The future of Bitcoin

[RTV1535]

BTC  People see Bitcoin as an asset, like gold or stocks.  This is very disappointing because in order for Bitcoin to become a global currency and for banks and governments to be excluded from its control, it should be used as money for transactions and buying and selling, not just as something to buy, hold, and sell when its price goes up.  The current view of Bitcoin is far from Satoshi Nakamoto's original goal. 

[franky1]

bitcoin is and always will be a global asset currency.. (currencies dont need to be legal tender money)
its like digital gold, which is why the production is called mining, not minting, not printing

however common daily use money.. bitcoin is not meant to replace fiat where by we get taxed on fiat money each time we receive it for our wage.. and taxed on it again when we spend it through sales tax. losing value through inflation and tax at every transfer.
bitcoin meant to be a new option to get away from the economics of money

lets leave that crap inflationary economic model for fiat, where by fiat money is something to get rid of, out of our hands as fast as possible, not to keep

bitcoin should work differently to fiat. so lets not treat it the same as fiat, otherwise, whats the point of having bitcoin
think of bitcoin as a separate state, separate country in the digital world, where we find different ways to use it that benefits ourselves instead of government leaders

yes if fee's were not dev-politicised into fee war surges, we would use bitcoin more regular, but in time devs will sort themselves out and stop playing politics for their sponsors

so for now lets look into ways to use bitcoin, on bitcoin, as bitcoin, without all these side distractions of being diverted and offramped to other assets, pegged/wrapped tokens and crap the dev politics are currently trying to play around with

[moneystery]

there are still many people who continue to use bitcoin for transactions.. but there are also those who use bitcoin as an investment, and is that wrong? it's not because there is no prohibition that makes bitcoin an investment. so people want to treat it as an investment or as a transaction tool, that's their right.

and that also doesn't mean that with more and more people treating it as an investment makes bitcoin far from satoshi's vision. it's still on the right track. people use it as an alternative to traditional finance to send money, or for other purposes. bitcoin is still in accordance with satoshi's vision.

don't expect that it will replace the function of fiat. but it will act as a digital asset that can be accessed by everyone globally. as an alternative that secures and makes it easier for people to transact.

[Smartprofit]

Real money has two main functions - a payment function and a savings function.

Bitcoin can perform a payment function, for example, it is very convenient for cross-border payments. You can also make a transaction for a very large amount by paying a relatively small commission.

However, the first cryptocurrency is not very suitable for buying a cup of coffee. Bitcoin has technical limitations that do not allow for a very large number of daily transactions, this number is limited. Therefore, bitcoin cannot play the role of an everyday means of payment. At the same time, bitcoin is a unique means of saving. It is not by chance that it is called digital gold.

Being an incredibly valuable and rare asset, bitcoin is a decentralized protocol for transferring value in the virtual space. And as this virtual space develops, the value of bitcoin will grow and over time will significantly exceed the value of gold.

[slapper]

Holding Bitcoin is inevitable right now. That is a response to the system we live under, not only speculation. Inflation is real. Fiat is collapsing. Keeping Bitcoin shields one from their money losing value over night. This is survival not just greed. People are HODLing Bitcoin because the alternative is worse. But Bitcoin can’t be just a store of value forever. It cannot become money if no one spends it. A money that nobody transacts with is merely another asset. Indeed, holding makes sense right now. But Bitcoin has to be used if it is to be the revolution it was supposed to be. Right now, we’re in a necessary phase. People are HODLing since they want protection. That’s OK. But eventually, Bitcoin has to move. That’s the real test. If it never makes the leap from store of value to everyday currency, it loses its purpose. Right now, it’s a tool for exiting the system. In the future, it needs to be the system itself

[DiMarxist]

...it should be used as money for transactions and buying and selling, not just as something to buy, hold, and sell when its price goes up.  The current view of Bitcoin is far from Satoshi Nakamoto's original goal. 

I applaud you on this point. Using bitcoin for buying and selling of goods and services online by the Satoshi Nakamoto Whitepaper p2p has been sidelined and taking over with buying, hodling and selling to another user. As it is now I don't think bitcoin is a global currency since it is not widely used for buying and selling of goods and services. The day when bitcoin will be used as payment for all the countries and all the shops inflation will reduce.

[Dunamisx]

BTC  People see Bitcoin as an asset, like gold or stocks.  This is very disappointing because in order for Bitcoin to become a global currency and for banks and governments to be excluded from its control, it should be used as money for transactions and buying and selling, not just as something to buy, hold, and sell when its price goes up.  The current view of Bitcoin is far from Satoshi Nakamoto's original goal.

Really?... And you think so?...

Bitcoin is going on the same path which it's creator Satoshi have laid down, while we still have it come more earlier than expected about the fortune in it, they never even knew it could have gotten to this extent much faster or this big, which means bitcoin has been serving on every purpose for which it was created, there is nothing to lose or fear about it, because either way you found it interesting to you, it is made applicable in solving any financial challenge on that same field, so don't look towards bitcoin in one direction.

[Furious 7]

Even if the initial purpose of bitcoin is as a legal tender but for now there will be no prohibitions for those who are still in trading or investing because after all this is another form that can be maximized.

Is it disappointing? for me not because after all until now the initial goal is still the same if it is possible to be used as a legal means of payment then it can be done and until now there are still even many people who do that.
But on the other hand we realize that in the end not all countries can do that because of regulations so what's wrong with making this a tool for investment and trade because that can also still be done.
In fact, it became a good thing because in the end until now consciously or not in the end bitcoin is better known for this (as a means of investment and trade) but for those who want to transact then it can also still be done which makes bitcoin more flexible.

[jstyler]

i understand where you're coming from, but i think it's naive to think people will use btc as a currency if it's not easy to buy/sell. the fact that it's more widely recognized as an investment opportunity is actually a stepping stone towards wider adoption. many people use btc to transact, but it's often for small, high-value transactions like online shopping or tipping. the market hasn't evolved to the point where btc is a seamless replacement for fiat, but it's getting there.

[Cryptohygenic]

BTC  People see Bitcoin as an asset, like gold or stocks.  This is very disappointing because in order for Bitcoin to become a global currency and for banks and governments to be excluded from its control, it should be used as money for transactions and buying and selling, not just as something to buy, hold, and sell when its price goes up.  The current view of Bitcoin is far from Satoshi Nakamoto's original goal. 

Satoshi did not only foster the potential value for bitcoin on payment for an asset view. Let me tell you Op, the attractiveness of bitcoin that has brought it this massive adoption so far is the potential values that users can either trade or invest on it for profits. Exempt this bitcoin would be as common as the traditional currencies. No one will ever care of it is decentralized or digitalized but that profitable value is it main point of attraction but meanwhile using it for payments as subjected has not been ignored rather there are less payment adoptors than income adoptors.

[Stalker22]

people are gonna do what they are gonna do. Its kinda hard to tell everyone how to use something, especially something new and exciting like Bitcoin.  Its a bit like if you created a new kind of game, and everyone just wanted to collect the pieces instead of playing.  You cant force them to play, right?

[Maslate]

The main purpose of bitcoin why it is created is actually to serve as a payment system. However, the fact that not all countries accept bitcoin as a currency, then people have seen the other side of bitcoin to serve as a store of value. Eventually, people will still be using bitcoin as a payment method once it becomes a global currency, but since we are still in the process of realizing that, smart people take advantage of bitcoin by using it as a wise investment that increases its store of value.

[franky1]

However, the first cryptocurrency is not very suitable for buying a cup of coffee. Bitcoin has technical limitations that do not allow for a very large number of daily transactions, this number is limited

as soon as you said "coffee" i could tell that you have been taught stupid rhetoric by a group that promotes other networks as "the solution".. let me demystify the crap they filled your mind with

bitcoin can handle more transactions. even before scaling the blocksize, transactions could be made leaner to give a proper 6x boost to the current block space vs current tx count. yep 4mb current blockspace could allow 16,000tx instead of current average of 2700tx
then it must be cleared up that the network has no technical limit that stops the blocksize from scaling further, yep even a 8mb block wont slow things down for nodes. we are in a different technical era than 2015.. it was 10 years ago not 10 days ago.. the arguments of a decade ago did not apply then nor now
yet we still see the rhetoric chimed and chanted about even now(facepalm)

average world wide internet speeds of 2015 was 5mbps now its not 20mbps nor 50mbps but way higher at over 100mbps. so no problem to move forward by multiples.. should dev politics stop bowing down to their sponsors that want people to use other networks so they can claim middlemen payment processing fee's by pretending bitcoin has technical problems

and with more transactions able, means less fee costs needed individually so we could get back to low penny/cent level onchain fee's, where by even 3rd world countries can become interested in using bitcoin again

anyway back to the topic..
fiat money is inflationary  currency, so by design the less time you hold onto it the better. the faster you can spend it to get products you want the better,
bitcoin is deflationary currency, so by design the longer you hold onto it the better, the less times you spend it the better.

its better to use fiat to get your daily groceries. its better to use bitcoin to bulk buy your monthly groceries
its better to use fiat to pay you weekly monthly bills asap. its better to use bitcoin to pay up a years worth of rent/utilities in one go during the high season

fiat by design needs people to spend money multiple times a day as it benefits both spender and receiver.
bitcoin by design is better to accumulate in the low season and hold, to then sell on the high season and then pay off bills, utilities in bulk/lump sums

bitcoins spending habits should be different than fiat spending habits be default and by design. changing peoples habits helps people learn more about economics and how to make gains from the different mindset

you dont need to use bitcoin to buy daily coffee, instead wait for ATH and transfer enough to get a starbucks giftcard to cover a year+ of coffee, knowing you saved alot of money compared to doing it the inflationary fiat model way of getting rid of it fast and often(daily)

[Saint-loup]

BTC  People see Bitcoin as an asset, like gold or stocks.  This is very disappointing because in order for Bitcoin to become a global currency and for banks and governments to be excluded from its control, it should be used as money for transactions and buying and selling, not just as something to buy, hold, and sell when its price goes up.  The current view of Bitcoin is far from Satoshi Nakamoto's original goal.

I agree with you, Satoshi Nakamoto even called it "electronic cash" in his white paper. He wants it to be a real cryptocurrency instead of a cryptoasset I would say. So even if he wanted to introduce a scheme mimicking the scarcity and mining process of gold extraction and the reuse of it as a recycled raw material, it wanted to focus on a convenient way to transfer value between people over internet.

[Orpichukwu]

BTC  People see Bitcoin as an asset, like gold or stocks.  This is very disappointing because in order for Bitcoin to become a global currency and for banks and governments to be excluded from its control, it should be used as money for transactions and buying and selling, not just as something to buy, hold, and sell when its price goes up.  The current view of Bitcoin is far from Satoshi Nakamoto's original goal. 

If the goal was for bitcoin to only be seen as what will be used for transaction purposes only, then it should have been made and paraded as a stable coin and not for it to be volatile the way it is. Everyone is using bitcoin for whatever purpose they want to use it for, and I don't even see bitcoin as being a global currency as part of Satoshi's vision; it's already serving as an alternative payment method, which anyone can use, and it's okay that way.

[Ziskinberg]

BTC  People see Bitcoin as an asset, like gold or stocks.  This is very disappointing because in order for Bitcoin to become a global currency and for banks and governments to be excluded from its control, it should be used as money for transactions and buying and selling, not just as something to buy, hold, and sell when its price goes up.  The current view of Bitcoin is far from Satoshi Nakamoto's original goal. 

There are two sides to Bitcoin, one as a currency and the other as an investment. How people view it depends on their perception. Even if many are using it for investment or trading, its role as a currency remains unaffected. It can still be used for daily transactions, and those who are just sending or receiving Bitcoin don’t really care about its price fluctuations as long as the transactions are fast and fees are low.

If you’re curious about how many transactions happen daily, this website provides real-time data:

https://ycharts.com/indicators/bitcoin_transactions_per_day

On February 21, 2023, alone, there were 459,909 transactions, that’s a massive number of daily transactions happening on the network.

[Smartvirus]

BTC  People see Bitcoin as an asset, like gold or stocks.  This is very disappointing because in order for Bitcoin to become a global currency and for banks and governments to be excluded from its control, it should be used as money for transactions and buying and selling, not just as something to buy, hold, and sell when its price goes up.  The current view of Bitcoin is far from Satoshi Nakamoto's original goal. 

I wouldn’t have liked to talk about gold in this regard but, now that you’ve mentioned, I’m quite sure that you know gold over the years have been able to accord itself certain use cases such as; Jewelry, Money and even serves as an asset of real value.

This makes you wonder why is the case for Bitcoin different?
Could it be because, Bitcoin isn’t tangible and given to that fact, it could worth a little less or doesn’t qualify as an asset of real value?

What I would add to say is that, gold have been around for over a century, let’s give Bitcoin the time it needs and enjoy what it becomes, to hodlers most especially.

[finaleshot2016]

BTC  People see Bitcoin as an asset, like gold or stocks.  This is very disappointing because in order for Bitcoin to become a global currency and for banks and governments to be excluded from its control, it should be used as money for transactions and buying and selling, not just as something to buy, hold, and sell when its price goes up.  The current view of Bitcoin is far from Satoshi Nakamoto's original goal.  

If the goal was for bitcoin to only be seen as what will be used for transaction purposes only, then it should have been made and paraded as a stable coin and not for it to be volatile the way it is. Everyone is using bitcoin for whatever purpose they want to use it for, and I don't even see bitcoin as being a global currency as part of Satoshi's vision; it's already serving as an alternative payment method, which anyone can use, and it's okay that way.

The main vision is to have a decetralized money that can be used for p2p without any 3rd party platform that will require you fees when having a transaction. The vision is still there but satoshis prolly expecting it to be an asset someday, of course the nature and how it was built, is straight being an asset and bitcoin is still living on its purpose. It depends to you on how will you use it.

[tabas]

BTC  People see Bitcoin as an asset, like gold or stocks.  This is very disappointing because in order for Bitcoin to become a global currency and for banks and governments to be excluded from its control, it should be used as money for transactions and buying and selling, not just as something to buy, hold, and sell when its price goes up.  The current view of Bitcoin is far from Satoshi Nakamoto's original goal. 

I bet that most of the holders and people that have been treating it as an asset and store of value are also using it for transactions. A simple sending and receiving of it is already helping its ecosystem continue to grow. And it's not a problem if someone doesn't use it the way it was said on its use as a medium of exchange. Look at the histories, most of the medium of exchanges have also become an asset just like the perfect example, gold because of the supply that they have compared to fiat. Holding and having it is also another use of Bitcoin.

[famososMuertos]

You seem pessimistic, but the reality is that the future of bitcoin does not really depend on opinions but on intentions, let everyone think what they want and do what they think best, as long as those intentions are not controlled...

Then for your pessimistic requests, there are the Satoshi, today betting 0.0000001 represents 1 cent of a dollar, and regardless of its value in the USD equivalent we will always have 1 Sat. Then it is sad to think that the American cent will physically disappear, the future of the cent of the dollar is truly dark.