Is bitcoin gradually turning away from its purpose?

[Abiky]

I don't know where the author of the topic saw that society is turning away from Bitcoin. On the contrary, as far as I can see, everyone is abandoning altcoins, because it is pure speculation. No one cares about the meaning of coins and their technology. Everyone is only concerned with the hype and earnings on them. And Bitcoin is a reliable investment that is developing more and more, and this ETF is proof of this. Yes, we all don't like regulators, but you can't say that Bitcoin is turning away from its purpose.

What the OP means is that Bitcoin is moving away from its original purpose. Not that society is turning away from Bitcoin. Where did you read that? I'm afraid the OP is right. BTC is now being used as a store of value (investment) than a currency. Satoshi always said Bitcoin was meant to be a "Peer to Peer Electronic Cash system". If people started using it as a currency, Bitcoin would've beaten banks already. It's already too late to change the public's perception of Bitcoin. The cryptocurrency is still decentralized, though. At least, that's a good sign.

I think the coin that will fulfill Bitcoin's original purpose is Monero. It constanly faces pressure from mainstream governments, often getting de-listed from centralized crypto exchanges. Market prices are relatively stable in Fiat terms (USD) over the past years. This makes XMR an ideal currency for private, day-to-day payments. Bitcoin is only 15 years old, so I would give it more time to see what happens in the long run.

[legiteum]

I don't know where the author of the topic saw that society is turning away from Bitcoin. On the contrary, as far as I can see, everyone is abandoning altcoins, because it is pure speculation. No one cares about the meaning of coins and their technology. Everyone is only concerned with the hype and earnings on them. And Bitcoin is a reliable investment that is developing more and more, and this ETF is proof of this. Yes, we all don't like regulators, but you can't say that Bitcoin is turning away from its purpose.

The OP didn't say Bitcoin was becoming less popular as an investment. Indeed, the whole point is that Bitcoin as an investment has nothing to do with its original purpose--but that's all people care about now.

As for altcoins, the exact opposite is true: Bitcoin is on the verge becoming the minority of market value for all digital currencies. Non-bitcoin digital currencies are bigger than ever, and getting bigger.

[Crypto Library]

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 thought the purpose of opening your topic was different, I thought your question would be that Bitcoin is gradually moving away from the purpose of financial freedom because of the huge amount of bitcoin adoption under various big companies. Even though I had prepared your answer in that way, I will answer your question now.

Let me know first that don't it true that people are holding their fiat currencies or the gold silver which are exchangeable on the banks or what ever? I think the answer will be yes then if we think bitcoin as a digital currency i.e. cryptocurrency why we can't it use to hold for the future how we save fiat for the future. And Also we know fiat currencies are also havebeen trading on many exchanger and there were also trader. So saving bitcoin i.e. holding bitcoin i.e. investing on bitcoin will not going to take us from it's real purpose which is making the financial freedom and also peer to peer ecosystem.

[GeorgeJohn]

Bitcoin was created to support fiat currency for transactions such as to make easy and lesser stress for intercontinental transactions, and that's why government was kicking against bitcoin existence, and they tagged bitcoin as a means of involving in a money laundering, but I know that people is understanding the purpose of bitcoin been created or established as investment method, its obvious that when you read about bitcoin you will have different explanation of why bitcoin is been created, bitcoin is a support means of making transactions across other nations easier for people who lives in another country.

[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.

I thought the purpose of opening your topic was different, I thought your question would be that Bitcoin is gradually moving away from the purpose of financial freedom because of the huge amount of bitcoin adoption under various big companies. Even though I had prepared your answer in that way, I will answer your question now.

Let me know first that don't it true that people are holding their fiat currencies or the gold silver which are exchangeable on the banks or what ever? I think the answer will be yes then if we think bitcoin as a digital currency i.e. cryptocurrency why we can't it use to hold for the future how we save fiat for the future. And Also we know fiat currencies are also havebeen trading on many exchanger and there were also trader. So saving bitcoin i.e. holding bitcoin i.e. investing on bitcoin will not going to take us from it's real purpose which is making the financial freedom and also peer to peer ecosystem.

At first read up then i do really have that same impressions or thoughts too on which it is really that Bitcoin goes away into its actual purpose but rather instead this do talks about on how a certain individual
do really that getting ending up on trying out to deal up with Bitcoin which is really not into its actual utility or usage. You cant really be able to stop people on having this kind of approach on which on the moment that you would really be dealing up with Bitcoin or crypto space then the primary thing that comes up into your mind is on how you would really be that making yourself that trying out to make money or simply you would be accumulating Bitcoin or any crypto because you do know that it could give out that kind of probability that you could make money with it. Whose the ones wont really be liking to make money? We are all thriving on finding ways on how to make money and thats why on the moment that they've been able to encounter about Bitcoin or crypto space about this manner then of course you will really be ending up on having this kind of approach on which you would really be trying out to accumulate as much as you can. You wont really be that mindful in speaking about its utility or simply this will really be your second priority when it comes on this manner.
You will really be that always focusing on how you will really be that ending up on having tons of profits and be mindful about such aspect and not on the other side of things.

[Perfectbaby]

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 thought the purpose of opening your topic was different, I thought your question would be that Bitcoin is gradually moving away from the purpose of financial freedom because of the huge amount of bitcoin adoption under various big companies. Even though I had prepared your answer in that way, I will answer your question now.

Let me know first that don't it true that people are holding their fiat currencies or the gold silver which are exchangeable on the banks or what ever? I think the answer will be yes then if we think bitcoin as a digital currency i.e. cryptocurrency why we can't it use to hold for the future how we save fiat for the future. And Also we know fiat currencies are also havebeen trading on many exchanger and there were also trader. So saving bitcoin i.e. holding bitcoin i.e. investing on bitcoin will not going to take us from it's real purpose which is making the financial freedom and also peer to peer ecosystem.

It's true that people are holding other currency such as gold, silver and other valuable resources but it wasn't meant for a transactional purpose, but as I know Gold, Silver or diamond as we know is basically for investment. Please do not quote me wrongly, I didn't say bitcoin is not meant for investment or worth for investment, but what I am trying to deduced is that people are now now channeling efforts on the investment purposes than the transactional aspect of bitcoin.

[Iranus]

If people started using it as a currency, Bitcoin would've beaten banks already.

But Satoshi never mentioned that he created bitcoin to beat banks or replace fiat. If we use bitcoin as a currency and use it to beat the banks then that is our goal not bitcoin or satoshi.

but what I am trying to deduced is that people are now now channeling efforts on the investment purposes than the transactional aspect of bitcoin.

You are right, bitcoin is straying from its original purpose but that is not its fault, it is our fault. Not only today, bitcoin has been used as an investment asset by early users since the early days and is passed down to this day.

But I think using bitcoin as an investment is much better than using it as a currency because if bitcoin is used as a currency. How many people will use Bitcoin when the network is constantly congested and transaction fees are unstable? How would you feel if your transactions were delayed and you had to pay extra transaction fees for your daily bill transactions?

[Mia Chloe]

It's true that people are holding other currency such as gold, silver and other valuable resources but it wasn't meant for a transactional purpose, but as I know Gold, Silver or diamond as we know is basically for investment. Please do not quote me wrongly, I didn't say bitcoin is not meant for investment or worth for investment, but what I am trying to deduced is that people are now now channeling efforts on the investment purposes than the transactional aspect of bitcoin.

Yes I've actually come across a couple of videos where some rich guys in a podcast were talking about money and economics. Actually they said that the whole cash system was a scam and I actually believed that to quite a huge extent because of my normal economics and history of money class taught back then when I was still a freshman. Anyways the summary of the gist was that back in the days note money was actually implemented as a coupon for gold deposited at the bank.

The gist they were discussing was actually the cause of inflation and they were of the opinion that gold is a better store for value compared to fiat notes or cash. The idea is quite right based on the fact that inflation has actually become a world problem.

[Crypto Library]

It's true that people are holding other currency such as gold, silver and other valuable resources but it wasn't meant for a transactional purpose, but as I know Gold, Silver or diamond as we know is basically for investment. Please do not quote me wrongly, I didn't say bitcoin is not meant for investment or worth for investment, but what I am trying to deduced is that people are now now channeling efforts on the investment purposes than the transactional aspect of bitcoin.

Yes gold, silver, and diamond are now basically for the investment but long years ago these especially the silver, gold these are also used for the transaction. And If you look back to now these you will also see that lots of people and the countries are holding the USD because the inflation rate of this quite low than others and also this has kinda global acceptance. So in the case of Bitcoin this is better because here there is no inflation except the volatility and there is a option for holding so why not we hold them like we save money at bank and when we have the needs we also used that. And about the transaction of Bitcoin it won't be stop it will be increase day by day. But I want to also agree with you if a person think that bitcoin is only for the investment then he is surely wrong.

[Alpha Marine]

As for altcoins, the exact opposite is true: Bitcoin is on the verge becoming the minority of market value for all digital currencies. Non-bitcoin digital currencies are bigger than ever, and getting bigger.

Bitcoin alone is 59% of the crypto market cap with a $1.2 trillion market cap and that number is expected to rise when Bitcoin hits a new ATH sometime next year, so no, I can't entirely agree that "Bitcoin is on the verge of becoming the minority in market value".
Altcoins are many are are constantly increasing with more investors, but a lot of these investors still invest in bitcoin too so it would be difficult to see only altcoins rising while bitcoin is not.

These altcoins have an unlimited supply and this affects their price a lot so it will be difficult for their market cap to increase significantly. A lot of them have a high market cap simply because of the billions of coins in circulation. I don't think any single altcoin has been able to outperform bitcoin in the long term, they mostly prosper short term.

[Odohu]

I thought the purpose of opening your topic was different, I thought your question would be that Bitcoin is gradually moving away from the purpose of financial freedom because of the huge amount of bitcoin adoption under various big companies. Even though I had prepared your answer in that way, I will answer your question now.

Let me know first that don't it true that people are holding their fiat currencies or the gold silver which are exchangeable on the banks or what ever? I think the answer will be yes then if we think bitcoin as a digital currency i.e. cryptocurrency why we can't it use to hold for the future how we save fiat for the future. And Also we know fiat currencies are also havebeen trading on many exchanger and there were also trader. So saving bitcoin i.e. holding bitcoin i.e. investing on bitcoin will not going to take us from it's real purpose which is making the financial freedom and also peer to peer ecosystem.

It's true that people are holding other currency such as gold, silver and other valuable resources but it wasn't meant for a transactional purpose, but as I know Gold, Silver or diamond as we know is basically for investment. Please do not quote me wrongly, I didn't say bitcoin is not meant for investment or worth for investment, but what I am trying to deduced is that people are now now channeling efforts on the investment purposes than the transactional aspect of bitcoin.

Those who understand the power in Bitcoin will agree with me that Bitcoin serve exactly the same purpose that gold, silver,  diamond and all the precious items you can think of, and still serve more purpose than they do with a liquid market that is akin to none. The only difference is that the others are physical treasure while Bitcoin is a digital treasure. Bitcoin is a dependable store of value and a medium of exchange, you can store your wealth in Bitcoin by simply making it your choice of investment portfolio just like you would with gold and the safety in Bitcoin is far better than that in physical gold. There are countless ways in which Bitcoin stand out.

[legiteum]

As for altcoins, the exact opposite is true: Bitcoin is on the verge becoming the minority of market value for all digital currencies. Non-bitcoin digital currencies are bigger than ever, and getting bigger.

Bitcoin alone is 59% of the crypto market cap with a $1.2 trillion market cap and that number is expected to rise when Bitcoin hits a new ATH sometime next year, so no, I can't entirely agree that "Bitcoin is on the verge of becoming the minority in market value".

Altcoins are many are are constantly increasing with more investors, but a lot of these investors still invest in bitcoin too so it would be difficult to see only altcoins rising while bitcoin is not.


These altcoins have an unlimited supply and this affects their price a lot so it will be difficult for their market cap to increase significantly. A lot of them have a high market cap simply because of the billions of coins in circulation. I don't think any single altcoin has been able to outperform bitcoin in the long term, they mostly prosper short term.

Altcoins do not individually have an unlimited supply, and people buy one altcoin at a time, not the whole market.

Also, the number of units a coin has does not relate to market cap: that's not how math works .

I didn't say that there will be another digital currency that will surpass Bitcoin in market cap--although I don't think that's impossible--I merely said that I expect Bitcoin's overall marketshare to dip below 50% at some point and go further down after that.

I believe the overall market for digital currencies will be 10x what it is today in ten years, but a majority of that growth will be non-Bitcoin (and non-blockchain, imho) currencies.

[Cryptohygenic]

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.

Bitcoin is digital currency that is developed for multipurpose usage which is not only limited for exchange on payments as money but also potential for source of income when hold stably.
Every bitcoin users is entitled to utilize their bitcoin based on their usefulness.
However, enthusiasts utilizes their bitcoins depending on the state of their residence that is to say you don't have to force in as peer-to-peer to anyone not willing to accept it for services for payments.
Referencing a place like El Salvador, there in it is recognized as legal tender which is assumed what you Op is talking about is practically exercised there.

[Furious 7]

If people started using it as a currency, Bitcoin would've beaten banks already.

But Satoshi never mentioned that he created bitcoin to beat banks or replace fiat. If we use bitcoin as a currency and use it to beat the banks then that is our goal not bitcoin or satoshi.

Because in the end Satoshi did not create bitcoin as a competitive material but as an option for governments who feel that bitcoin is disruptive and categorized as a competitor it will be a different story because it is the assumption of those themselves who sometimes do not like bitcoin not from the purpose of bitcoin itself.

For now I prefer to say than bitcoin can further develop its potential instead of getting out of the predetermined path of creation because even though the goal remains the same where bitcoin can be used as an alternative to means of payment but there are more developments that bitcoin has where they can also be used as investment assets for now or maybe trading and it's not out of line because the goal remains the same it's just that the development is more than previously thought.

[Antotena]

Bitcoin was created to support fiat currency for transactions such as to make easy and lesser stress for intercontinental transactions, and that's why government was kicking against bitcoin existence, and they tagged bitcoin as a means of involving in a money laundering, but I know that people is understanding the purpose of bitcoin been created or established as investment method, its obvious that when you read about bitcoin you will have different explanation of why bitcoin is been created, bitcoin is a support means of making transactions across other nations easier for people who lives in another country.

The way I have read through this thread multiple times, I think the conclusion is that Bitcoin purpose is subjective to what everyone thinks. Bitcoin can be anything anyone want as long as the purpose is achieved because if I say what you said it's not true, I might be wrong because it might be working with you that way but in my own view, I don't think Satoshi created Bitcoin to support fiat currency transaction but as a stand alone peer to peer transaction to support people with freedom of transactions without any middle man.


We can't really blame people for changing their intentions towards Bitcoin, we wanted adoption obviously and this is definitely what will happen, it wouldn't go in a uni direction. Today, we have ETFs for institutional investors that want Bitcoin but don't want to hold it directly due to government regulations and also the security measures they don't want to deal with and it's working for them.

[Alpha Marine]

Also, the number of units a coin has does not relate to market cap: that's not how math works .

The market cap is the number of coins in circulation multiplied by the current price so the number of coins in circulation definitely has a role. You see coins like Shiba inu with 0.000018 as price per coin among the top 15 coins in the market based on market cap simply because they have over 580 trillion coins in circulation.

I believe the overall market for digital currencies will be 10x what it is today in ten years, but a majority of that growth will be non-Bitcoin (and non-blockchain, imho) currencies.

I understand what you mean and you might probably be right, but 10x more in 10 years is a big reach. I don't see that happening. Maybe I'm being a little pessimistic, but it's hard not to be based on this prediction. I know the altcoin market is growing rapidly but I doubt it will grow that much in the next ten years.

[alastantiger]

Bitcoin alone is 59% of the crypto market cap with a $1.2 trillion market cap and that number is expected to rise when Bitcoin hits a new ATH sometime next year, so no, I can't entirely agree that "Bitcoin is on the verge of becoming the minority in market value".
Altcoins are many are are constantly increasing with more investors, but a lot of these investors still invest in bitcoin too so it would be difficult to see only altcoins rising while bitcoin is not.

Altcoins needs Bitcoin to survive hence we can't see Altcoins rising when Bitcoin hasn't had its own. It's only after Bitcoin has had its bull run that other altcoins get to benefits from the money coming into the market. Bitcoin will keep being the number one cryptocurrency because of the trust that Bitcoin has gained from investors. No altcoins can remove Bitcoin from being the most marketcap coin because you have to consider the choices of altcoins available to choose from to invest hence investors interested in altcoins will always have divided attention when they want to invest hence giving Bitcoin more privileges to keep dominating the market. Bitcoin hasn't turned away from its purpose but it's in a phase when people coming into the market are profits driven hence they tend to talk and focus more about Bitcoin getting to new ATH more than Bitcoin adoption success.

[legiteum]

Also, the number of units a coin has does not relate to market cap: that's not how math works .

The market cap is the number of coins in circulation multiplied by the current price so the number of coins in circulation definitely has a role. You see coins like Shiba inu with 0.000018 as price per coin among the top 15 coins in the market based on market cap simply because they have over 580 trillion coins in circulation.

Correct. So simply stating the number of units available alone doesn't mean anything to the market cap.

What you might be trying to say is that some altcoins (definitely not all, and not Haypenny coins for instance) don't have a fixed number of units available, and can be inflated. That's definitely true for some coins, but not all--and I personally hope that such an approach is never used again. I think mining causes all kind of problems for investors.

I believe the overall market for digital currencies will be 10x what it is today in ten years, but a majority of that growth will be non-Bitcoin (and non-blockchain, imho) currencies.

I understand what you mean and you might probably be right, but 10x more in 10 years is a big reach. I don't see that happening. Maybe I'm being a little pessimistic, but it's hard not to be based on this prediction. I know the altcoin market is growing rapidly but I doubt it will grow that much in the next ten years.

Well, I'm in the business of being optimistic .  My hope is that altcoins/memecoins grow by many trillions and... my project grabs at least a little bit of that market share .

[Orpichukwu]

The cap is a great tool to ensure that BTC won't inflate itself, however, in the future, anything can happen in the space like crypto
I don't think it will be in our lifetime, though.

In the future anything can happen in crypto; in fact, currently a lot is happening with crypto, but there are limitations to what could be done in a particular network based on the blockchain.
 
For centralised cryptocurrency, anything is possible (increase in supply, asset freezing, smart contract callback, etc.), but I don't see those happening with bitcoin. If it were possible, I think the supply could have been tried to be manipulated long ago.

[beerlover]

Satoshi never mentioned that he created bitcoin to beat banks or replace fiat. If we use bitcoin as a currency and use it to beat the banks then that is our goal not bitcoin or satoshi.

This is so important and yet missed by so many people. He didn't do it to beat banks, or central banks neither, eh did it because he believed a decentralized currency would be a better way to use a currency, so he didn't do it to destroy anything, he did it to improve something.

So by logic, if banks started to use crypto, he would probably be happy. If someone takes a computer part, and makes it better, does that mean they hate computers? It probably means they love computers, and make it better, this is why it's not hatred that caused the creation of bitcoin, it was love. He realized money was something we all use everyday, so it would make sense to make it a better one and that is how bitcoin came up as something better.