Bitcoin failed to fulfill the purpose it was created for ?

[justdimin]

Bitcoin isn't controlled by any government yet so I don't see how it has failed it's purpose yet, in the means of alternative, I think that it's a gradual process and it's also next to impossible given that it's going to cause a massive power vacuum when fiat is suddenly replaced by bitcoin, and the financial institutions threatened by it's existence is also trying to hinder the progress because they will get obsolete real fast.

There are tons of people who keep forgetting this fact. Bitcoin is decentralized, maybe the last project that is left that we could be considering truly decentralized as well. Sure there are some changes with segwit and all that, it is not the legacy blockchain that all things started with, but it is not really that bad and can be considered decentralized. ETH has vitalik, LTC has charlie, USDT has tether/bitfinex, Tron has Justin, SOL has team that freezes the blockchain, ADA has team that fails to deliver smart contract, I can go on forever, ALL projects have a team at the top and the moment they leave, the project becomes horrible.

Bitcoin is not like that, leave it be like this forever without touching anything and it will survive no matter what. This is why it is 100% succeeding at what it wants to do and have not failed at it at all.

[Botnake]

Bitcoin isn't controlled by any government yet so I don't see how it has failed it's purpose yet, in the means of alternative, I think that it's a gradual process and it's also next to impossible given that it's going to cause a massive power vacuum when fiat is suddenly replaced by bitcoin, and the financial institutions threatened by it's existence is also trying to hinder the progress because they will get obsolete real fast.

Bitcoin is an alternative to fiat, but not a replacement. Indeed Bitcoin is going to gain massive adoption and there will be lots of people who will be making use of it for transactions, but that wouldn’t mean that it would replace fiat. You have to know that fiat is the conventional currency of every country, and every country must have their own official currency.

Bitcoin is not a currency that belongs to any country at all, so it’s just going to be the internet money as some people do say, and not a currency that would replace anything. No government can control Bitcoin, that is why it is decentralized. It can’t be controlled at all.

Well, that is one of the real purpose of bitcoin, to act as an alternative to fiat, and not literally to replace it because that will never happen. And for me, it has already achieved by El Salvador, and hopefully for those countries like Russia, Ukraine and US who have started to legalize bitcoin and regulate it, but maybe in the long run they will adopt bitcoin too as an alternative to their official currency.

And for bitcoin to stay out of control from the government, i don't think it will be fully possible. Because once the government decides to legalize bitcoin, then they will have the less control on it already as they can regulate it from all of its activities.

[Vaculin]

Bitcoin isn't controlled by any government yet so I don't see how it has failed it's purpose yet, in the means of alternative, I think that it's a gradual process and it's also next to impossible given that it's going to cause a massive power vacuum when fiat is suddenly replaced by bitcoin, and the financial institutions threatened by it's existence is also trying to hinder the progress because they will get obsolete real fast.

From the pointers OP stated, I believe both items have been successfully accomplished by bitcoin already. It is now an alternative payment method to fiat and it is still free from government control. No government has the sole control over bitcoin as it can exist even without government's mandate. There may be regulation in some countries, but they won't get the sole power over bitcoin's market, because they can't as it is decentralized. So I don't know what the OP wants for bitcoin. I won't consider this as a failure because we will not be here if it has failed its purpose.

With regards to bitcoin being an alternative for fiat, i can see that there is an ongoing process leading to that. But we can't expect that bitcoin could become an instant alternative to fiat without legalizing bitcoin first in countries that have not yet undertake on proposing bills for bitcoin. After legalization, if the government finds bitcoin has more potentials to become a currency, then that's the time they will pass another bill for that. I guess bitcoin to become an alternative currency will still pass a lot of government critics, but as bitcoin has become mainstream these days, the countries will find it more advantage adopting it as a currency, hopefully. So it has not failed its purpose yet, because its still working on its process.

[worldtraveller321]

Bitcoin was created to be a money system to get goods and services. However it is more used to as a means of investment to make gains and get more Fiat currency. Which is more the popular option as it seems. Sure in the Satoshi white paper it does state it can be used as investment means. But it was made to be used as a system of money. Which is not really happening, in some cases it is. Yes you can purchase some goods and services with BTC. however BTC has high value that some people may not want to part with their BTC in the time being,

more less BTC is not a failure. it has benefits in more ways then one/. but like anything, there are positives and negatives to almost anything.

[RealMalatesta]

Bitcoin is an alternative to fiat, but not a replacement. Indeed Bitcoin is going to gain massive adoption and there will be lots of people who will be making use of it for transactions, but that wouldn’t mean that it would replace fiat. You have to know that fiat is the conventional currency of every country, and every country must have their own official currency.

Bitcoin is not a currency that belongs to any country at all, so it’s just going to be the internet money as some people do say, and not a currency that would replace anything. No government can control Bitcoin, that is why it is decentralized. It can’t be controlled at all.

The "alternative, not replacement" is something that people do not really understand all that much. It has to be said very carefully and understood by everyone. It is really something that is very very important to people to understand.

There is nothing that can be emphasized enough considering how difficult it is at the current moment because it is not really a questionable thing at the moment. Think of it like this, if we are considering something that is risky like investing into a big amount then we need to know the difference because if you are investing with the hopes that you are going to ned up with bitcoin as main currency then you are going to end up with a big loss for sure, since that won't happen.

[SirLancelot]

Bitcoin is fulfilling the purpose for which it was created. That some countries have chosen to ban Bitcoin doesn’t mean that it is not living up to that purpose.

Bitcoin was created to be decentralized, and ‘free from govt. control’, that’s why in those countries where you say they have banned cryptocurrency, people don’t actually stop making use of cryptocurrency, they still make use of it by using peer-to-peer trading services, and non custodial crypto wallets. So, that shows that the government are not able to stop the usage of cryptocurrency by banning it in the country. Bitcoin still remains an alternative to fiat, we use it for transactions as well.

[sayaya17]

Bitcoin isn't controlled by any government yet so I don't see how it has failed it's purpose yet, in the means of alternative, I think that it's a gradual process and it's also next to impossible given that it's going to cause a massive power vacuum when fiat is suddenly replaced by bitcoin, and the financial institutions threatened by it's existence is also trying to hinder the progress because they will get obsolete real fast.

From the pointers OP stated, I believe both items have been successfully accomplished by bitcoin already. It is now an alternative payment method to fiat and it is still free from government control. No government has the sole control over bitcoin as it can exist even without government's mandate. There may be regulation in some countries, but they won't get the sole power over bitcoin's market, because they can't as it is decentralized. So I don't know what the OP wants for bitcoin. I won't consider this as a failure because we will not be here if it has failed its purpose.

With regards to bitcoin being an alternative for fiat, i can see that there is an ongoing process leading to that. But we can't expect that bitcoin could become an instant alternative to fiat without legalizing bitcoin first in countries that have not yet undertake on proposing bills for bitcoin. After legalization, if the government finds bitcoin has more potentials to become a currency, then that's the time they will pass another bill for that. I guess bitcoin to become an alternative currency will still pass a lot of government critics, but as bitcoin has become mainstream these days, the countries will find it more advantage adopting it as a currency, hopefully. So it has not failed its purpose yet, because its still working on its process.

The major obstacle preventing Bitcoin from fulfilling its purpose as an alternative to fiat is its legalization by the government. We know that
the majority of countries in the world still reject Bitcoin as a means of payment, and only legalize Bitcoin as a digital asset. This of course
makes Bitcoin users still rarely dare to use Bitcoin as payment, for fear of breaking the law. But with the passage of time, emerging countries
like El Salvador are boldly legalizing Bitcoin as a legal tender. This is actually a positive sign that Bitcoin is still in the process of fulfilling its goals.
So I agree that it is not to say that Bitcoin has failed to fulfill its original purpose, but rather that it is still in the process of getting there,
maybe the process is not easy and takes a long time. But I am optimistic that in the future there will be a time when all countries will legalize
Bitcoin as payment. So there is really nothing we can do but be patient waiting for it to become a reality.

[ultrloa]

Bitcoin isn't controlled by any government yet so I don't see how it has failed it's purpose yet, in the means of alternative, I think that it's a gradual process and it's also next to impossible given that it's going to cause a massive power vacuum when fiat is suddenly replaced by bitcoin, and the financial institutions threatened by it's existence is also trying to hinder the progress because they will get obsolete real fast.

From the pointers OP stated, I believe both items have been successfully accomplished by bitcoin already. It is now an alternative payment method to fiat and it is still free from government control. No government has the sole control over bitcoin as it can exist even without government's mandate. There may be regulation in some countries, but they won't get the sole power over bitcoin's market, because they can't as it is decentralized. So I don't know what the OP wants for bitcoin. I won't consider this as a failure because we will not be here if it has failed its purpose.

With regards to bitcoin being an alternative for fiat, i can see that there is an ongoing process leading to that. But we can't expect that bitcoin could become an instant alternative to fiat without legalizing bitcoin first in countries that have not yet undertake on proposing bills for bitcoin. After legalization, if the government finds bitcoin has more potentials to become a currency, then that's the time they will pass another bill for that. I guess bitcoin to become an alternative currency will still pass a lot of government critics, but as bitcoin has become mainstream these days, the countries will find it more advantage adopting it as a currency, hopefully. So it has not failed its purpose yet, because its still working on its process.

This is a long process to go before this will become officially as alternative to fiat but its slowly happening right now as their are certain merchants which accept bitcoins and also this was been used by people to pay services online and other more so if we think open our mind on we can still say it serves it purpose already but certain regulation has limits its spreading that's why for now we can see limited usage of bitcoin around the world, in future for we can see a amazing adoption knowing bitcoin now is a strong digital asset which is want by many human being.

[eaLiTy]

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.

There was a narrative created by the users and not by Satoshi himself. Satoshi was not happy with Wikileaks accepting BTCitcoin when other payment systems were rejecting them from accepting user funds and you think he was against the government or trying to avoid attention if they start accepting BTCitcoin payment. BTCitcoin is an alternative but you cannot expect it is a replacement to fiat. The government can control over third party providers and exchanges but not have complete control over the BTCitcoin network.

[serjent05]

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.

It works for me.  I use Bitcoin to pay for my bills, buy items online, pay for game credits and many more that work the same way spending fiat currency.  I don't know what is your meaning of being alternative, but I also believe that it will never replace fiat currency because of the current government and financial institutions' authority beliefs atm.

2. Stay free from govt control.

Bitcoins network system is free from gov't control and I believe it will stay as it is.  As the earlier reply stated, being banned doesn't mean it is controlled.  It is simply being rejected. and these two words (controlled, banned) are very different from each other.

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 you are referring to global adoption not being an alternative payment to fiat because it (Bitcoin) is already working as an alternative at least to its (Bitcoin) users/holders, the lacking is the global adoption and system that will use it as global payment that can be accessed by everyone.

[Silberman]

The concept that I heard at the beginning about bitcoin and cryptocurrencies was privacy, anonymity, and very cheap transaction fees compared to fiat, it doesn't apply anymore because when I deposit assets on exchanges and don't complete KYC then I can't withdraw, and transaction fees when This is very expensive and even unrealistic when compared to bank transactions.

Any point of centralization is going to be eventually attacked by governments, that is something that we have known from the very beginning and that is why satoshi made bitcoin a decentralized currency, it is obvious that exchanges at some point were going to be obligated by governments to ask for your personal information if you wanted to deposit or withdraw your coins, this was inevitable, but that doesn't prove that you cannot obtain some level of privacy by using cryptocurrencies, as long as you avoid centralized services you can still obtain a pretty good level of privacy without too much effort.

[TheUltraElite]

There was a narrative created by the users and not by Satoshi himself. Satoshi was not happy with Wikileaks accepting BTCitcoin when other payment systems were rejecting them from accepting user funds and you think he was against the government or trying to avoid attention if they start accepting BTCitcoin payment. BTCitcoin is an alternative but you cannot expect it is a replacement to fiat. The government can control over third party providers and exchanges but not have complete control over the BTCitcoin network.

I agree that the narrative has been made by the users. But it only for thw good because one would never have through bitcoin becoming a global attraction in the future. So it has outdid it's purpose if you ask me. Has it been so much of a failure then nobody would have been talking about it and this forum would likely have died out.

These are only proofs one needs to accept that Bitcoin has become more than what it was supposed to be. For now we should make sure to profit from the same and not stop investing when prices fall.

[Hamphser]

Bitcoin isn't controlled by any government yet so I don't see how it has failed it's purpose yet, in the means of alternative, I think that it's a gradual process and it's also next to impossible given that it's going to cause a massive power vacuum when fiat is suddenly replaced by bitcoin, and the financial institutions threatened by it's existence is also trying to hinder the progress because they will get obsolete real fast.

From the pointers OP stated, I believe both items have been successfully accomplished by bitcoin already. It is now an alternative payment method to fiat and it is still free from government control. No government has the sole control over bitcoin as it can exist even without government's mandate. There may be regulation in some countries, but they won't get the sole power over bitcoin's market, because they can't as it is decentralized. So I don't know what the OP wants for bitcoin. I won't consider this as a failure because we will not be here if it has failed its purpose.

With regards to bitcoin being an alternative for fiat, i can see that there is an ongoing process leading to that. But we can't expect that bitcoin could become an instant alternative to fiat without legalizing bitcoin first in countries that have not yet undertake on proposing bills for bitcoin. After legalization, if the government finds bitcoin has more potentials to become a currency, then that's the time they will pass another bill for that. I guess bitcoin to become an alternative currency will still pass a lot of government critics, but as bitcoin has become mainstream these days, the countries will find it more advantage adopting it as a currency, hopefully. So it has not failed its purpose yet, because its still working on its process.

This is a long process to go before this will become officially as alternative to fiat but its slowly happening right now as their are certain merchants which accept bitcoins and also this was been used by people to pay services online and other more so if we think open our mind on we can still say it serves it purpose already but certain regulation has limits its spreading that's why for now we can see limited usage of bitcoin around the world, in future for we can see a amazing adoption knowing bitcoin now is a strong digital asset which is want by many human being.

Its already alternative to fiat as of this moment but the main issue is that it isnt really that regulated which is something you can call for it to be that really legalized or something like that but speaking with overall

utility and usage then we are actually seeing it and the demand is keeping on rising as years passing which means that theres really some support to it.It hasnt failed but also it hasnt succeeded yet.

Just dont mind or think that it could replace fiat anytime soon because it wouldnt happen no matter what if you do ask me.

[lienfaye]

Its already alternative to fiat as of this moment but the main issue is that it isnt really that regulated which is something you can call for it to be that really legalized or something like that but speaking with overall

utility and usage then we are actually seeing it and the demand is keeping on rising as years passing which means that theres really some support to it.It hasnt failed but also it hasnt succeeded yet.

Just dont mind or think that it could replace fiat anytime soon because it wouldnt happen no matter what if you do ask me.

Yes Bitcoin didnt fail but not completely succeeded because not everyone is aware of its existence to use it as an alternative to fiat. However for those who are already using Bitcoin (either as currency or investment), they can already use it as currency for purchasing online since many shopping stores and merchants are already adopted Bitcoin as their accepted means of payment. So its a matter of choice for users who already engage themselves because we have the right where we want to use it for our own benefit.

On the other side, Bitcoin remain uncontrolled by the Government however like what other replies said, it can be regulated. Despite that many countries are now starting to adopt Bitcoin, set it as legal (though not as legal tender). Hence people can use it freely and not being restricted, its a good thing already.

[Tony116]

Bitcoin isn't controlled by any government yet so I don't see how it has failed it's purpose yet, in the means of alternative, I think that it's a gradual process and it's also next to impossible given that it's going to cause a massive power vacuum when fiat is suddenly replaced by bitcoin, and the financial institutions threatened by it's existence is also trying to hinder the progress because they will get obsolete real fast.

From the pointers OP stated, I believe both items have been successfully accomplished by bitcoin already. It is now an alternative payment method to fiat and it is still free from government control. No government has the sole control over bitcoin as it can exist even without government's mandate. There may be regulation in some countries, but they won't get the sole power over bitcoin's market, because they can't as it is decentralized. So I don't know what the OP wants for bitcoin. I won't consider this as a failure because we will not be here if it has failed its purpose.

With regards to bitcoin being an alternative for fiat, i can see that there is an ongoing process leading to that. But we can't expect that bitcoin could become an instant alternative to fiat without legalizing bitcoin first in countries that have not yet undertake on proposing bills for bitcoin. After legalization, if the government finds bitcoin has more potentials to become a currency, then that's the time they will pass another bill for that. I guess bitcoin to become an alternative currency will still pass a lot of government critics, but as bitcoin has become mainstream these days, the countries will find it more advantage adopting it as a currency, hopefully. So it has not failed its purpose yet, because its still working on its process.

Bitcoin is being recognized and used legally in many countries, but I don't think it will replace fiat in the future. Each country will have its own currency, and the value of that currency is a measure of the development of that country. Currently, the dollar is considered the main currency used for exchange in the world. And this is a position that I don't think Americans will easily lose.
 The potential and important role of bitcoin has been most evident in the war between Russia and Ukraine. With the entire banking system frozen, bitcoin is the only thing that can help them now. After this war, I think many countries will legalize bitcoin as a payment instrument parallel to fiat.

[Kasabus]

Its already alternative to fiat as of this moment but the main issue is that it isnt really that regulated which is something you can call for it to be that really legalized or something like that but speaking with overall

utility and usage then we are actually seeing it and the demand is keeping on rising as years passing which means that theres really some support to it.It hasnt failed but also it hasnt succeeded yet.

Just dont mind or think that it could replace fiat anytime soon because it wouldnt happen no matter what if you do ask me.

Yes Bitcoin didnt fail but not completely succeeded because not everyone is aware of its existence to use it as an alternative to fiat. However for those who are already using Bitcoin (either as currency or investment), they can already use it as currency for purchasing online since many shopping stores and merchants are already adopted Bitcoin as their accepted means of payment. So its a matter of choice for users who already engage themselves because we have the right where we want to use it for our own benefit.

On the other side, Bitcoin remain uncontrolled by the Government however like what other replies said, it can be regulated. Despite that many countries are now starting to adopt Bitcoin, set it as legal (though not as legal tender). Hence people can use it freely and not being restricted, its a good thing already.

Bitcoin has slowly become mainstream and known to everyone. This is why some of those institutional investors preferred bitcoin over fiat. But is it really acting as an alternative to fiat right now? I would not say no, nor yes. Other countries may have accepted it legally while some are still hesitant and chose to regulate rather than use it as a currency. However, i believe the process will not be easy. Fiat is still more valuable because it is backed by the government and central bank and that people are already used to it. And for bitcoin to remain uncontrolled by the government, until now its still decentralized. But with those planned regulations later on like USA, the government may likely to have less controlled on it.

[worldtraveller321]

Bitcoin can be controlled more less indirectly. The powers that be ,  media, your peers can influence others with negative comments and feedback towards Bitcoin. Which can deter others from wanting to get Bitcoin. That is more less how it can be controlled.  The less people to want to desire bitcoin then the value will never go up as desired. That is just how it can be controlled.

Bitcoin has it's pro's and con's. But it is not perfect. It may not be the best solution as a money system. It could work as it. However right now would you want to part ways with your Bitcoin to buy a coffee? Yes you can do it. But Bitcoin has too much value for one to want to do that. Just the same if you owned Gold. Would you part ways with your piece of Gold to buy a coffee. You can do it, but would you want to do it.

You rather hang on to that piece of gold for as long as possible. Due to its high value.

The catch 22

[Lanatsa]

Its already alternative to fiat as of this moment but the main issue is that it isnt really that regulated which is something you can call for it to be that really legalized or something like that but speaking with overall

utility and usage then we are actually seeing it and the demand is keeping on rising as years passing which means that theres really some support to it.It hasnt failed but also it hasnt succeeded yet.

Just dont mind or think that it could replace fiat anytime soon because it wouldnt happen no matter what if you do ask me.

Yes Bitcoin didnt fail but not completely succeeded because not everyone is aware of its existence to use it as an alternative to fiat. However for those who are already using Bitcoin (either as currency or investment), they can already use it as currency for purchasing online since many shopping stores and merchants are already adopted Bitcoin as their accepted means of payment. So its a matter of choice for users who already engage themselves because we have the right where we want to use it for our own benefit.

On the other side, Bitcoin remain uncontrolled by the Government however like what other replies said, it can be regulated. Despite that many countries are now starting to adopt Bitcoin, set it as legal (though not as legal tender). Hence people can use it freely and not being restricted, its a good thing already.

Bitcoin has slowly become mainstream and known to everyone. This is why some of those institutional investors preferred bitcoin over fiat. But is it really acting as an alternative to fiat right now? I would not say no, nor yes. Other countries may have accepted it legally while some are still hesitant and chose to regulate rather than use it as a currency. However, i believe the process will not be easy. Fiat is still more valuable because it is backed by the government and central bank and that people are already used to it. And for bitcoin to remain uncontrolled by the government, until now its still decentralized. But with those planned regulations later on like USA, the government may likely to have less controlled on it.

Adoption and recognition is on the move and one proof is that there are indeed a place which do make it as a legal tender but somehow we do know that we cant please everybody which means there would be places which

would really be having always that negative impressions towards bitcoin.Did it failed? No it isnt, because government didnt able to surpress it out its overall existence on which it does still exist
and becoming mainstream as days been doing which does prove out that it does have that potential that everybody wasnt expecting for.