What is left of Bitcoin as a tool to free the financial world

[hZti]

Day by day the bitcoin price is declining. It seems that the price these days is largely dictated by miners that constantly sell coins and investors that hope for future profits. That is also what most topics in this forum are about. What I see less and less are post about how bitcoin can be used for its intended purpose that is "A purely peer-to-peer version of electronic cash" to send "online payments (..) directly from one party to another".
Are people even willing to still follow these idea or is bitcoin doomed to be a place for profit gamblers that will slowly loose its relevance?

[Jawhead999]

Actually right now Bitcoin is widely adopted as a currency since El Salvador and Central African Republic already accept Bitcoin as legal tender, also Nigerian people are use Bitcoin by directly P2P even though their countries are ban Bitcoin usage.

But the reason why Bitcoin price is declining not because of that, but many newbies are trust in so called professional investor and follow fake trading signal. Also they're sold now and trying to bought at the bottom on the next year.

[mindrust]

Day by day the bitcoin price is declining. It seems that the price these days is largely dictated by miners that constantly sell coins and investors that hope for future profits. That is also what most topics in this forum are about. What I see less and less are post about how bitcoin can be used for its intended purpose that is "A purely peer-to-peer version of electronic cash" to send "online payments (..) directly from one party to another".
Are people even willing to still follow these idea or is bitcoin doomed to be a place for profit gamblers that will slowly loose its relevance?

For every seller in the market, there is also a buyer.

Stop worrying about the price because it doesn't really mean anything if you are in bitcoin for the tech. Bitcoin works the same way today just like when the price was $60k or $100. It is still by far the most secure/most decentralized chain and only a few alts can come close. (ETH is not one of them)

Also the price don't really have anything to do with the miners anymore because the block reward isn't big enough to have a significant impact on the price.

There is only one reason for the current low prices. There are more sellers than  buyers. It is that simple. When the bears get tired, then bulls will take over. It happened before, it will happen again.

[crunck]

Bitcoin price is still the most interesting thing, I don't believe people will continue to pay attention to bitcoin if bitcoin is no longer highly valuable.
Try to ask yourself what is the purpose of your participation in the market?, if it is for profit, so are others. Don't expect that bitcoin's technology is its highlight. People today are quite pragmatic and consider money a priority, anything great without value is useless.

[hugeblack]

For daily use, you need two things:

 - Exchange rate stability: Bitcoin volatility has become much less than in the past, but this requires that there be a large market capacity that makes moving the price by 1% require billions of dollars.
 - Global adoption, which is something that will only happen if a large part of the population decides to use Bitcoin in a way that prompts companies and websites to accept Bitcoin for payments.

In order for that to happen, you need to use Bitcoin in speculation and other things, although geopolitical events have proven the importance of Bitcoin more than just an investment tool.

[BlackBoss_]

Day by day the bitcoin price is declining.

Depends on you're zooming in or zooming out. If it is zooming out, you will see an uptrend. Price increases year by year, halving by halving and a next halving is about 1 year and a half.

https://bitcoinblockhalf.com/

It seems that the price these days is largely dictated by miners that constantly sell coins and investors that hope for future profits. That is also what most topics in this forum are about.

They are only parts of Bitcoin community.

What I see less and less are post about how bitcoin can be used for its intended purpose that is "A purely peer-to-peer version of electronic cash" to send "online payments (..) directly from one party to another".

Even they don't discuss about it, they are doing it. You don't know what is Internet, how it works, how it was designed but every day, you are using it.

[Flexystar]

Those are valid points but they do not mean bitcoin is useless. If bitcoin is declining in terms of fiat value then it does not mean it's failing the purpose. There are still millions of transactions happening everyday between various parties. Institutional investors are the biggest parties hodling the coins and buying more and more as we speak. Various countries whether developed / under developed are trying to adopt bitcoin as alternate mode of payment; with some cold war but it is happening. Definitely P2P system isn't getting accepted as it should have been but bitcoin not loosing its principle purpose. As mentioned above, there are still big players in the market using bitcoin.

If it wasn't under adoption then we would have seen the crypto fail by now, going all the way to zero.

[Dunamisx]

Day by day the bitcoin price is declining.

Bitcoin price does not decline day by day, but it's been on a high volatility in recent days which is something common we all should understand about bitcoin price, in dip periods like these we need to buy and hold, because there will always be a rise and fall in price since it's a volatile digital currency.

It seems that the price these days is largely dictated by miners that constantly sell coins and investors that hope for future profits

No i disagree with this, if it had been this then everyone would have believed that bitcoin price is being manipulated, I've never come across that article that stated so about bitcoin price including the whitepaper.

[jrrsparkles]

Day by day the bitcoin price is declining. It seems that the price these days is largely dictated by miners that constantly sell coins and investors that hope for future profits. That is also what most topics in this forum are about. What I see less and less are post about how bitcoin can be used for its intended purpose that is "A purely peer-to-peer version of electronic cash" to send "online payments (..) directly from one party to another".
Are people even willing to still follow these idea or is bitcoin doomed to be a place for profit gamblers that will slowly loose its relevance?

Without miners there won't be any confirmation for the transaction and to run the miners they have to oay the electricity bills that is the reason they are selling their BTC so they can keep running their farm.

Whenever someone is selling their bitcoin remember another person is buying it for less price so we don't have to wonder is this the end of Bitcoin, blah blah... Bitcoin is here to stay and will conquer the monetary world.

Happy New year fellas!!!

[Iranus]

Day by day the bitcoin price is declining.

Depends on you're zooming in or zooming out. If it is zooming out, you will see an uptrend. Price increases year by year, halving by halving and a next halving is about 1 year and a half.

https://bitcoinblockhalf.com/

If we compare the price of bitcoin from 2009 to the present, the ROI that bitcoin brings is still extremely high. Just Zoom out, we can see bitcoin is doing very well, nothing is too bad with it. $16k isn't a bad price for a property that's only 13 years old, and if you bought bitcoin years ago, you'd still be profitable at this price.

No i disagree with this, if it had been this then everyone would have believed that bitcoin price is being manipulated, I've never come across that article that stated so about bitcoin price including the whitepaper.

Bitcoin miners are also considered big whales in the market, I don't know if they can afford to manipulate bitcoin prices. But I still think the bitcoin price is being manipulated, it doesn't move according to supply and demand.

[mk4]

It seems that the price these days is largely dictated by miners that constantly sell coins and investors that hope for future profits.

I mean, we always had constant sell pressure because of miners. It's really not anything new.

Are people even willing to still follow these idea or is bitcoin doomed to be a place for profit gamblers that will slowly loose its relevance?

I've seen a lot of similar statements from the 2018 bear. Look where we are now.

[Odusko]

Day by day the bitcoin price is declining. It seems that the price these days is largely dictated by miners that constantly sell coins and investors that hope for future profits. That is also what most topics in this forum are about. What I see less and less are post about how bitcoin can be used for its intended purpose that is "A purely peer-to-peer version of electronic cash" to send "online payments (..) directly from one party to another".
Are people even willing to still follow these idea or is bitcoin doomed to be a place for profit gamblers that will slowly loose its relevance?

First, you need to put two things into perspective in the sense that,  Bitcoin is largely adopted for the investment aspects of it.
But in the process bitcoin will still achieve its fundamental purpose which is peer-to-peer payment systems that allow individual freedom to send and receive money electronically because quite a good number of Bitcoin transaction is on the p2p level.
Miners may not be the ones selling off Bitcoin and if you have been following,  bitcoin is relatively stable at the moment and bitcoin is constantly making recovery attempts.

[n0ne]

The reason for which Satoshi innovated bitcoin have got fulfilled, but the same to be the mainstream won't happen all of the sudden. Just think the evolution of the financial system. From barter system the technology have taken it to the cryptocurrency usage. However the fiat usage stands high against each and every form of payment being used around.

To take the position of fiat is not an easy thing. The acceptance of bitcoin is getting increased compared to the past. This shows the financial world requires more time for its complete transition.

[hZti]

Are people even willing to still follow these idea or is bitcoin doomed to be a place for profit gamblers that will slowly loose its relevance?

I've seen a lot of similar statements from the 2018 bear. Look where we are now.

That is true, the issue is that people even after the 2018 bear didn't really ever start to get bitcoin back in the right direction. Basically everything after 2018 was just a hype because of high prices and not because there was a fundamental progress. It is obvious that prices can go up again, simply because bitcoin is limited to a specific number. The question is, just how sustainable this rise could be if there are no fundamentals to support it 

[TimeTeller]

The reason for which Satoshi innovated bitcoin have got fulfilled, but the same to be the mainstream won't happen all of the sudden. Just think the evolution of the financial system. From barter system the technology have taken it to the cryptocurrency usage. However the fiat usage stands high against each and every form of payment being used around.

To take the position of fiat is not an easy thing. The acceptance of bitcoin is getting increased compared to the past. This shows the financial world requires more time for its complete transition.

For me, we are slowly realizing its main purpose. The adoption may not be massive but I guess such purpose is increasing day by day.
Just think of newcomers into this industry or the countries that are making btc legal tender or legal in their financial system.
You have seen that there are countries that are willing to accept btc in their payment system, it means, they are recognizing its payment potential.
And yes, it is not sudden as it would take time for people to grasp how a btc is transacted. But once they got it, I believe they will realize its benefits as payment method.
For now, you can't really say btc can free the financial world because we are not yet in that level. Be grateful that more and more people are learning how to make their crypto transaction.

[Fivestar4everMVP]

Are people even willing to still follow these idea or is bitcoin doomed to be a place for profit gamblers that will slowly loose its relevance?

First, I don't think Bitcoin will loose its relevance as long as cryptocurrency exist, the kind of dignitaries, institutions, companies even individuals that have invested billions in bitcoin will always ensure that bitcoin never loose relevance.

Secondly, the current price condition of bitcoin is nothing new, except you are new to crypto, in 2017/2018 bull run, bitcoin price got as high $19,000 and later dropped way below $2,000 and remained on that category until 2020 when we experienced another bull run.

If you are hodling bitcoin for future profit, the be patient, it will come in its due time and season, we are not in a get rich quick scheme.

[ven7net]

Day by day the bitcoin price is declining. It seems that the price these days is largely dictated by miners that constantly sell coins and investors that hope for future profits. That is also what most topics in this forum are about. What I see less and less are post about how bitcoin can be used for its intended purpose that is "A purely peer-to-peer version of electronic cash" to send "online payments (..) directly from one party to another".
Are people even willing to still follow these idea or is bitcoin doomed to be a place for profit gamblers that will slowly loose its relevance?

As the practice of several years shows, Bitcoin has recommended itself well as a new asset of savings and fundraising. As for the means of payment, everything is much worse here, because exchange rate stability is important for making payments, and the price of Bitcoin is very volatile, so there is no that important adoption that many were waiting for. But he will not be discouraged, because it is possible in the future that everything will change for the better both for Bitcoin and the entire crypto community.

[uneng]

Are people even willing to still follow these idea or is bitcoin doomed to be a place for profit gamblers that will slowly loose its relevance?

I've seen a lot of similar statements from the 2018 bear. Look where we are now.

That is true, the issue is that people even after the 2018 bear didn't really ever start to get bitcoin back in the right direction. Basically everything after 2018 was just a hype because of high prices and not because there was a fundamental progress. It is obvious that prices can go up again, simply because bitcoin is limited to a specific number. The question is, just how sustainable this rise could be if there are no fundamentals to support it 

Bitcoin is mostly being used as investment by people who want to escape the devaluation of the fiat currencies, what is also a very useful feature of bitcoin, besides being a digital boardless currency. It's not all about speculative profits, but also fundamentals, and fighting inflation and money's devaluation is one of them.

Right now the situation isn't that good, it's true, but there are external factors which are causing it. Furthermore, we can't live in bullish market forever. There are cycles following each other. We have to be patient and wait for this cycle to finish. The important is that bitcoin isn't losing importance, because we are still at 16,000$ price range, despite so many negative news and thefts this year which made investors lose billions of dollars in cryptocurrencies.

[yudi09]

It depends on how those who own Bitcoin use it. Most novice investors cannot afford a price situation that continues to decline. Indirectly, the high sales trend that may be carried out by miners is one of the causes of all this.
For me, a situation like this is similar to what happened in 2018. I agree with the statement that many of us have the wrong pattern.

Apart from all that, I think choosing to hold in the long term is still something we should do.

[mk4]

That is true, the issue is that people even after the 2018 bear didn't really ever start to get bitcoin back in the right direction. Basically everything after 2018 was just a hype because of high prices and not because there was a fundamental progress. It is obvious that prices can go up again, simply because bitcoin is limited to a specific number. The question is, just how sustainable this rise could be if there are no fundamentals to support it  

How do you even know for sure if a price increase was caused by hype or fundamentals? Also, how is the increase from 2016-2017 not caused by hype? If anything, the 2017 bull was far more hype-ish.