Another page in the evolution of Bitcoin

[CTO114]

Many were guilty of boxing Bitcoin to be just crypto currency, they might be wrong as Bitcoin continues to evolve and is certainly becoming something more than just crypto.
What is it then becoming?

It's becoming more of a geopolitical asset. Countries are reluctant to subscribe to dollar dominance,even citizens are begining to distrust local currencies and even the banking system.

Bitcoin is becoming a very popular asset as trust in institutions continue to decline, as currencies decline the attraction to Bitcoin steadily increases.

The rise of Bitcoin is no longer a story of just technology, we are seeing a measure of declining trust in centralized systems!

[Fiatless]

The rise of Bitcoin is no longer a story of just technology, we are seeing a measure of declining trust in centralized systems!

What do you expect?
Inflation is eating deep into the income of the people. Bitcoin is a good hedge against inflation.
The governemnt is promoting several means to control the financial aspects of the citizens. The decentralised nature of Bitcoin empowers people to maintain privacy and avoid government surveillance.
Bitcoin has not stopped increasing in value over the years. This has made institutions invest in it for profits.
Centralised platforms have proved to be untrustworthy, so people are choosing to become their own banks.

[mcdouglasx]

The rise of Bitcoin is no longer a story of just technology, we are seeing a measure of declining trust in centralized systems!

Distrust in centralized systems has always existed; it's just that there wasn't such an easy way to combat it as there is now. Using Bitcoin is becoming easier these days, but it's still less convenient for many than fiat currency, which is why adoption isn't happening overnight. There are still many obstacles, and one of them, which I think scares many people the most, is the possibility of losing all their money, whether due to a hack or technical issues like a lost seed or a forgotten password. There's still a long way to go, but I suppose for those new to this, the best thing is to use platforms like Binance and then take the step towards full decentralization.

[YOSHIE]

Many were guilty of boxing Bitcoin to be just crypto currency,

So what view do you currently have regarding Bitcoin, can you tell me what is logical and can be accepted mentally.
As far as I know, from the past and to this day Bitcoin is still seen as a cryptocurrency, other views are only as tactics and strategies to be understood by the wider community, Bitcoin can not only be used as a trading asset, investment and so on.

Talking about institutions, governments or companies that accept Bitcoin as their asset, but that doesn't mean they don't think Bitcoin has disappeared from the word cryptocurrency and has been converted into another meaning, that's a wrong understanding.

[Shadiq]

There were complaints about the centralized system from the beginning, but they had no alternative at that time. But nowadays there are alternatives to the centralized financial system, anyone can now replace it with a decentralized financial system if they want. Although it is still not possible for an individual to completely replace Bitcoin, we now have an alternative that we use in some cases.

Recently, Iran has been able to keep its economy running by using Bitcoin due to the dollar embargo. Some countries have already planned to take a stand against the dominance of the US dollar, but they were not successful at that time. But Iran has shown that they have used Bitcoin correctly by taking a stand against the US dollar. Bitcoin is now not only a crypto, but also an investment asset and an alternative to the centralized financial system.

[serjent05]

The rise of Bitcoin is no longer a story of just technology, we are seeing a measure of declining trust in centralized systems!

But the question is, are people adopting Bitcoin after they lost their trust in the centralized system?  Yes, Bitcoin is getting popular, but people stay stubborn.  they still choose the convenience brought by the centralized financial institution because they are already used to it.

Only people who are eager to embrace the changes are going into Bitcoin, but sadly, there are too few of them.  Worse, financial institutions and governments are starting to take advantage of Bitcoin. By integrating Bitcoin into their offered services, they are able to wrap the decentralized nature of Bitcoin into their centralized system, creating a second layer, and people are not being sensitive about this.

[Cryptomultiplier]

The rise of Bitcoin is no longer a story of just technology, we are seeing a measure of declining trust in centralized systems!

I certainly trust Bitcoin more than my current fiat currency because of the fast pace at which my local fiat is devaluing.
Inflation over the years has seen my local fiat increase ×1000 against the exchange rate of dollars, that is, we see $1 = N1,450 on the exchange market and in the next decade, inflation could get up to ×7000 with the way things are going, so why shouldn't Bitcoin just like gold, be a better store of value for my savings plan instead of leaving my savings in the commercial banks to become devalued because of rising inflation and CBN policies that favor only the rich and wealthy in the society, leaving the poor and struggling in the shadows of a survival race that is unending.

I know my odds as partaining volatilities with Bitcoin investment and have control over my assets without fear for a third party involvement,  and know that volatilities can make my savings over the next decade triple as the price could hit an ATH that makes me wealthy and rank up in class in the society, as compared to a devaluing local currency without purchasing power  and that means all of my savings in the bank is being subject to fees and CBN policies and inflation.

I'll take my stand with Bitcoin anyday and time as I know better and am glad a lot of persons and even countries are willing to look in that light by creating reserves, making its technology more efficient and adapted to everyday use as we see with Bitcoin ATMs, among other great reasons of wealth creation and distribution.

[Ambatman]

Many were guilty of boxing Bitcoin to be just crypto currency, they might be wrong as Bitcoin continues to evolve and is certainly becoming something more than just crypto.
What is it then becoming?

But it is a Cryptocurrency
Just not what crypto is today.
Cryptocurrency should be a decentralised currency protected or secured by cryptography
Not the reverse that's storming the market everyday.

,even citizens are begining to distrust local currencies and even the banking system.

Majority distrust a currency and go to another that is affected relatively less by inflation
Bitcoin isn't their normal alternative .

[tygeade]

Many were guilty of boxing Bitcoin to be just crypto currency,

So what view do you currently have regarding Bitcoin, can you tell me what is logical and can be accepted mentally.
As far as I know, from the past and to this day Bitcoin is still seen as a cryptocurrency, other views are only as tactics and strategies to be understood by the wider community, Bitcoin can not only be used as a trading asset, investment and so on.

Talking about institutions, governments or companies that accept Bitcoin as their asset, but that doesn't mean they don't think Bitcoin has disappeared from the word cryptocurrency and has been converted into another meaning, that's a wrong understanding.

By my understanding, it's not just a currency to use, but more like a thing where it's a leverage against governments. Its a leverage against governments by other governments and even its own citizens. For example for USA, people who are Americans are getting into crypto because they think their own government is terrible at managing finances so they go into crypto because they think dollar would lose value. Whereas other citizens from other nations and governments of other nations are doing it because dollar is devaluing over the time.

Disappearing from cryptocurrency world means, I guess at what sense OP must have used is, bitcoin is upgrading from just being a crypto toward being a trustable asset class like gold. Personally I have been waiting for China to start a bitcoin reserve instead of accumulating gold. China is the biggest holder of trade surplus which means they need to get rid off dollar regularly but unfortunately they are accumulating gold by selling dollars. Hope China will realize the bitcoin's future and potential soon.

[As-Soon-As]

Bitcoin is constantly gaining popularity among people and many people are learning to use Bitcoin. And many people are using Bitcoin as a holding for the future, but some people are still afraid of Bitcoin and they are reluctant to use Bitcoin. Because this is what scares some people who prefer fiat money, Bitcoin is becoming more and more popular in the current position because the effect of widespread popularity is now being created among people. Because the more we move towards the future, the more we will see its effectiveness, so we do not need to rush, we will know more about Bitcoin by promoting it as much as we know about it.
Because this is the current situation, the more we move towards the future, the more the value of fiat currency is decreasing and the value of Bitcoin is increasing. If we can invest in Bitcoin by using this single issue, we will definitely be able to achieve success.

[Hardyrobust]

Many were guilty of boxing Bitcoin to be just crypto currency, they might be wrong as Bitcoin continues to evolve and is certainly becoming something more than just crypto.
What is it then becoming?

It's becoming more of a geopolitical asset. Countries are reluctant to subscribe to dollar dominance,even citizens are begining to distrust local currencies and even the banking system.

Bitcoin is becoming a very popular asset as trust in institutions continue to decline, as currencies decline the attraction to Bitcoin steadily increases.

The rise of Bitcoin is no longer a story of just technology, we are seeing a measure of declining trust in centralized systems!

Bitcoin is gaining wide spread adoption and I believe with time it will be accepted by the government of every country in the whole world.
Bitcoin offers freedom that no other assets do offers , its decentralised nature and the fact that it act as a hedge against inflation is one thing that differentiate it from local currency which is being controlled by the government.

[Luzin]

Bitcoin is gaining wide spread adoption and I believe with time it will be accepted by the government of every country in the whole world.
Bitcoin offers freedom that no other assets do offers , its decentralised nature and the fact that it act as a hedge against inflation is one thing that differentiate it from local currency which is being controlled by the government.

Satoshi was very visionary to the point that he created Bitcoin. Although there are some things that do not match what he wanted. Currently, Bitcoin has become a commodity, a store of value, and it is a clear evolution of this industry that has increased its value. If Bitcoin were only used as a transaction tool, it seems it would not have developed this well. So trust in the Bitcoin system is not entirely accurate because we still need centralized items. So I actually hope this grows side by side because we live in a regulatory environment that makes us understand the rules. Therefore, fiat through the current centralized system is still the main choice for daily integrity because Bitcoin is indeed still limited in access.

[Aanuoluwatofunmi]

It's becoming more of a geopolitical asset. Countries are reluctant to subscribe to dollar dominance,even citizens are begining to distrust local currencies and even the banking system.

Power to make decision lies in the hands of the people and they know what they want, the government does not have to necessarily determine for us, we only make decision based on the preference we want as an alternative to the Fiat, and there is none than Bitcoin, this is why people are much concerned about how they could take advantage of Bitcoin investment for profitability fiat cannot afford.

[yudi09]

It's becoming more of a geopolitical asset. Countries are reluctant to subscribe to dollar dominance,even citizens are begining to distrust local currencies and even the banking system.

Bitcoin is becoming a very popular asset as trust in institutions continue to decline, as currencies decline the attraction to Bitcoin steadily increases.

The rise of Bitcoin is no longer a story of just technology, we are seeing a measure of declining trust in centralized systems!

This leans more toward a political narrative. Essentially, Bitcoin is not an electronic cash system created to compete during a global crisis.
From my perspective, Bitcoin is gaining more trust as a hedge because fiat currencies will lose value due to inflation, and currently the dollar is strengthening while several other local currencies are depreciating. Actually, if examined more deeply, other fiat currencies besides the dollar aren’t necessarily depreciating—it’s just that the dollar’s influence remains dominant in global trade.

[legiteum]

The rise of Bitcoin is no longer a story of just technology, we are seeing a measure of declining trust in centralized systems!

Almost all of Bitcoin's transactions are initiated by centralized systems today, so the actual evidence says the very opposite of this.

Most people are buying and selling Bitcoin through apps like Robinhood and using their standard (centralized) broker platforms and buying the ETFs. This has expanded, not contracted. Indeed, there's zero evidence that self-custody is growing and massive evidence that it's shrinking. And most other cryptos (about half of the market cap) are moving to more centralized governance, and yet they are growing rapidly. Many of us think that Bitcoin would go higher in price if the architecture was more centralized.

The original Bitcoin story is like the original story of Christmas. Today, Christmas is Black Friday sales at Walmart and has absolutely nothing to do with Jesus Christ.

I guess there are still a few True Believers out there, but they aren't relevant to the market...

[ZAINmalik75]

Many were guilty of boxing Bitcoin to be just crypto currency, they might be wrong as Bitcoin continues to evolve and is certainly becoming something more than just crypto.
What is it then becoming?

It's becoming more of a geopolitical asset. Countries are reluctant to subscribe to dollar dominance,even citizens are begining to distrust local currencies and even the banking system.

Bitcoin is becoming a very popular asset as trust in institutions continue to decline, as currencies decline the attraction to Bitcoin steadily increases.

The rise of Bitcoin is no longer a story of just technology, we are seeing a measure of declining trust in centralized systems!

You are wrong because citizens are still trusting their local currency because they have to. If they are true patriots of a country, they will never leave their currency. That was a silly way to say it, but the correct reason is that they can't live without their fiat currencies because banking systems in every country are deeply integrated into our daily lives, so we have to use them even if we don't want to.

People are investing in Bitcoin because they see it as an investment. They are not converting all of their currency into BTC; they are investing in it for a specific time so they can make profit, just like they invest in gold or other assets. It does not mean that they have begun to distrust their own local currency.

Although adoption is increasing, institutional adoption is higher than retail, which is why it could become more influenced by institutional price movements and liquidity. This is not liked by many.

[Agbamoni]

It's becoming more of a geopolitical asset. Countries are reluctant to subscribe to dollar dominance,even citizens are begining to distrust local currencies and even the banking system.

Adoption last year and the year before is massive. I hope to see more adoption this year and in the upcoming years.
Bitcoin is generally accepted by most citizens in a country. Even if the country has a ban on Bitcoin, the people residing there are finding ways to access Bitcoin.
The most interesting aspect of Bitcoin is that it can be accessed in any geopolitical area, provided that the internet and a device are available. 

[JiiBs]

Many were guilty of boxing Bitcoin to be just crypto currency, they might be wrong as Bitcoin continues to evolve and is certainly becoming something more than just crypto.
What is it then becoming?

It is indeed a cryptocurrency and it’s still defined by every term and key world a cryptocurrency entails.

I get it that we are always worked out to place Bitcoin on such a platter where altcoins and any other project out there that uses blockchain technology would want to measure up but in the end, Bitcoin is still a cryptocurrency.

Bitcoin surely has drawn the attention of nations and institutions such that, it can no longer be brushed aside or ignored simply because, it isn’t backed by any government and with governments finding means to actively invest in it, even though it’s through seizures, people now know better to not wait on the sidelines.

[Kelvinid]

People have already seen the flaws from the centralized system services, but since there have been no options available, people are left no choice but to stick with it. However, with the rapid rise of decentralized system, and when bitcoin starts to be recognized, its the only time that people have finally seen a better option, and continue to distrust the centralized system as if it has been overdue long time ago.

Bitcoin is not just a plain cryptocurrency, but its the most effective tool towards financial freedom and stability. Yes, its a high risk asset, but there can be no  visible, profitable gains without taking such calculated risk.

[Mahiyammahi]

It's a unspoken truth now that everyone knows , fiat currency is a scam. Even though everyone knows about it , they way it's Infrastructure has been built toward our belongings it's hard to replace the centralized economic system. Although it's not completely impossible to replace, we're watching the sign of it.

But still bitcoin is cryptocurrency. Imo we can say it for sure that btc can replace the traditional fiat system unless we can deliver the technology to the every person in the world.