Bitcoin failed to fulfill the purpose it was created for ?

[TheNineClub]

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 has not failed in any of those two cases.

1. It's an alternative. An alternative does not mean being as strong as the thing you are alternating from, nor it needs to overcome that specific thing.

2. It has stayed free from governmental control for a long time.

What you are referring to is the current state of BTC, a state that is evolving from its earlier principles in order to surpass its current boundaries and plateaus. So with that in regard, BTC is constantly evolving and with that, it may very well be a 1:1 alternative to FIAT in the future, you are just jumping the gun on that as an evolution of technologies and economic principles as well as social principles does not take a few years that you think it should.

[Similificator]

Look man, bitcoin as it is right now is already such a great achievement and if I were satoshi or part of his team, I would be really damn proud. It may have not achieved some of its original purposes but we cannot disregard the fact that it really did fulfill some of them. Also, isn't bitcoin still pretty young considering the number of current circulating supply? This means that bitcoin still has a lot of room to fullfil some other purposes that satoshi or his team originally wanted. Then again, it can go the other way instead. But as it is today, as a person of this industry, I must say that I already am pretty satisfied with how bitcoins n is right now.

[doomloop]

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.

I think it was not written in the document of btc that it will replace fiat or will be used as an alternative to fiat but people are free to use btc where they wanted it to be. You don't really need a fiat but a btc can already be enough for you to live because it was still a currency. On your own, your not using your btc as a fiat alternative nor a replacement for fiat. It sounds confusing but I hope you and others get my point .

Yes, btc is already adopted by many countries but is that considered as a proof that btc already show its worth because why would they trust btc anyway? So many years have passed and many events have happened but btc is still strong. No need to prove anything.

[Wawa2013]

Look man, bitcoin as it is right now is already such a great achievement and if I were satoshi or part of his team, I would be really damn proud. It may have not achieved some of its original purposes but we cannot disregard the fact that it really did fulfill some of them. Also, isn't bitcoin still pretty young considering the number of current circulating supply? This means that bitcoin still has a lot of room to fullfil some other purposes that satoshi or his team originally wanted. Then again, it can go the other way instead. But as it is today, as a person of this industry, I must say that I already am pretty satisfied with how bitcoins n is right now.

Although Bitcoin still does not fulfill its original purpose, on the other hand Bitcoin has been useful for many people. I believe Satoshi Nakamoto as
the creator of Bitcoin must be proud that Bitcoin has provided benefits to many people. Although Satoshi Nakamoto would certainly not think that
Bitcoin is very good as an investment asset. It's not easy to fulfill the original purpose, it may take a few more years for the original purpose of Bitcoin
to be achieved. For now, there are still many countries that are neutral towards Bitcoin, the government still needs time to study Bitcoin more deeply.
So just be grateful with the achievements of Bitcoin today, it still needs a lot of education to the majority of people around the world that Bitcoin is
something that we should accept and use. So that human life goes in a better direction and also in the end Bitcoin can fulfill its original purpose.

[Taskford]

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.

I think it was not written in the document of btc that it will replace fiat or will be used as an alternative to fiat but people are free to use btc where they wanted it to be. You don't really need a fiat but a btc can already be enough for you to live because it was still a currency. On your own, your not using your btc as a fiat alternative nor a replacement for fiat. It sounds confusing but I hope you and others get my point .

Yes, btc is already adopted by many countries but is that considered as a proof that btc already show its worth because why would they trust btc anyway? So many years have passed and many events have happened but btc is still strong. No need to prove anything.

Heavy expectation what make them confuse about things and maybe they just heard those promises to a random people while the real situation there is we can always decide on where we want to use this and how we take bitcoin for ourselves maybe for now in some other case it can be alternative to fiat but the adoption is not so huge so maybe if legal entities will enter the scene and adopt bitcoin we can provably see the expectation of others will became into reality.

[Hypnosis00]

Just to ask first OP, is Bitcoin dead already? You can just tell anything about a failure. For as long as Bitcoin still exists and is alive, the purpose of being considered as a legal tender alternative to fiat money is quite possible. You can't just end up saying it fails already, perhaps, we are very close to that knowing that many countries are into its adoption and growing establishments are also accepting this as a mode of payment.

It can't be done in just one day if we need another decade to wait, hen we have to be patient, anyway.

[pinggoki]

Bitcoin is still doing fine and there's not a lot of people that's using bitcoin around the world so I wouldn't say that bitcoin has failed to do what it was supposed to do, it's progress, where in the definition of progress says that the change is instant? I don't think that there's none in there. Don't get frustrated, remember that if you're impatient, the metaphorical door is open and you can easily leave.

[n0ne]

Without doubt bitcoin is doing the purpose for which it is being innovated. Bitcoin as an alternate isn't much appreciated around the world, but it has gained importance as an alternate investment to stocks and forex. Lot of people have considered bitcoin as the primary investment over the bonds and fixed long term pension schemes. Maybe on its growth with time people find it difficult to spend as a currency though there is good level of acceptance for bitcoin.

Governments always blame it's decentralised accessibility as a prime reason for money laundering and other illegal activities. However they weren't able to have control over the network. Some countries have banned the usage and now studying the market to regulate the usage. As the governments weren't able to have control, more countries have begun to develop CBDC.

[Mometaskers]

Not entirely lost. It is still usable but we are still at a point where there's still bitcoins to be mined. Once they've all been mined, that's when we can truly say whether it failed or not as a currency, if it's still speculative by then.

As for government control, gov't does exert some level of influence but is mostly through control of exchanges and policies regarding conversion.

[Fivestar4everMVP]

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?

Sorry but your assumptions are wrong mate, it might interest you to know that bitcoin has actually fulfilled all of its purpose plus a lot of others too that the creator never anticipated.
And also, yes, bitcoin is totally free from government control, like the saying goes "people fear what they can't conquer, hate what they can't control", this is clearly the case with China's ban on cryptocurrencies, Chinese government hate the fact they can't control bitcoin and cryptocurrencies so they clearly see it as a threat to their financial system, hence, they ban it out of fear.

[Falconer]

I don't think bitcoin was created against governments and the centralized government financial system that has been around for years. Bitcoin is an innovative payment network and a new currency created to meet the privacy needs of users that have not been obtained from a centralized financial system.

Bitcoin can be used as an alternative means of payment for anyone depending on the legality of bitcoin in our country regardless we also have fiat or other crypto currencies. Other than that, I think bitcoin has never failed even though many countries have banned it as a means of payment.

[laredo7mm]

I don't think bitcoin was created against governments and the centralized government financial system that has been around for years. Bitcoin is an innovative payment network and a new currency created to meet the privacy needs of users that have not been obtained from a centralized financial system.

Bitcoin can be used as an alternative means of payment for anyone depending on the legality of bitcoin in our country regardless we also have fiat or other crypto currencies. Other than that, I think bitcoin has never failed even though many countries have banned it as a means of payment.

That is what I was talking about. If countries can ban bitcoin as a means of payment then isn't that failure of bitcoin? Wasn't it suppose to use as a peer-to-peer payments system without any middleman? If there isn't any middleman then how govt still be able to place restrictions for using bitcoin? There is something missing from bitcoin which is preventing it from unleashing its full power.

[sana54210]

it might interest you to know that bitcoin has actually fulfilled all of its purpose plus a lot of others too that the creator never anticipated.
And also, yes, bitcoin is totally free from government control, like the saying goes "people fear what they can't conquer, hate what they can't control", this is clearly the case with China's ban on cryptocurrencies, Chinese government hate the fact they can't control bitcoin and cryptocurrencies so they clearly see it as a threat to their financial system, hence, they ban it out of fear.

It is clear to me that people will always downplay bitcoin. I mean even in a situation where bitcoin "failed" to do what it suppose to do, it is 40k+ right now and made many people millionaires. It is so fair that, there are more than 21 millionaires in the world, meaning not every single millionaire will have 1 bitcoin, some of them will have to have less. So that should tell you the future of bitcoin as well.

I do not think that it has failed, but even in that thought we are still doing awesome in profit and adoption. So all these people who keep trying to find some mishap or mistake or failure in bitcoin will never end, they will keep on trying but they will never succeed at all.

[Finestream]

I don't think bitcoin was created against governments and the centralized government financial system that has been around for years. Bitcoin is an innovative payment network and a new currency created to meet the privacy needs of users that have not been obtained from a centralized financial system.

Bitcoin can be used as an alternative means of payment for anyone depending on the legality of bitcoin in our country regardless we also have fiat or other crypto currencies. Other than that, I think bitcoin has never failed even though many countries have banned it as a means of payment.

I think its too early to say that we have failed on the real purpose on bitcoin because as we can see, its still improving and developing throughout the years. In fact, there are still more adoption happening this time in cases like Russia and hopefully Ukraine. So needless to say, bitcoin is still leading to its main purpose to be used as medium of exchange. We just need to trust the process and hopefully we'll get there soon.

[Kasabus]

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?

Sorry but your assumptions are wrong mate, it might interest you to know that bitcoin has actually fulfilled all of its purpose plus a lot of others too that the creator never anticipated.
And also, yes, bitcoin is totally free from government control, like the saying goes "people fear what they can't conquer, hate what they can't control", this is clearly the case with China's ban on cryptocurrencies, Chinese government hate the fact they can't control bitcoin and cryptocurrencies so they clearly see it as a threat to their financial system, hence, they ban it out of fear.

Bitcoin is still developing so most likely, it still working on its own real purpose. However, bitcoin has always been free from the government because its decentralized. But if the government will start to regulate it, somehow bitcoin will be less decentralized since the government will be able to control it slowly. But on bitcoin being an alternative payment, El Salvador even makes it as a legal tender. And hopefully bitcoin will be recognized too in most countries in the years to come. Considering that, bitcoin does not really failed.

[Sanitough]

it might interest you to know that bitcoin has actually fulfilled all of its purpose plus a lot of others too that the creator never anticipated.
And also, yes, bitcoin is totally free from government control, like the saying goes "people fear what they can't conquer, hate what they can't control", this is clearly the case with China's ban on cryptocurrencies, Chinese government hate the fact they can't control bitcoin and cryptocurrencies so they clearly see it as a threat to their financial system, hence, they ban it out of fear.

It is clear to me that people will always downplay bitcoin. I mean even in a situation where bitcoin "failed" to do what it suppose to do, it is 40k+ right now and made many people millionaires. It is so fair that, there are more than 21 millionaires in the world, meaning not every single millionaire will have 1 bitcoin, some of them will have to have less. So that should tell you the future of bitcoin as well.

I do not think that it has failed, but even in that thought we are still doing awesome in profit and adoption. So all these people who keep trying to find some mishap or mistake or failure in bitcoin will never end, they will keep on trying but they will never succeed at all.

There's always those negative critics on bitcoin even how profitable bitcoin is today. And for that, there's nothing we can do but to ignore them. However, if we deal on the real purpose of bitcoin, i guess making it as an alternative payment will only happen if the government will accept it as a currency. Just like El Salvador who was brave enough to accept bitcoin as a legal tender, and they're making benefits from it now. And bitcoin that should stay free from the government, i think with its present status, most of the countries have no control over bitcoin today and this maybe the reason why they don't want to accept it as a legal currency because they can't take full control on it.

[Japinat]

I don't think bitcoin was created against governments and the centralized government financial system that has been around for years. Bitcoin is an innovative payment network and a new currency created to meet the privacy needs of users that have not been obtained from a centralized financial system.

Bitcoin can be used as an alternative means of payment for anyone depending on the legality of bitcoin in our country regardless we also have fiat or other crypto currencies. Other than that, I think bitcoin has never failed even though many countries have banned it as a means of payment.

I think its too early to say that we have failed on the real purpose on bitcoin because as we can see, its still improving and developing throughout the years. In fact, there are still more adoption happening this time in cases like Russia and hopefully Ukraine. So needless to say, bitcoin is still leading to its main purpose to be used as medium of exchange. We just need to trust the process and hopefully we'll get there soon.

Bitcoin will definitely find it hard to become an alternative payment from fiat since the government has always been in its opposition. But on the other hand, we are all aware too that some countries are already eyeing to adopt bitcoin as a medium of exchange. This has started when El Salvador decided to adopt bitcoin and use it as a legal tender. So maybe they are waiting for the right timing to accept bitcoin. That way, bitcoin's purpose has not failed because bitcoin has always its process to follow and unfortunately, the road is tougher for cryptos and bitcoin.

[molsewid]

well, I think from the past until now, bitcoin is still in that scope. in some places or countries, bitcoin is even legal as an alternative payment. well, maybe some countries reject it due to regulation, but sooner or later, I believe bitcoin will actually become a legitimate payment alternative. other than that, bitcoin to date is completely decentralized, and is not controlled by anyone. bitcoin really moves according to the needs of the market. Well, so far, that's all I know.

I know and I believe that bitcoin will get there, though it's been a decade past since bitcoin was created by Satoshi but as we will looked back at the time where bitcoin was so new to everyone compare to the current bitcoin we have today I can say that bitcoin have had improved, that how people approached to bitcoin has just improved. I am not sure if how many establishments or businesses out there accepting bitcoin as a mode of payment but I am very optimistic that one day will all of these will going to happen.

[fiulpro]

There is nothing that can actually define the reason why bitcoins were created in the first place, the reason why bitcoins was created was to cater to the need of every individual holding it, one cannot define if a person uses it as an asset or if he or she uses it as a currency. Government is going to control everything, at the end what's needed is positive control and no negative effect from that side. It haven't failed anything it's important to see the things being done, like El Salvador, Ukraine, Russia,. US every country is doing something important to care and control the whole system which is inevitable. Regulations are not really a bother until and unless they have a space to breathe.

[Silberman]

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.

It could be yes.

1. Because people didn't want to spend their Bitcoin after they bought it, they prefer it to store a value which is hoping that the amount vs to dollar will increase and sell when they saw a profit.  Maybe 40% of it is used as an alternative currency the rest could be the holder which is they hold for profit.

Personally I do not understand why this is used against bitcoin, a form of money is supposed to be a store of value, the gold that you could use hundreds of years ago to buy something can still be used today to buy a lot of stuff, making gold a fantastic store of value, while in the case of fiat you would be lucky to buy 1% of what you could buy with it 100 years ago, so the fact that people prefer to hold their bitcoin shows how strong bitcoin really is compared to fiat.