Bitcoin failed to fulfill the purpose it was created for ?

[so98nn]

May be we are on the verge of something like this. Though we know the fact that it can not be fully controlled by the government of any nation, there is still little aggression that all the banks, govtm. etc are trying to intercept bitcoin. Obviously they know very well, if crypto gonna overcome the settlement then they are done with their dirty business!

I am also little doubtful about government. If they wished then they would have formed an international committee on this and would have banned it long ago.

Know why they did not do it? Well, they have their personal interests and they know they can benefit from its use if it bended in right way and right direction. Thats what happening at the moment.

[PrivacyG]

What China's ban ever showed is they like manipulating Bitcoin's price.  The amount of times they banned and un-banned Bitcoin or mining makes it obvious, and now Russia is likely following their strategy.  Similar to what E. Musk has done with the markets before, banning and un-banning is a good strategy to accumulate Bitcoin at a low price.

I do not think Bitcoin has failed its purpose.  It is still free from government control, even banned.  Even if banned by law, you can still use it unlike bank accounts turning useless once frozen.  The technology is still young.  How many US citizens owned an Apple product back in the '90s?  How many own an Apple product today?  Humans are skeptical about new technologies.  Even more if the technology becomes a potential banking system's threat.

In order for Bitcoin to succeed, governments need more time to find a way to accept the inevitable while losing the least amount of power possible.  To me, Bitcoin's continuous evolution means it is here to stay and it is slowly fulfilling its purpose.  As long as it has never shown signs of failure, why would it be failed?

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Regards,
PrivacyG

[paxmao]

I think it failed on some of the original intentions, particularly on being a peer/to/peer system. I would say that it is reasonably free from government control, in the sense that you can exchange without a third party authorisation. The fact that there are regulations is not the same thing as being controlled. One thing is to make illegal to transact and a very different one to actually be able to control.

[Natalim]

2. Stay free from govt control.

This only happen because we dream adoption, and in order to achieve adoption, bitcoin should be regulated, otherwise it will be illegal and it's punishable to use bitcoin for transactions, we have to admit the reality that we have a government and we are living in a centrlized world, so that thing cannot be eliminated, the only decentralization is on the blockchain, other than that, it's already centralized.

[Kakmakr]

You have to understand that being an "Alternative" currency does not mean that it is a replacement for the Fiat currency. I think down deep, Satoshi knew that Bitcoin will never replace Fiat currencies.. and that is why he wrote in his White Paper ..that it will function as an alternative currency.

An alternative currency gives people a choice to opt to use another currency, if they are for whatever reason not satisfied with the only choice they are given. In my opinion all centralized payment options are the direct opposite of decentralized Crypto currencies. Payment systems like Credit cards / Debit cards / Diner Club cards / Loyalty cards / Token systems etc... are all centralized.

[Reid]

So does other cryptocurrencies.
Do you see a high percentage of merchants posting signs in their shops "accepting USDT, LTC, BNB and so on.." No. If Bitcoin fails as an alternative payment then so does the others which are rare to the ears of the population.
I don't think this is the right era just yet. But I do wish I will see it before I go or at least my kids will benefit from its real purpose.

[Cling18]

We all know that bitcoin is the king and father of all digital assets. Bitcoin was created for 2 purposes.

1. To be an alternative to fiat currency.
2. Stay free from govt control.

At present some big online marketplaces accept bitcoin but from being an alternative payment to fiat currency I think we are still behind. We also saw many countries are hostile towards bitcoin and china baned everything related to bitcoin. So china's ban on bitcoin shows that it's free from govt control or its the opposite? Bitcoin can really be the alternative to fiat in spite of this extreme volatility?

Bitcoin couldn't replace Fiat but it is already being used as an alternative so I still believe that it is fulfilling its purpose. Bitcoin is actually uncontrollable by the government. I also believe that Bitcoin still has a lot to prove and prove but it only needs time and more adoption in the future. It is actually being known in lots of countries and I am sure that it would be adopted more in the coming days.

[PrivacyG]

Do you see a high percentage of merchants posting signs in their shops "accepting USDT, LTC, BNB and so on.." No. If Bitcoin fails as an alternative payment then so does the others which are rare to the ears of the population.

Not for now.  But I am confident we will in a matter of years.  With new decentralized technologies and protocols coming, we may get to the point where you accept Monero and still receive Bitcoin as a merchant.  Fully decentralized, peer to peer with no gimmick behind.

Take a look at Monero.  They are very close to creating the bridge between Bitcoin and Monero and that would be a game changer.  Imagine you had a company whose only belief is in Bitcoin.  You can accept Monero and use atomic swaps as a gateway so your clients pay in their favorite Cryptocurrency and you only receive the one you believe in.

I sense there will be a time where the typical sign will be 'Accepting Cryptocurrency' and not a specific one.  Decentralization will make it possible.  See Pancake Swap, it is getting very close to reality.

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Regards,
PrivacyG

[Leviathan.007]

I don't agree with you in both cases you mentioned here, the first thing you need to attention to is bitcoin is maybe far from the starting days but still, bitcoin has a long way ahead and in this way, bitcoin will be adopted multiple times at lest that's what I know, also bitcoin is already alternative currency to fiat in many cases because in some online shop and even traditional shop you can choose to do your transaction with bitcoin instead of the fiat money.

[ShowOff]

I might agree with bitcoin as a payment alternative to fiat considering bitcoin is not a legal currency in many countries. The use of bitcoin as a means of payment is an alternative for those who are concerned with privacy and security of transactions even though they are carried out between different countries. Bitcoin gives us more freedom and options than state-owned centralized financial systems.

Regulation and control are two different things. Governments can regulate bitcoin users with regulations but they cannot control bitcoin. This is a unique fact about bitcoin.

[Fortify]

We all know that bitcoin is the king and father of all digital assets. Bitcoin was created for 2 purposes.

1. To be an alternative to fiat currency.
2. Stay free from govt control.

At present some big online marketplaces accept bitcoin but from being an alternative payment to fiat currency I think we are still behind. We also saw many countries are hostile towards bitcoin and china baned everything related to bitcoin. So china's ban on bitcoin shows that it's free from govt control or its the opposite? Bitcoin can really be the alternative to fiat in spite of this extreme volatility?

I think this is more a case of people assigning it's "purpose" long after the fact without understanding the history behind it. A purpose of Bitcoin was to showcase the blockchain technology - a transparent and open ledger,
 which displays a chain of transactions that anyone across the world can view which can rival the closed source database driven technology behind big banks. For that purpose it has been a staggering success, which is evident by the continued high price it holds and the amount of people who have faith in it as a store of value, that can be later traded into any fiat currency at a moments notice if required. It is an excellent example of a decentralized model that can take resources from many locations to benefit the majority.

[Mauser]

At present some big online marketplaces accept bitcoin but from being an alternative payment to fiat currency I think we are still behind. We also saw many countries are hostile towards bitcoin and china baned everything related to bitcoin. So china's ban on bitcoin shows that it's free from govt control or its the opposite? Bitcoin can really be the alternative to fiat in spite of this extreme volatility?

You are right that Bitcoins were created to be independent currencies and free from government control. As that they are fulfilling their purposes. Governments have no part in our crytpo transactions with bitcoins, the only thing they can do is ban the use in a country. With that companies are not allowed to accept bitcoins anymore and also the mining is shutdown, but the transactions between two individuals is hard to control for the government. A ban on crypto currencies is never to 100%, there are ways to circumvent the ban. And bitcoins can't do anything if countries decide to ban it, it's part of the game. China is not the best example here because their own currency is not traded freely. The governments intervenes if they feel that the value of the Yuan is too low or too high.

[Quidat]

I don't agree with you in both cases you mentioned here, the first thing you need to attention to is bitcoin is maybe far from the starting days but still, bitcoin has a long way ahead and in this way, bitcoin will be adopted multiple times at lest that's what I know, also bitcoin is already alternative currency to fiat in many cases because in some online shop and even traditional shop you can choose to do your transaction with bitcoin instead of the fiat money.

Adoption and recognition is always on the move and there's no such thing about giving out conclusions on what would the future looks like because no one ever knows on what would be its ending value.
Speaking of purpose then it had already done its job but it is just turning out that it does have other applications on which people are utilizing and one of it is on talking about investment.
It might be a little misdirection but not totally the case but rather considering its been part or one of its benefits which we should be thankful at least.

[suzanne5223]

Bitcoin never failed to fulfill the purpose it was created for but the reason why we have the believe that Bitcoin didn't fulfill its purpose is because we're impatient and expect quick results whereas Rome is not built in a day.
The last time I checked the government also agreed that Bitcoin is inevitable, the Chinese government's ban on crypto is a sign that Bitcoin is autonomous and yes, volatility did not stop Bitcoin from being an alternative to fiat currency. However, fiat are also volatile in it own way.

[Mahanton]

Bitcoin never failed to fulfill the purpose it was created for but the reason why we have the believe that Bitcoin didn't fulfill its purpose is because we're impatient and expect quick results whereas Rome is not built in a day.
The last time I checked the government also agreed that Bitcoin is inevitable, the Chinese government's ban on crypto is a sign that Bitcoin is autonomous and yes, volatility did not stop Bitcoin from being an alternative to fiat currency. However, fiat are also volatile in it own way.

Come to think that it wasnt built for investment or making money but rather trying to have that new payment system which doesnt involved third party which do simply
talks about decentralization and just like that dude above mentioned that people do just utilize its other benefit which is to make profits but doesnt mean that
we had forgotten on whats its actual purpose on this current system we do have.

[Darker45]

Bitcoin has probably grown largely into something it wasn't intended for. That it became more of a speculative asset than a digital currency might not have been in Satoshi's mind when he/she/they created it. Although Satoshi somehow likened Bitcoin to gold, he/she/they must have never thought it to simply become a new class of investment. But all changes of how Bitcoin is perceived are all organic more or less. Everybody owns Bitcoin, after all.

Which would you prefer, China adopts Bitcoin by creating its own state wallet for its people to use or China completely bans Bitcoin? I prefer the latter. For that means Bitcoin stays as intended. China is not Bitcoin-free today despite its numerous bans on it.

[evilgreed]

               First of all, there really is no such thing as complete freedom in this world only freedom that is limited or should I say allowed to some extent that it does not defy the human laws or the law of nature itself. Now in regards to bitcoin being an alternative for fiat, I say that already is working pretty for some people and some parts of the world. And mind you, bitcoin still has years ahead available for it to improve and has been doing good looking at its progress in terms of worldwide adoption. It may have not been able to fill its purpose perfectly, but it already is working fine as it is and will be even better in the future so don't smash your brain worrying about such things. Let time do its job

[darewaller]

Investment and utility are different things. You can't expect it to be both utility and investment that easily. Look at gold, it was utility for a long time and surely it was store of wealth as well at the same time but not really an investment, 2000+ years ago people didn't just buy gold and stored it and then sold it in chunks, maybe a few did but consider how many people did versus how many people couldn't, the difference is huge. Same could be said for fiat as well, but can't be said for crypto.

Crypto is easy to use AND invest at the same time. I personally believe that crypto is doing something not unusual, but not commonly available which is giving people a thing to use while purchasing something but also keep it for investment purposes, not just store it like gold neither, I mean true investment, like a house.

[xSkylarx]

We all know that bitcoin is the king and father of all digital assets. Bitcoin was created for 2 purposes.

1. To be an alternative to fiat currency.
2. Stay free from govt control.

At present some big online marketplaces accept bitcoin but from being an alternative payment to fiat currency I think we are still behind. We also saw many countries are hostile towards bitcoin and china baned everything related to bitcoin. So china's ban on bitcoin shows that it's free from govt control or its the opposite? Bitcoin can really be the alternative to fiat in spite of this extreme volatility?

It is true that the primary purpose of bitcoin was to enable people to send money online more cheaply, more quickly, and with greater ease of tracking because this was a major problem prior to bitcoin's creation. However, as you can see now, bitcoin was created for investment purposes, even though it was initially used as a payment method. However, most people believe that bitcoin is a good investment, which benefits us as well. Also, for the time being, bitcoin is unfettered by government, with some countries simply prohibiting or legalizing it, rather than regulating it or regulating it directly.

[Anguwa]

Bitcoin will undoubtedly achieve these goals because governments are attempting to get control over bitcoin, but when they believe this is impossible, they impose bans on its usage in some nations, while others continue to use it. It is currently an alternative to fiat currency because many advanced countries accept Bitcoin as a form of payment. With the advancement of technology, I am confident that the goals will be met one day.