Is Bitcoin losing its purpose?

[Bravehash]

If BTC can't take over means of payment or Fiat well it's also here to eradicate poverty in the world, BTC as means of payment may never work but the asset form will never die, BTC today is 47K something that's not even been used as money yet, it's more like a gold than money mate and in fact many don't care at all using BTC for payment

[Shamm]

  We all know that Bitcoins had a purpose to us that is why we use Bitcoins cause there's a purpose that we wanted to use and there opportunity a lot of benifets we can used in bitcoins that is why also more user in bitcoin. Bitcoin known as the outstanding Cryptocurrencies. So there's a purpose of Bitcoins of us we can trade and invest also we can earn.

[Rahman11]

Bitcoin value is determined by demand. However, it doesn't actually exist. Technically it can be traded for goods and services like traditional currency, but that's not really what it is being used for. Currently, it is used for speculative online investments and to evade certain laws.

[michellee]

~
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.

Yes, if the price is not struggling, the price will stay at that lower price and not increase for a long time. Or the price is set at that price and the investor moves to the altcoin or leaves the market temporary because they already take profit from bitcoin. We do not know for sure why we see many speculations about what happened to the bitcoin price.

As we know that bitcoin is not controlled by anybody nor the government, it seems the government is not ready yet to use bitcoin as a currency. But we should be happy because, on the internet, we can use bitcoin to purchase something and even if the price always changes, that will not be a problem for us.

[Obito]

Bitcoin value is determined by demand. However, it doesn't actually exist. Technically it can be traded for goods and services like traditional currency, but that's not really what it is being used for. Currently, it is used for speculative online investments and to evade certain laws.

What are you saying OP? It can be traded for goods and services, there's no technically needed there, the 10k bitcoin pizza is a good example of this so I think that it's considered like a normal currency. Although, you're right about the stuff in regards to bitcoin, and I feel like the evading certain laws is starting to gain some traction because with a lot of people knowing about it, pretty sure that malicious people will want to join in on the fun.

[Yamifoud]

  We all know that Bitcoins had a purpose to us that is why we use Bitcoins cause there's a purpose that we wanted to use and there opportunity a lot of benifets we can used in bitcoins that is why also more user in bitcoin. Bitcoin known as the outstanding Cryptocurrencies. So there's a purpose of Bitcoins of us we can trade and invest also we can earn.

It was found to be confusing for some as they have no trust in Bitcoin, they keep thinking negative things, and the reason that they could never see it. For billions of people across the globe, only a few have seen and knew it, the majority are still blind and deaf about Bitcoin.
Honestly, it was not hard to prove the purpose of Bitcoins existence but the problem is that these people are losing their interest due to some unrealistic news and FUds which has been influenced more by the social media.

[slaman29]

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.

Price movements have nothing to do with popularity in use and network, just market demand. I wouldn't say struggling either, BTC has been just doing a slow burn the whole month. Remember, there's still 6 weeks left to Q3 and Christmas is the target to match and break the ATH.

That will of course need a fresh round of FOMO but it's for sure coming.

[flip4flop]

I feel like the more institutions that continue to adopt accepting Bitcoin as a payment brings with it more regulation and taxation from the United States and potentially other governments as well. The more it continues to get regulated and controlled by counties the further away from its purpose it is going to become. KYC was just the first step in being able to track and control who can make payments. Outlawing accounts in the United States based on what state you live in is extremely frustrating to slowly see Bitcoin controlled more and more by the government.

[justdimin]

if the price is not struggling, the price will stay at that lower price and not increase for a long time. Or the price is set at that price and the investor moves to the altcoin or leaves the market temporary because they already take profit from bitcoin. We do not know for sure why we see many speculations about what happened to the bitcoin price.

As we know that bitcoin is not controlled by anybody nor the government, it seems the government is not ready yet to use bitcoin as a currency. But we should be happy because, on the internet, we can use bitcoin to purchase something and even if the price always changes, that will not be a problem for us.

The difference is that bitcoin was created to be "used", that was the purpose of it, and is it losing its purpose? Well, it is surely a lot further away from what Satoshi was considering, that's for sure. I do not know who he is, I do not know if he is still around, last time he ever wrote something was years ago when he said he wasn't this guy some tv shows found, he declined being him and that was it, never wrote ever again, maybe he is dead and we may never know what he feels about the current crypto situation.

That is good (not him being dead, just not writing) because we can use it however we want to, that is sort of the idea of decentralization but the fact is that people are acting as if the purpose of bitcoin was to make them more fiat, of course it's not, nobody created a crypto currency just so you can be rich in fiat, the purpose is to be used.

[bosede1]

I don't see any reason for Bitcoin to lose its purpose. Government and Private investors may have tried to manipulate the coin or find a way to obstruct the purpose by the KYC but I know it won't stand.

[Shamm]

The concept of bitcoin and cryptocurrencies is unique, it can be used for transactions and its value continues to grow as the number of active users continues to grow, it can be said that bitcoin is like gold, which can be used for transactions and if stored its value continues to grow.

  Yeah that's also the purpose of Bitcoins in transaction value, and I don't think so Bitcoins will lossing their purposes. Bitcoins had a big purpose that we can use in everyday and as we can see more active user whom likely to use this Cryptocurrencies. Even they other people without knowing about Bitcoins they can say that Bitcoins is scam ,but us that we know Bitcoins we know the purpose and usage on this crypto.

[michellee]

Price movements have nothing to do with popularity in use and network, just market demand. I wouldn't say struggling either, BTC has been just doing a slow burn the whole month. Remember, there's still 6 weeks left to Q3 and Christmas is the target to match and break the ATH.

That will of course need a fresh round of FOMO but it's for sure coming.

Hopefully, that can become true for the bitcoin price to rise so high in Christmas to make a lot of money from bitcoin. Otherwise, if the price can not break the last ATH but is a bit lower than that, I will not have a problem because we can still profit. Maybe that do not have relations between price movements and popularity but someday, it could happen, especially if bitcoin price is up to $100,000-$200,000.

The difference is that bitcoin was created to be "used", that was the purpose of it, and is it losing its purpose? Well, it is surely a lot further away from what Satoshi was considering, that's for sure. I do not know who he is, I do not know if he is still around, last time he ever wrote something was years ago when he said he wasn't this guy some tv shows found, he declined being him and that was it, never wrote ever again, maybe he is dead and we may never know what he feels about the current crypto situation.

That is good (not him being dead, just not writing) because we can use it however we want to, that is sort of the idea of decentralization but the fact is that people are acting as if the purpose of bitcoin was to make them more fiat, of course it's not, nobody created a crypto currency just so you can be rich in fiat, the purpose is to be used.

Maybe bitcoin needs more time to be "used" as what Satoshi was considering or wanted. But if the world will ready to use bitcoin, it will become true and bitcoin will be very popular in our lives and it will attract more people's attention to use it as a currency or just an investment thing. Yeah, we do not know who Satoshi are and I think that will not just be one person behind the name Satoshi. But who cares about that because as long as we can use bitcoin for whatever we want, Satoshi will watch his creation grow as he wants.

[wahyu wida]

The concept of bitcoin and cryptocurrencies is unique, it can be used for transactions and its value continues to grow as the number of active users continues to grow, it can be said that bitcoin is like gold, which can be used for transactions and if stored its value continues to grow.

  Yeah that's also the purpose of Bitcoins in transaction value, and I don't think so Bitcoins will lossing their purposes. Bitcoins had a big purpose that we can use in everyday and as we can see more active user whom likely to use this Cryptocurrencies. Even they other people without knowing about Bitcoins they can say that Bitcoins is scam ,but us that we know Bitcoins we know the purpose and usage on this crypto.

maybe for now this goal has not been achieved, but we do not know in the future, because the advantages of bitcoin as a digital currency are still being debated. and we let the government with their own awareness later realize that bitcoin is a currency that is relevant to the current developments. but at least now we can make money from crypto

[Bitstar_coin]

I don't see any reason for Bitcoin to lose its purpose. Government and Private investors may have tried to manipulate the coin or find a way to obstruct the purpose by the KYC but I know it won't stand.

It will stand and already happening with centralized exchange, as long as you want to trade in any centralize exchange you must be required to perform kyc, same will apply to any centralize institution that want to adopt btc as payment system, look at PayPal, every of their users have done some form of verification before they can access their platform, so you see my friend, kyc is already in place and as long as we have more institutions coming in they will keep requesting it.

[realcrypto]

Bitcoin is working towards achieving it purpose but you should also have in mind that developers and investors in cryptocurrency space are not living in another planet, we all still living in this government regulated society. 100% anonymity in cryptospace may not be possible.

[inoes]

Bitcoin is no longer suitable for use as a medium of exchange, money, mainly because the price is getting higher and the transaction fees are getting crazy.
In terms of volatility, it is not suitable to be used as money because the volatility is quite high, although not as high as other alts.
People now use it more for long-term assets or often called speculative assets because bitcoin is not supported by anything, only people's expectations.
So has bitcoin deviated from its original purpose?

• Maybe Yes because it is not suitable for payment instruments,
  
  • Maybe Not because the spirit of the technology, namely blockchain is increasingly being developed to facilitate human affairs

[Shenzou]

I defiantly agree, throughout the years bitcoin has turned from a decentralized digital currency that aims to change the way we make transaction, to a just an investment to make money, and this has especially got more and more the norm and bitcoin losing its true purpose with more and more people that are only interested in the volatile aspect of the price of the bitcoin that lets them make more and more money, and even the new people don't know anything about bitcoin and why it is created except the fact that they can make money from it.

[The Sceptical Chymist]

Of all the things that you mentioned, this is the only phrase that matters- BTCs were created in order to have an anonymous p2p transactions between users. It just so happened that its price on the market is significantly high (collateral damage) that most people purchase it either for short or long-term investment.

Bitcoin has been that way since the start, when it went from basically zero value to having some fiat value--and then it just kept increasing in the early years, and people didn't even want to spend it then (in general).  I've gotten through most of Digital Gold by Nathaniel Popper and it's clear that bitcoin wasn't taken very seriously as a currency--and certainly not as a replacement for cash--as far back as 2011, and probably even before that.

The anonymity has always been a funny thing, since addresses can be linked and bitcoin never was completely anonymous.  So I agree with those who said that all of this KYC stuff isn't detracting from that (much).  I would hate to see governments wanting anyone owning bitcoin to report it, however--unfortunately the US is already starting to do that.

[swiftbits]

It's losing its purpose as more people consider it a new digital gold mainly used for investing and store value, which is actually understandable. Even though Bitcoin is accessible, volatility hindered its acceptability as a payment alternative. I still hope it will be more accepted like fiat. There is more to achieve.

[Abiky]

True that bitcoin was intended to be a P2P electronic cash alternative, but as time went by people realized that bitcoin also works well as a store of value, hence why a lot of people cared about the price of bitcoin more than its status as an alternative way to pay whatever they purchased online. It is almost inevitable that bitcoin will get regulated one way or the other, though that per se, IMO, does not lessen or change bitcoin's purpose.

Bitcoin has lost its purpose for a long time. What most people care about these days is making money with Bitcoin, instead of using it as "Peer-to-Peer Electronic Cash". It's probably why Fiat is still the dominant form of money worldwide. If people started using Bitcoin for payments regardless of its Fiat value, then things would've been a lot more different than what they are right now. That's not the case these days, so Bitcoin will remain as a speculative instrument for a long time. Bitcoin's decentralized and open source design allows anyone to do whatever they want with it, so there's that. There's freedom in Bitcoin, but the same cannot be said about Fiat. Regulations will be inevitable since governments always want a pie of the pie. As long as Bitcoin stays true to its roots, there should be nothing to worry about. Just my thoughts