The future of Bitcoin

[Popkon6]

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.  

Currently, the popularity of Bitcoin is rising, Fiat is collapsing, and the popularity of banks is decreasing. The more time passes, the more Bitcoin will continue to improve, Bitcoin is the only asset that can increase the price of everything. That is why people are now leaning heavily towards Bitcoin and are ready to convert their assets into Bitcoin and hold it for a long time.
This is the only easy and Bitcoin will be independent, you own as much Bitcoin as you buy with the money you have. The price of Bitcoin will reach the root of more improvement in the future and it will rule in the future.

[kotajikikox]

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. 

What do you mean by for banks and governments to be excluded from its control? Bitcoin does not need the bank nor the government to operate. Yes, we can argue that it does give off more credibility to bitcoin if the government were to acknowledge bitcoin but they are not necessary for bitcoin's growth. We have seen it in these past years.

Bitcoin is not to replace fiat. Yes it might seem like everyone is holding right now but there are still people who use bitcoin as a currency and as a mean of transaction. I really have no doubt that eventually bitcoin stabilizes more than it is now and more people will be inclined to use it as an every day currency.

[Despairo]

Do you use Bitcoin as a currency? if you're using Bitcoin as a commodity, then you're nothing different with most people.

It's too late to exclude banks and governments to control Bitcoin because many years ago, most people choose to buy and hold their coins in centralized exchanges, The US launch Bitcoin ETFs, governments start to accumulate Bitcoin and recently banks can also accumulate Bitcoin starting from next year.

[Queentoshi]

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 completely understand your perspective. Many people actually see Bitcoin primarily as a speculative asset instead of a currency for their everyday transactions. Bitcoin was actually created for people to be able to do peer to peer transactions without the need for intermediaries. For Bitcoin to fulfill that role, it would need wider adoption for everyday purchases, which would require more stable pricing and infrastructure to support it. It’s quite a complex situation, but it’s also interesting to see how the narrative around Bitcoin continues to evolve.

[fuguebtc]

I agree that bitcoin has strayed from its original purpose, it is only used as an asset, a form of speculation, and not a currency. But I think it is not disappointing because when it is an investment, it also helps many people improve the economy and change their lives in a more positive direction. It has been creating and benefiting everyone, how can it be said that it has failed or caused disappointment ?

Furthermore, it is completely reasonable and correct for bitcoin to become an asset or store of value, IMO . I don't think that if bitcoin was used as a peer to peer currency, governments would easily allow us to use it and it would become as popular as it is today  .  If it was just used as a peer to peer currency and people used it to escape government control and management, do you think the government would have let it grow and survive to this day ?

[Oluwa-btc]

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.

You can't continue telling people what to do and what not to do with their Bitcoin.Whoever knows what to do with their Bitcoin should not hesitate to carry out immediate steps and possible strategies.
However,Since Bitcoin serves alternatively to Fiat,it'll be unnecessary and completely unreasonable to disdain Bitcoin over insignificant challenges and marketing systems.

[Smartprofit]

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)

Even if it were technically possible to increase the number of daily transactions in the Bitcoin network, who cares about it now? Institutional investors do not seek to conduct a large number of daily transactions at all, they prefer to accumulate Bitcoin and then store it centrally.

They do not care about the decentralization of the first cryptocurrency at all. They are more accustomed to the turnover of derivatives than real Bitcoin transactions from one address to another address.

Smaller investors also do not seek to increase the number of daily transactions.

As you rightly noted, this is due to the fact that Bitcoin is good money, and fiat money is bad money. People seek to save good money and spend bad money. At one time, this happened with silver coins, which were completely withdrawn from circulation as a result. Currently, this is happening with Bitcoin.

[d5000]

I think that currently we'll only see an increase of usage of Bitcoin "as a currency" when two things happen:

First, the scalability problem has to be solved. Fees aren't as high as they used to be in the Runes/Ordinals wave and in previous bull runs, but you can still run into a bottleneck at any time where an on-chain payment is simply too expensive for anything below $50 or even $100.

IMO this doesn't mean increasing the blockchain size because this would harm decentralization and the transaction fee market [1]. Instead, Layer-2s should be continue to evolve. Make LN and Ark really usable for everybody, and create sidechains which really work in a decentralized manner (prototypes exist, but working modesl have often still centralization flaws).

Second, volatility must lower. This is up to the investors' behaviour: If people still believe that the main utility of BTC is getting rich riding bull and bear markets, then volatility will lower only very slowly (it is lowering but is still significantly higher as gold's). A volatility similar to gold's would make Bitcoin suitable for less speculative saving and also probably increase its usage as a currency.


[1] The only "big block" idea which could work imo was a very moderate increase (preferrably to a dynamic size), based on current average Internet speeds, combined with a tail emission -- this one is extremely controversial, but if the "permanent reward" is not higher than the estimated amount of "lost coins" then the 21 million limit would not be significantly harmed.

[tbct_mt2]

Currently, the popularity of Bitcoin is rising, Fiat is collapsing, and the popularity of banks is decreasing.

I like Bitcoin and invest my money in bitcoin, but your sentence is too "Bitcoin narrative" and there are not accurate things. Fiat currencies lose their purchasing power with time, that's true, but collapses? I am not sure most fiat currencies are collapsing.

Purchasing power of the US. dollar over time.

Another inaccurate thing is "Popularity of banks is decreasing". I really doubt that it's true. Banks were, are and will continue the most popular payment channels, and it can have highest transaction volume in future too. Governments will force their citizens using banks as most as possible, it's main reason.

The more time passes, the more Bitcoin will continue to improve, Bitcoin is the only asset that can increase the price of everything.

Again, it's too narrative even Satoshi per dollar chart shows that how strong Bitcoin price growth (in satoshi price/ dollar) is.
https://charts.bitbo.io/satoshi-per-dollar/

[Fara Chan]

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. 

Why do you say it is far from the original intention of Satoshi Nakamoto at this time? even though almost most people in this world have been very happy when they are able and can have Bitcoin even though they have to buy it first. Because when Bitcoin can be bought and sold and stored properly by everyone, it can certainly be considered a good asset and also at this time it can be used to pay for something we want through companies that are willing to accept Bitcoin as payment. So what makes you think Bitcoin has gone far from its original purpose?

[Abiky]

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. 

It is very disappointing indeed. But there's nothing we can do to change people's perception of Bitcoin as a store of value. Especially when mainstream media's propaganda has led the public believe Bitcoin is only an investment to "get rich quick" (sort of). They haven't highlighted BTC's use cases as digital cash (currency). Those who use it as such are the small minority, I'm afraid.

Regardless of how people use Bitcoin, its future is still bright. Prices continue to rise over time. Not only that, but some countries are beginning to accept it as legal tender (or even adding BTC to their reserves). Set yourself forward 10 years from now, and Bitcoin will be bigger and stronger than it was before. Just my two sats.

[RewFrew]

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.

Yes we saw sometimes Bitcoin controlling by government through ETF. But it also true that overall not controlling by anyone. I think in future it will not be control by anyone Because of its decentralization.

Gradually Bitcoin being most popular currency in the world economy. It’s usability increasing day by day. I think today or tomorrow Bitcoin will control majority part of total economy.

[mirakal]

Do you use Bitcoin as a currency? if you're using Bitcoin as a commodity, then you're nothing different with most people.

It's too late to exclude banks and governments to control Bitcoin because many years ago, most people choose to buy and hold their coins in centralized exchanges, The US launch Bitcoin ETFs, governments start to accumulate Bitcoin and recently banks can also accumulate Bitcoin starting from next year.

Where the biggest advantage of bitcoin is, majority of the people keep doing it. So instead of using it as a currency and spend your valuable bitcoin to bring you convenience and satisfaction, you are also losing the opportunity to make profits form bitcoin on the other hand. The best solution here is, don’t just spend bitcoin because it’s meant to be that way, but also buy and hold and keep it as an investment.

Global adoption does not only mean one thing, to use bitcoin as a currency. But we can also use bitcoin as an investment. If all countries are seeing bitcoin as a currency and an investment and utilize bitcoin that way, that’s already massive adoption. And there’s no doubt that bitcoin is heading that way.

[OcTradism]

Regardless of how people use Bitcoin, its future is still bright. Prices continue to rise over time. Not only that, but some countries are beginning to accept it as legal tender (or even adding BTC to their reserves). Set yourself forward 10 years from now, and Bitcoin will be bigger and stronger than it was before. Just my two sats.

Bitcoin is used by many people and they use bitcoin differently as basically Bitcoin has many use cases for its users. In regulation and legality, different countries have different approaches and regulations on it, but the popular trend for Bitcoin adoption and regulation is up and more friendly. I see very promising future for Bitcoin globally in both adoption and regulation.

Global adoption does not only mean one thing, to use bitcoin as a currency. But we can also use bitcoin as an investment. If all countries are seeing bitcoin as a currency and an investment and utilize bitcoin that way, that’s already massive adoption. And there’s no doubt that bitcoin is heading that way.

Bitcoin doesn't need to be legally as a currency, to be used, so let's say it is not an ultimate mission for Bitcoin to become in future. It is what it is and despite of many challenges, I believe that technically Bitcoin is strong enough to survive and blossom more in future. If it did not die in its earliest years, I have no doubt that it will continue its survival, existence and thrive more in future.

[Hazink]

Gradually Bitcoin being most popular currency in the world economy. It’s usability increasing day by day. I think today or tomorrow Bitcoin will control majority part of total economy.

Bitcoin is not the most popular currency in the world, but it can be in that position in terms of digital currency; it's the most talked-about digital currency in the world, as people have already built their trust in it and are making use of it globally.

I also disagree with you in terms of bitcoin going to control the larger part of the world economy if that's what you meant by that statement.

[RockBell]

Currently, the popularity of Bitcoin is rising, Fiat is collapsing, and the popularity of banks is decreasing. The more time passes, the more Bitcoin will continue to improve, Bitcoin is the only asset that can increase the price of everything. That is why people are now leaning heavily towards Bitcoin and are ready to convert their assets into Bitcoin and hold it for a long time.
This is the only easy and Bitcoin will be independent, you own as much Bitcoin as you buy with the money you have. The price of Bitcoin will reach the root of more improvement in the future and it will rule in the future.

People are gaining more interest and confidence to want to trade Bitcoin because  they were all surprised that if Trump can use bitcoin as part of his campaign then the investment is actually legit and that is one of the reasons people are picking more interest and the banks don't really like the idea of people investing in bitcoin but one way or the other the banks can not be completely ruled you still need the bank.

And bitcoin is a unique asset and when there is a prediction about it there is no way that it does not come to pass and this is why we need to seriously try to be part of it because this is the best time to actually get involved with it. And of not that you are supper rich it is always very difficult to completely buy in quantity only few people are able to afford it.

And buying in fraction using DCA process is actually very good but this is for those that don't have enough resources but they are earning one way or the other.

[$weetne$$]

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. 

You said the future of Bitcoin and I think what you want to happen now is going to be the future of bitcoin but for now, many people are investing in Bitcoin because of the profits that they will make when the price of Bitcoin will rise. People are not investing because they want to make use of Bitcoin for buying of things as a currency. There are few people doing this but they are very small in comparison to those that are investing because of the profits that they can make. In the future Bitcoin will be used in the way you want but for now we have to accept how Bitcoin is being used because it is due to the potential that Bitcoin has that many people are investing into Bitcoin. Bitcoin can not be used globally right now because alot of people's still do not understand how to make use of Bitcoin.

[Asiska02]

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’s goal for bitcoin is still being actualized today and as long as we still have people using bitcoin for daily transactions, we are getting closer to achieving the full aim of the invention of Bitcoin. People make use of the secondary aim of bitcoin mostly which is to be used as an investment asset rather than being used for daily transactions. As bitcoin is becoming globally acceptable, we will begin to see his most used case for transactions and to be the best alternative to fiat current which Satoshi wanted after introducing bitcoin to the world.

[Makus]

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. 

Well it's true bitcoin is now seen more as an asset to hold rather than using it for day to day transactions as proposed by Satoshi but that is also an added advantage. Though bitcoin is also used to break the barriers of a third party like our fiat financial institutions and used for small transactions just like in El Salvador but I don't see anything wrong with holding bitcoin.  Our fiat systems are likely to experience inflation. People call bitcoin digital gold because it only gains more value rather than experiencing a downtrend and Satoshi was wise enough to make only 21 million bitcoin to be circulated after all blocks have been mind. Today bitcoin is more famous not as a currency but because of its increase in value over time because of its volatility.

[franky1]

Even if it were technically possible to increase the number of daily transactions in the Bitcoin network, who cares about it now?

Smaller investors also do not seek to increase the number of daily transactions.

As you rightly noted, this is due to the fact that Bitcoin is good money, and fiat money is bad money. People seek to save good money and spend bad money. At one time, this happened with silver coins, which were completely withdrawn from circulation as a result. Currently, this is happening with Bitcoin.

its not about an individual doing multiple transactions a day, its about capacity that many millions of people may need to do one transaction each month without it taking weeks-months to settle

eg current inefficient and cludgy use of 4mb blockspace
2700tx a block = 388k tx can confirm within 24 hours

and just making the current 4mb size more efficient, before even scaling the blocksize
16000 tx a block = 2.3m tx can confirm within 24 hours

or if each person does 1 tx a month
eg current inefficient and cludgy use of 4mb blockspace
11.6m tx unique users can confirm during a one month timescale

and just making the current 4mb size more efficient, before even scaling the blocksize
69.12m tx unique users can confirm during a one month timescale

...
remember its much like you get wired/pay-chequed a income once a month, but that is then spent as a different method daily(visa tap to pay/cash bank notes)
EG
so you use blockchain to move funds to exchange once a month/once per ATH(irregularly) to only sell when its best to sell for you on their platform.. but then use exchanges fiat withdrawal as and when you want to burn your fiat daily or whenever/how often you like