Is Bitcoin losing its purpose?

[Mahanton]

Bitcoin's main purpose is to give an opportunity for people to use Bitcoin freely and anonymously. That's the part that has drawn people's attention the most so far. However, governments have started to hinder this anonymity with their regulations. They have started to demand people to share the information about who the wallet belongs to and they have started to track people's transactions. This caused Bitcoin to start to lose its main purpose.

but if we want more adoption, i believe, this regulation is already a part of it. understandably, we want to have anonymous transactions without worrying anyone to look at our crypto activities. however, as this market is growing, and so the government's intervention on this market. by now, this market is already the subject of their scrutiny. hence, implementing laws and regulations towards this market.

Government do really love to involved on everything which isnt surprising.If they cant taxed all of crypto transactions then they would normally be touching on centralized platforms which can be easily regulated.
For us crypto enthusiast or supporters then we dont really have any choice but to deal with it but doesnt mean that Bitcoin is losing its purpose.It is really just the platforms that we are just using
do really remove the essence of anonymity but doesnt mean that we would be completely be stop on here.

[romero121]

Bitcoin's main purpose is to give an opportunity for people to use Bitcoin freely and anonymously. That's the part that has drawn people's attention the most so far. However, governments have started to hinder this anonymity with their regulations. They have started to demand people to share the information about who the wallet belongs to and they have started to track people's transactions. This caused Bitcoin to start to lose its main purpose.

but if we want more adoption, i believe, this regulation is already a part of it. understandably, we want to have anonymous transactions without worrying anyone to look at our crypto activities. however, as this market is growing, and so the government's intervention on this market. by now, this market is already the subject of their scrutiny. hence, implementing laws and regulations towards this market.

More countries are involved in creating a regulatory framework that will keep the users within the eyes of the government. This isn't possible with bitcoin, and now only bitcoin is gaining its importance and serving people with its real purpose for which this is being innovated. In recent days the big role and usage of bitcoin is found among the people of Ukraine and Russia. Governments haven't seen such a kind of real-time usage in the past and that's the one leads to the intervention by different governments.

[dunfida]

Bitcoin's main purpose is to give an opportunity for people to use Bitcoin freely and anonymously. That's the part that has drawn people's attention the most so far. However, governments have started to hinder this anonymity with their regulations. They have started to demand people to share the information about who the wallet belongs to and they have started to track people's transactions. This caused Bitcoin to start to lose its main purpose.

but if we want more adoption, i believe, this regulation is already a part of it. understandably, we want to have anonymous transactions without worrying anyone to look at our crypto activities. however, as this market is growing, and so the government's intervention on this market. by now, this market is already the subject of their scrutiny. hence, implementing laws and regulations towards this market.

More countries are involved in creating a regulatory framework that will keep the users within the eyes of the government. This isn't possible with bitcoin, and now only bitcoin is gaining its importance and serving people with its real purpose for which this is being innovated. In recent days the big role and usage of bitcoin is found among the people of Ukraine and Russia. Governments haven't seen such a kind of real-time usage in the past and that's the one leads to the intervention by different governments.

They are trying to suppress it as much as they could even up to these days and some had gave up and adapted it instead and some do still find ways on how to exploit this system or breaking overall but still fail to do so.

Just as we can see on how government do really make out some new laws and regulations in regarding about crypto since they cant see nor control everything thats why we do see lots of ways that they are doing.

Bitcoin is still standing strong and with having huge community support yet it do able to stand the test of time and still remain its purpose.

[kawetsriyanto]

How can Bitcoin lose it purpose? Bitcoin is beautifully doing very well and it plays it's purposes daily by users  . Bitcoin growing and becoming more popular everyday. The purpose of bitcoin is been seen more expecially in Russia,  where they sell their oil with bitcoin.

Do you understand what OP means? He didn't discuss Bitcoin adoption or its popularity, he specified telling us about KYC leads BTC to lose its native purpose. We know that many exchanges obligate KYC for BTC holders if they want to trade or transfer their BTC in the exchanges. As Satoshi ever stated that BTC is electric cash with no need for third parties and it keeps our privacy since it is transferred from person to person. Now, an exchange has a role that is almost the same as the third party. No different than when we use fiats and transfer it among banks.

CMIIW

[Abiky]

Do you understand what OP means? He didn't discuss Bitcoin adoption or its popularity, he specified telling us about KYC leads BTC to lose its native purpose. We know that many exchanges obligate KYC for BTC holders if they want to trade or transfer their BTC in the exchanges. As Satoshi ever stated that BTC is electric cash with no need for third parties and it keeps our privacy since it is transferred from person to person. Now, an exchange has a role that is almost the same as the third party. No different than when we use fiats and transfer it among banks.

CMIIW

Unfortunately, the OP is right. The ever-increasing number of exchanges and services requiring KYC, greatly defeats Bitcoin's purpose of bringing true financial freedom. KYC will only bring us the single points of failure crypto was meant to avoid in the first place. This is no different than traditional banking if you ask me. While there are still a handful of decentralized alternatives that don't require KYC, most people prefer the centralized route because it's much more convenient.

I'm afraid centralization will continue to dominate in the upcoming years. Who knows what the future holds for Bitcoin as regulations continue to take the crypto world by storm? Just my thoughts

[stomachgrowls]

Do you understand what OP means? He didn't discuss Bitcoin adoption or its popularity, he specified telling us about KYC leads BTC to lose its native purpose. We know that many exchanges obligate KYC for BTC holders if they want to trade or transfer their BTC in the exchanges. As Satoshi ever stated that BTC is electric cash with no need for third parties and it keeps our privacy since it is transferred from person to person. Now, an exchange has a role that is almost the same as the third party. No different than when we use fiats and transfer it among banks.

CMIIW

Unfortunately, the OP is right. The ever-increasing number of exchanges and services requiring KYC, greatly defeats Bitcoin's purpose of bringing true financial freedom. KYC will only bring us the single points of failure crypto was meant to avoid in the first place. This is no different than traditional banking if you ask me. While there are still a handful of decentralized alternatives that don't require KYC, most people prefer the centralized route because it's much more convenient.

I'm afraid centralization will continue to dominate in the upcoming years. Who knows what the future holds for Bitcoin as regulations continue to take the crypto world by storm? Just my thoughts

We are really heading there and its inevitable considering that crypto do really get much attention then its no surprise that it would really be targeted or close monitored by the government.They might not

able to get rid or stop it technically but on the sense that they could touch up platforms or any service that is attached to it then t hey would really be doing such chances and possibilities thats why

these services doesnt have any choice but to abide these laws which would be passed up into its users and honestly we cant really do anything but in exchange then the comfort is really there
but the true essence is really fading away.

[breathlessz]

Do you understand what OP means? He didn't discuss Bitcoin adoption or its popularity, he specified telling us about KYC leads BTC to lose its native purpose. We know that many exchanges obligate KYC for BTC holders if they want to trade or transfer their BTC in the exchanges. As Satoshi ever stated that BTC is electric cash with no need for third parties and it keeps our privacy since it is transferred from person to person. Now, an exchange has a role that is almost the same as the third party. No different than when we use fiats and transfer it among banks.

CMIIW

Unfortunately, the OP is right. The ever-increasing number of exchanges and services requiring KYC, greatly defeats Bitcoin's purpose of bringing true financial freedom. KYC will only bring us the single points of failure crypto was meant to avoid in the first place. This is no different than traditional banking if you ask me. While there are still a handful of decentralized alternatives that don't require KYC, most people prefer the centralized route because it's much more convenient.

I'm afraid centralization will continue to dominate in the upcoming years. Who knows what the future holds for Bitcoin as regulations continue to take the crypto world by storm? Just my thoughts

exchange is just a company that is under the auspices of the government, so it must also comply with the requirements of the government. therefore KYC is needed to make it easier for the government to track every user. this is very visible to local exchanges, by having our identity the government is free to see our transactions making tax rules in the end. and indeed anonymity is not fully visible here, but we can't do much, except to follow the rules from the government even though it's not in accordance with our conscience

[uchegod-21]

Op, bitcoin is not only all about privacy, bitcoin is a currency;
Bitcoin is not only a currency, bitcoin is an assets;
Bitcoin is not only an asset bitcoin is connections;
Bitcoin is a set of algorithms.
Bitcoin is liberty.

Bitcoin did not come to be the only way,
Bittcoin allows altcoins,
Banks and exchanges can co-exist.

What one needs in bitcoin is not what another needs.
Some needs privacy;
Some wants to use it and buy coffee;
Some is using it as an investment;
Some wants to mine it.

In all, no government can stop totally bitcoin. Bitcoin is for the people and the people decides what bitcoin will be.
I fear developers more than the government.

[coupable]

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.

We should determine what are its purposes first.
As long as it's fully decentralized, it won't lose its purposes until we decide it. At extreme case, an alternative to bitcoin from potential alts may replace it for technical reasons maybe (far to be true), but even though, this wouldn't mean that Bitcoin lose its purposes.

[KennyR]

Do you understand what OP means? He didn't discuss Bitcoin adoption or its popularity, he specified telling us about KYC leads BTC to lose its native purpose. We know that many exchanges obligate KYC for BTC holders if they want to trade or transfer their BTC in the exchanges. As Satoshi ever stated that BTC is electric cash with no need for third parties and it keeps our privacy since it is transferred from person to person. Now, an exchange has a role that is almost the same as the third party. No different than when we use fiats and transfer it among banks.

CMIIW

Unfortunately, the OP is right. The ever-increasing number of exchanges and services requiring KYC, greatly defeats Bitcoin's purpose of bringing true financial freedom. KYC will only bring us the single points of failure crypto was meant to avoid in the first place. This is no different than traditional banking if you ask me. While there are still a handful of decentralized alternatives that don't require KYC, most people prefer the centralized route because it's much more convenient.

I'm afraid centralization will continue to dominate in the upcoming years. Who knows what the future holds for Bitcoin as regulations continue to take the crypto world by storm? Just my thoughts

exchange is just a company that is under the auspices of the government, so it must also comply with the requirements of the government. therefore KYC is needed to make it easier for the government to track every user. this is very visible to local exchanges, by having our identity the government is free to see our transactions making tax rules in the end. and indeed anonymity is not fully visible here, but we can't do much, except to follow the rules from the government even though it's not in accordance with our conscience

Even the recent adoption of Russia made it overcome the sanctions when the entire transaction is being cut. Beyond this now the cryptocurrency exchanges too have begun to restrict people from Russia. So, as said above the exchanges are functioning similar to the banks for cryptocurrency. Even the governments try to have control over the non custodial wallets. This shows how focused are the countries in taking control over the market.

[Abiky]

We are really heading there and its inevitable considering that crypto do really get much attention then its no surprise that it would really be targeted or close monitored by the government.They might not

able to get rid or stop it technically but on the sense that they could touch up platforms or any service that is attached to it then t hey would really be doing such chances and possibilities thats why

these services doesnt have any choice but to abide these laws which would be passed up into its users and honestly we cant really do anything but in exchange then the comfort is really there
but the true essence is really fading away.

Unfortunately, this is the aftermath of something that becomes too popular worldwide. Governments bring out obstacles/hurdles in order to make one's life harder. Bitcoin is still decentralized, so I wouldn't say it's losing its purpose. Of course, most people often see Bitcoin as an investment tool than a digital currency. But that doesn't take away BTC's purpose since you and only you decide what to do with it. As long as there are decentralized alternatives where people can freely buy/sell Bitcoin or even store it in the long-term without intermediaries (non-custodial wallets), governments will have a hard time trying to destroy it altogether. That's the beauty of decentralization. Things would've been different if Bitcoin was completely centralized. Who knows what the future holds for this exciting cryptocurrency? Just my thoughts

[uneng]

Where some see an issue, another ones see an opportunity. Coercive, restrictive countries dispel investors and crypto enthusiasts in general (customers, developers, entrepreneurs...), while smaller countries looking for foreign income adopt a friendly stance towards bitcoin and crypto, consequently bringing new people and more money to their territories. So far it's not scaring news, because we are talking only about one country (USA). Bitcoin can't be defeated by a single nation and can't be defeat while there are still people and countries supporting its usage.

Maybe CBDCs are going to be a big issue for some of us, as some governments are going to impose its adoption by difficulting the access to decentralized crypto and making it more expensive to deal with through taxes. However, there is still time until it happens, so there is still time to elaborate a solution for the problem. If my country did something like US is attempting to do and I had enough financial conditions, I would move myself to a bitcoin friendly country without any doubts.

[Fesatmas]

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.

We should determine what are its purposes first.
As long as it's fully decentralized, it won't lose its purposes until we decide it. At extreme case, an alternative to bitcoin from potential alts may replace it for technical reasons maybe (far to be true), but even though, this wouldn't mean that Bitcoin lose its purposes.

I myself have not been able to find the specific biggest purpose of bitcoin. But in my opinion bitcoin has exceeded its initial goal in other words it has achieved its main goal even more than that. If so, I'm sure the main creators are also targeting a new goal to get bitcoin even more in demand. Yes, although it is still a mystery who the person behind all this is, but I really enjoy this.

[Dunamisx]

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.

We should determine what are its purposes first.
As long as it's fully decentralized, it won't lose its purposes until we decide it. At extreme case, an alternative to bitcoin from potential alts may replace it for technical reasons maybe (far to be true), but even though, this wouldn't mean that Bitcoin lose its purposes.

It only thiyse that are not into bitcoin that can make an instance on loosing it purpose or so, ever since I've been in this it has always been a good experience for me and i see alot of difference from the fiat currency in bitcoin, some may give a conclusion on bitcoin loosing it purpose maybe when the speculation on prize run deep but that is an insinuation by the government and other entities out there who does not adopt the use of bitcoin but rather sit to watch and give an imaginary analysis of what is not.

[doomloop]

I myself have not been able to find the specific biggest purpose of bitcoin. But in my opinion bitcoin has exceeded its initial goal in other words it has achieved its main goal even more than that. If so, I'm sure the main creators are also targeting a new goal to get bitcoin even more in demand. Yes, although it is still a mystery who the person behind all this is, but I really enjoy this.

Why you don't know? Didn't you own any bitcoins? But if you own some, you will know if what is its purpose. For others btc for them is an asset while for the rest, bitcoin can be both a currency and an asset. Bitcoin's specific purpose is for the people to have a money that they can use online that is decentralized and anonymous.

You're right, btc has exceeded its goal because who would have thought that it will also work better in terms of an asset? But what could that new goal be? Are there any other use for btc aside from being an asset and a currency? I can't think of anything right now but if we have goals that we want for bitcoin to achieve, that is its price. We want 100k per btc

[Flexystar]

It’s like what way you use bitcoin will define whether it’s loosing its purpose for an individual. As community its not loosing any purpose because it works with framework which public ledger and can not be undone now. With the time bitcoins use case would be vast and could easily surpass the current regulations and obstructions like KYC. Why I am saying it’s more or less individual based is because of its nature. If you are going to work your transactions on the exchanger then definitely as company they will seek the KYC documents while on the other hand if you gonna work transactions with custodial wallet, no one care about your KYC.

[xSkylarx]

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.

We should determine what are its purposes first.
As long as it's fully decentralized, it won't lose its purposes until we decide it. At extreme case, an alternative to bitcoin from potential alts may replace it for technical reasons maybe (far to be true), but even though, this wouldn't mean that Bitcoin lose its purposes.

I myself have not been able to find the specific biggest purpose of bitcoin. But in my opinion bitcoin has exceeded its initial goal in other words it has achieved its main goal even more than that. If so, I'm sure the main creators are also targeting a new goal to get bitcoin even more in demand. Yes, although it is still a mystery who the person behind all this is, but I really enjoy this.

Just to refresh your memory, the original purpose of bitcoin was to reduce the fees charged by other online money senders because, at that time, sending money required a huge fees as well as time, and it was also not real-time and difficult to track. That was the purpose before, but as the years went by, it became an investment or an asset that owning one could earn you more money and also make you rich. But the purpose of it is still there, but now the most important thing about it is its value. That can help a lot of people to earn money.

[_BlackStar]

Just to refresh your memory, the original purpose of bitcoin was to reduce the fees charged by other online money senders because, at that time, sending money required a huge fees as well as time, and it was also not real-time and difficult to track.

I blame your opinion, but I don't think that perception is correct because I think bitcoin was created for something different from the traditional financial system where bitcoin is a decentralized currency with a number of innovations it brings including transaction fees, security, privacy and more.

That was the purpose before, but as the years went by, it became an investment or an asset that owning one could earn you more money and also make you rich. But the purpose of it is still there, but now the most important thing about it is its value. That can help a lot of people to earn money.

Like most currencies, bitcoin also has value after supply and demand. Bitcoin is a tradable asset from the start although satoshi does not put an initial price, but due to the increasing demand and scarcity factor, its price continues to rise which makes people make it a potential asset for profit ^{[investing or trading].} So it is a normal state without affecting its basic purpose as a different currency than fiat.

[ajochems]

Do you know,what the purpose of the bitcoin was created.It’s to replace the Fiat of world countries.Mainly it targeted the Dollar.Because as we all know,the dollar rule the world.People of world country,hold US dollar for the reserves.Because the United State will try to influence the other countries,during the war time situation.Now bitcoin was moving towards it purpose and not deviated from his purpose of creation.

[Lanatsa]

Do you know,what the purpose of the bitcoin was created.It’s to replace the Fiat of world countries.Mainly it targeted the Dollar.Because as we all know,the dollar rule the world.People of world country,hold US dollar for the reserves.Because the United State will try to influence the other countries,during the war time situation.Now bitcoin was moving towards it purpose and not deviated from his purpose of creation.

It was never intended to replace fiat but rather been an option on having p2p payments without 3rd party involvement and it did really just happen that the support did really become big over time.

Its purpose isnt losing because it wont really be sitting on top of the market if it does have that kind of problem.So its better not to stress yourself out about its purpose.

Lets just see on how the community is been mainly supporting it because we know that it wont really be on the top coins for nothing.