"Bitcoin has no use case"

[jbgsmininggmbh]

Hello guys,

I summarized Yan Swan's post about some interesting use cases of bitcoin.
(Source: https://twitter.com/skwp/status/1335627973915971592)

Better formatting of this article here:
https://www.jbgsmining.com/en/post/bitcoin-has-no-use-case

Bitcoin began as a controversial digital currency but has since grown into a powerful technology impacting multiple sectors. Its ability to address global challenges is increasingly clear. In this article, we dive into captivating examples that demonstrate how Bitcoin is revolutionizing industries and tackling pressing concerns.

Energy and Environment:
Tackling gas flaring with Bitcoin mining, Equinor, a Norwegian energy behemoth, has devised a groundbreaking approach to reduce harmful emissions by harnessing excess gas for Bitcoin mining (Nasdaq). This ingenious strategy not only curtails environmental damage but also optimizes resource utilization.
A creative solution to mitigate methane emissions, Bitcoin mining converts this potent greenhouse gas into electricity, thus simultaneously tackling climate change and generating valuable cryptocurrency (Bitcoin Magazine).
In a small Guatemalan town, an eco-friendly method of mining Bitcoin using waste oil from restaurants has emerged (Bitcoin Magazine). This innovative initiative guarantees a sustainable energy source while minimizing waste.
However, controversy brews as Bitcoin mining infiltrates the Democratic Republic of Congo's Virunga National Park (MIT Technology Review). While some argue that it offers alternative revenue streams for the park, others raise the alarm about the potential environmental risks.

International Trade and Commerce
In an audacious move to bypass international sanctions, Iran plans to employ Bitcoin to import essential goods (Asia Times). This showcases the versatility and resilience of cryptocurrencies in addressing economic challenges.
As a lifeline for many Latin Americans, especially Venezuelans suffering from hyperinflation and political instability, Bitcoin trading has surged dramatically (Medium). The digital currency provides a stable store of value in turbulent times.
Across Africa, Bitcoin adoption is on the rise, facilitating cross-border trade, remittances, and hedging against currency devaluation (Reuters). As a result, digital currency breaks down barriers, enabling smoother financial transactions across the continent.


Energy Companies and Bitcoin Mining
Major US oil and gas company, ConocoPhillips, has found a lucrative way to capitalize on excess natural gas by selling it to Bitcoin miners in North Dakota (CNBC). This move promotes resource efficiency while generating additional revenue.
In a pioneering collaboration, Exxon has joined forces with Crusoe Energy Systems to mine Bitcoin using surplus natural gas in North Dakota's Bakken region ([CNBC](https://www.c[Suspicious link removed]m/2022/03/26/exxon-mining-bitcoin-with-crusoe-energy-in-north-dakota-bakken-region.html)). This partnership underscores how traditional energy companies are embracing digital currencies and adopting groundbreaking strategies.
In an unorthodox proposal, Ukraine contemplates utilizing its nuclear power plants for cryptocurrency mining (The Block). This approach could potentially unlock a new revenue source for the nation's energy sector.

Companies Investing in Bitcoin
Undaunted by risk, business intelligence firm MicroStrategy has made a substantial investment in Bitcoin, referring to it as a "cash melting ice cube" (Seeking Alpha). This audacious move highlights the growing allure of digital currencies for traditional businesses.
Leading financial services company Square has demonstrated its commitment to digital currencies by investing $50 million in Bitcoin (Square). This investment signals the firm's faith in the future of cryptocurrencies.
Deserving of more attention, Paxful, a peer-to-peer Bitcoin marketplace, revolutionizes financial inclusion for unbanked and underbanked populations worldwide (Medium). By offering an accessible and user-friendly platform for buying, selling, and trading Bitcoin, Paxful empowers individuals to participate in the global economy.

Conclusion:
Through its multifaceted utility, Bitcoin is dramatically reshaping industries, economies, and societies around the world. From combating greenhouse gas emissions to streamlining international trade, the digital currency's transformative potential is evident across a myriad of sectors. In an increasingly interconnected and digital world, it is crucial to recognize and embrace the innovative possibilities that Bitcoin offers. By understanding the countless ways in which Bitcoin is utilized, we can better appreciate its role in sculpting our future.

[bitmover]

The article just misses the most important point  and for what bitcoin was created for: individuals seeking freedom.

Bitcoin transactions are borderless  , permitionless, censorship resistance.
You don't need permi to send your money, and no government controls it.
Those are the most important use cases.

[jbgsmininggmbh]

The article just misses the most important point  and for what bitcoin was created for: individuals seeking freedom.

Bitcoin transactions are borderless  , permitionless, censorship resistance.
You don't need permi to send your money, and no government controls it.
Those are the most important use cases.

You are right, these are important characteristics. But I think yan meant tangible examples like those mentioned in the article.

[Frankolala]

Bitcoin has brought financial freedom to the world,it makes all transaction done by a user unnoticeable by the government which gives them no access to control or monitor your transactions when paying with bitcoin.

Government will also find it difficult to freeze your account if you are a suspect of any crime. The volatile nature of bitcoin, its limit in supply and resistance to censorship has made bitcoin more valuable. Breaking through boarders with the P2P system is superb.

[Aanuoluwatofunmi]

You just pull up a whole article with much content that could be controversial, it's not all about how much the content is but the major idea it carries which should be the major conveyance of any thread created, from the topic, you made mention of bitcoin has no use case, which could interpret many different things on mind, since we have different aspects of bitcoin that we study and make use of, this makes me to believe bitcoin has many use cases in different ways from the approach of being a currency down to mining it and using it as a decentralized asset.

[Casdinyard]

Bitcoin does have its purpose and a use case that we are seeing as of today.

Whenever we transfer money in the bitcoin bloclchain network. That's bitcoin's use case at play. Whenever we lend our friends from this forum some money, it is made possinle with little compromise thanks to bitcoin's indiscriminate nature when considering distances. Bitcoin does have a use-case and that is to become the quintessential digital money that users could enjoy.

The problem is, a lot of people are blindsided over the fact that sinfe bitcojn is so valuable right now as an asset, they tend to forget that millions of people across the planet still uses its main directive. Which is just so wrong and a narrow-minded point of view that must be abolished

[_BlackStar]

Bitcoin began as a controversial digital currency

This is a misleading assumption.
Why is bitcoin called a controversial currency? Just because the government doesn't agree with its decentralization?

Conclusion:
Through its multifaceted utility, Bitcoin is dramatically reshaping industries, economies, and societies around the world. From combating greenhouse gas emissions to streamlining international trade, the digital currency's transformative potential is evident across a myriad of sectors. In an increasingly interconnected and digital world, it is crucial to recognize and embrace the innovative possibilities that Bitcoin offers. By understanding the countless ways in which Bitcoin is utilized, we can better appreciate its role in sculpting our future.

People can say anything about bitcoin regardless it is positive or negative. Haters will remain haters without wanting to acknowledge the positive impact it has produced, while they stick to their ridiculous principles by saying bitcoin is bad for the environment.

If you notice, right now the bitcoin economy has grown. Its real-world use cases increased, bitcoin was adopted, bitcoin is store of value, but that hasn't changed the view of many haters that bitcoin is good for more modern financial and economic system.

[Odusko]

The article just misses the most important point  and for what bitcoin was created for: individuals seeking freedom.

Bitcoin transactions are borderless  , permitionless, censorship resistance.
You don't need permit to send your money, and no government controls it.
Those are the most important use cases.

You are right, these are important characteristics. But I think yan meant tangible examples like those mentioned in the article.

First ops you must know that due to the borderlessness of Bitcoin is Bitcoin biggest user case, dont allow any one to mis conceptualize what Bitcoin is and as a matter of fact when you are asked about Bitcoin or you get cut up in any discussion on the true nature of Bitcoin, you should not forget to develop a mindset that disconnects you from every form of misconceptions and accept the fact that Bitcoin is the only decentralized, borderless financial tool that solves all our financial issue and voids all third party and its restrictions.
But now that we have that understanding we can say that bitcoin is a universal speculative financial asset which has a double edge user case that os bitcoin is a digital currency and at the same time a speculative assets.

[electronicash]

BTC is been proven to have many use cases in that Twitter thread. you can spend BTC like a real currency and the rest of the use cases are adding the value of BTC.

when i saw waste oil can be used for BTC mining, it seems very perfect to help the environment. we all support climate change. and BTC is even used in funding Ukraine so it should be easy for the government to support BTC, why kill BTC with CBDC is very antagonistic.

[hatshepsut93]

Everything in this world has a use case, the question is how much demand for this use cases does Bitcoin have. Without reliable data all those described use cases are just anecdotes and theory. But by looking at this forum and other Bitcoin communities, I can reach conclusion that the biggest Bitcoin use case is speculative trading. Look at how many people are discussing the current and the future price movements, and how many are discussing Bitcoin payments or other use cases.

[CryptSafe]

I have gone through this article and I can attest that everything thing written down seems correct and true about bitcoin but OP, your topic does not corelate with the content as you have written. When I first saw it I was wondering what could be the content or what are your facts to back up your topic so I had to read through and I got calmed by what I read.


I must say OP that all you wrote from my own point of view is likely to be termed secondary use case of bitcoin and the major primary use case of bitcoin was not talked about. Although I understand the reasons why you wrote only these options as you have stated but as time goes on many use case of bitcoin would be discovered and then the government would definitely see the reasons for adopting bitcoin as a digital legal tender and for other economical purpose which adds value to the society.

[CryptoHeadlineNews]

Conclusion:
Through its multifaceted utility, Bitcoin is dramatically reshaping industries, economies, and societies around the world. From combating greenhouse gas emissions to streamlining international trade, the digital currency's transformative potential is evident across a myriad of sectors. In an increasingly interconnected and digital world, it is crucial to recognize and embrace the innovative possibilities that Bitcoin offers. By understanding the countless ways in which Bitcoin is utilized, we can better appreciate its role in sculpting our future.

I agree with you on this very statement of yours that there are many used cases of Bitcoin, of which the most common whereby it gave us control over our funds, and is now used as a major long-term investment asset more than fiat and gold. But another interesting use case I will love to add is the financial freedom Bitcoin offers, creating an avenue for people to earn consistent income buying, selling, and trading, because according to reports, it has been proven that Bitcoin is a major alternative source of income to more than 30% of the youths in my part of West Africa, where you have got them all involved in p2p buying, selling & trading of Bitcoin where they earn a good decent amount of money capable to live the life of their dream.

[Mate2237]

Conclusion:
Through its multifaceted utility, Bitcoin is dramatically reshaping industries, economies, and societies around the world. From combating greenhouse gas emissions to streamlining international trade, the digital currency's transformative potential is evident across a myriad of sectors. In an increasingly interconnected and digital world, it is crucial to recognize and embrace the innovative possibilities that Bitcoin offers. By understanding the countless ways in which Bitcoin is utilized, we can better appreciate its role in sculpting our future.

I agree with you on this very statement of yours that there are many used cases of Bitcoin, of which the most common whereby it gave us control over our funds, and is now used as a major long-term investment asset more than fiat and gold. But another interesting use case I will love to add is the financial freedom Bitcoin offers, creating an avenue for people to earn consistent income buying, selling, and trading, because according to reports, it has been proven that Bitcoin is a major alternative source of income to more than 30% of the youths in my part of West Africa, where you have got them all involved in p2p buying, selling & trading of Bitcoin where they earn a good decent amount of money capable to live the life of their dream.

Op tried in the thread as a newbie he or she was able gather these information with the length of the thread. But op did not made mentioned of the area that bitcoin come to and existence and the decentralized system. Bitcoin was created to assist the Fiat currency and that makes it to the alternative coin or currency to the fiat currency.
And also as CryptSafe said, the topic and body of the article is not tallied. So if it is possible the OP should rename the title of the thread.

[Becassine]

We see it every day, governments try by all means to denigrate bitcoin, on the contrary they will try to impose CBDCs and abolish cash for ever more control, all this omitting of course to mention all the cases of use of bitcoin and all that it brings to the de-banked communities like Bitcoin Ekasi in South Africa and in other countries

Lately I've been blown away by the bitcoin farmer: not only is he self-sufficient in energy, but he earns a bitcoin every two and a half months thanks to mining : https://cointelegraph.com/news/how-irish-farmers-turn-cow-dung-into-digital-gold-bitcoin

The governments ignore these solutions because they want to control everything. They want to keep this debt system that makes people poorer and more enslaved;

[uneng]

The article just misses the most important point  and for what bitcoin was created for: individuals seeking freedom.

Bitcoin transactions are borderless  , permitionless, censorship resistance.
You don't need permi to send your money, and no government controls it.
Those are the most important use cases.

You are right, these are important characteristics. But I think yan meant tangible examples like those mentioned in the article.

Maybe we could include this point of freedom on "international trade and commerce" reference. Thanks to Bitcoin many venezuelans and africans are able to avoid the fiat depreciation on their countries and even though their countries are pretty censoring towards their citizens individual rights, they are still free to make good use of Bitcoin for a better life quality among the chaos their societies are deeply plunged in.

[lixer]

Bitcoin began as a controversial digital currency

This is a misleading assumption.
Why is bitcoin called a controversial currency? Just because the government doesn't agree with its decentralization?

In my opinion, that's not misleading nor it's an assumption, but bitcoin was quite controversial initially, and it's not only about the government and how they didn't agree with its decentralized nature and didn't want it to succeed since they knew it promotes privacy, but it was because the mainstream media used to show a very negative aspect of Bitcoin to the world, and ironically, most people used to believe what they used to say.

It was called names such as a criminal currency, a bubble, and even considered useless at one point, and that was when there was very less adoption, I remember there used to be very less people even knowing about Bitcoin, using it was a very far thing for them.

[pixie85]

It's a pathetic attempt from haters to attack bitcoin's use case, because if I mine it, trade it, use it to buy gift cards, lend money to my friends in bitcoin, without the government knowing about it, it's already a number of use cases.

Why can't they let it be, but have to constantly look for angles of attack? How sad and empty a person has to be to make it hard for others to make money instead of focusing on making money for themselves?

Having a vehicle that allows us to transfer wealth out of a war zone like Ukraine is a great use case.

When you have a large amount of money and you lend it to someone and that person pays you back it looks like you have large moves on your account and the bank can ask who and why were you sending the money and what's the source of your income. Nobody is going to ask for that when you send bitcoin.

[YUriy1991]

BTC is been proven to have many use cases in that Twitter thread. you can spend BTC like a real currency and the rest of the use cases are adding the value of BTC.

when i saw waste oil can be used for BTC mining, it seems very perfect to help the environment. we all support climate change. and BTC is even used in funding Ukraine so it should be easy for the government to support BTC, why kill BTC with CBDC is very antagonistic.

I think Regulators have concerns about the potential for cryptocurrency abuse, they might consider developing a Central Bank Digital Currency (CBDC) as a way to more effectively monitor and regulate transactions.

Bitcoin has brought financial freedom to the world,it makes all transaction done by a user unnoticeable by the government which gives them no access to control or monitor your transactions when paying with bitcoin.

Government will also find it difficult to freeze your account if you are a suspect of any crime. The volatile nature of bitcoin, its limit in supply and resistance to censorship has made bitcoin more valuable. Breaking through boarders with the P2P system is superb.

And True Bitcoin has brought a new level of financial freedom to the world. With Bitcoin transactions are carried out on a decentralized blockchain network, which means that there is no central authority or government agency controlling or monitoring these transactions. Thast  means, This  give users greater control over their finances, as they are not subject to the same regulations and restrictions that apply in the traditional banking system.

Additionally, the use of Bitcoin can also make it more difficult for governments to freeze or seize assets, especially in cases where individuals are suspected of engaging in illegal activity. This is because Bitcoin transactions are anonymous, and it is difficult for authorities to track the movement of funds through the blockchain.

While Bitcoin offers certain advantages in terms of privacy and financial freedom, it is not without risk. Price volatility , hacks in the Bitcoin ecosystem can also make it a risky investment choice.

[Baofeng]

Just to be clear though,  Yan Swan is trying to debunked the myth that "Bitcoin has no use case".

He laid down a lot of it in this twitter in which the OP has try to summarized it in his blog. So he is not that anti Bitcoin.

And even “Bitcoin has no use except for speculation by tech bros”, that's already a use case isn't it, you speculate on the price and see if you can make money out or it or not. The problem is that when people losing money, they blame the market itself and think that it is being manipulated by some big entities and that is the reason why they lose, Lol.

[jbgsmininggmbh]

Just to be clear though,  Yan Swan is trying to debunked the myth that "Bitcoin has no use case".

He laid down a lot of it in this twitter in which the OP has try to summarized it in his blog. So he is not that anti Bitcoin.

And even “Bitcoin has no use except for speculation by tech bros”, that's already a use case isn't it, you speculate on the price and see if you can make money out or it or not. The problem is that when people losing money, they blame the market itself and think that it is being manipulated by some big entities and that is the reason why they lose, Lol.

this. Thank you sir.