Is Bitcoin losing its purpose?

[Wong Gendheng]

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.

Our hope to become fiat is certainly difficult to achieve at this time, maybe if the user has reached more than 1 billion then bitcoin is getting stronger and difficult for any country that wants to ban bitcoin, our big job together is to continue to campaign positively about bitcoin.

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[AicecreaME]

To straight forward answer your question, no, bitcoin isn't losing its value. You see, bitcoin has withstood the tests of time. It has shown its potential to the whole community and is still soaring to the top at the present. Mass adoption is slowly happening and the improvement of its features such as processing time and transaction fees are definitely going to happen sooner which means more people will be enticed to invest on it and use it.

It's slowly fulfilling its purpose which is to be a currency which is the primary intended usage of it in the first place. Because of mass adoption by several countries and companies, bitcoin can now be one of the modes of payment and it was even made as a legal tender in El Salvador. It is going places and certainly in the future, more and more people will be knowledgeable about runarounds and how it functions in terms of being a store of value and currency.

[Semar Mesem]

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.

Yes true, bitcoin can be said to have lost its original purpose, now everyone is trading daily to get a profit from high volatility, many people are always focused on getting profit and don't care about bitcoin whether it can continue to shine or not.

[sana54210]

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.

Many people are approaching this differently and I get it, you do not have to have the same "purpose" in mind when you are talking about bitcoin, which is understandable. Some people see bitcoin as something that would help them get profits and that purpose is not done at all, some people think it is about adopting and being accepted everywhere and that purpose is growing every day, and some people believe that it should replace fiat like dollars which I have to say that purpose was never even underway and will probably never happen, some go as further as saying destroying central banks and that is not even close.

So, it depends on your definition of purpose of bitcoin, what do you think its purpose is? And in that regard everyone has a different answer and that causes the answer of this question to be different for people too.

[Sanugarid]

It's already been answered, it didn't, we just found new ways to use it. Lock this thread because it doesn't serve anything other than repeating the same thing. I mean you could try to be different and say that bitcoin has lost it's initial purpose but you would be wrong

[dezoel]

I am glad we are discussing this actually.

There has been so much focus around KYC for crypto gambling, trading, merchant sites that I do feel we are slowly losing the decentralized purpose and nature of cryptocurrencies.

Gone are the days when you could make an account at just any exchange and start trading (something like btc-e maybe?)

Although there are positives and negatives that comes with it. With more KYC and legalization, there are lesser chances of exit scams but the anonymity is losing it's value.

[verita1]

Peer-to-Peer without the involvement of a bank. It is the most valuable thing we have, although when we practice P2P we are buying and selling Fiat in exchange for bitcoin, the bank entities do not participate even though we make use of our bank accounts. Today for us it is our preferred medium, it is included in our lifestyle.
In relation to the prohibition of bitcoin, China will not achieve it, there are many Chinese buying cryptocurrencies despite all the prohibitions.

[Wawa2013]

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.

Many people are approaching this differently and I get it, you do not have to have the same "purpose" in mind when you are talking about bitcoin, which is understandable. Some people see bitcoin as something that would help them get profits and that purpose is not done at all, some people think it is about adopting and being accepted everywhere and that purpose is growing every day, and some people believe that it should replace fiat like dollars which I have to say that purpose was never even underway and will probably never happen, some go as further as saying destroying central banks and that is not even close.

So, it depends on your definition of purpose of bitcoin, what do you think its purpose is? And in that regard everyone has a different answer and that causes the answer of this question to be different for people too.

Everyone has different purpose when it comes to Bitcoin, and I'm using Bitcoin for now to make money. And until now my purpose is going well,
because the price of Bitcoin continues to rise. Then I also have a desire to use Bitcoin as payment and it has not been achieved because my country
does not allow it. But I believe in the future my country will be more open to Bitcoin, so the conclusion for me is that Bitcoin does not lose its purpose.

[bct-user]

bitcoin can be said to have lost its original purpose, now everyone is trading daily to get a profit

Bitcoin doesn't lose its purpose. Although many people trade Bitcoin, in fact Bitcoin is still used as a payment tool. So, it still functions as a digital currency. Become a trading object, is just another function of Bitcoin. People use Bitcoin for trading, doesn't mean people forget to use Bitcoin as a payment tool. We don't misunderstand about this.

[perryxi2]

maybe you are right if more and more BTC is accepted, BTC will lose its decentralized nature, I just read a news from an article they said that regulated BTC will collect electricity tax death and in the future it is possible that BTC will lose its decentralized nature and private ownership of each one of us.

[jaysabi]

Great article on Bitcoin.com that people should read. Crypto has the potential to usurp the banks, allow private, digital transactions, serve as a universal currency, escape from rampant fiat inflation, etc. People need to wake up, be more active in politics and be stronger advocates against KYC.

Fighting KYC is exactly the type of thing that's going to lead to harsh crackdowns by governments. Either you want bitcoin to be a widely accepted part of the economy or you want limited utility untraceable dark money.  You can't have both. Bitcoin can occupy a not insignificant part of the financial system, but only when it fits into the current framework and the current laws. Bitcoin will not be the glorious revolution you envisioned.

[Chato1977]

bitcoin can be said to have lost its original purpose, now everyone is trading daily to get a profit

Bitcoin doesn't lose its purpose. Although many people trade Bitcoin, in fact Bitcoin is still used as a payment tool. So, it still functions as a digital currency. Become a trading object, is just another function of Bitcoin. People use Bitcoin for trading, doesn't mean people forget to use Bitcoin as a payment tool. We don't misunderstand about this.

but admit the fact that Bitcoin is not created in purpose of Asset or Holding , instead this is to provide freedom from Fiat spending to digital and private  currency.

using this for trade is not that appropriate because this must be for payment and easy transacting and not what it is now.

so in that , yeah this is losing its original purpose.

[Rruchi man]

but admit the fact that Bitcoin is not created in purpose of Asset or Holding

Very true, bitcoin was not intended to become a speculative asset for holding, in my opinion, Nakamoto's original purpose for the creation of bitcoin is to give the user control and freedom over their money and eliminate the third party interference from traditional banks. This singular purpose has not been defeated completely, but has metaphorsed and evolved such that bitcoin has found multiple purpose for its users, one of them is it becoming an asset.

It is deemed an asset now because it's volatility/liquidity is still very high, The original intention for it as an alternative currency will come into play when its liquidity has reduced, and almost all the mineable bitcoin has been mined. The value will by then become stable and the original intention the creators have for it will materialize.

[awik p]

bitcoin can be said to have lost its original purpose, now everyone is trading daily to get a profit

Bitcoin doesn't lose its purpose. Although many people trade Bitcoin, in fact Bitcoin is still used as a payment tool. So, it still functions as a digital currency. Become a trading object, is just another function of Bitcoin. People use Bitcoin for trading, doesn't mean people forget to use Bitcoin as a payment tool. We don't misunderstand about this.

but admit the fact that Bitcoin is not created in purpose of Asset or Holding , instead this is to provide freedom from Fiat spending to digital and private  currency.

using this for trade is not that appropriate because this must be for payment and easy transacting and not what it is now.

so in that , yeah this is losing its original purpose.

For now, bitcoin is indeed experiencing a shift in function, where because it has the potential to increase the price, many people think that from bitcoin we can make money, while the actual function has not been achieved. but we don't know in the future where with technological developments there will also be the development of civilization, so bitcoin will have a place as a means of payment

[Anonylz]

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.

Now that the price is even more higher than what it use to be, some people find it difficult to spend their btc on items, because you know when you hold the price can go even higher, hence it is difficult for the price not to go up, many people see btc as a store of value than a means of payment, the narrative already changed long ago when btc was paired to usd, maybe if there was no fiat value btc will not lose its purpose according to the op, but now things have changed. 

[Victorycoin]

Bitcoin is still on its way bitcoin is not losing its purpose bitcoin is being used as a digital currency and traders are gaining by investing in bitcoin than trading every day it is better to keep it for a long time. If you don't understand the market properly for trading, you will lose everything if you make a mistake although bitcoin has not yet been introduced as a payment method in the whole world everyone is assuming that it will be accepted by everyone very soon.

[LUCKMCFLY]

Great article on Bitcoin.com that people should read. Crypto has the potential to usurp the banks, allow private, digital transactions, serve as a universal currency, escape from rampant fiat inflation, etc. People need to wake up, be more active in politics and be stronger advocates against KYC.

Fighting KYC is exactly the type of thing that's going to lead to harsh crackdowns by governments. Either you want bitcoin to be a widely accepted part of the economy or you want limited utility untraceable dark money.  You can't have both. Bitcoin can occupy a not insignificant part of the financial system, but only when it fits into the current framework and the current laws. Bitcoin will not be the glorious revolution you envisioned.

I think that the fact of doing the KYC is something very disguised for banks and especially governments to have control, in a very subtle way they were getting involved with the excuse of avoiding "Scams", the large countries made those laws for acceptance Of crypto in general, I am one of those who think that if they get into some type of activity people know what they are getting into, for this is that they demand to be of legal age.

For this reason I believe that KYC exists, it is only a form of control that they do through Exchanges and any project, it is the easiest way to obtain all the data of the people who operate with crypto, that's where the casino licenses, exchanges, and everything, of course this is my perception of the activities.

[maisao1991]

in my own opinion the usa is actually a free country in terms of individuals and they don't care about any individual rights of each person. but if the US government requires everyone to participate in KYC before participating in the cryptocurrency market, then they are actually implementing a greedy scheme to make profits for their government.

[Kong Hey Pakboy]

I don't know how you've thought of that OP, bitcoin is still doing just fine when it comes to it's purpose, bitcoin's still doing what it was at first, a lot of people still use bitcoin to do transaction for products and services so I don't see how bitcoin's lose it's purpose.

[ven7net]

I believe that in order to understand this situation, you need to turn your attention to the history of the development of financial systems. And then we will find that there has always been a centralized financial management system, which means that all talk about anonymity and free money is probably just a deception or a temporary phenomenon, which will sooner or later acquire the character of centralized management. That is why Bitcoin can also lose or even lose its purpose, although we do not yet know 100% who and for what exactly created Bitcoin. But we know one thing for sure, that no government in the world will allow the availability of free uncontrolled money.