supply cap. That's pretty much it. It's completely up to you what you want to use it for.

[slapper]

Bitcoin actually was made to become a peer-to-peer currency when it was originally by Satoshi. However, its usage depended on us. Right now, bitcoin is the most valuable digital asset on the internet and that is why people do not want to sell a penny of their bitcoin. They would rather hold, invest, trade than make it a currency. You have to accept that fact

What makes bitcoin valuable? Its fame, of course. It is the first cryptocurrency to be created and it is the start of blockchain technologies, things that go against the centralization as well as the inflation. And from my perspective, certainly bitcoin is not able to become a currency anymore and people usually relate it to"digital gold"

On the other hands, big firms is accepting bitcoin as a term of payment, such as Tesla. This movement does raise more awareness of bitcoin than ever

[tranthidung]

Bitcoin is created for borderless transactions that also can not be controlled by any institution, government, group or a single third-party person.

If you have a non custodial wallet and have its private key/ mnemonic seed (depends on each wallet), you control your bitcoin you have. You can control your bitcoin transaction and keep it anonymous.

Trading is derivative from exchanges, not from bitcoin Whitepaper. Spot trading and now exchanges have Future trading. More products can be released in the future. All fo derivatives don't change the main use case of bitcoin: transactions.

[Theb]

I thought BTC was going to replace western union by now and be used by official brick and motor businesses.

For this to answer your question I think you need to focus more on the history of Bitcoin rather than focus on the price charts of Bitcoin as what I have seen in your post history. Bitcoin unlike banks or remittance centers like Western Union isn't really backed up by a company striving it to grow, Bitcoin's only support is us the holders/users/investors possessing it even if our numbers grow by the day it doesn't mean that it is headed to replace these businesses as right now Bitcoin is viewed by many people (including your) as more of an investment or asset rather as a way to pay for their daily needs, them probably holding a more liquid asset which is basically fiat currency is the preferred choice of many people in their transactions.

[slaman29]

Will it only be used for investing/speculation as long as its price is this unstable? Can you imagine a normal acting like bitcoin does? I guess pink papers/penny  stocks do that but those are just legal pump and dumps that clog up your work fax with junk faxes that come through at 4:00AM making sure you will se it.

But I don't invest and I don't speculate, and I know for sure I must not be the only one not doing this. Yes I hodl but I also spend and earn in Bitcoin for many years as a supplement income to my normal day to day job. People do it more than me too as I can tell, and it's been successful for them.

Imagine running a business without needing Paypal approval as you can charge and bill in Bitcoin?