Is bitcoin gradually turning away from its purpose?

[milewilda]

Like the title explained it all when sighting towards the speculation or trade discussion section I mostly found out that lots of people are gradually turn away the purpose of bitcoin to mainly investment purposes and I mean to asked, was bitcoin created for investment purpose or it's for peer to peer to alternate fiat?

I would love to see different versions of input.

Its not really that Bitcoin had gone into its main purpose, it is really just that the community or most people taking advantage into one of its benefits or opportunities on which Bitcoin could give.
We can actually do the same time when it comes on p2p transactions and at the same time you do make money once the value do rise up and this is something that could benefit out.
Just dont make yourself that too serious on sticking into a single thing if Bitcoin could give out other possible benefits that a certain person would really be able to attain or achieve on simply holding it.
No matter what we do, as long there's demand and recognition then its price wouldnt really be just that stagnant or would really be staying still. This is why it is really that getting that so much support.

We do know that it isnt really just that limited to BItcoin but in overall coins in the market that we can see those kind of opportunities. This is why it would really be better that
you should really be wise on placing yourself or having that good entry to take that advantage and making profits.

[Z-tight]

Most people choose to use Bitcoin as a commodity instead of as a currency.

A lot people choose to hold their coins in centralized exchange or company (ETF) instead of in non custodial wallet.

Most people don't care with their privacy, they willing to submit their KYC to centralized sites and some people even dare to publicizing if they're own Bitcoin.

All of these is correct, but i don't think it still means that BTC is moving away from its purpose, we have to accept that people would use their coins anyway the way they want to, but doing so does not change what BTC is, and that is a p2p digital currency. Take note as well that there are also people who use BTC as a currency, people who correctly store their coins in self custody and people who only use p2p exchanges, they probably are not talked about that much.

[fuguebtc]

Sadly, yes.

Most people choose to use Bitcoin as a commodity instead of as a currency.

Are you using bitcoin as an investment or are you just using it as a currency? And what's wrong with people using bitcoin as an investment when they are getting many benefits from it and their lives are getting better and better because of bitcoin? Additionally , even if you are using bitcoin as an investment, if there is a store that accepts bitcoin payments, will anyone prohibit you from using bitcoin for payment? So how can it be said that bitcoin is gradually moving away from its purpose of becoming a currency?

A lot people choose to hold their coins in centralized exchange or company (ETF) instead of in non custodial wallet.

Most people don't care with their privacy, they willing to submit their KYC to centralized sites and some people even dare to publicizing if they're own Bitcoin.

This is true, but I don't think it's the reason why bitcoin strayed from its original purpose of being a currency . Bitcoin is still bitcoin, it's just that the way people use bitcoin is not in the direction of turning bitcoin into currency .

[Magic-Money]

Bitcoin is created in a multiple purpose and limited of 21million total supply, in which is simply used as a digital currency where it can be used as a means of payment, trading and investment by holding for a long term and price keep increasing as time goes on. Therefore Bitcoin is an asset that keeps increasing with a very high demand and low supply in the cryptocurrency market.

[Abiky]

Personally op I don't agree fully with that. I believe the reason why it seems like Bitcoin is gradually drifting away from the plans which Satoshi NAKAMOTO initially had is because of the debate about Bitcoin being a P2P currency or a valuable form of investment. The fact is that from the initial intension of Satoshi, Bitcoin was meant to be an easy form of electronic peer to peer cash system without a third party involved.
The fact that Bitcoin price is increasing doesn't mean that it isn't a suitable P2P currency. However the difference is that it is a better currency for larger volumes of transaction in cash.

Although Satoshi's original dream was a simple P2P transaction system, we can arguably say that the result of Bitcoin gaining adoption and value was actually quite inevitable given special factors like decentralization, POW and even halving.

Bitcoin was initially designed as P2P electronic cash. The fact that now people are using it as a store of value has to do much with the currency's deflationary mechanism. With high fees and slow confirmation times, we shouldn't expect people to change the way they use BTC anytime soon. Now with "Wall Street" in the game, things got worse.

What I care about is Bitcoin's decentralization. If institutional investment companies amass a large portion of the circulating supply, BTC would be doomed. Even if economic holders don't determine network consensus (only miners). These entities can influence the direction of the Bitcoin project with their money. It's like moving one step backwards. At least, the code is open source. With many forks around, Bitcoin's original ideals can be preserved for generations.

[Btcdeybodi]

Like the title explained it all when sighting towards the speculation or trade discussion section I mostly found out that lots of people are gradually turn away the purpose of bitcoin to mainly investment purposes and I mean to asked, was bitcoin created for investment purpose or it's for peer to peer to alternate fiat?

Bitcoin is a digital currency which can be stored for value since the price is expected to keep increasing with time so any body can decide to buy Bitcoin and hold it for a long time while some others can decide to accumulate a larger amount of it and use it to perform some digital transactions so it all depends on what everyone has in mind for acquiring it but the actual aim of inventing Bitcoin was for direct transactions without interference of anyone apart from you and the receiving address but because of the fact that Bitcoin keeps increasing in value, people now see it as a means of investment that is why majority of people are buying and hodling it for long term profits

[beerlover]

bitcoin is still bitcoin, it has never changed but people's usage has changed and most people just prefer to use bitcoin as an investment rather than a currency.

But I think it's not as serious or bad as many people think. Because at the end of the day, whether bitcoin is a currency or an investment, it is still decentralized and most importantly, it still benefits those who invest in it. An invention will truly become useless when it is not used or does not bring any useful use or use case. But in this case, bitcoin has brought great benefits as a decentralized asset. It not only helps people become aware of the concept of decentralization, privacy... but it has been helping many people improve their economy and have a better life.
So, even though bitcoin is not used as a currency and is only considered an investment, it is not that bad.

The "real" purpose of bitcoin was to be used, and it's used, sure it was intended to be used as currency but it is used as an investment yet that is still a way of using it. This means that as long as it's being used, then I think it's fine, we do not care "why" it is used, we only care that people are using it.

To be fair, I do use bitcoin on my daily life, because I have a loan from an online place, it's basically a bank, literally legally registered in my nation, but they do accept bitcoin payments as well, so I am repaying 30% of my debt in bitcoin, rest is from regular traditional banks that I pay in fiat. Which means that bitcoin is growing more in the sense that we use it as currency too.

[ahmedjamal1998]

Like the title explained it all when sighting towards the speculation or trade discussion section I mostly found out that lots of people are gradually turn away the purpose of bitcoin to mainly investment purposes and I mean to asked, was bitcoin created for investment purpose or it's for peer to peer to alternate fiat?

I would love to see different versions of input.

I don't think so.
Bitcoin is a P2P currency which is supposed to give people the financial freedom to send and receive funds without being tied down.

But at the same time it also has monetary value. The fact that investors are in it doesn't mean that it's turning away from it's purpose, it just means that they're realizing it's potential. Whether they see it as a chance to make money or anything else doesn't matter.

If you want proof that it's going in the right direction, look how many people in many under-developed nations are now using crypto to transact because they have no other way. This effect in itself is huge. They're using btc and usd-backed coins as their main gateway to life.

If you ask me, that's a very powerful effect and won't be going down any time soon.

[Antonas1]

So far, many have made an issue out of this, thinking that it was wrong or deviant if you invested or traded it. Nobody has an issue with fiat currencies such as USD, EUR, AUD, CAD, JPY, and many others being traded in addition to being used as means of payment. Thus, why is Bitcoin the only one being questioned while they are the same?

[legendbtc]

Personally op I don't agree fully with that. I believe the reason why it seems like Bitcoin is gradually drifting away from the plans which Satoshi NAKAMOTO initially had is because of the debate about Bitcoin being a P2P currency or a valuable form of investment. The fact is that from the initial intension of Satoshi, Bitcoin was meant to be an easy form of electronic peer to peer cash system without a third party involved.
The fact that Bitcoin price is increasing doesn't mean that it isn't a suitable P2P currency. However the difference is that it is a better currency for larger volumes of transaction in cash.

Although Satoshi's original dream was a simple P2P transaction system, we can arguably say that the result of Bitcoin gaining adoption and value was actually quite inevitable given special factors like decentralization, POW and even halving.

Bitcoin was initially designed as P2P electronic cash. The fact that now people are using it as a store of value has to do much with the currency's deflationary mechanism. With high fees and slow confirmation times, we shouldn't expect people to change the way they use BTC anytime soon. Now with "Wall Street" in the game, things got worse.

But do you think that even with cheaper fees and faster confirmation times, people will use bitcoin as currency? I bet that won't happen either, people will still turn bitcoin into an investment because it brings more benefits to them instead of using bitcoin as a peer-to-peer currency which doesn't bring too much benefit. Personal interests always come first in a pragmatic world like today.

What I care about is Bitcoin's decentralization. If institutional investment companies amass a large portion of the circulating supply, BTC would be doomed. Even if economic holders don't determine network consensus (only miners). These entities can influence the direction of the Bitcoin project with their money. It's like moving one step backwards. At least, the code is open source. With many forks around, Bitcoin's original ideals can be preserved for generations.

Even if they hold the majority of the supply, and that would make bitcoin more centralized, but as long as you and everyone store bitcoin in uncustodial wallets, no one can take our bitcoin. Bitcoin's decentralization will never completely disappear, it will become weaker with the participation of Wall Street investors. But this is inevitable because no one can stop them from doing this, so we need to accept and adapt.

[avp2306]

The "real" purpose of bitcoin was to be used, and it's used, sure it was intended to be used as currency but it is used as an investment yet that is still a way of using it. This means that as long as it's being used, then I think it's fine, we do not care "why" it is used, we only care that people are using it.

To be fair, I do use bitcoin on my daily life, because I have a loan from an online place, it's basically a bank, literally legally registered in my nation, but they do accept bitcoin payments as well, so I am repaying 30% of my debt in bitcoin, rest is from regular traditional banks that I pay in fiat. Which means that bitcoin is growing more in the sense that we use it as currency too.

That is really a big issue since people is diverted into investment since this is what usually been discussed by a lot of people. The currency purpose has been less concern by people since maybe the high network fee maybe contribute this since people don't want to waste their money to pay huge fees just to do small or big transaction.

This should be the purpose of bitcoin existence, but a lot of people see an opportunity to gain something from its volatility that's why instead of using it. Many just think that if they hold it there would be more higher chance for them to earn more money. And I think we can't stop to make people think or decide to use bitcoin as currency since majority goes after on bitcoin because they can earn something from this coin.

[microsurfer]

The majority of people are here only due to urge for easy money. They don't care about it's first purpose, they are too happy about etf and another shitcoin pump

[Smack That Ace]

The "real" purpose of bitcoin was to be used, and it's used, sure it was intended to be used as currency but it is used as an investment yet that is still a way of using it. This means that as long as it's being used, then I think it's fine, we do not care "why" it is used, we only care that people are using it.

To be fair, I do use bitcoin on my daily life, because I have a loan from an online place, it's basically a bank, literally legally registered in my nation, but they do accept bitcoin payments as well, so I am repaying 30% of my debt in bitcoin, rest is from regular traditional banks that I pay in fiat. Which means that bitcoin is growing more in the sense that we use it as currency too.

That is really a big issue since people is diverted into investment since this is what usually been discussed by a lot of people. The currency purpose has been less concern by people since maybe the high network fee maybe contribute this since people don't want to waste their money to pay huge fees just to do small or big transaction.

This should be the purpose of bitcoin existence, but a lot of people see an opportunity to gain something from its volatility that's why instead of using it. Many just think that if they hold it there would be more higher chance for them to earn more money. And I think we can't stop to make people think or decide to use bitcoin as currency since majority goes after on bitcoin because they can earn something from this coin.

Transaction fees can be a barrier that makes people not want to use bitcoin to pay, but I think the main reason is because the government has not legalized or approved us to use bitcoin as a main currency. What businesses or organizations do you think dare to oppose the government and use bitcoin as a payment method when the government does not allow it? So, even if bitcoin did not have high transaction fees and was not volatile, using bitcoin as a currency would still be difficult to implement.

Our use of bitcoin as an investment has never caused bitcoin to lose its function as a currency, we can still use it as a peer-to-peer currency despite high transaction fees and volatility. But the problem is, like I said, governments and regulations are the barriers that prevent bitcoin from becoming a popular currency.

[GideonGono]

Like the title explained it all when sighting towards the speculation or trade discussion section I mostly found out that lots of people are gradually turn away the purpose of bitcoin to mainly investment purposes and I mean to asked, was bitcoin created for investment purpose or it's for peer to peer to alternate fiat?

I would love to see different versions of input.

It was created for peer to peer and for anonymity, but most of us are using it as an investment tool and giving out our information to use centralized exchange by providing KYC.
I think that everyone is free to do what they want when they bought it, and the creator somehow expected it this way since there is a limited supply the price would surely increase.
Bitcoin might be used as a peer to peer or as a currency when the price became stable and the fee became lower.

[dunfida]

Like the title explained it all when sighting towards the speculation or trade discussion section I mostly found out that lots of people are gradually turn away the purpose of bitcoin to mainly investment purposes and I mean to asked, was bitcoin created for investment purpose or it's for peer to peer to alternate fiat?

I would love to see different versions of input.

It was created for peer to peer and for anonymity, but most of us are using it as an investment tool and giving out our information to use centralized exchange by providing KYC.
I think that everyone is free to do what they want when they bought it, and the creator somehow expected it this way since there is a limited supply the price would surely increase.
Bitcoin might be used as a peer to peer or as a currency when the price became stable and the fee became lower.

Peer 2 peer transactions is something that could really be done and there's no issue to that, it is really just that majority of us would really be dealing up with exchange platforms on which we do really make trades.
On the moment that you would really be  tending to hold then it would really be just that simply holding on your own wallet and since we know that price is volatile and unpredictable, then it would really be that inevitable
that your money or investment will really be neither going up and down. Even lets say that you do focus about on having that p2p transactions or really that utilizing its actual usage but there's no way that you could be able to avoid when it comes to price volatility. On the moment that you've seen that you do make money then who doesnt want that?

On the moment that you've seen that increase then who wouldnt really be interested with that? Majority of us would really be interested. Right?
But of course you wouldnt really be forgetting about the risks on losing money too. So it would really be neither of both possible conditions.

[mirakal]

Most people choose to use Bitcoin as a commodity instead of as a currency.

A lot people choose to hold their coins in centralized exchange or company (ETF) instead of in non custodial wallet.

Most people don't care with their privacy, they willing to submit their KYC to centralized sites and some people even dare to publicizing if they're own Bitcoin.

All of these is correct, but i don't think it still means that BTC is moving away from its purpose, we have to accept that people would use their coins anyway the way they want to, but doing so does not change what BTC is, and that is a p2p digital currency. Take note as well that there are also people who use BTC as a currency, people who correctly store their coins in self custody and people who only use p2p exchanges, they probably are not talked about that much.

Bitcoin may be mostly used as an investment these days but that’s because bitcoin is not yet totally accepted as a currency globally. But eventually in the long run, all the profits we have acquired from bitcoin will still be used as a currency.

I guess this shouldn’t be a big issue because the fact that we are still patronizing bitcoin, regardless if it’s for an investment or p2p digital currency, this only proves that we are not turning away from the main design of bitcoin but we are just utilizing bitcoin for a double purpose, but we all know in the end it all boils down using bitcoin as a currency when everything about bitcoin will be normalized and accepted in all countries.

[Taskford]

Like the title explained it all when sighting towards the speculation or trade discussion section I mostly found out that lots of people are gradually turn away the purpose of bitcoin to mainly investment purposes and I mean to asked, was bitcoin created for investment purpose or it's for peer to peer to alternate fiat?

I would love to see different versions of input.

It was created for peer to peer and for anonymity, but most of us are using it as an investment tool and giving out our information to use centralized exchange by providing KYC.
I think that everyone is free to do what they want when they bought it, and the creator somehow expected it this way since there is a limited supply the price would surely increase.
Bitcoin might be used as a peer to peer or as a currency when the price became stable and the fee became lower.

But now it doesn't serve its real purpose since lots of people are not looking into this use case but rather they think about accumulating it for investment. Although there's nothing wrong for people to think about this is investment for them since that is their choice and somehow they can earn something from it specially if they can handle well their investment then also decide something useful to increase their chance to gain profits from bitcoin. Maybe we can also see this to use as currency when price goes stable since people might think about using it for each transaction they made. I also guess the fees contribute something for people to decide not to use it for transaction since we could see that sometimes bitcoin is not good option to transfer especially the fee goes up.

[Marvell1]

The "real" purpose of bitcoin was to be used, and it's used, sure it was intended to be used as currency but it is used as an investment yet that is still a way of using it. This means that as long as it's being used, then I think it's fine, we do not care "why" it is used, we only care that people are using it.

To be fair, I do use bitcoin on my daily life, because I have a loan from an online place, it's basically a bank, literally legally registered in my nation, but they do accept bitcoin payments as well, so I am repaying 30% of my debt in bitcoin, rest is from regular traditional banks that I pay in fiat. Which means that bitcoin is growing more in the sense that we use it as currency too.

That is really a big issue since people is diverted into investment since this is what usually been discussed by a lot of people. The currency purpose has been less concern by people since maybe the high network fee maybe contribute this since people don't want to waste their money to pay huge fees just to do small or big transaction.

This should be the purpose of bitcoin existence, but a lot of people see an opportunity to gain something from its volatility that's why instead of using it. Many just think that if they hold it there would be more higher chance for them to earn more money. And I think we can't stop to make people think or decide to use bitcoin as currency since majority goes after on bitcoin because they can earn something from this coin.

I don't think the transaction fee issue is the reason people don't want to use bitcoin as a currency. If you learn the history of bitcoin then you will know that it has been used as an investment since 2010 and at that time transaction fees were not as high as in recent years. It can be said that bitcoin has been used as an investment, commodity since the early days of bitcoin's creation. Many people blame ETFs and the government as the main reason why bitcoin cannot become a currency, but the root cause is that early investors did it, not necessarily the fault of the government or the ETFs. As me and beerlover said, it doesn't matter what bitcoin is, what matters is that it is used and benefits us.

[0t3p0t]

Like the title explained it all when sighting towards the speculation or trade discussion section I mostly found out that lots of people are gradually turn away the purpose of bitcoin to mainly investment purposes and I mean to asked, was bitcoin created for investment purpose or it's for peer to peer to alternate fiat?

I would love to see different versions of input.

Transaction fees are ruining the purpose of Bitcoin as an innovative payment network and waiting for it to go down is inconvenient especially to important transactions because who wants to pay higher fees in a smaller transactions right? But if we treat Bitcoin as an investment, fees does not matter at all especially if you are a long term hodler because you can always wait for the lowest possible.

[uneng]

Like the title explained it all when sighting towards the speculation or trade discussion section I mostly found out that lots of people are gradually turn away the purpose of bitcoin to mainly investment purposes and I mean to asked, was bitcoin created for investment purpose or it's for peer to peer to alternate fiat?

I'm not really interested on what should be the main purpose of Bitcoin, because I think the most useful and important aspect from Bitcoin is to fit different needs and demands adopters have on their personal lives. For you it can be that Bitcoin fits better as currency, but for me it may be more interesting as an investment. For another person, it can mean privacy, while for someone else it can be the perfect tool they were looking for in order to have access to gambling. And I'm not really judging who is right, who is wrong and who is the best adopter among all.

Good that Bitcoin is being useful for everyone in different ways. Thankfully we have access to it and hopefully even more people are going to become adopters as well in the near future!