Different usage of Bitcoin

[Charles-Tim]

I am not saying that the P2P use case itself is foolish. I am calling those people foolish who are spending this scarce asset like Bitcoin, on ordinary goods when they have an alternative currency available for the same freaking transaction.

I do not think you know what you are posting regarding this.

But if we leave that aside, what if someone do not invest in bitcoin, such people are also foolish? Or peoplke like Warren Buffet that speak against bitcoin and he made his money in traditional assets. Is he foolish?

People have their own choice to make.

[hd49728]

I am not saying that the P2P use case itself is foolish. I am calling those people foolish who are spending this scarce asset like Bitcoin, on ordinary goods when they have an alternative currency available for the same freaking transaction.

Traders say investors foolish, investors consider traders foolish, and some people consider P2P trades is foolish way of using bitcoin while there are other people who think this is one of helpful Bitcoin use cases. You can dislike Bitcoin P2P trades but you can not prohibit the other people do such trades and it's good to know you can not make such prohibition. Bitcoin blockchain is secure, decentralized, no censorship, and Bitcoin communities are huge enough to avoid effects from a single person.

I do not think you know what you are posting regarding this.

But if we leave that aside, what if someone do not invest in bitcoin, such people are also foolish? Or peoplke like Warren Buffet that speak against bitcoin and he made his money in traditional assets. Is he foolish?

People have their own choice to make.

It's freedom and with Bitcoin blockchain as well as bitcoin stored in non custodial wallets, people are free to use bitcoins by themselves, in ways they want. They actually don't care what other people consider about their action with Bitcoin is foolish or smart. In general, who can accumulate bitcoin, hold bitcoin a long time are winners with great profit.

[Moreno233]

So what do you personally feel is the most useful purpose of Bitcoin besides investment, and what useful case do you think deserves more attention?

Bitcoin was not created by Satoshi for the sole purpose of investment but as a currency. That is to say that he never set out to create an alternative investment but just to bring a different kind of money that is inclined to freedom and makes life easier for everyone. It was after the creation of Bitcoin that people noticed it could be a good store of value hence the reason people buy and hold Bitcoin and make profit from it. I see Bitcoin as money, a special kind at that without the bureaucracy that is associated to fiat. Investment and holding is just another advantage Bitcoin have that we all enjoy.

[ColdLava40]

Bitcoin has been existing for so many years now and different people use it in different ways and every one has a reason for adopting it and when Bitcoin is mentioned, the first thing that usually comes to most of our minds is buying and holding it as an investment but it far more that that Bitcoin can actually be used for more than just trying to make a profit from it have actually see so many people use it to send money across borders, receive payments, make donations, or make transactions without relying entirely on local banking systems, and in some countries, the ability to access your money internationally can be very useful most especially when banking services is limited or expensive.

There are individual buyers, long term holders, businesses, and people who use Bitcoin for payments or as an alternative to keep their money away from banks and if more holders continue accumulating and holding, and that also makes people to adopt bitcoin and it keeps growing as new investors are coming.

So what do you personally feel is the most useful purpose of Bitcoin besides investment, and what useful case do you think deserves more attention?

Peer to peer transactions? This should be the only purpose of Bitcoin that defines it all.

I do think Bitcoin usage is singular to every investor. Majority maybe in the long term hold business Bitcoin bitcoin is more than just being a store of value or a profitable asset.

We need to expand our view outside what we already think or know. At least now we have bitcoin being used by institutions which is a good accomplishment. Looking back to when we started, fear and it's volatility was one factor that limited Bitcoin usage.

So instead of spending it, I do rather hold it and potentially make good profits in the future.

That is how you choose to use your Bitcoin so it shouldn't be forced on others. Holding is a good usage of Bitcoin but bitcoin can be more.

People are praying day and night for the different country government to adopt bitcoin as their legal tender so that citizens will use bitcoin as their p2p transaction daily and every second and you are calling it a "foolish thing". I don't know what to say on this. I saw your comment but I was like why?

True. But we don't need to pray because adoption is something that happens with time. We only need to give it time and as governments of said countries continues to see what they have been missing, they will for sure make changes to their restrictions.

[Agbe]

The white paper explains the reason why Bitcoin was designed that is for peer-to-peer transactions without relying on a trusted third party. But that doesnt mean people cannot evolve and change the use case according to the economic conditions. Also the white paper doesnt explicitly state that every Bitcoin holder is mandated to spend their coins. Hence, I called them foolish. They have opportunity to make money from these valuable coins, but instead of holding they are deciding to spend it.

I can't really imagine this argument is coming from you. I respect that casino you are promoting but your comment here is not representing you and the casino. As it is, frankly speaking I am dumbfounded. At first I thought you would restructure your comment but it seems the opposite. You are saying anyone who spends bitcoin instead of holding it, is "foolish".

Traders can spend it daily or hourly yet they can still have left over. And investor can spend bitcoin the way he wants if he has a large quantity so it is a personal decision. By the way bitcoin investment is not to keep it forever once you r target is achieve, you can sell percentage and continue again. Guy this is investment we are talking about and not a dumping ground.

[Livingleged]

These are some of the foolish things I have seen people do with Bitcoin. I mean we all know that the supply of Bitcoin is fixed and we also know how valuable these coins are. Instead of accumulating them, people are just spending them?

This is like a barter system where you give away gold to get a TV in exchange. There is no doubt that Bitcoin has excellent potential as a payment method, but treating it as a digital asset has more value than using it purely as a payment method. Personally, I believe in HODLing my coins. I have seen Bitcoin grow from 400$ to over the 100k usd mark. So instead of spending it, I do rather hold it and potentially make good profits in the future.

I can see that you also have these idea of never sell you bitcoin too. I do not agree with that though. I am of the opinion that bitcoin should not be kept on hold while you have the need to use a fraction of it. So to me it’s not a foolish idea to make transactions with bitcoin if thats what you have for transaction. However, it’s also a good idea to protect you bitcoin at all cost. I’m not disputing that fact, but we should also remember that bitcoin wasn’t meant to be like an asset in the first place. Bitcoin was just created to become an alternative currency that can make payments without any third party involvement. so why call people who practice what satoshi actually intended foolish? That’s not foolishness, and not everyone that is into bitcoin will regard it as an investment, some will just prefer to use it as a payment method only and not as an investment. and there is absolutely no nothing wrong with that in my opinion.

[Versatile_choice]

These are some of the foolish things I have seen people do with Bitcoin. I mean we all know that the supply of Bitcoin is fixed and we also know how valuable these coins are. Instead of accumulating them, people are just spending them?

The main reason stated on the white paper is that bitcoin can be used for P2P transactions, but you posted that it is foolish. If I want to send money to a friend abroad within 30 minutes or less than 1 hour and I convert fiat to bitcoin and send it to him in bitcoin. Is that foolish? Or maybe I want to send money to someone, but I do not have the necessary fiat, but he agrees to accept bitcoin which I have. Is that also foolish? I have made a payment before that I was unable to use fiat for it. Is that also foolish? You can easily convert fiat to bitcoin.

I wonder what he's going to reply to those that use bitcoin as alternative means of payment/ transfer in their business. I don't see anything wrong if a person runs out of Fiat and then decide to transact with bitcoin, personally I use to transact with some of my friends using bitcoin. But for the fact that I'm doing this doesn't mean I'm foolish or I don't know what I'm doing, moreover bitcoin was created to give people a way to send money directly to each other online so when I see people using it as a means of transaction I don't see them as people who are foolish because that's the reason why it was created.

[Awaklara]

So what do you personally feel is the most useful purpose of Bitcoin besides investment, and what useful case do you think deserves more attention?

The benefit most felt by Bitcoin holders is of course the profit gained from investment. But besides that, I think those who use Bitcoin for business transactions are the ones who can feel it the most. Cross border transactions that can be done anytime, of course, can benefit import and export business players. It's just that it might be hindered by regulations in each country, which could be affected by taxes and other matters.

[Youngrebel]

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Sure and I agree with you remittances are one of the more practical use cases to discuss and for someone sending money across borders, I dont think the main issue is whether BTC will rise or fall, but the cost, accessibility of the transfer.

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Exactly bitcoin is not a token and coin vs token distinction is actually important because Bitcoin actually has its own independent blockchain, while tokens is actually issued on an existing blockchain and the main point is still that Bitcoin goes beyond speculation because it use for cross border payments, and potentially as a store of value is what makes the technology worth discussing beyond just its price.

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Bitcoin was actually designed as a peer to peer electronic cash system, not something as an investment vehicle and with time, so many people have discovered other things in it that made it attractive as a store of value and investment and i think separating these use cases is very very important because focusing only on the price can make us overlook the main idea behind Bitcoin which it to me having money that can be transferred directly without relying any bank authority.

[Hypnotizer]

I am not saying that the P2P use case itself is foolish. I am calling those people foolish who are spending this scarce asset like Bitcoin, on ordinary goods when they have an alternative currency available for the same freaking transaction.

Let’s look at your opinion from this angle..

The fact that bitcoin is scarce doesn’t mean you shouldn’t spend it if you want to buy something or give it to someone because just as you’ve mentioned they’re “ordinary good” meaning they don’t cost much and even if you decided not to spend the few bitcoins, they still wouldn’t make you rich in the next few years anyways.

So it’s actually not foolish if you decide to let’s say transact $50 in bitcoin to get something when that’s an option for the transaction, sometimes it is actually cheaper to transact with it rather than the “alternatives”.

[Jewan420]

So what do you personally feel is the most useful purpose of Bitcoin besides investment, and what useful case do you think deserves more attention?

We created Bitcoin as an investment asset ourselves. Bitcoin was not an asset in the beginning, Bitcoin was a decentralized financial system. The main purpose of Bitcoin was to be free from government surveillance, create a self-custodial banking system, privacy, freedom to set fees, and complete any transaction in just a few minutes without any complications. But now we prefer Bitcoin as an investment asset. Some people still use Bitcoin for transactions or payments. Bitcoin can even be used to buy goods. Bitcoin is an independent currency, so you can use Bitcoin freely. One of the best uses of Bitcoin can be to protect yourself from inflation and take a position against inflation, it is like a kind of investment.

[PERtua]

An often forgotten aspect of bitcoin is that it doesn't have to be invested for the long haul to be useful. People can only purchase BTC when they have to transfer value from one country to another, send it to their recipient and have that recipient convert it back to their local currency. If this is the case, then Bitcoin is not an investment, it's a means of transfer. I believe this is necessary since not all adoption leads to holding for the long-term. The flexibility of transferring value without relying on the traditional banking system can be the primary value-add.

[Die_empty]

Satoshi created bitcoin to give financial freedom to people so that, they no longer rely on intermidiary to help them carry out their transactions but use p2p method and I feel that's the most important thing about bitcoin. This was why Satoshi made it to be decentralized. However, due to the increase in adoption rate that led to the increase in value, some investors have seen it as a store of value and invested into bitcoin to preserve their wealth because the Fiat system has been a failure in keeping value.

I see Bitcoin as a tool to rebel against the state. The decentralization feature of Bitcoin matters so much to me. The ability to keep my funds without any form of intimidation by the state is priceless. I appreciated this feature when the goverment of my country placed some financial restrictions. People were not allowed to transfer more than a certain amount. With Bitcoin, many businesses were able to bypass this restriction making their business to survive.

As an asset, Bitcoin has helped me financially. It has not failed in its role as a hedge against inflation. 

[iBaba]

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I think the most useful case is sending money across borders without depending on banks or traditional money transfer because it can be useful for individuals and small businesses, it serves as another option when the normal system is slow or difficult to access. It would be useful for international payments instead of opening another account or using complicated payment system where bitcoin can just give them another option. So practical ability to send money directly to another person without depending or needing any bank permission is one of the things that makes bitcoin more interesting than buying and holding it till the price increase.

[Obim34]

I am not saying that the P2P use case itself is foolish. I am calling those people foolish who are spending this scarce asset like Bitcoin, on ordinary goods when they have an alternative currency available for the same freaking transaction.

How about giving your opinion concerning Bitcoin use case without a derogatory title against those who use Bitcoin differently? You may not like how well they use Bitcoin, having your own opinion doesn't make theirs useless or unworthy. Moreover, since you know why Bitcoin was created, do you think they are mistaken for satoshi initial use case?

Bitcoin as a growing asset intrigues me and makes me more involved. I don't care what others do with their Bitcoin, there will be moments when I would prefer Bitcoin as a payment option and times when I will support the usual banking system, what matters is what works best at the moment.

[BlackHatCoiner]

The use case that deserves more attention is simply being able to hold money that isn't at the mercy of capital controls or a government that wakes up one day and decides to limit withdrawals. People in stable countries don't think about this much, but people in Argentina, Nigeria and Lebanon think about it every day.

This, and being difficult to confiscate. And obviously permissionless cross border payments.

[hd49728]

The use case that deserves more attention is simply being able to hold money that isn't at the mercy of capital controls or a government that wakes up one day and decides to limit withdrawals. People in stable countries don't think about this much, but people in Argentina, Nigeria and Lebanon think about it every day.

People all need to think about it because governments and banks work similarly in all nations. It's only different in levels of severity of their governance and actions on their citizens and their bank accounts as well as funds.

Your bank accounts can be frozen, money can be marked as dark money and illegal one, and government can take all your money. You will even have to face with legal issues and tax responsibility.

This, and being difficult to confiscate. And obviously permissionless cross border payments.

Bitcoin is traceable but it is governmental permissionless and with a Bitcoin non custodial wallet, Bitcoin users can control their coins, use them easily without any dependence on governments and banks.

No risk of confiscation by government or bank by online ways. They only can take your bitcoin if they arrest you and get your Bitcoin wallets from you.

[Faisal2202]

Bitcoin is traceable but it is governmental permissionless and with a Bitcoin non custodial wallet, Bitcoin users can control their coins, use them easily without any dependence on governments and banks.

No risk of confiscation by government or bank by online ways. They only can take your bitcoin if they arrest you and get your Bitcoin wallets from you.

Is it only me, or did you mean to say no risk of confiscation by ... by online ways? Because if you are using a custodial wallet or CEX wallets, then they can seize your funds by online means.

Well, there are no online ways for them to get their hands on your bitcoins unless you are using custodial wallets. But they usually track you online, then only they can arrest you and get your coins from you, because they work the same way wrench attackers work, but the government can have more data than wrench attackers.

[gracreavix]

Even with a good use case doesn't mean it's a good one. Let me give you an example. There's an existing system already with fast payment and one comes to say Bitcoin is fast too. That's a use case but it isn't really a good one because there is one existing already. It has to solve a very pressing need by many people before it gets that title of recognision if it being a good one. And Bitcoin has proved to be that in several ways. The most important one is security. Where one controls it's wealth.

[Cleanshit]

Even with a good use case doesn't mean it's a good one. Let me give you an example. There's an existing system already with fast payment and one comes to say Bitcoin is fast too. That's a use case but it isn't really a good one because there is one existing already. It has to solve a very pressing need by many people before it gets that title of recognision if it being a good one. And Bitcoin has proved to be that in several ways. The most important one is security. Where one controls it's wealth.

This a nice point cause not all use case needs to be considered valuable because Bitcoin can do it. The problem which it solves better should be real question or even what problem it solve differently from the existing options.

Given an example, users may have little reason to use Bitcoin for that payment, if a normal payment system already works out well for them. But if they needs permission less self custody, transactions or even a way to move value across borders than BTC offers different something. The usefulness of Bitcoin  use case do depends so much on the situation of the user using it.