Different usage of Bitcoin

[GeorgeJohn]

At first when writing, to put a punctuation mark, so that the reader will understand exactly your point of views, when I was writing like you I was been corrected and I adhere from the correction...

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

Yeah, actually bitcoin investment, people consider it as point of investment option..whereas that's not the main purpose why bitcoin is meant...the purpose why bitcoin is meant is to be use as a currency, for buying and selling, but most of us think the purpose is to buy and hold as investment, the problem is that everyone have different purpose why they're into bitcoin...

[Jaycoinz]

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 ultimate usage of bitcoin now is for investment and nothing can meet or beat this particular use of bitcoin. Bitcoin as a payment means is also one that comes to mind or it's use in crypto casino industry but even that as well isn't up to the use of it as an investment means because I believe most people would prefer using stable coins for gambling and also payment of other stuffs rather than bitcoin due to it's high volatility.

[coinlary]

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.

It is only you  . Although, the wording can be a bit confusing at the last part, that doesn't  mean the message wasn't  passed clearly in the same write up.
Keep your wallet in a trusted self-custody wallet, add extra  layer of security like passphrase or multisig ( government isn't  the only threat ,hackers also want that money more than government) and you're free from any risk of confiscation .

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.

They are so many ways they can identify you even if you use a self-custody wallet ( that'sy its advise to run your node and also go cold ) , but they won't waste so much time on just any  random person and they can do nothing so far you didn't and not doing anything bad to receive or spend your sats.

[Stalker22]

people use it to send money across borders, receive payments, make donations, or make transactions without relying entirely on local banking systems,

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?

If nobody spends bitcoin, it fails.

People spending bitcoin are not foolish.  They are giving the system real value.  Gold was used as money for thousands of years precisely because people traded it for goods.  It had value because you could spend it, not just look at it in a vault.

[Yorubek]

The most important one is security. Where one controls it's wealth.

It is true that the security system due to being decentralized has made Bitcoin much stronger, as a result of which investors can buy Bitcoin with confidence and hold it for a long time with complete control. Bitcoin is not only strong or advanced in terms of security, but also has many other advantages such as giving people complete financial freedom and protecting investors from the terrible inflationary decline and creating opportunities for investors to make big money by reaching all-time highs and creating opportunities to store or exchange their own assets completely without relying on a third person. All these things together have made Bitcoin much stronger.

[Hyphen(-)]

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?

Using Bitcoin as means of payment is not a bad idea, it will increase the rate of adoption globally because the more people use Bitcoin, the more popular it will be come even though it have gotten the recognition it needs, using it to pay bills, buy things online and so on is not a bad idea at all.

However, personally, I prefer using Bitcoin for its purpose which is long term saving to keep it value  for investors and also gives us profit. I used it for financial freedom, holding for long is what I always cherish, because Bitcoin is an asset you can hold for long and make good profit, and you will hold without any third party involved; to me, there is no need to use my Bitcoin to buy goods when I have fiat to use for buying goods and payments services.

[Silverstonez]

people use it to send money across borders, receive payments, make donations, or make transactions without relying entirely on local banking systems,

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?

Sorry to say, but you just don’t know what you’re talking about.  How could you highlight these things and said they are some of the foolish things people do with bitcoin? Come on, man.  have you taken the time to study why satoshi created bitcoin? And, sorry to ask have you actually read the white paper?

satoshi created bitcoin to serve as a peer to peer electronic cash system, that allows people access and control their money without any restrictions or the need for a trusted third party. The traditional banking system had also failed in many ways contributing to the global financial crisis that exposed serious weaknesses in the banking system.

So before calling some certain use of bitcoin foolish, it is important you understand the original purpose behind bitcoin creation and the problem satoshi was trying to solve.

[Floxynice]

people use it to send money across borders, receive payments, make donations, or make transactions without relying entirely on local banking systems,

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.

Honestly I was shocked reading this coming from a hero member. I almost thought I didn't get the rank well but I did actually get it right

I agree that there are people who are made Bitcoin an investment asset for themselves; they have vowed never to sell their bitcoins for any reason because they want to make profit from it. That is their opinion and I respect that for them.

But, it is not nice calling them foolish for using bitcoin the exact way it was originally intended to be used. No true bitcoiner will call someone  who makes payments with bitcoin, a fool. Bitcoin has many use cases and all use cases are meaningful.

[EL MOHA]

Honestly I was shocked reading this coming from a hero member. I almost thought I didn't get the rank well but I did actually get it right

I agree that there are people who are made Bitcoin an investment asset for themselves; they have vowed never to sell their bitcoins for any reason because they want to make profit from it. That is their opinion and I respect that for them.

But, it is not nice calling them foolish for using bitcoin the exact way it was originally intended to be used. No true bitcoiner will call someone  who makes payments with bitcoin, a fool. Bitcoin has many use cases and all use cases are meaningful.

Foolishness is when you think people need to do things the way you’re are doing things, I don’t understand why people find it somehow when they see people using bitcoin for transactions, calling this people foolish is also calling the inventor Satoshi foolish because it was his idea that bitcoin be used as a peer to peer currency.

One thing I ask is do people actually think that those who use bitcoin for a transactions do not even have a better idea of bitcoin been a better means for investment than them, most of all these people are even having better bitcoin holdings than those who think bitcoin shouldn’t be used for payment method. For example I personally prefers bitcoin as a payment option than any other option for cross border transactions and this is not part of my holdings.

[Rengga Jati]

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?

Ideally, it should align with Bitcoin's original purpose: serving as a medium for transactions or payments. A digital currency that is easily usable on a global scale. Most importantly, there is its decentralized nature, which is precisely what drives people to use it. However, in practice, it is not that simple. Many countries still prohibit the use of Bitcoin for payments. Governments remain highly skeptical and maintain strict oversight because that decentralization causes them to lose control over society regarding Bitcoin.

[r_victory]

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 wasn't created to be an investment asset or a store of value; in my opinion, it should continue to be used for direct online payments between two parties, without the need for intermediaries. Over time, and with the proportional increase in the value of BTC, this idea has been lost, and nobody seems willing to spend their precious satoshis.

[Joy- maker]

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?

As for me, I would say that the most useful purpose of Bitcoin besides investment is allowing people to send and receive money without relying on Banks.  Bitcoin was created during the global financial crisis in 2008 because that was when Satoshi published the white paper, before the launch in 2009, because Satoshi wanted a system that would allow people send and receive money without restrictions or rely on Banks, because those system had failed people and confidence in them was shaking.  And the use case that deserve more attention is using Bitcoin for our everyday spending, not just to treat it as an investment.

[#CapsLOck]

I believe the intriguing thing is that being a holder and a spender of Bitcoin do not go hand-in-hand. It's possible for someone to hold BTC for a long time and then utilize a part when Bitcoin offers a practical benefit over the payment. Such as across the border. In reality it can uncover areas of strengths and weaknesses that are hard to spot when Bitcoin is simply an investment. The question remains. Can the merchants and the users cope with this volatility in price and. Most importantly, make every purchase a trading transaction? That's one significant aspect of Bitcoin adoption which should be discussed more.

[boyptc]

I don't own a shop so I can't do what merchants do by accepting bitcoin payments for my items. But if I do, I'll proudly display it together with a qr on my shop.

Anyway, there's not that much that I do with it other than converting it to fiat which pays my bills and other things that I need.

I guess that does count on the usage of bitcoin that it can directly and indirectly pays our bills and buys us our provision.

[JiiBs]

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 ultimate usage of bitcoin now is for investment and nothing can meet or beat this particular use of bitcoin. Bitcoin as a payment means is also one that comes to mind or it's use in crypto casino industry but even that as well isn't up to the use of it as an investment means because I believe most people would prefer using stable coins for gambling and also payment of other stuffs rather than bitcoin due to it's high volatility.

It might seem that way at the time but, we know this would change in the future. Bitcoin hasn’t always being this way as, we saw some of the pioneers did use what we would call outrageous amounts of Bitcoins today in making purchases of items that aren’t even worth $10.
These purchases did set the precedent for what reasons there might be to holding as, it’s always regarded as a financial mistake today. Not so many people would be so eager to spend their Bitcoin and we don’t have many merchants that are open to accepting it either.

[Z-tight]

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?

I have had to comment on similar threads like this over the years, and my answer still remains the same, every use case is important. And we cannot really be talking about which one 'deserves more attention', as that would mean trying to police how people use their BTC, which goes against censorship resistance that we all hate.

You can use BTC as a currency, or just buy and hold it. It could be used for international trade or to gamble, etc, these are all useful to the network and it counts, i don't think it is necessary to say one counts for more.

[X-ray]

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?

Most useful purpose is to use Bitcoin for emergency plan.

Imagine you live in a country with a dictatorial government, they could confiscate your money for being politically opposed against them.

The only safe haven you can have that is liquid and accessible anytime is Bitcoin, your money can't be confiscated easily because it's decentralized and unlike bank, it's pseudonymous.

On top of that, a country with a dictatorial government tend to have elevated inflation rate, 50% inflation within just one year isn't something that happens not too often.

Therefore, beside keeping your money in a decentralized system, you're also saving yourself from elevated inflation.

It's a great technology for people who are in dire situation.

[Abiky]

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.

Why is it foolish? Didn't Satoshi intended Bitcoin to be used as "peer to peer electronic cash" in the first place? Bitcoin's original purpose was to be used as digital cash. It's just that the media began to market it as the world's next store of value. Especially with the fixed supply and deflationary design.

With volatility becoming a problem, people's current perception about Bitcoin won't change anytime soon. The majority now holds it, with the hopes of turning a profit in the long run. At least, Bitcoin is more open and free (as in liberty) than traditional Fiat currencies. What more can we ask?

[Alonso_]

people use it to send money across borders, receive payments, make donations, or make transactions without relying entirely on local banking systems,

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.

personally I don’t really see any reason why using bitcoin as a means of transaction is something foolish, the fact that bitcoin is decentralized, and you can stay in your comfort zone and send money to anyone anywhere without going to the bank, considering that you have access to the internet, probably you don’t have bitcoin and you can convert your fiats to bitcoin and send out money when the person choose to accept bitcoin as well, I don’t really understand how that is foolish, we know that primarily we are buying and investing in bitcoin for profits, while holding for a long term, but we’re not restricted to just buying bitcoin and holding for a long term or profits, there are so many advantages that comes with bitcoin, which is why I think using bitcoin to the full potential is something that is appreciative for the long growth of Bitcoin.

[Localhostspeed]

I still believe that BTC has many uses besides being just a coin that speculators trade. Remittances via BTC & LN is a huge one. It deserves more mentions IMO. Millions of migrant workers use Western Union/MoneyGram etc. to send money to their families abroad paying 6-8% in fees, sometimes more, or the transfer doesn't go thru, especially to countries with capital controls/weak banking, for each transaction that takes days to complete. Using BTC/LN reduces the friction nearly to zero, takes mins to complete, & would help families in Lagos or Manila much more than it helps traders.

I don't know why people don't like to use Bitcoin for cross border payment, maybe it's illegal I'm not sure but it feel faster to me. As long s your money is not illegal, buy Bitcoin and have prove of receipt that you bought Bitcoin ad send it to who you want and it's simple. When ask about the Bitcoin for tax, show proof of receipt and transaction but it seems people are scared or they don't like to use Bitcoin for cross boarder. It feels faster than wire money and western union.

Lightning feels better in adoption than main chain, like it kind of pity when people use other layer for transaction when Bitcoin lightning is better than them, they just don't know how to make life easy for their self. Maybe one day by the time the government decide to make Bitcoin a legal tender, they will want to use it. Or maybe the government may not even do that due to fear that people may not use their traditional companies to send and receive payment.