Bitcoin is becoming a store of value than a transactional tool

[Charles-Tim]

Yea, you can create something for a purpose and people use it for a different purpose.

Satoshi created bitcoin to be a store of value. Bitcoin has a limited supply because of that. Satoshi knew exactly what money should be, unlike the fiat that the government created which is a tool for them to make inflation occur. He makes bitcoin has limited supply because of that.

I do not think so, but that is what is in bitcoin white paper

You might not think so but that's why the white paper implied.

I do not understand what you mean here, you posted exactly what I posted but in a different way.

[EstherBtc]

The Pizza guy who used 10,000 btc to purchase two boxes of pizza understood the transactional aspect of bitcoin.

[Z-tight]

The Pizza guy who used 10,000 btc to purchase two boxes of pizza understood the transactional aspect of bitcoin.

Okay, yeah he did and so what do you think is going to change by starting a thread on something that has been discussed so many times already. Nobody is stopping you from spending your BTC, go ahead and do so. That's the freedom you get in the network, but do not turn around and tell others what to do with their coins.

People spend BTC when they want to. I get it that more people hold their coins because of the potential of good returns and there is nothing wrong with that. I have a feeling that people like you who start threads like this have never spent any sat before, you just wanna sound cool.

[Stalker22]

~
I believe when bitcoin gets to a more stable state it will be strictly transaction but for now it's volatile state makes it a store of value.

It will be both, to be honest.  Think about gold.  Gold was once a payment medium and has been a stable store of value for thousands of years, but we dont use it to buy groceries anymore because its impractical.  Bitcoin, however, doesnt have that physical limitation.  The way I see it, volatility will eventually cool down, but that wont strip away its status as a store of value - it will actually solidify it.  It becomes the ultimate bedrock asset.

The transactional layer wont happen directly on the main blockchain anyway.  we already see that with the Lightning Network and layer-2 tech.  The main network stays the secure, immutable vault (the store of value), while the layers on top handle the lightning-fast, everyday transactions.

[Nwada001]

Bitcoin is being used by both; it’s a store of value, and it’s still used for transaction purposes. Using it for the sake of making transactions alone is not the only reason why Bitcoin is there. Besides, when it comes to daily spending transactions, I don’t consider Bitcoin to be more suitable in that area, especially when it concerns a matter of urgency. Allow everyone to use Bitcoin for whatever purpose they choose as long as it’s still fully decentralized; the purpose still stands.

[|MINER|]

The million-dollar question here is, do people store or hold only Bitcoin?
Don't people keep their fiat currency in banks or, to put it another way, in Swiss banks?
When transactions are made with money, when it is deposited inside the bank, do we question it?
And the bigger thing is that gold was once the best medium of transaction, but due to the petro dollar, it was overshadowed and fiat currency was more prevalent and gold became a store of valuable assets. But does that mean that transactions cannot be made with gold? Of course, it can be done, and it does, but the price of gold has not decreased, but has increased much more recently.
I will point out the same thing in the case of Bitcoin, here the store value of Bitcoin's transaction tools is increasing now, it does not mean that Bitcoin is losing its power.

[legiteum]

Um, did you just land here after a long vacation on another planet? 

Bitcoin has been primarily an investment instrument for at least the last 10 years. There are many far better products out there if all you want to do is move value from one place to another.

Bitcoin will never be used as a mainstream way to transact, and the tiny number of people who still use it that way is only going to get tinier.

[Maslate]

I guess bitcoin will still be heading into a digital currency, however for now majority are still seeing bitcoin as a store of value, as a profitable asset, and where there is money, people will definitely focus on it.

While some of the bitcoin owners are also doing their part promoting bitcoin as a digital currency by spending few of their altcoins and bring awareness to everyone that bitcoin can also be a good alternative to fiat. It just takes time and we'll see more entrepreneurs accepting bitcoin as a payment to their goods and services.

[KingsDen]

Bitcoin is being used by both; it’s a store of value, and it’s still used for transaction purposes. Using it for the sake of making transactions alone is not the only reason why Bitcoin is there. Besides, when it comes to daily spending transactions, I don’t consider Bitcoin to be more suitable in that area, especially when it concerns a matter of urgency. Allow everyone to use Bitcoin for whatever purpose they choose as long as it’s still fully decentralized; the purpose still stands.

There is no doubt that the main reason satoshi created Bitcoin was for it to provide an alternative to the fiat currency. This was after the collapse of the fiat system and the banking system in 2008. Satoshi wanted something decentralized and something owned by the people and not by government or a group of elites.

Bitcoin was created for peer to peer transaction and inter country transaction without the involvement of a third party. Bitcoin was to bank the unbanked and bitcoin was also to fight against inflation. But the most important attribute is liberty. It is this liberty that allowed bitcoin to become an asset and a store of value. Just own a bitcoin and choose how to use your bitcoin. That liberty to me is the most important attribute of bitcoin now.

So, even if bitcoin transforms to be something else tomorrow, provided it is accepted by the people, I am okay by it. Bitcoin should remain a coin of the people, for the people and by the people.

[lionheart78]

In 2008 Satoshi published the Bitcoin white paper. The goal was to create a peer to peer digital cash system which defeats the idea of middleman or institutionalization.

Thus, the main focus of bitcoin at that time was transactional. It was designed primarily to help day to day payments.

As bitcoin evolved over the years, the primary use of it by the public and institutional market even the government has moved towards long term investment or as a store of value.

Though bitcoin is still very much used as a means of daily transaction but due to evolution and resourcefulness it is now considered by many people as an investment plan.

We cannot blame investors.  They have seen that all throughout the history of Bitcoin price, zoomed out, its value is increasing, thus they have this mindset that if they only hold Bitcoin for a couple of years, their Bitcoin value will increase.  With that, they think that spending Bitcoin or using it for transactions is only a waste of profit.  People wanted to preserve value of their asset and, if possible, to increase its value to the maximum extent and Bitcoin has shown that property.

So instead of following what is written on the whitepaper, they ought to choose the option of holding believing that Bitcoin is best to store value.  After all, the whitepaper does not restrict owners to hodl Bitcoin.

[Taskford]

Bitcoin is being used by both; it’s a store of value, and it’s still used for transaction purposes. Using it for the sake of making transactions alone is not the only reason why Bitcoin is there. Besides, when it comes to daily spending transactions, I don’t consider Bitcoin to be more suitable in that area, especially when it concerns a matter of urgency. Allow everyone to use Bitcoin for whatever purpose they choose as long as it’s still fully decentralized; the purpose still stands.

There is no doubt that the main reason satoshi created Bitcoin was for it to provide an alternative to the fiat currency. This was after the collapse of the fiat system and the banking system in 2008. Satoshi wanted something decentralized and something owned by the people and not by government or a group of elites.

Bitcoin was created for peer to peer transaction and inter country transaction without the involvement of a third party. Bitcoin was to bank the unbanked and bitcoin was also to fight against inflation. But the most important attribute is liberty. It is this liberty that allowed bitcoin to become an asset and a store of value. Just own a bitcoin and choose how to use your bitcoin. That liberty to me is the most important attribute of bitcoin now.

So, even if bitcoin transforms to be something else tomorrow, provided it is accepted by the people, I am okay by it. Bitcoin should remain a coin of the people, for the people and by the people.

The core reason on why Satoshi create Bitcoin is he want to create a digital money that didn't really on third party platforms, government, bank and away of control by those institution.

People can always read the Bitcoin White Paper to know more information about Bitcoin https://bitcoin.org/bitcoin.pdf

Their whitepaper is more reliable than other speculative information out there.

[Kavelj22]

Thus, the main focus of bitcoin at that time was transactional. It was designed primarily to help day to day payments.

I do not think so, but that is what is in bitcoin white paper, but bitcoin was primary designed also to be a store of value. It does not need to be in white paper before people should understand that. If bitcoin was not designed to be a store of value, there will be no adoption if it is inflationary.

In addition to the limited number of bitcoin decimals and the limited number of the total bitcoin supply either in circulation or waiting to be minted. With only 21m bitcoin total supply, the price will rise insanely at the point 1 Satoshi will worth a fortune by time. This will make bitcoin not practical for daily use of small transactions like we are witnessing today. This will result bitcoin to be just a mean of investment as it is a real store of value, and will open the door to other altcoins to be used as an electronic cashless system as bitcoin was designed first.

[Orpichukwu]

The Pizza guy who used 10,000 btc to purchase two boxes of pizza understood the transactional aspect of bitcoin.

He understood the transaction aspect of bitcoin but does not believe bitcoin can be as valuable as it is today. Someone who also buys and sends bitcoin to his personal wallet understands the transaction aspect; the same is applicable to someone who uses bitcoin to pay for something online, buy logs, VPN and a domain. Everyone using bitcoin actually understands its transaction aspect.

[Churchillvv]

In reality bitcoin is for really shifting or has shifted to a store of value or a commodity or asset that yields profit over a currency or transactional tool. We might be able to deny or debunk the claim that it’s more of store of value than a currency but we can’t change the reality.

[Josefjix]

Thus, the main focus of bitcoin at that time was transactional. It was designed primarily to help day to day payments.

I do not think so, but that is what is in bitcoin white paper, but bitcoin was primary designed also to be a store of value. It does not need to be in white paper before people should understand that. If bitcoin was not designed to be a store of value, there will be no adoption if it is inflationary.

OP is saying the truth, the initial purpose was seamless p2p payment, the price wasn't expected to skyrock from bottom to this height it is now, because the perspective of it was clear. The spike in price changes the whole story to more adoption and value. I strongly believed in the future too, the essence of store iof value will not only be the new perspective but something hidden yet. I am sure of this.

[Sonia_123]

Becoming a store of value is one of those reasons why Bitcoin was created, I don't see transacting bitcoin lesser, because Bitcoin is used on daily bases and no one can stop bitcoin transactions .

Bitcoin investment has brought a lot of knowledge to people on how Bitcoin should be a store of value and it's main purpose which Bitcoin is achieving

[free-bit.co.in]

Those earlier investors who acquired Bitcoin in 2009 -2012 and never sold until the price reached a certain amount, what do you think about them? They are people who already understand that Bitcoin was a store of value or they knew that the way Bitcoin was designed, that more adoption means the value is going to hike and that's what happened, so in my opinion, Bitcoin has always been a store of value,  most people didn't just see it so as at that early time.

Just because some people bought Bitcoin between 2009-2012 and held onto it does not mean they all viewed Bitcoin as a store of value from the beginning.

Many people buy Bitcoin out of curiosity, technology, or simply for speculation, not necessarily because they understood or believed that Bitcoin would become a store of value in the future. It is hard to know what their original motivation was.

I think Bitcoin became an investment and a store of value because the market gradually recognized it as such over time, not because that was how most investor viewed it from the very beginning.

[X-ray]

Thus, the main focus of bitcoin at that time was transactional. It was designed primarily to help day to day payments.

I do not think so, but that is what is in bitcoin white paper, but bitcoin was primary designed also to be a store of value. It does not need to be in white paper before people should understand that. If bitcoin was not designed to be a store of value, there will be no adoption if it is inflationary.

OP is saying the truth, the initial purpose was seamless p2p payment, the price wasn't expected to skyrock from bottom to this height it is now, because the perspective of it was clear. The spike in price changes the whole story to more adoption and value. I strongly believed in the future too, the essence of store iof value will not only be the new perspective but something hidden yet. I am sure of this.

I honestly believe that Satoshi made the total supply limited at 21 million was because he also thought of making it as a store of value and unlike paper money Bitcoin can easily become both.

Even though the paper clearly stated that it was intended to be currency which is transactional tool.

The 21 million can't be accidental and exactly why Bitcoin has been such a good store of value due to its scarcity.

[hmbdofficial]

In 2008 Satoshi published the Bitcoin white paper. The goal was to create a peer to peer digital cash system which defeats the idea of middleman or institutionalization.

Thus, the main focus of bitcoin at that time was transactional. It was designed primarily to help day to day payments.

As bitcoin evolved over the years, the primary use of it by the public and institutional market even the government has moved towards long term investment or as a store of value.

Though bitcoin is still very much used as a means of daily transaction but due to evolution and resourcefulness it is now considered by many people as an investment plan.

 

Great thought from you, though this has been discussed here on different threads actually. You’re actually right about the white paper and the main goal of sotoshi. This idea was none other than to cut off banks and middlemen for everyday transactions, that was achieved. but later the reality  and market dynamic shifted and it became more of store of value than just a system of transactions.

From my finding it’s safe to say that why it’s more considered by many as an investment  plan instead of  a means of daily transactions was due to it scalability limit of the 1MB block size plus the 10minute per block which make transactions slow and a bit expensive during high demand.

It’s volatility also was another thing that changed the narrative to a speculative asset, the fact that people who actually got their hand on it earlier saw a life changing gains, so the narrative naturally moved to digital gold.

[Charles-Tim]

OP is saying the truth, the initial purpose was seamless p2p payment, the price wasn't expected to skyrock from bottom to this height it is now, because the perspective of it was clear. The spike in price changes the whole story to more adoption and value. I strongly believed in the future too, the essence of store iof value will not only be the new perspective but something hidden yet. I am sure of this.

What is this. What kind of truth is he saying? Nobody said he is lying. Everything is obvious, nothing hidden.

So no truth or lie about it at all. Nobody is saying OP is wrong, but people should change their perception about bitcoin that Satoshi only created it only for P2P.

It is very simple and clear from bitcoin limited supply that it will be a scarce asset that its price will go up to what it is today if people adopt it. If Satoshi did not want something like that, he can make the supply not limited and there will be a better crypto if that is it.