At what point does Bitcoin become a necessity rather than an alternative?

[Patikno]

Hello everyone,

I've been spending time looking into the original whitepaper and the early threads on this forum. A lot of the early discussions focus on Bitcoin as a hedge against currency devaluation and systemic banking issues.
With inflation hitting local currencies hard globally, it feels like the theoretical use cases from 2009 are becoming daily realities for a lot of people.
For those who have been here through multiple cycles: Do you think we are past the point of Bitcoin being a "speculative alternative," or is it still mostly viewed that way by the general public? I'd love to hear some perspectives on how the actual daily utility has shifted (or not) over the last decade.

I believe Bitcoin will become a necessity, when fiat currencies are no longer trusted by everyone, and people might choose Bitcoin as their primary currency. Well, I don't know if that will happen, but I am sure it could happen. Furthermore, I sometimes wonder if Bitcoin could become a primary need for transactions, and if a country made it its primary currency (without any other currencies), then, I think it would be beneficial for that country.

Even, I think a country who makes Bitcoin its primary currency would serve as an example for other countries, especially if Bitcoin has provided many benefits, that have been felt directly by the people in the country as we already know (profitability, speed, and ease of use). Cmiiw.

[Ndabagi01]

For those who have been here through multiple cycles: Do you think we are past the point of Bitcoin being a "speculative alternative," or is it still mostly viewed that way by the general public? I'd love to hear some perspectives on how the actual daily utility has shifted (or not) over the last decade.

From 2009 till now, we have noticed an overall change in the activities of the Bitcoin market and how it operates, it is clear that it is actually going to the direction it was first invented for. Bitcoin is still a second choice to many people but that doesn’t deny the fact that it has changed the narrative of many and are now seeing it as an alternative to the fiat currency. Bitcoin has progressed from what it use to be, and with how far it has come, it is going to be another success for this technology.

[marrcelo]

Most of the world population doesn't use Bitcoin because they don't know it, this shows the growth potential that Bitcoin can reach. Yes, most people that know Bitcoin see it as an asset of speculation wanting to profit with the price movements. And don't see the importance of Bitcoin for protection from the inflation of the government's bad administration that devalues their currencies, hurting the purchase power and devalues the salary, increasing poverty. And the insurance against a possible authoritarian government in the future being able to confiscate your money from the banks. Or control and see what you buy with the CBDC, that's when they gonna value privacy and Bitcoin's self custody.

[ZAINmalik75]

Hello everyone,

I've been spending time looking into the original whitepaper and the early threads on this forum. A lot of the early discussions focus on Bitcoin as a hedge against currency devaluation and systemic banking issues.
With inflation hitting local currencies hard globally, it feels like the theoretical use cases from 2009 are becoming daily realities for a lot of people.
For those who have been here through multiple cycles: Do you think we are past the point of Bitcoin being a "speculative alternative," or is it still mostly viewed that way by the general public? I'd love to hear some perspectives on how the actual daily utility has shifted (or not) over the last decade.

I think the price or value of Bitcoin is proof that Bitcoin is mainly viewed as a speculative asset and used as an investment asset by the masses rather than an alternative payment system for fiat even though it was created for that purpose. Satoshi didn't create Bitcoin so that it can become a lucrative investment asset in the future which people will buy and hold so that they can make profits on their holdings as the price grows because they know it will since the supply is limited and demand will keep increasing, but it has become what it wasn't created for originally.

Bitcoin was created to be a decentralized peer-to-peer payment method to remove intermediaries when making transactions, and it can still be used the same way if more people start using non-custodial wallets instead of using centralized exchanges where they can send and receive funds off-chain using the systems provided by the exchanges such as Binance, and people prefer those because they don't charge them anything and on-chain transactions require fees.

[Akbarkoe]

Still in the same corridor to this day, although today it becomes a political tool for some politicians to achieve their goals, as if open and will be a better future with bitcoin, but after being elected they are silent and not very vocal about it.
Bitcoin remains an investment choice rather than a transaction because the value it carries is very large so most people bitcoin to be stored like an investment asset.

[Outhue]

Hello everyone,

I've been spending time looking into the original whitepaper and the early threads on this forum. A lot of the early discussions focus on Bitcoin as a hedge against currency devaluation and systemic banking issues.
With inflation hitting local currencies hard globally, it feels like the theoretical use cases from 2009 are becoming daily realities for a lot of people.
For those who have been here through multiple cycles: Do you think we are past the point of Bitcoin being a "speculative alternative," or is it still mostly viewed that way by the general public? I'd love to hear some perspectives on how the actual daily utility has shifted (or not) over the last decade.

If you want to escape inflation Bitcoin is the solution, if you want to be free from centralisation Bitcoin got you covered, if you are tired of their banks monitoring your money for you Bitcoin is the way, we can't make choices for anyone, Bitcoin is right there waiting for anyone who really needs a part of it's use cases, it's also possible to get rich with Bitcoin, not just as easy as in the past but still very possible, you just have to choose which one you really want out of them all, let those who want to see Bitcoin as speculative asset keep doing that, as for me it's my go to store of value.

[Hewlet]

Do you think we are past the point of Bitcoin being a "speculative alternative," or is it still mostly viewed that way by the general public? I'd love to hear some perspectives on how the actual daily utility has shifted (or not) over the last decade.

As more people joins the bitcoin ecosystem it is normal that not all of them will get interested in bitcoin for the same reason the earlier investors looked at bitcoin and frankly, people are not more concerned about bitcoin speculation in terms of price rather than the main use case of bitcoin. some whales are also joining the bitcoin space with the plan of manipulating it to get quick profit and you cant really decide who should join the bitcoin space and who should not. as long as bitcoin is doing well in the midst of the regulation and all, it is just left for you to focus on what brought you into investing in bitcoin and not get carried away with how things is going with other investors that do not have the same vision and investment plan as you do.

[Luzin]

It is difficult to say that when governmental systems are still centralized. The world today exists under states and a global system that governs recognition of centralized currencies, most of which are dollars. As long as that does not change, Bitcoin will not become the primary choice. Bitcoin will only serve as an alternative store of value. This condition has already taken place and is ingrained in the minds of many people. I will not expect too much from such a change. However, I hope that governments and the world will continue to provide substantial space for the crypto industry to exist and endure amidst future global developments. IMO

[summonerrk]

Hello everyone,

I've been spending time looking into the original whitepaper and the early threads on this forum. A lot of the early discussions focus on Bitcoin as a hedge against currency devaluation and systemic banking issues.
With inflation hitting local currencies hard globally, it feels like the theoretical use cases from 2009 are becoming daily realities for a lot of people.
For those who have been here through multiple cycles: Do you think we are past the point of Bitcoin being a "speculative alternative," or is it still mostly viewed that way by the general public? I'd love to hear some perspectives on how the actual daily utility has shifted (or not) over the last decade.

In a world where banks can freeze or seize assets, and the financial system is transparent only to banks, keeping assets in bank accounts is dangerous. It's poisonous and pointless, as deposits never earn interest rates above the actual inflation rate. Bitcoin, however, gives us the ability to invest, trade, and send our assets to anyone in the form of bitcoins. And no one can stop us from doing so.
Yes, there are plenty of problems right now, including exchanges that have begun to frequently interfere with users' affairs, violating anonymity, and dirty coins, among many others. But Bitcoin is a successful solution to all these problems. And I'm sincerely glad that we live in a time when it exists.

[cyberninja2]

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If you want to escape inflation Bitcoin is the solution, if you want to be free from centralisation Bitcoin got you covered, if you are tired of their banks monitoring your money for you Bitcoin is the way, we can't make choices for anyone, Bitcoin is right there waiting for anyone who really needs a part of it's use cases, it's also possible to get rich with Bitcoin, not just as easy as in the past but still very possible, you just have to choose which one you really want out of them all, let those who want to see Bitcoin as speculative asset keep doing that, as for me it's my go to store of value.

The essence of this idea is that Bitcoin is something that is always present when some parties are starting to doubt other things. When someone suddenly approaches Bitcoin, it's a sign they want to start with Bitcoin by accumulating it to achieve their goal, choosing to switch to Bitcoin from other activities, which sometimes no longer align with their desires.

It's clear that there's no clear path to wealth through Bitcoin investment. However, we must believe that Bitcoin is a system that can change the minds of many people. While there's no guarantee of wealth, there's still the opportunity to achieve our desired goals more effectively. Profits are highly likely from investing in Bitcoin, especially with long-term investments. I believe this provides an opportunity for us to profit and build assets for a more secure future. Because before achieving these results, we've already accumulated a lot of value, making our future assets more secure.

[lionheart78]

Do you think we are past the point of Bitcoin being a "speculative alternative,"

I do not think that Bitcoin is past as being an speculative asset. People are still looking at it speculating price movement for the next halving.  Government are still looking at it with uncertainty,  reason why they are very conservative in engaging with Bitcoin.

 or is it still mostly viewed that way by the general public? I'd love to hear some perspectives on how the actual daily utility has shifted (or not) over the last decade.

It is still viewed as speculative asset by most holders. We can still experience the wild swings of the market price, a clear indication of market high volatility, the sign of people speculating hardly on the market.

[MainIbem]

Hello everyone,

I've been spending time looking into the original whitepaper and the early threads on this forum. A lot of the early discussions focus on Bitcoin as a hedge against currency devaluation and systemic banking issues.
With inflation hitting local currencies hard globally, it feels like the theoretical use cases from 2009 are becoming daily realities for a lot of people.
For those who have been here through multiple cycles: Do you think we are past the point of Bitcoin being a "speculative alternative," or is it still mostly viewed that way by the general public? I'd love to hear some perspectives on how the actual daily utility has shifted (or not) over the last decade.

In a world where banks can freeze or seize assets, and the financial system is transparent only to banks, keeping assets in bank accounts is dangerous. It's poisonous and pointless, as deposits never earn interest rates above the actual inflation rate. Bitcoin, however, gives us the ability to invest, trade, and send our assets to anyone in the form of bitcoins. And no one can stop us from doing so.
Yes, there are plenty of problems right now, including exchanges that have begun to frequently interfere with users' affairs, violating anonymity, and dirty coins, among many others. But Bitcoin is a successful solution to all these problems. And I'm sincerely glad that we live in a time when it exists.

Although people choose to be speculative with their Bitcoin for profit (trade) but I feel it's best for investment purpose than that, Bitcoin has done better as an investment option than just a speculative asset so people should go for the better use case. Over the past cycles Bitcoin has done more of improvement so it means that it would mostly be rewarding to people who see it as an investment option and do it properly than just being speculative with it which I think is more risky. As for banks, people are gradually seeing that saving with them is less reliable compared to investing in Bitcoin.

[Obim34]

I believe Bitcoin will become a necessity, when fiat currencies are no longer trusted by everyone, and people might choose Bitcoin as their primary currency. Well, I don't know if that will happen, but I am sure it could happen. Furthermore, I sometimes wonder if Bitcoin could become a primary need for transactions, and if a country made it its primary currency (without any other currencies), then, I think it would be beneficial for that country.

When will that be? Already, many don't trust fiat currencies as a result of inflation. However, It may come to worse if everyone decides to take Bitcoin as as necessity rather than an alternative, the easier Bitcoin becomes a necessity, the more difficulty government will arrange for stricter regulations, governments likes to be on top every financial system created.

For the balance, Bitcoin can be a necessity to few, and an alternative to some, we can't have it primarily for everyone as a financial system, I understand that Bitcoin can not be widely accepted, even with a government that is crypto friendly.

[purple_sparkles]

When will that be? Already, many don't trust fiat currencies as a result of inflation. However, It may come to worse if everyone decides to take Bitcoin as as necessity rather than an alternative, the easier Bitcoin becomes a necessity, the more difficulty government will arrange for stricter regulations, governments likes to be on top every financial system created.

For the balance, Bitcoin can be a necessity to few, and an alternative to some, we can't have it primarily for everyone as a financial system, I understand that Bitcoin can not be widely accepted, even with a government that is crypto friendly.

For many people, bitcoin has already become a necessity as an investment tool. Today, the economies of many countries are in poor condition due to various global challenges, as well as poor governance and corruption. As a result, people are looking for an alternative that is independent of politics to help preserve their wealth. Bitcoin is a very good option because it's relatively easy to buy, sell, and store. I also think that if governments had complete control over bitcoin, many of them would have already adopted it as an official means of payment.

[Dr.Bitcoin_Strange]

Bitcoin is already a necessity for quite a lot of people, there are people who their main investment is based on Bitcoin and they know how well Bitcoin is likely to perform in the future, while there are also people who value Bitcoin as a necessity for them when carrying out some transactions, so everyone actually have what they are doing with Bitcoin, Bitcoin is not like fiat but rather a currency of choice, it was not designed to be forced on anyone but it's a necessity to those that chose it.

[Ojima-ojo]

As much as a few of us already established a basis for Bitcoin long term views, majority of the general public still view Bitcoin as a speculative assets.


We can't blame them for thinking that Bitcoin is still a speculative assets because as much as possible market news have been filled with market volitilities which is affecting the perspective about Bitcoin.

[Ambatman]

When privacy is the priority
Where self custody and not relying on a third party is the goal
Where cross border transactions without the hassle and diplomacy is needed.
When security and wealth maximization is a priority.
With how choking the government control are getting especially in the EU
Assets like Bitcoin are a must have.

[Nwada001]

Still in the same corridor to this day, although today it becomes a political tool for some politicians to achieve their goals, as if open and will be a better future with bitcoin, but after being elected they are silent and not very vocal about it.
Bitcoin remains an investment choice rather than a transaction because the value it carries is very large so most people bitcoin to be stored like an investment asset.

When referring to politicians using it as a tool to climb to their desired position, are you referring to President Donald Trump? That aside, to this day, Bitcoin has given many an option on how to see it or how to use it.

Ask people in this field about Bitcoin; they might all have a similar idea about what Bitcoin is to them, and ask those in the financial sectors seeking means to increase their wealth, and they will tell you it’s one of the best assets to give you profit; they don’t look at it beyond that.

[Donk1]

The economy system is the only thing holding Bitcoin from dominating entirely. Best to say right now it all depends on how individuals make use of the technology. I can tell that folks only call Bitcoin an alternative because it has to coexist with fiat but ,truly speaking, Bitcoin has become a necessity to many crypto enthusiasts.

​That said time will tell,as even history has shown us significant signs of Bitcoin's domination as not just a speculative asset, as its values are driven by its uniqueness. Overall everyone’s experience and points of view are different so yeah that’s all..

[CryptopreneurBrainboss]

For those who have been here through multiple cycles: Do you think we are past the point of Bitcoin being a "speculative alternative," or is it still mostly viewed that way by the general public? I'd love to hear some perspectives on how the actual daily utility has shifted (or not) over the last decade.

I don't think the goal of Bitcoin was ever to be the necessity instead it has always been created as an alternative because it is obvious that the government will always want to be in control therefore Bitcoin was created to serve people like you and I that needed other alternatives. I have been in the industry for more than 10 years (+/-) and I can tell you that there has been major improvement from the early days when I joined in comparison to today. The utility of Bitcoin has increased and in most western world Bitcoin can be used for many things that it could not have been used for many years ago. With time we'll get more utility for Bitcoin but for now let us just enjoy the current uses that we have but always note that Bitcoin will be a speculative asset irrespective of other features that is achieved in the future.