Is Bitcoin Still A P2P Electronic Cash System ?.

[ColdLava40]

I perceive that most of us have forgotten or should i say don't understand the concept and the primary purpose of Bitcoin. I had to made this conclusion after reading several post from different communities including Bitcointalk. Most post I read were meant to promote the use of bitcoin, but failed to apply the primary concept.

Interestingly, almost every bitcoin promotion article we see today contains HODL, Investment, Bull Market, 2024 Halving, etc, but only few talks about the basics.

You must be wondering what the primary concept is all about ?. The bitcoin white paper which was released far back had the answers to what bitcoin was primarily meant for. The heading of the white paper  stated Bitcoin: A Peer-to-Peer Electronic Cash System. While reading through, the writer's primary intentions was to fix the issue of third party transactions, by making Bitcoin another form of transaction entirely. The most interesting part was how the writer explained vividly how the transaction would work in relation to security matters.

HODL, bull market, etc isn't bad, but how many of us still talk about using bitcoin as a regular medium of transaction ?.

Don't get this wrong, I am not against HODL or others because everyone deserves to make profit. but if everyone chooses to hold, then how do we promote ?, Just by using our mouth ?, Who believes what is not seen ?.

I think we are very lucky with satoshi's brilliance, but sadly, majority now consider bitcoin as an investment only, which makes me wonder if Bitcoin is still a p2p electronic cash system.

My opinion...

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[Plaguedeath]

Look, another one more user can't accept Bitcoin to used as a commodity and demand to make Bitcoin as a currency just like the whitepaper was pointed out. Read below, satoshi itself isn't forcing the user to use it as a currency, then why you need to care about that?

Question to you: do you have Bitcoin? how frequently you use it as a currency?

Bitcoins have no dividend or potential future dividend, therefore not like a stock.

More like a collectible or commodity.

[cryptomaniac_xxx]

It has evolved in the last couple of years. But yes, it is still can be used as a payment scheme as originally designed by Satoshi. But as I have said, throughout the years, when it been traded, it became an assets and so majority now used to buy and sell them in exchange. Or even hedge their wealth on it as a store of value.

It even considered as a safe haven during the pandemic, as people started to buy or put their money and just HODL and make profits once we hit the bull run in 2021-2022. So still depends on us, on how we treat it or how it will benefit us.

[Charles-Tim]

Interestingly, almost every bitcoin promotion article we see today contains HODL, Investment, Bull Market, 2024 Halving, etc, but only few talks about the basics.

I think we are very lucky with satoshi's brilliance, but sadly, majority now consider bitcoin as an investment only, which makes me wonder if Bitcoin is still a p2p electronic cash system.

If you have bitcoin, you have the full control over your coins. That also means that you can do whatever you like with your coins. Bitcoin is a P2P means of making payment, but it has appreciating value as its price is increasing as there are more demand. That is bitcoin by design, even if not included in white paper, and that has been one if the reasons people adopted it.

In my country, to use bitcoin for transaction is almost nonexistent, but you can easily convert your bitcoin to fiat and spend and  you can easily convert your fiat to bitcoin. I have only been able to use bitcoin to make cross border transactions. I have not used it locally before because I do not see people accepting it.

[Hamza2424]

If you have bitcoin, you have the full control over your coins. That also means that you can do whatever you like with your coins.

Don't forget about the condition, Only if you have your Bitcoins in Self-Custodial Wallet.

Bitcoin is a P2P means of making payment, but it has appreciating value as its price is increasing as there are more demand. That is bitcoin by design, even if not included in white paper, and that has been one if the reasons people adopted it.

Well, that's obvious, with the characteristics. No matter how others take it as an Investment opportunity, their safe mode with inflation as a store of value or Jewelry to show off (Just Saying), Their life fortnight life changer etc, etc, It was a P2P payment mode and it will be by default.

[bayu7adi]

This can be seen as a deviation from the original intent, but with the introduction of this new function as an investment, Bitcoin has gained recognition among a wide audience and garnered global attention. Unbeknownst to many, this can also be regarded as a unique branding strategy. Imagine if Bitcoin had remained stagnant, as it did in 2010, with no change in its value – it might have gone relatively unnoticed.

Bitcoin has become known for making significant moves in the unpredictable bullish and bearish markets. However, this has also had an impact on Bitcoin, making its use as a peer-to-peer currency less popular.

It's essential to note that Bitcoin will continue to have users who employ it as electronic peer-to-peer currency, even if their numbers are not substantial. If the adoption of Bitcoin as a peer-to-peer currency is a cause for concern, it would be even more worrisome if Bitcoin remains obscure, and the peer-to-peer user base does not expand; that would be truly disheartening.

[Blitzboy]

We've found a classic problem, right? We've got Bitcoin: a p2p electronic cash system, yet ta-da its hoarded like the goose that lays golden eggs! Listen up: we need to distinguish between BTC's core concept and our reality.

According to the whitepaper, Bitcoin was designed to create a p2p transaction system without third parties. A beautiful concept, right? However, HODLing, investing, and speculating grew since who doesnt want a piece of this profitable crypto-pie?

How about flipping and bifurcating BTC? Imagine dedicated "transactional BTC wallets" and "investment BTC wallets." For example. people have two wallets: one for daily transactions (buying coffee, paying rent, etc.) and the other for investment and HODLing. This strategy could revive BTC's transactional utility while allowing us utilize the potential gain from bitcoin

[Stepstowealth]

HODL, bull market, etc isn't bad, but how many of us still talk about using bitcoin as a regular medium of transaction ?.

Don't get this wrong, I am not against HODL or others because everyone deserves to make profit. but if everyone chooses to hold, then how do we promote ?, Just by using our mouth ?, Who believes what is not seen ?.

I think we are very lucky with satoshi's brilliance, but sadly, majority now consider bitcoin as an investment only, which makes me wonder if Bitcoin is still a p2p electronic cash system.

I understand you, but I know also that many of people here are interested in bitcoins because of investment, so that is why keeping bitcoins is mostly talked about. There are still people who were introduced to bitcoins because of the advantage to make quick transactions for various purpose. Merchants who have more interest in using bitcoins for payment will always talk more about use of bitcoins for payment than just keeping it as a way to have an investment. I also think that merchants still keep some bitcoins to be in gain and benefit from the market when the value increases.

[Texac]

I think we are very lucky with satoshi's brilliance, but sadly, majority now consider bitcoin as an investment only, which makes me wonder if Bitcoin is still a p2p electronic cash system.

My opinion...

While most people just view it as an investment instead of using it as a peer-to-peer currency, that doesn't mean you can't use bitcoin as a peer-to-peer currency and still have some people use bitcoin for payment.  you don't need to care what other people think or do with bitcoin, you just need to use it for the purpose you want.  Bitcoin is used for more purposes instead of just being used for a single purpose, I think you should be more happy than sad about that.  because the important thing is that bitcoin is bringing a lot of benefits to everyone and is accepted by everyone, that is the success of bitcoin.

[Majestic-milf]

 Well, you are right about Bitcoin being a p2p electronic system and if you feel the use case of Bitcoin is not maximalized simply because users have taken to hodling more than using it to pay for goods and services, I'd just say Satoshi Nakamoto created Bitcoin to present an opportunity for financial control to be taken from the financial elites and it wasn't dictated that it must be used only for paying for goods and services alone.
Either way you look at it, Bitcoin still has popularity and while there's those who invest in it, hodl, there's still folks out there using it for payments. Don't know if you've come across this post https://bitcointalk.org/index.php?topic=5467712.0, but it shows that there's still people who don't just hodl Bitcoin like a trophy. Even Edward Snowden advises that it should be used more for spending rather than investment or hodling. All this goes to show that it's a personal choice of what one should do with his Bitcoin.

[taufik123]

-snip-
According to the whitepaper, Bitcoin was designed to create a p2p transaction system without third parties. A beautiful concept, right? However, HODLing, investing, and speculating grew since who doesnt want a piece of this profitable crypto-pie?
-snip-

Now people only use Bitcoin options as investments, as trading, and as speculative assets.
We are still not really on the path of the real BTC Concept.
Of course, this is because government regulations do not fully support Bitcoin as a legal payment asset.

P2P transactions between Bitcoin users without a third party are certainly possible,
but it is still not efficient with the costs and time needed to make transactions.

The best way is to p2p using the Bitcoin Lightning Network,
but some people don't like the Lightning network.

Now p2p is still dominated by third parties and this can be done quickly.
But it is centralized and controlled by a third party.

[un_rank]

I think we are very lucky with satoshi's brilliance, but sadly, majority now consider bitcoin as an investment only, which makes me wonder if Bitcoin is still a p2p electronic cash system.

That is the beauty of bitcoin, it still is an electronic cash used for transactions without a third party daily while it is hodled by others as an investment and traded by some others.
The deflationary quality of bitcoin is very important and gives it more real world value. Currencies are difficult to displace, more difficult when it is a decentralized one trying to displace a legal tender. Having multiple utility means bitcoin will not wait until adoption grows incredibly as a currency for exchange.

Even the wallets attributed to Satoshi are still hodling.

- Jay -

[cryptoaddictchie]

I also think that merchants still keep some bitcoins to be in gain and benefit from the market when the value increases.

Does having bitcoin terminal needed fee? Like example atm or credit cards accepted are paying some fees on the company was it also the same if theyy have bitcoin payment terminal? Does a company have the fees for that or we can simply use a bitcoin wallet for receiving payment? If none then using bitcoin or crypto is much cheaper than having credit card options on restaurant, shopping mall and etc.

[Don Pedro Dinero]

Well, it is not so far from Satoshi's idea that it should be used as an investment or a store of value. There was a recent thread showing this with quotes. What does deviate from his idea is to do it by buying on centralised exchanges, leaving bitcoins there, trading shitcoins, using custodial wallets and the like. But he had foreseen that bitcoin would be used as an investment.

[rat03gopoh]

HODL, bull market, etc isn't bad, but how many of us still talk about using bitcoin as a regular medium of transaction ?.

You should see the ads under mine or other people's posts, it's paid in bitcoin on a p2p basis every week and this has been going on for a long time on this forum at least since laszlo made it work for the first (known) time.

but if everyone chooses to hold, then how do we promote ?, Just by using our mouth ?, Who believes what is not seen ?.

For me personally, explaining something you don't want people to know is a waste of time.

[Doan9269]

HODL, bull market, etc isn't bad, but how many of us still talk about using bitcoin as a regular medium of transaction ?.

Understand this one fact about bitcoin that it can serve you on many purpose being a digital currency, an asset and a profitable investment we can hodl, but the idea behind this is that not everyone will be holding up at the same time, and not everyone will be buying at the same time as well, the demand and supply causes the change in them both and determine when people will hodl or Invest and buy bitcoin, yet nothing stops it being a medium of transaction in making payments.

[Knight Hider]

What if I told you you can do both? HODL Bitcoin for investment and use Bitcoin for payments.
There's no need to pick a side, pick both sides.

[Hatchy]

I believe that Bitcoin has stayed true to Satoshi's original vision and, if anything, it has evolved to better fulfill its intended purpose. Bitcoin serves a multitude of purposes, catering to individual preferences. It continues to function as a reliable choice, especially for long term "HODLing," where many have profited, and there are now even more user-friendly options available. When compared to other cryptocurrencies, Bitcoin's reliability is evident, making it a preferred choice for accumulating assets. Whether you're trading or investing, Bitcoin remains true to its original goal ie "as a peer-to-peer electronic cash system, an alternative to fiat currency, and a digital payment solution"

[Bushdark]

What if I told you you can do both? HODL Bitcoin for investment and use Bitcoin for payments.
There's no need to pick a side, pick both sides.

This all depends on the region just like we have some regions that do not support the existence of Bitcoin using leagl means to tag it illegal for people to trade with Bitcoin. Bitcoin had been a utility means for us to beak though from the traditional way of transacting business using fiat currency. Since the launch of Bitcoin, the world has seen total changes in individual mindset of having a world of non fiat transaction and this is going to have soon where everybody would be using cryptocurrency to trade and run there various businesses.

[BlackHatCoiner]

Don't get this wrong, I am not against HODL or others because everyone deserves to make profit. but if everyone chooses to hold, then how do we promote ?

We don't, because the moment everyone becomes a hodler, it will be valuated at 0. The only purpose of Bitcoin is to be used as currency. If we don't have people willing to use it like that, it will go to 0, just as if we don't have people willing to use gold in jewellery and electronics, it will also go to 0.

The reason there is an orders of magnitude difference between the total holders and those who use it as currency, is due to the fact that bad money drives out good.