Is Bitcoin losing its purpose?

[Princejebs]

I remember coming to use bitcoin for the first time and everyone was saying one of its purposes of bitcoin was that we could use  it as an anonymous user but with time this has changed as we have learnt that it's actually not.

About losing its purpose I don't think so, as crypto users we all have diverse reasons for using bitcoin, some use it as a form of money, some it's a form of asset that represents an investment ,list goes on, honestly this not be bundled up as one main purpose of using it.

You actually have a good intellectual foundation about bitcoin, it's such a pity that some people still think bitcoin is used by scammers. Sometimes I frown on some comments in my local forums but I don't blame them, ignorant doesn't have cure if one doesn't have the right knowledge.
Bitcoin value is increasing at arithmetic mean if you compare its average growth time in 4 years. The halving have been good so far and I look forward to what will happen by 2024, perhaps we will see $100+k 

[SquallLeonhart]

one government will ban it, may be 2, or who knows 15-20 governments will ban the use of bitcoin or it's mining operations within their country. However, let us not forget the globe is big and there 200+ countries in the world. Though they might constitute of poor countries or underdeveloped countries then also world has around 25 Federal countries and many highly complex governments with mixed national constitution who are willing to support such modern crypto world. We dont need all of them to approve the use of bitcoin. Honestly, even few governments with green signal on crypto mining operation is enough.

Because people will surely move to that country with their mining operation base. There you go rest of the world can survive anonymously from any country and bitcoin still get to live further.  

It is not about how many, it is about which ones. If you have Nigeria banning crypto, then it will definitely be a bad thing but not a huge bad thing considering how much they contribute, or if it is Venezuela, Zimbabwe, and many other things it is going to be a bad thing but not a huge deal.

However if USA bans it, if UK bans it, can you imagine how bad it is? I rather have 20 different small nations banning crypto versus 1 USA banning it, that is the difference. Which is why I think it is not going to be something that will be a problem with just numbers, it will definitely be a problem depending on the power. China was a problem because of this, they are very powerful and considering how they were cornering the mining market, they’re banning miners was a big deal. These type of power struggles between nations could create a problem, not the amount of nations.

[Kittygalore]

I don't think that's the case, bitcoin's still serving it's purpose, the mass media is just muddling up the story so we get confused, no such thing as losing it's purpose. Bitcoin can still be used as a P2P currency like what Satoshi intended it to be.

[yhiaali3]

Bitcoin has never lost its purpose, this fierce campaigns by governments to suppress encryption and ban Bitcoin mining clearly shows that Bitcoin has achieved its purpose, what scares governments and pushes them to work day and night to fight crypto and establish regulatory laws? Because they lose control and centralization in the first place and because they want to fill their pockets of crypto taxes secondly. This turmoil that Bitcoin has caused in various governments around the world and forced them to move aggressively shows that Bitcoin has indeed fulfilled its purpose.

[tiCeR]

Bitcoin has never lost its purpose, this fierce campaigns by governments to suppress encryption and ban Bitcoin mining clearly shows that Bitcoin has achieved its purpose, what scares governments and pushes them to work day and night to fight crypto and establish regulatory laws? Because they lose control and centralization in the first place and because they want to fill their pockets of crypto taxes secondly. This turmoil that Bitcoin has caused in various governments around the world and forced them to move aggressively shows that Bitcoin has indeed fulfilled its purpose.

Well said and it is indeed true. If something gets paid a lot of attention, be sure that that something is in one sense or another of importance. All of us who have been in crypto for a very long time know exactly how all of this worked out. Those who had no clue denied and ignored the technology, thinking they would know better and Bitcoin is going to disappear. Then Bitcoin slowly grew organically, and grew, and grew... The ecosystem expanded, exchanges popping up everywhere, more and more banks stopped blocking transactions from exchanges, which really was a hassle in the early days. First tech gurus started talking about it, China learned it can't ban Bitcoin. Honestly, this was a fun journey to see something growing that many of us here knew from the very beginning could very likely end up being a great success. And it did! Bitcoin is more relevant than ever, and being relevant and keeping the global hierarchical system busy is exactly one of the purposes Bitcoin was meant to serve. It does that well.

[OgNasty]

I think many retail investors in the US are Robinhooder types that have a "Bitcoin go up - me buy!" mentality. They don't realize what the loss of utility from anonymous P2P transactions will mean for Bitcoin.

You can't blame them.  That's what the "store of value" change did to the community.  It was no longer about building Bitcoin infrastructure to change the world, it was about assimilating into legacy finance in order to make the price go up.  Those early developers who built useful things to show what Bitcoin could achieve have become enemies clogging the mempool, while clueless investors who want to dump their money into Robinhood and get rich became the target audience. 

Bitcoin isn't losing it's purpose, it lost it's purpose, several years ago.  The community at large is now just hoping to sell coins for a lot more than was paid for them to new entrants in the space.  We all know what that's called, but there is hope that once Bitcoin assimilates into the legacy finance system that changes will be made and it will return to a permissionless p2p currency.  I like the Trojan Horse line of thought, but am not sure I believe it.  In any event, buy, hold, get rich.  That's why satoshi made Bitcoin right?

[TheGreatPython]

If Bitcoin is KYC, DeFi coins have no hope of replacing the traditional banking system and CBDCs are everywhere, why use Bitcoin at all? Governments will likely ban it in the future anyway. China and the US infrastructure bill have already set a precedent for banning mining and development in those countries.

I am not seeing defi/CBDCs/government's ban on mining are a threat to bitcoin ecosystem in any manner. If most of the governments ban bitcoin mining, then bitcoin foundation will find a permanent solution which could be switching over to different algorithm that can be better than POS and more secured than POW. As long as fairness and anonymous are concerned I am not seeing defi and CBDCs got any chances to boom and sustain.

[TheUltraElite]

If Bitcoin is KYC, DeFi coins have no hope of replacing the traditional banking system and CBDCs are everywhere, why use Bitcoin at all?

DeFi is not the future, that is where you are mistaking. Bitcoin is something that will exist in future with fiat but not DeFi. The hype around DeFi changed the very nature that DeFi started with. Having seen the days when a much less popular site today, Bitrefill arise from, that is the DeFi that people need. Not stablecoin pools and other passive earning methods.

Governments will likely ban it in the future anyway. China and the US infrastructure bill have already set a precedent for banning mining and development in those countries.

1. Banning bitcoin mining and banning bitcoin are not the same.
2. It is next to impossible to ban bitcoin. For doing so means shutting down complete electricity and internet services - that is not possible for any democratic country do today.
3. Banning mining can happen and a government might choose to take steps to stop people from mining or to regulate mining in a different way that does not interfere with their monetary policy. That is a risk miners have to take.

So no bitcoin is not losing its purpose. If you are using bitcoin you are still serving its purpose. Depending on where you live, you may not be able to spend your bitcoin for paying costs. That does not remove its purpose. Regional differences only show that improvements in usage are needed in future.

[celot]

Don't spread the fake or negative news about the bitcoin in the forum.Because still had his originality and many new people investing their money blindly. Even in stock market, they will investigation the stock and then inverse their money.But bitcoin is different, many people invest blindly.

Exactly as you said. Bitcoin is a very popular and number one coin in the world today.  Bitcoin crashing is not as easy as people say.  Bitcoin is very much in demand by investors and ordinary people.  With so many bitcoin enthusiasts, Bitcoin will easily live in the digital world.

Moreover, bitcoin is very useful during the current epidemic. Like my case, at least my income is helped by bitcoin. Because during a pandemic, real activities are very difficult to do, especially when it comes to finding a new job. There are employers who have laid off their employees because they are affected by the effects of the pandemic.

[zanezane]

The purpose of P2P transaction is still there so I don't get why you are saying that bitcoin has lost it's purpose, it's still the same, we just don't think too much of that purpose because it's not like it's a requirement to use and enjoy the benefits of using bitcoin. That's like saying to your friend that they've changed just because they got better than you, they didn't change, it's you that has changed.

[worle1bm]

Bitcoin.com has always been controversial due to its ownership by Roger Ver and past history of questionable activity. There was a past legal case where people who tried to buy bitcoin on that site were sold bitcoin cash instead. Notions of bitcoin "usurping banks" are political in origin. As if people desiring basic protections from inflation and economic mismanagement through bitcoin, is somehow a direct attack on the banking industry. I'm not a fan of that messaging.

I also avoid reading articles over bitcoin.com because they provide btc hatered news like hacks ans scams usually to defame the image of bitcoin and try the normal tricks to make bitcoin cash famous and earn more profits.So simply read on some other sites and avoid visiting bitcoin.com.

[Assface16678]

The purpose of P2P transaction is still there so I don't get why you are saying that bitcoin has lost it's purpose, it's still the same, we just don't think too much of that purpose because it's not like it's a requirement to use and enjoy the benefits of using bitcoin. That's like saying to your friend that they've changed just because they got better than you, they didn't change, it's you that has changed.

Yeah, I still use that when I can pay someone with bitcoin for their services or products. OP must be smoking something good to arrive to this kind of conclusion. The purpose is still there and in terms of materials or things, it's unlikely that it will lose it's purpose in the long run, it was made for that so how will it change along the way unless you can directly intervene with the material, the purpose won't change, people just finds a new/novel way to use it.

[pinggoki]

Bitcoin is undoubtedly being overshadowed by numerous cryptocurrencies that offer the same functionalities, sometimes even more than what bitcoin could initially offer, and that for me is okay. Competition always bring out the best in each other more than anything, and with a standard that high, subsequent cryotocurrencies that want to make a cut out of the market must make something remarkable in order to not get thrown under the bus. This enaures a bright and fruitful future for us cryptocurrency enthusiasts, be it whether there is bitcoin or none in that future.

The purpose of P2P transaction is still there so I don't get why you are saying that bitcoin has lost it's purpose, it's still the same, we just don't think too much of that purpose because it's not like it's a requirement to use and enjoy the benefits of using bitcoin. That's like saying to your friend that they've changed just because they got better than you, they didn't change, it's you that has changed.

Not literally losing its purpose as in losing all the functionality all of a sudden, with the sudden rise of multiple cryptocurrencies in the market that could offer the same benefits as bitcoin, there is no doubt bitcoin is slowly being overshadowed by cryptocurrencies that are much better in terms of functionalities and system.

[Kimonoe]

The purpose of P2P transaction is still there so I don't get why you are saying that bitcoin has lost it's purpose, it's still the same, we just don't think too much of that purpose because it's not like it's a requirement to use and enjoy the benefits of using bitcoin. That's like saying to your friend that they've changed just because they got better than you, they didn't change, it's you that has changed.

Yeah, I still use that when I can pay someone with bitcoin for their services or products. OP must be smoking something good to arrive to this kind of conclusion. The purpose is still there and in terms of materials or things, it's unlikely that it will lose it's purpose in the long run, it was made for that so how will it change along the way unless you can directly intervene with the material, the purpose won't change, people just finds a new/novel way to use it.

right, so far I don't think bitcoin has lost its main goal, but is struggling to get there. in the process of its journey, bitcoin needs to be known and adopted by everyone, so that they will easily access it, and because more and more adoption it increases the price of bitcoin, so that the current process is used by people to seek profit, because they can see the future of bitcoin later

[Princejebs]

The purpose of P2P transaction is still there so I don't get why you are saying that bitcoin has lost it's purpose, it's still the same, we just don't think too much of that purpose because it's not like it's a requirement to use and enjoy the benefits of using bitcoin. That's like saying to your friend that they've changed just because they got better than you, they didn't change, it's you that has changed.

I think OP is annoyed with the KYC thing but I don't think it's even an option to carryout a know your customer identity verification, it's an option and ones you aren't sure about giving out your privacy, it's easy to skip and go for options that suits you but I doubt if he/she will be able to enjoy transaction.
KYC sometimes isn't because they feel like they want to invade one privacy but because they don't want find it difficult in the future when the need arise or perhaps when the government of your country complain about how you avoiding tax for long time.

[Hippocrypto]

The purpose of P2P transaction is still there so I don't get why you are saying that bitcoin has lost it's purpose, it's still the same, we just don't think too much of that purpose because it's not like it's a requirement to use and enjoy the benefits of using bitcoin. That's like saying to your friend that they've changed just because they got better than you, they didn't change, it's you that has changed.

All the purpose has entirely change everytime a person used cryptocurrency as their good source of income. P2P was our mediator between digital to fiat experience, and I don't think it's gonna lose our purpose on bitcoin. Maybe we're just having a different interpretation, mostly those lack of knowledge and appreciation of bitcoin would tend to say those those in an inappropriate ways.

[Rajamuda]

Due to some negative feedback... I think Bitcoin will still hold a strong role, overall I don't think that Bitcoin will lose its purpose, it will remain in popularity over time as more and more enthusiasts are taking it, anyway I think it's like hope is not something like the purpose I guess. The purpose is for Bitcoin users only, Bitcoin was created to develop by itself till getting a lot of demand, not for a certain purpose.

[michellee]

Due to some negative feedback... I think Bitcoin will still hold a strong role, overall I don't think that Bitcoin will lose its purpose, it will remain in popularity over time as more and more enthusiasts are taking it, anyway I think it's like hope is not something like the purpose I guess. The purpose is for Bitcoin users only, Bitcoin was created to develop by itself till getting a lot of demand, not for a certain purpose.

Yes, bitcoin still has popularity today and that is proved with the good movements from bitcoin price to reach the highest price so far, although right now, the price still struggling to back to that high price. The popularity of bitcoin will still increase, especially if bitcoin price can start another bull run this year to open people's eyes and see that bitcoin still leads the crypto market. Bitcoin will have more people to join and invest in bitcoin and will be one of their best investments.

[ene1980]

~
Yes, bitcoin still has popularity today and that is proved with the good movements from bitcoin price to reach the highest price so far, although right now, the price still struggling to back to that high price.

I have a doubt, do you think that every time the price of Bitcoin goes below the all time high valuation you will consider that the price is struggling  . The price is rallying 400% from the past years valuation and why would anyone think that the price is struggling, which does not even makes sense and do not expect the market to only in one direction .

The purpose of Bitcoin as a currency is not bad either, i am able to make transaction at very low fees and i do not have a complaint against Bitcoin for the past few months because the transactions fees are lower than ever and the confirmation times are surprisingly faster.

[King Khaizan]

bitcoin has not lost its way even though some people find it difficult to accept its development.

Every policy taken by big countries such as the United States and China is indeed a concern for many parties, because of their influence.

but even so, blockchain technology will continue to develop digital currencies will continue to grow.

just a matter of time, all will agree to the presence of bitcoin.