Bitcoin without profit: would you stick around?

[Finestream]

In the early years, people were very hesitant about bitcoin because they have never seen it profitable, so they never made an effort to invest in bitcoin. And that was also the time that bitcoin was still highly seen as a ponzi scheme so trusting it was really a big challenge.

But today, we have seen how profitable bitcoin and how its utilities have gone so far, and even if those profits will suddenly vanish, I know people will stick to it because they have already proven how useful bitcoin, not as an investment, but as a back up for fiat wherein what fiat can't do, bitcoin can make it happen. Bitcoins has so much potentials, its just people are just focused only making money with bitcoin.

[john_egbert]

Bitcoin was created to solving a particular problem, before it became a money generating assets that, we are seeing today. So those who will use Bitcoin without making extra cash will not be much because, people are attracted to were they can make money. But if we can look beyond money and see the reason why Bitcoin was created some can still stick to it.

Bitcoin is no asset, imo.

It's a coin for retailers to use. Alternative to fiat. Something set in stone by the blockchain and the network of miners

[Makus]

Well, some people would still save in Bitcoin if it becomes a stable coin for privacy purpose because most people rather save their money to make it untraceable because keeping it in a Bank is only going to attract attention especially when it's a huge amount of money. The main reason why a lot of people focus on Bitcoin investment is mainly for the purpose of investing and if you take that out of the equation they have no reason to put their money into it. personally if there is no profit involved i see no point in Continuing because I have problem saving in fiat currencies. A lot of people are not going to stick around but like I said some people will based on their own interests

[Solokan]

I think this is a good topic and makes us think. It's possible that in the future, BTC prices will stabilize, unlike the current fluctuations. I've even heard that BTC prices will potentially stabilize in the future, like the current USDT fluctuations due to the large number of people holding BTC and the increasing number of enthusiasts, which ultimately stabilizes the price. However, it seems that if that happens, it will likely be a long time because not all BTC has been mined yet.

I have no problem with BTC prices stabilizing as long as they are above $500,000. I bought BTC for under $100,000, so if the price of BTC stabilizes, I think there's a high possibility that BTC will be worth more than $500,000. Essentially, I'll continue to hold BTC and continue buying BTC using money I can afford to lose.

[BALIK]

I think this is a good topic and makes us think. It's possible that in the future, BTC prices will stabilize, unlike the current fluctuations. I've even heard that BTC prices will potentially stabilize in the future, like the current USDT fluctuations due to the large number of people holding BTC and the increasing number of enthusiasts, which ultimately stabilizes the price. However, it seems that if that happens, it will likely be a long time because not all BTC has been mined yet.

As Bitcoin matures, its volatility will inevitably decrease and it will gradually become more stable. However, I do not think it will be as stable as USDT or fiat. Bitcoin is different from USDT, it is not pegged to anything like USDT is pegged to USD. Furthermore, with a fixed supply while demand is constantly fluctuating, how can Bitcoin be stable?

Even gold is unstable, so the likelihood of Bitcoin becoming as stable as fiat currency is extremely low.

Volatility is a characteristic of Bitcoin, not a flaw that needs fixing.

[OsaiEmma]

This is something I wanted us to discuss long time ago when I was a member rank, but it kept slipping my mind.

When most people talk about bitcoin the conversation usually revolves around profit, price increase, bull runs, lastly making gains.

Now I want us to look at it from a different angle, let assume a scenario where Bitcoin price becomes stable, as in no major pumps or hype as we are seeing now, no opportunity for significant profits, Bitcoin only exist as a digital currency, not an investment, Would you still use it?

I know in some countries including my own country, people are already using Bitcoin for reasons beyond profit, they use it for things like cross border transactions, to protect value against inflation, to avoid banking limitations and so on.

Feel free to give your own two cents on this discussion, As for me, I believe large percentage of users would lose interest if profit is removed from Bitcoin. However, those who would remain are likely to be ones who truly understand and believe in what Bitcoin itself represents, Because Bitcoin is more than just a way to make money.

As you stated earlier, there are other usage of Bitcoin, so yes a lot of people will still use. There is a case similar to your description, and that is usdt or stable coins, we all know the volume on stable coins, it is huge, that's because even though it's price is stable, it still have good usage, and adoption.

Besides, Bitcoin originally wasn't intended to be an asset that gives profit, it was created to be a p2p financial transaction tool. A tool that enables financial transaction without the interference of the government, and it's doing just that. Right now, it's utility is beyond just p2p, so much that the government is seeking out ways to regulate it, but I strongly believe that, in as much as it is doing what it was intended for, it still have its utility with or without profit making.

[WatChe]

In the early years, people were very hesitant about bitcoin because they have never seen it profitable, so they never made an effort to invest in bitcoin. And that was also the time that bitcoin was still highly seen as a ponzi scheme so trusting it was really a big challenge.

But today, we have seen how profitable bitcoin and how its utilities have gone so far, and even if those profits will suddenly vanish, I know people will stick to it because they have already proven how useful bitcoin, not as an investment, but as a back up for fiat wherein what fiat can't do, bitcoin can make it happen. Bitcoins has so much potentials, its just people are just focused only making money with bitcoin.

This is normal that whenever any new thing is launched, people don't pay attention to it unless it proves its worth. Same for Bitcoin, people start investing in Bitcoin only once it proved that it is an asset that has the ability to increase its value over period of time. Now the only difference is that those who invested in Bitcoin in early days got an ROI that is not seen before in human history. The lesson is if you want to get good profit then you have to take risk of investing in early days. 

[Son Of Blockchain (SOB)]

Bitcoin was created to solving a particular problem, before it became a money generating assets that, we are seeing today. So those who will use Bitcoin without making extra cash will not be much because, people are attracted to were they can make money. But if we can look beyond money and see the reason why Bitcoin was created some can still stick to it.

Bitcoin is no asset, imo.

It's a coin for retailers to use. Alternative to fiat. Something set in stone by the blockchain and the network of miners

Based on my research of what an asset is and the answer i got through searching the web, "An asset is any resource owned or controlled by an individual or business that holds monetary value and is expected to provide future economic benefits." From that answer, can Bitcoin be owned? Yes. Does it hold monetary value and expected to provide future economic benefits? Yes. I wonder why you think that Bitcoin is not an asset.
 Bitcoin's initial purpose might not be to be used as an asset but the fact that it's value increases as time goes by makes it a good asset for holding for longer period. If Bitcoin is not an asset what then is it doing in the asset class or why has the value really improved in the asset class?

[silpersurfer]

I think this is a good topic and makes us think. It's possible that in the future, BTC prices will stabilize, unlike the current fluctuations. I've even heard that BTC prices will potentially stabilize in the future, like the current USDT fluctuations due to the large number of people holding BTC and the increasing number of enthusiasts, which ultimately stabilizes the price. However, it seems that if that happens, it will likely be a long time because not all BTC has been mined yet.

As Bitcoin matures, its volatility will inevitably decrease and it will gradually become more stable. However, I do not think it will be as stable as USDT or fiat. Bitcoin is different from USDT, it is not pegged to anything like USDT is pegged to USD. Furthermore, with a fixed supply while demand is constantly fluctuating, how can Bitcoin be stable?

Even gold is unstable, so the likelihood of Bitcoin becoming as stable as fiat currency is extremely low.

Volatility is a characteristic of Bitcoin, not a flaw that needs fixing.

Volatility will definitely decrease as adoption increases and the strength of the holders will be the factor that drives low volatility in the future, yes although it is true that it will not be like USDT or other fiat stablecoins because the case is different with Bitcoin, this cannot be compared when talking about volatility, and yes gold is also like that so this is not a strange thing that can be debated continuously because the volatility of bitcoins is now considered an advantage by investors for those who know how bitcoin will print ATH continuously.

Talking about bitcoin without the benefit of the exact answer Satoshi will not introduce us to bitcoin, precisely because he is aware of the benefits that can be maximized with bitcoin he offers it to the world.

[puloweh555]

I think this is a good topic and makes us think. It's possible that in the future, BTC prices will stabilize, unlike the current fluctuations. I've even heard that BTC prices will potentially stabilize in the future, like the current USDT fluctuations due to the large number of people holding BTC and the increasing number of enthusiasts, which ultimately stabilizes the price. However, it seems that if that happens, it will likely be a long time because not all BTC has been mined yet.

I have no problem with BTC prices stabilizing as long as they are above $500,000. I bought BTC for under $100,000, so if the price of BTC stabilizes, I think there's a high possibility that BTC will be worth more than $500,000. Essentially, I'll continue to hold BTC and continue buying BTC using money I can afford to lose.

What you say is true. Even if Bitcoin is stable it doesn't weaken it because it was created with many advantages over other assets especially when compared to fiat currencies which clearly lose value due to inflation.

In fact, I think if Bitcoin is stable there will be many positive impacts. The closest we can say is that if Bitcoin is stable it will be easier to use daily. There will be no declines or increases, but Bitcoin has many benefits. Bitcoin will even be able to be used for shopping, receiving salaries and paying bills without fear of sudden drops in value. In fact, a stable price will accelerate mass adoption especially in countries with high inflation.

Furthermore, if Bitcoin price is stable it will help Bitcoin become an inclusive financial tool for people without access to banks and even people with access to banks will choose Bitcoin. We can say that if Bitcoin can achieve this stability, it is a sign of maturity in Bitcoin, so you should not be afraid if the price of Bitcoin is stable because it will provide many benefits as well as the advantages that Bitcoin has. Although the stability of the price of Bitcoin does not make you get big profits, you can get benefits in other ways namely maintaining assets so that they do not lose value due to inflation.

[fredericktaylor]

In the early years, people were very hesitant about bitcoin because they have never seen it profitable, so they never made an effort to invest in bitcoin. And that was also the time that bitcoin was still highly seen as a ponzi scheme so trusting it was really a big challenge.

But today, we have seen how profitable bitcoin and how its utilities have gone so far, and even if those profits will suddenly vanish, I know people will stick to it because they have already proven how useful bitcoin, not as an investment, but as a back up for fiat wherein what fiat can't do, bitcoin can make it happen. Bitcoins has so much potentials, its just people are just focused only making money with bitcoin.

Of course, at the beginning of Bitcoin journey, there were various dilemma among the common people about Bitcoin, but with the change of time, all the misconceptions that the common people had about Bitcoin have gradually changed. At present, the interest of people all over the world to know about Bitcoin is increasing day by day, along with the interest in investing is increasing widely, there are several logical reasons behind this, first of all, all the facilities that a person can enjoy by using Bitcoin are not available in any other asset, another thing is that Bitcoin is completely decentralized, the supply is absolutely limited. The idea that has been created among the common people about Bitcoin at present, if the price of Bitcoin suddenly drops completely, the common people will not be disappointed, they will hold Bitcoin with confidence because Bitcoin is a long-term asset, by holding Bitcoin for the long term, big profits can be expected in the future.

[Lida93]

Profit making is sacrosanct whenever investment is mentioned and the beginning bitcoin gained an investment asset outlook and take sometime to cleaning up the false conception of a ponzi scheme status that was being spread about it, that was when a lot of investors began to invest their funds in it.

If I want to agree with anyone about using bitcoin just because of it's privacy, decentralised and borderless features alone then it's going to be about the genesis adoptors of bitcoin when profit wasn't anything to go by.

[Kelward]

If Bitcoin becomes a stable cryptocurrency which can no longer become bullish and reach ATH to give us profit I believe that a lot of people would dump it because that is basically the reason why they are holding it. In such a case I would still hold my Bitcoin inasmuch as it wouldn't crash and become a shitcoin, I will hold it as a hedge against inflation because my local currency doesn't have a stable value, it keeps depreciating. Bitcoin will go from my store of value to become my store of savings so that my money will retain it's value after many years.

The second reason why I will still hold my Bitcoin aside from making profit from it is because of privacy, when I hold through a none custodial wallet I have a total control over my decentralized digital currency.

[Kuchuku]

Feel free to give your own two cents on this discussion, As for me, I believe large percentage of users would lose interest if profit is removed from Bitcoin. However, those who would remain are likely to be ones who truly understand and believe in what Bitcoin itself represents, Because Bitcoin is more than just a way to make money.

Basically, Bitcoin is much more than people think. Most people see it as a profitable investment and most people only think about profit without thinking about other benefits. Because of this, its role as a currency has become less important to these holders. Since it will be stable and will not be affected by inflation. As a result, I will continue to use Bitcoin. And it is not the profit in using Bitcoin but the benefits it provides that attract me to this Bitcoin.

[Alpen]

This is something I wanted us to discuss long time ago when I was a member rank, but it kept slipping my mind.

When most people talk about bitcoin the conversation usually revolves around profit, price increase, bull runs, lastly making gains.

Now I want us to look at it from a different angle, let assume a scenario where Bitcoin price becomes stable, as in no major pumps or hype as we are seeing now, no opportunity for significant profits, Bitcoin only exist as a digital currency, not an investment, Would you still use it?

I know in some countries including my own country, people are already using Bitcoin for reasons beyond profit, they use it for things like cross border transactions, to protect value against inflation, to avoid banking limitations and so on.

Feel free to give your own two cents on this discussion, As for me, I believe large percentage of users would lose interest if profit is removed from Bitcoin. However, those who would remain are likely to be ones who truly understand and believe in what Bitcoin itself represents, Because Bitcoin is more than just a way to make money.

My first encounter with Bitcoin happened because I needed to send money to China — SWIFT was completely out of the question, and every other option was either slow or came with ridiculous fees. That experience stuck with me for life, and ever since I've deeply valued the independence that blockchain offers. The banking system, with all its arrogance and predatory charges, I genuinely despise.
But there's a big 'BUT' here. Bitcoin miners and node operators — they also profit from the price going up. That's exactly why they keep running their nodes. If there's no profit, who's going to bother mining blocks?

[john_egbert]

Feel free to give your own two cents on this discussion, As for me, I believe large percentage of users would lose interest if profit is removed from Bitcoin. However, those who would remain are likely to be ones who truly understand and believe in what Bitcoin itself represents, Because Bitcoin is more than just a way to make money.

Basically, Bitcoin is much more than people think. Most people see it as a profitable investment and most people only think about profit without thinking about other benefits. Because of this, its role as a currency has become less important to these holders. Since it will be stable and will not be affected by inflation. As a result, I will continue to use Bitcoin. And it is not the profit in using Bitcoin but the benefits it provides that attract me to this Bitcoin.

Both of these can attract us to BTC. Nothing wrong would be with that

[Itz-prisigold]

If Bitcoin becomes a stable cryptocurrency which can no longer become bullish and reach ATH to give us profit I believe that a lot of people would dump it because that is basically the reason why they are holding it. In such a case I would still hold my Bitcoin inasmuch as it wouldn't crash and become a shitcoin, I will hold it as a hedge against inflation because my local currency doesn't have a stable value, it keeps depreciating. Bitcoin will go from my store of value to become my store of savings so that my money will retain it's value after many years.

The second reason why I will still hold my Bitcoin aside from making profit from it is because of privacy, when I hold through a none custodial wallet I have a total control over my decentralized digital currency.

Seriously, this just shows the different reasons why people are involved in Bitcoin in the first place, someone people are after the quick gains and others that actually understand the value of what Bitcoin truly represents. Imo, if Bitcoin price appreciation disappears, then all the noise surrounding Bitcoin will fade away, and Bitcoin will be left with the real value. And I totally don't see that as a weakness though, I just see it as filter.

Bitcoin was never supposed to be for just chasing profits for me actually. And if profit was the only reason some people came into Bitcoin investment, then yes, all of them will leave the moment things start to get boring. But we should know that does not reduce Bitcoin's relevance, that will only strengthen it. By then Bitcoin will shift from a speculative asset to a financial tool that has a clear purpose.

Where I am from, our local currency always use to lose value, so eventually if Bitcoin becomes stable, that alone will definitely be enough. I don't need Bitcoin to moon everytime. So if Bitcoin can hold valve over time, then trust me, I am comfortable using it as savings instead of relying on Fiat. And been in control is another big bonus to me. Holding my Bitcoin in a non custodial wallet means I am actually in charge of my money. There is nothing like restrictions, no waiting and no one is deciding anything for me. So I will still hold Bitcoin, if Bitcoin ever become stable.

[Iranus]

Profit making is sacrosanct whenever investment is mentioned and the beginning bitcoin gained an investment asset outlook and take sometime to cleaning up the false conception of a ponzi scheme status that was being spread about it, that was when a lot of investors began to invest their funds in it.

If I want to agree with anyone about using bitcoin just because of it's privacy, decentralised and borderless features alone then it's going to be about the genesis adoptors of bitcoin when profit wasn't anything to go by.

Yes, if someone uses Bitcoin solely for its security, decentralization, and borderless transaction, they must be one of the genesis adopters. But thing are different now. Most of us are attracted to Bitcoin solely because of the potential for profit and the chance to get rich quickly. Reason such as privacy concerns or anti censorship are merely excuses or secondary reason

So, although many people now claim they will continue to use bitcoin even if it is no longer profitable. But if that actually happens, I do not think many people will actually stick with bitcoin as they claim.

Human nature is to chase benefit and once there are no significant gains left, they will have no reason to stay.