Debunking the Myth of Bitcoin's Use Case

[franky1]

A short educational video explains the difference between 'trading an item' and 'using an item' to show that there's no such thing as a 'Bitcoin use case': https://youtu.be/uNzs9JAKjMY

the video talks about the underlying value backing a currency

bitcoin has a mining cost behind it.. and a security cost.. now go check how much it costs to print a $100 bank note($0.086)
FIAT underlying value is not secured by its minting/printing cost. as that amount is super small
its only backed by laws that enforce its use like fines, taxes and minimum wages which assert people need to use, account and measure their time, labour, crimes and participation as a citizen in fiat

bitcoin does not need the laws of participation to back it. instead people participate freely(freemarket) without force. thus back it along with the mining cost to give it underline value without force, but instead freedom and desire of its abilities and functions and utilities

bitcoin does more functions than fiat does.. it even works as a deflationary currency instead of inflationary fiat, so has many advantages

if the world cannot mine bitcoin for less than $25k a coin, that gives it initial underlying value to pay alteast $25k for it.. then the freedom of participation (desire to use it) adds on the rest
yes the participation is not forced and instead just freely given. but thats the advantage, you are not forced to give a bitcoin government 20%-40% of your participation to a bitcoin government. instead you just use bitcoin because you want to not because a government made you do it

bitcoin has utility beyond fiat capability. which is why people are willing to buy it and use it

[1714880307]

1714880307

[1714880307]

1714880307

[1714880307]

1714880307

[1714880307]

1714880307

[Ambatman]

I reckon you're the author of that video?
You're just using false dichotomy to make an impression of creating some novel thought.
Not to mention other things, you failed to explain why can't "trade" (of any sort) be considered a "use".

You might as well "debunk" the use case of bicycles in your next video, creating a division between "use" and "ride".

Yeah definitely. It's not easy stumbling upon a video on YouTube with less than 30 views.
Don't really like replying thread with this much reply since I believe others have already spoken my mind.
When I saw debunk I was expecting something that's uncommon.
I never knew there was a myth about Bitcoin use case.
Would OP debunk the myth of Dollar use case?
The uses of Bitcoin are broader than just been a p2p exchange method.
Bitcoin was adopted because there was a market to satisfy.
What's Bitcoin used for?
To serve as a peer to peer exchange method.
Make you your own Bank.
Even the introduction of ordinals has shown it can be used to save datas, images without fear of it been re-branded like history.
Are these trade case or use case?

[kryptqnick]

Bitcoin has high liquidity, so if one buys Bitcoin at a market price, one might not be able to sell it for $1 million in the future, but one can surely sell it for a price that's close to the buying price.
I don't find the trade vs use distinction from the video convincing. Trading is a way of using, so trade case is a part of use case.
Bitcoin has been growing and has been gaining reputation for a long time, without the approval of an "educational video" with less than 50 views on YouTube.

[Kelward]

A short educational video explains the difference between 'trading an item' and 'using an item' to show that there's no such thing as a 'Bitcoin use case': https://youtu.be/uNzs9JAKjMY

In this context that you're explaining it will mean that trading an item or using the same item as an exchange for something means the same thing, because whatever fiat currency can be used to purchase, Bitcoin can also be used to purchase, so it depends if they're accepting a perticular fiat currency or Bitcoin at the point of payment. So inasmuch as fiat currency has use cases, Bitcoin also has use cases, because they're both used for payments, only difference is that fiat currencies are centralized, meaning that they're owned by governments, while Bitcoin is a decentralized digital currency that is not controlled by any governments. So your definition of Bitcoin, not having any use case and useless is very wrong, please get your fact right.

[nutildah]

Paying, buying, selling, transferring, exchanging... All that means trading Bitcoin. It means that Bitcoin can be exchanged among market participants, that it has a 'trade case'. But no one who buys it can use it for something. That means that Bitcoin lacks a use case.

The "trading" is the use case because that is the use case of currency, which Bitcoin is. "No one who buys it can use it for something"... that makes no sense at all because it can be used as a currency by non-market participants. Like I said, I don't even use an exchange anymore. You're being ridiculously hard headed for the sake of defending an easily debunkable thesis.

Guess if you're right, the price of BTC should be dropping to zero any moment now.

[JamesNZ]

A short educational video explains the difference between 'trading an item' and 'using an item' to show that there's no such thing as a 'Bitcoin use case': https://youtu.be/uNzs9JAKjMY

Lol bitcoin wouldn’t have its price today if it did not have any real world use case, do you think investors are just passing off bitcoin to one another for no reason at all?

The reason why people are so eager to buy bitcoin no matter how expensive it might get is because there is functionality if you own a coin. People are purchasing different kinds of goods that are only being sold in exchange of bitcoin so I wouldn’t call that exactly useless.

No, investors are not just passing Bitcoin to one another for no reason. The reason is to profit from passing it. But still, Bitcoin is useless. When investors acquire it they can only sell it other investors. It's simple.

A short educational video explains the difference between 'trading an item' and 'using an item' to show that there's no such thing as a 'Bitcoin use case': https://youtu.be/uNzs9JAKjMY

Okay, we understood that Bitcoin's use case is a myth but does it really matter whether we use the term trade or use? I use Bitcoin to send money in a way that my privacy is more protected compared to fiat transaction. Is it also a use case when someone sends jpeg image with Bitcoin Ordinals?

It seems that you have put some time in your video but don't ever think that such a video will go viral. They won't, because you touch the subject that no one cares about. I and billions of people will say "I use Bitcoin" because we call it an use when we can do something with it and that includes any kinds of trade.

No, you're not using Bitcoin to send money. You are spending money on a useless coin. As long as there are new buyers of that coin you can get your money back. But if they stop buying you are in trouble because the coin cannot be used for anything.

[JamesNZ]

No, because money such as the dollar, besides being traded on the market, can also be used for returning it to its issuers - banks for satisfying loan or bond debt that was created by putting the dollar on the market. Money such as gold, besides being traded can also be used as jewellery, an electroplated coating, dental restorative material, etc. So, no, money is not useless. Only Bitcoin.

BTC is a digital currency, it does not have centralized issuers like fiat, neither is it a physical coin that can be forged into another thing of value, and so on that basis you conclude that it isn't useful. I don't know what's your own definition of use case, but to anyone with understanding, BTC is useful and has its own use cases, some of which i am sure you know of, but you just seem to be trolling here.

So, what anyone can do with Bitcoin besides selling it to someone? Currently, you have the whole army of holders. You have masses of people who bought Bitcoin. What can they do with it besides transferring it to other market participants? Or take the following thought experiment because you Bitcoin supporters love to compare Bitcoin to fiat money:

Suppose you hold all the issued dollars and bitcoins. Question: what can you do with them without selling them on the market?

Let's start with dollars. The dollar is debt owed to banks. It goes into circulation when commercial banks issue loans to individuals and companies or when the Federal Reserve purchases government bonds. Consequently, the banks take it back for paying those loans and bonds. So with your dollars, you can benefit millions and millions of people by repaying their loans and removing liens on their cars, houses, land, etc. Also, you can repay government bonds subscribed to by the Federal Reserve. In that way, you can benefit taxpayers. An item that can benefit so many people without being sold on the market is obviously useful.

Let's now go to Bitcoin. So you hold all of its supply, which is around 19 million bitcoins. You hold virtual coins that were advertised as being fast, secure, immutable, decentralized, scarce, liberating, etc. But what can you do with them? Well, literally nothing. That anonymous guy Satoshi Nakamoto who put them into circulation via his protocol is not like banks. He doesn't take back issued coins in exchange for some benefit, such as removing a lien. Bitcoin, unlike the dollar, is not debt. So essentially, you're left with just watching the number 19 million on the screen. You have something that everyone can have in an instant by pressing keys on a keyboard. As no benefit can be derived from that, your holdings are totally useless.

[goldkingcoiner]

A short educational video explains the difference between 'trading an item' and 'using an item' to show that there's no such thing as a 'Bitcoin use case': https://youtu.be/uNzs9JAKjMY

This video was uploaded one day ago by a newbie Youtube account that nobody follows. So I am going to assume it is your account and your video. It seems to be an AI voice reading a bullshit text that you wrote yourself and are now trying to pass it off for as some kind of actual knowledge.

You have no idea what you are talking about and your video version of a spam text was unnecessary. Thanks for wasting everybody's time.  

edit: enough posters have provided an adequate response to the video. Everyone seems to be in agreement that it is not factual. There is not one person in this thread that is in agreement with OP.

[JamesNZ]

A short educational video explains the difference between 'trading an item' and 'using an item' to show that there's no such thing as a 'Bitcoin use case': https://youtu.be/uNzs9JAKjMY

This video was uploaded one day ago by a newbie Youtube account that nobody follows. So I am going to assume it is your account and your video. It seems to be an AI voice reading a bullshit text that you wrote yourself and are now trying to pass it off for as some kind of actual knowledge.

You have no idea what you are talking about and your video version of a spam text was unnecessary. Thanks for wasting everybody's time.  

So, you engage in red herring because you're unable to provide a rational response to the video. Gotcha.

[pooya87]

LOL
you are just playing with words because you want to prove your wrong view of Bitcoin's usages. It's like arguing that we are not currently "communicating" with each other because this is in text form and without "voice"

No my dude, each time anyone gets paid in bitcoin, uses bitcoin to purchase something, and even when they invest in bitcoin they are using bitcoin. That is the definition of use cases of money. You use it as a medium of exchange and you use it for store of value.

The real remaining question that got me curious is what is your goal?

[HeRetiK]

LOL
you are just playing with words because you want to prove your wrong view of Bitcoin's usages. It's like arguing that we are not currently "communicating" with each other because this is in text form and without "voice"

No my dude, each time anyone gets paid in bitcoin, uses bitcoin to purchase something, and even when they invest in bitcoin they are using bitcoin. That is the definition of use cases of money. You use it as a medium of exchange and you use it for store of value.

I'd actually even be fine with OP arguing semantics, if their arguments would be internally consistent. But as soon as the argument gets extended to fiat currencies these are miraculously exempted from their particular definition of "use" by some handwavy reference to government backing. It's almost as if their whole argument is not actually... useful.

The real remaining question that got me curious is what is your goal?

YouTube views, presumably.

[franky1]

So, what anyone can do with Bitcoin besides selling it to someone? Currently, you have the whole army of holders. You have masses of people who bought Bitcoin. What can they do with it besides transferring it to other market participants? Or take the following thought experiment because you

though its merchant adoption is not as universal as fiat.. its a currency because i can pay my bills with it. and i have/ do

though right now in 2024 im more of a holder as the bitcoin market speculates and im not ready to sell, previous years i used it to buy things
 plane tickets, furniture, fast food, novelty items, asics, home appliances.. heck i even bought alot of stuff like:
blankets, cellphone-battery-backups, underwear, socks, hats and other things when i donated goods to a ukraine refugee supply run campaign.
but thats previous years. i personally havnt checked recently

yes its not as universal and easy to just walk into any shop and pay with bitcoin without research prep to know which merchant to use... but there are alot of places that you can finds goods for bitcoin if you really look..

edit:
i just thought of a random purchase and checked if i can do it with bitcoin in 2024.. and yep..
the random thought was a movie ticket for the new godzilla movie.. and yep. i can

edit 2:
another random purchase thought.. socks.. again yep i can

edit 3:
another random purchase thought.. plane tickets.. again yep i can

so yea still a currency

[JamesNZ]

LOL
you are just playing with words because you want to prove your wrong view of Bitcoin's usages. It's like arguing that we are not currently "communicating" with each other because this is in text form and without "voice"

No my dude, each time anyone gets paid in bitcoin, uses bitcoin to purchase something, and even when they invest in bitcoin they are using bitcoin. That is the definition of use cases of money. You use it as a medium of exchange and you use it for store of value.

The real remaining question that got me curious is what is your goal?

It's not words. It's real life. In real life whoever buys Bitcoin cannot do anything with it which is why they must dump it on another buyer. Investing, paying, buying, transferring... all these words mean the same - dumping coins on someone else. You know very well that the coins have no use. But you cannot admit it because you want to dump them at as high a price as possible. All holders want to do that. They know the truth that the coins are useless - after all, they are witnessing this first-hand. They know they need new suckers to dump the coins on them. In the process, they want to profit as much as possible. Telling the truth would thus go against their interests. So they naturally spread the myth debunked in the video. Or play dumb like you and other responders here.

[harapan]

A short educational video explains the difference between 'trading an item' and 'using an item' to show that there's no such thing as a 'Bitcoin use case': https://youtu.be/uNzs9JAKjMY

You sincerely don't have enough evidence or points to back this up right?I see you're new here and you really need to go hard on this;on facts,and this journey of bitcoin mastery.
Its not everything you see or hear about bitcoin is exact.Some items and opinions that you seek comes from learning and research.Some of this clips you'll normally watch can misdirect and inculcate you wrongly.

Exhibit a good study habit,grind and chew every piece of information into perfection and an effective knowledge/ understanding.
You can as well have an undeniable and quality time while studying Bitcoin white paper by satoshi Nakamoto.

[JamesNZ]

A short educational video explains the difference between 'trading an item' and 'using an item' to show that there's no such thing as a 'Bitcoin use case': https://youtu.be/uNzs9JAKjMY

the video talks about the underlying value backing a currency

bitcoin has a mining cost behind it.. and a security cost.. now go check how much it costs to print a $100 bank note($0.086)
FIAT underlying value is not secured by its minting/printing cost. as that amount is super small
its only backed by laws that enforce its use like fines, taxes and minimum wages which assert people need to use, account and measure their time, labour, crimes and participation as a citizen in fiat

bitcoin does not need the laws of participation to back it. instead people participate freely(freemarket) without force. thus back it along with the mining cost to give it underline value without force, but instead freedom and desire of its abilities and functions and utilities

bitcoin does more functions than fiat does.. it even works as a deflationary currency instead of inflationary fiat, so has many advantages

if the world cannot mine bitcoin for less than $25k a coin, that gives it initial underlying value to pay alteast $25k for it.. then the freedom of participation (desire to use it) adds on the rest
yes the participation is not forced and instead just freely given. but thats the advantage, you are not forced to give a bitcoin government 20%-40% of your participation to a bitcoin government. instead you just use bitcoin because you want to not because a government made you do it

bitcoin has utility beyond fiat capability. which is why people are willing to buy it and use it

You perfectly expressed the myth debunked in the video. This is how stories about Bitcoin look like. You deny reality and misrepresent 'trade case' as 'use case'.

[nutildah]

The real remaining question that got me curious is what is your goal?

YouTube views, presumably.

Well it worked because it was a good exercise to remember wherein the primary value of bitcoin lies, which is the fact that it is actually used as a currency, as per the creator's intentions. Sure FOMO pumps and pure market manipulation can be fun but the adoption of bitcoin managed to get where it is today not just because of its usability but the brilliance of its underlying technology.

[JamesNZ]

The real remaining question that got me curious is what is your goal?

YouTube views, presumably.

Well it worked because it was a good exercise to remember wherein the primary value of bitcoin lies, which is the fact that it is actually used as a currency, as per the creator's intentions. Sure FOMO pumps and pure market manipulation can be fun but the adoption of bitcoin managed to get where it is todaynot just because of its usability but the brilliance of its underlying technology.

Not used as a currency, but traded as a currency. Even useless items can be traded as a currency given that general acceptance is the only requirement to meet the definition of a currency. Also, the term "used as a currency" is meaningless given that "currency" is a generic term. When we go to specific examples only then we can talk about use. In the past, gold was a currency. Currently, the dollar is a currency.  The first is used as jewellery, an electroplated coating, dental restorative material, etc. The second is used for satisfying debt owed to commercial banks and FED. So basically, when you say that Bitcoin is "used as a currency" you're suggesting that Bitcoin is used as jewellery or for satisfying debt owed to FED, which is a complete nonsense. Bitcoin cannot be used for anything. It can only be traded. It is hilarious how you people use rhetorical tricks and semantical manipulations to try to argue that Bitcoin has a use case. When you buy Bitcoin you're witnessing first-hand that you cannot use it for anything. But regardless, your are spreading that myth about its use case. Indeed hilarious.

[nutildah]

Not used as a currency, but traded as a currency.

There's literally no difference between "trading" bitcoin for a new TV or "trading" dollars for a new TV. Your argument (which has been wholly disproved six was from Sunday in this thread already) has now been diminished to a matter of meaningless semantic differences.

So basically, when you say that Bitcoin is "used as a currency" you're suggesting that Bitcoin is used as jewellery or for satisfying debt owed to FED, which is a complete nonsense.

You're right, that is complete nonsense, and it has nothing to do with what I was saying at all.

Bitcoin cannot be used for anything. It can only be traded.

Simply repeating your initial thesis ad nauseum does not make it true. People are out there using bitcoin for several different reasons on a daily basis, without your knowledge or permission. They will continue to do so, regardless of and contrary to your personal beliefs.

[serjent05]

A short educational video explains the difference between 'trading an item' and 'using an item' to show that there's no such thing as a 'Bitcoin use case': https://youtu.be/uNzs9JAKjMY

Ever think the use of capital B and small b when we talk about Bitcoin?

I agree that when we pay for something we are trading like paying bitcoin for bills and other purchases but little we know that when we do trade in bitcoin we are using the Bitcoin network to transfer units of Bitcoin.  That itself conveys the real life use case of Bitcoin.  Trading bitcoin make use of the Bitcoin network now @OP how can you debunk the fact that when we trade Bitcoin we are using very network of Bitcoin itself.

Capitalization / Nomenclature
Since Bitcoin is both a currency and a protocol, capitalization can be confusing. Accepted practice is to use Bitcoin (singular with an upper case letter B) to label the protocol, software, and community, and bitcoins (with a lower case b) to label units of the currency.

I believe the creator of that video had missed something important and that is Bitcoin being the decentralized digital currency system or what we know as the Bitcoin blockchain Technology.

[JamesNZ]

Not used as a currency, but traded as a currency.

There's literally no difference between "trading" bitcoin for a new TV or "trading" dollars for a new TV. Your argument (which has been wholly disproved six was from Sunday in this thread already) has now been diminished to a matter of meaningless semantic differences.

So basically, when you say that Bitcoin is "used as a currency" you're suggesting that Bitcoin is used as jewellery or for satisfying debt owed to FED, which is a complete nonsense.

You're right, that is complete nonsense, and it has nothing to do with what I was saying at all.

Bitcoin cannot be used for anything. It can only be traded.

Simply repeating your initial thesis ad nauseum does not make it true. People are out there using bitcoin for several different reasons on a daily basis, without your knowledge or permission. They will continue to do so, regardless of and contrary to your personal beliefs.

There's literally no difference between trading any item - it just means transferring it from one buyer to another. But again, the video doesn't debunk the myth of trading Bitcoin, but the myth of using it. Literally every item traded on the market except Bitcoin and its children called crypto currencies, has a use. They have both a 'trade case' and a 'use case'. Bitcoin, on the other hand, has only a 'trade case'. It can only go from one buyer to another. That's a fact. Then, you Bitcoin evangelists come along and start engaging in rhetorical tricks and semantical manipulations by declaring that trading an item is the same thing as using it. Even though you know it is not. Basically you're playing dumb. You deliberately misrepresent reality because you want to dump your useless Bitcoin on someone else. You're selling digital snake oil by using tricks and manipulations. It's really that simple.