Different usage of Bitcoin

[BlackBoss_]

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.

Don't like to use Bitcoin for cross border payment, are you sure?

It depends on the payment value as with big value payments, certainly receivers will have to consider about existing regulations and legal things in the nation. With small value payments, it can be less stressful, and I don't say people should do that illegally but it's more easily to handle than big value payments which will require you to tax reports and more details about source of received bitcoins.

Bitcoin blockchain can be used by everyone, every business, differences are only in adoption, legality status of Bitcoin and use cases of Bitcoin in a nation.

Bitcoin legality map.

[Davidloki]

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 usage of bitcoin mentioned above are simple, as that's the purpose it was created in the first place. It was essentially created to substitute the local banks while creating a self control system for users with the purpose of executing transactions locally and cross border. Legally, bitcoin has fulfilled its purpose and usage but there are still people who use bitcoin for illegal practices which does not align with its purpose.

[Z-tight]

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.

I'm not sure how you got to know that people do not like using BTC for cross-border payments, beause that is not true. Take note that a trade is between two or more parties, so in order to settle payments with BTC, your counterparty must be willing to accept BTC, and not everybody wants to do that.

So the point is, every bitcoiner wouldn't mind settling international trades and tx's using BTC, but the thing is, would the recipient be open to collecting BTC. Maybe when we're at the point of mass adoption, it would become a more regular thing.

[Swordsoffreedom]

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.

Yep, you're right. Arguing about which Bitcoin use case "deserves more attention" only divides us and makes people try to push their own way of thinking on other. Like how Nrcewker is calling people who spend Bitcoin stupid and wasteful in this very topic. I really don't like that.

The core idea of Bitcoin is freedom and censorship resistance. Bitcoin is a pretty flexible financial tool, and people should be free to use it in whatever way fits their needs.

Every Bitcoin usecase has its own value and can be useful in different situations.

[Leon Zimmer]

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.

To be fair it’s legal in most countries to buy and hold BTC and use it. Problems arise elsewhere though. Sure, sending is easy, receiving is more tricky, particularly for small amounts.

If you’re sending $200 to family to tide them over, how much hassle is it for them to use it? Illiquid local exchanges, identity requirements, lack of fiat off ramps all conspire to make life hard.
Lightning is great, but there’s plenty of legitimate concerns about how easy it is to use. Managing channels, ensuring you have sufficient inbound liquidity, running a node, etc. It’s not “not knowing how to make life easy”, it’s that life isn’t easy. Apps can help, of course, but then we’re back to trusting a third party.

Governments don’t really care about the fees, but losing visibility and control is a step too far. So, “faster” doesn’t achieve much if they’re trying to prevent you from receiving or spending it in the first place.

[Smack That Ace]

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.

Even though Satoshi never mentioned Bitcoin as a investment asset or a store of value in the white paper, and never said that it could become one. But looking at how he designed it, from the limited supply and scarcity to PoW...it's kinda hard to believe he never thought about that possibility even once.

Also, do you think if Bitcoin was only used for its original purpose, would people even need it and would it become as popular as it is today? Tbh, I think most of us here were attracted to Bitcoin because of its profit potential more than any usecase.

It's not like the original idea of bitcoin was forgotten, it's just that people don't really have much interest or actual demand for that specific use case, y'know?

[hd49728]

Even though Satoshi never mentioned Bitcoin as a investment asset or a store of value in the white paper, and never said that it could become one. But looking at how he designed it, from the limited supply and scarcity to PoW...it's kinda hard to believe he never thought about that possibility even once.

Also, do you think if Bitcoin was only used for its original purpose, would people even need it and would it become as popular as it is today? Tbh, I think most of us here were attracted to Bitcoin because of its profit potential more than any usecase.

It's not like the original idea of bitcoin was forgotten, it's just that people don't really have much interest or actual demand for that specific use case, y'know?

Nobel did not imagine that guns and gun powder that he invented will be used to kill people.
Satoshi Nakamoto only created Bitcoin, and he certainly had his vision for the project but he is only human and can not predict about the future. Which use cases for Bitcoin in Satoshi's vision can be different than what Bitcoin has actually been used so far but it's not a serious problem.

The more use cases Bitcoin has, the more magic Bitcoin project is and Satoshi Nakamoto would feel proud of such things even they were not in his vision.

This post is an example

Right.  Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating.  In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes.  I'm sure that in 20 years there will either be very large transaction volume or no volume.

[Felicity_Tide]

~snip

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?

Aside serving as a payment option because it's also called a peer to peer electronic cash system, I'm not exactly sure of other use.
You made mention of receiving payment, cross border payment, making donations, etc, all without third parties... Don't you think they all sum up Bitcoin's use as a P2P payment system?.

Well, there's actually one useful purpose that I personally feel sounds quite useful, even though it kind of falls within its investment and p2p purpose. The useful purpose I'm talking about is self custody. Bitcoin allows users to be their own bank, giving them the power to control and move their own funds at their own will... Sounds like an underrated useful purpose to me.

[Nwada001]

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 has its features available. What appears to be the most useful one should be based on what the person wants to do with it, and the most I can pay attention to might be different from others and the situation. If I want to make a transaction with someone who is outside my country, I can pay attention to the fact that it gives me that freedom to do it without taking permission from anyone or paying excessively because it’s intentional. Among all the security, it's also top-notch and something not to ignore.

[Proty]

I believe that one of the most useful purposes of bitcoin aside using it as an investment is for transactions purpose. Bitcoin can serve as a medium of exchange without the interference of fiat. With this usefulness of bitcoin, it becomes possible for people staying in different countries to be able to do transactions with  fewer restriction.
From my own point of view, the aspect of using bitcoin as means of transaction needs to be focus more on . Although , it is mostly the investment part of it that pulls many people into bitcoin, however using it as means of transaction and having control of one's funds is an essential part of bitcoin.

[retreat]

-snip-
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.

Everyone has their own preferences when it comes to using Bitcoin. I wouldn't call people who use Bitcoin for transactions foolish, because not everyone who uses Bitcoin is aiming to make money; some value Bitcoin as a way to transfer money, and there's nothing wrong with that. So it's too quick for you to just label them "foolish" when it's their choice to use Bitcoin that way – just like when you use it for investment which you might believe is the "smartest" way to use Bitcoin.

[Hamza2424]

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 remittance is not the highest use case here, bro, the conversion problems are common. I can't send BTC or any crypto back home because none of them know how to P2P it, because not every country has options for converting the crypto back into fiat directly in a few easy steps like in the US, they have to find a person and make P2P deals.

The use case that made it everything is its protection against local currency collapse. Our currency was about to collapse, but I did not worry because I had some in Bitcoin, so I knew I could bear the hit, but not everyone could who was only holding the fiat in banks.

That's why we must build a portfolio and not sit with fiat. Due to volatility, I will say payment use case is getting behind, people mostly use it for long term investment.

[mirakal]

The thought alone that bitcoin can be your own bank, and you are in full custody of your own funds because the banks and government have no access on it, for me that thing is the most useful regarding bitcoin. Bitcoin as an investment tool, as a currency used to send or spend across borders are just secondary. Financial freedom is the biggest advantage of bitcoin, and that is being free from the shadows and strict regulations imposed by the centralized government.

[moneystery]

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 think the store of value could be an advantage of Bitcoin that people might consider. Imagine when someone puts their money in a bank, that money will be affected by inflation, and over time the value of that money will keep decreasing. Even though some banks offer interest on their customers' savings, it's still not comparable to the rate of inflation.
This is one reason why people should consider Bitcoin as a store of value. While Bitcoin may appear volatile in the long term, when viewed over the long term, this may become less significant. That's why Bitcoin can be a way to preserve wealth over the long term.

[famososMuertos]

:://:::

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?

You mention several useful things, but without a doubt, pure organic P2P (without third-party intervention or escrow) is a concept I used to love; nowadays, the "no-intermediary" model seems somewhat obsolete. Yet, it is ironic that only to see them become centralized, meaning that the romantic notion of meeting someone to swap BTC for fiat or crypto on the forum doesn't quite flow the way it should.

Along those lines, remittances are a common use case for avoiding usurious fees of up to 20% (+30%), though there is still a long way to go; SWIFT or SEPA transfers, for instance, represent another area that has benefited.

In any case, each of these methods is constrained by national laws. Even if we do our due diligence, we must remain aware that (while sometimes you "can" do something) there are times when you can't, and when you "can", you ought to do the right thing.

In conclusion, many of these use cases depend on the individual and the country.

[SPIDERMAN008]

The thought alone that bitcoin can be your own bank, and you are in full custody of your own funds because the banks and government have no access on it, for me that thing is the most useful regarding bitcoin. Bitcoin as an investment tool, as a currency used to send or spend across borders are just secondary. Financial freedom is the biggest advantage of bitcoin, and that is being free from the shadows and strict regulations imposed by the centralized government.

You are right that the main purpose of Bitcoin is to give people economic freedom. After Bitcoin was created, people were initially interested through all these features. In the financial system of Fiat currency, the government controls the economy of the people, where people have no freedom. The economy of a country is managed through the banking system. We only think that our savings is in the bank. But our doubts about how much control we have over it or its value or how it will be in the future.

And the concept of Bitcoin was probably created from this doubt, and which was implemented by Satoshi. After with time people started using Bitcoin in different ways according to their personal freedom. And this popularity is increasing day by day. Conscious and knowledgeable people who see that inflation is increasing and the value of money is decreasing due to the financial system of fiat currency, the features of freedom, limited supply and permissionless  digital currency offered by Bitcoin are more attractive to them.

And those who focus more on the long term price increase of Bitcoin, the situation is different. They mainly want to profit by trading or investing through Bitcoin. This is also their personal freedom, which Bitcoin has given. But like you, I think the permissionless system and freedom are the biggest advantages of Bitcoin.

[Silikiem]

The thought alone that bitcoin can be your own bank, and you are in full custody of your own funds because the banks and government have no access on it, for me that thing is the most useful regarding bitcoin. Bitcoin as an investment tool, as a currency used to send or spend across borders are just secondary. Financial freedom is the biggest advantage of bitcoin, and that is being free from the shadows and strict regulations imposed by the centralized government.

You are right that the main purpose of Bitcoin is to give people economic freedom. After Bitcoin was created, people were initially interested through all these features. In the financial system of Fiat currency, the government controls the economy of the people, where people have no freedom. The economy of a country is managed through the banking system. We only think that our savings is in the bank. But our doubts about how much control we have over it or its value or how it will be in the future.

And the concept of Bitcoin was probably created from this doubt, and which was implemented by Satoshi. After with time people started using Bitcoin in different ways according to their personal freedom. And this popularity is increasing day by day. Conscious and knowledgeable people who see that inflation is increasing and the value of money is decreasing due to the financial system of fiat currency, the features of freedom, limited supply and permissionless  digital currency offered by Bitcoin are more attractive to them.

And those who focus more on the long term price increase of Bitcoin, the situation is different. They mainly want to profit by trading or investing through Bitcoin. This is also their personal freedom, which Bitcoin has given. But like you, I think the permissionless system and freedom are the biggest advantages of Bitcoin.

In all, I think there’s a sole purpose for creating bitcoin and so far the purpose has been achieved and what I think is happening now regarding other usage of bitcoin is that just as the day goes by people and users starts doing more research about bitcoin and they find out that bitcoin could be used for different purposes and not just for the original purpose of decentralized store of value to give people the freedom, control and privacy to their money.  Right now i think they’re trying to see bitcoin reach everywhere around the world for a mass adoption since it’s not really every country that have adopted bitcoin as a means of exchange and that’s why bitcoin is struggling with the day to day adoption for a medium of exchange. If this is achieved then every other thing is achievable in bitcoin.

[bitbollo]

bitcoin occupy "no space", just things to a seed or a priv.key. Have you ever seen something valuable that could be stored in this way ?
If this was not enough it could be potential remain durable for infinite years.
The fix amount emitted would not create inflation or it would allow clearly to have a benchmark about coin in circulation and so on.
The most and potential use of bitcoin would be in a modern warfare or in any scenario that could not implies the existence of a central authority/easily way to communicate/make transaction. Even for living abroad.

You are assuming that your money would be always accessible but its evident you haven't spend more than 2 weeks per year abroad as unbanked
We are undervaluing nowadays this aspect, that itself is the nature of bitcoin as a pure form of decentralization and potentially the only things that we will trust in the future or that can continue to work without any break.

[Solokan]

Bitcoin does have many uses, and you've already mentioned some of its benefits and uses. However, the bottom line is that most people invest in BTC for profit, as everyone who buys BTC ultimately wants to make a profit.

But personally, what I like most about BTC is that it can protect our money from inflation as long as we hold it long-term. If we invest our money in BTC for the long term, our money will certainly not be affected by inflation and will even generate good returns. In short, I think BTC is a versatile asset because it can be used for anything, including profit-making.

[Kelward]

Bitcoin does have many uses, and you've already mentioned some of its benefits and uses. However, the bottom line is that most people invest in BTC for profit, as everyone who buys BTC ultimately wants to make a profit.

But personally, what I like most about BTC is that it can protect our money from inflation as long as we hold it long-term. If we invest our money in BTC for the long term, our money will certainly not be affected by inflation and will even generate good returns. In short, I think BTC is a versatile asset because it can be used for anything, including profit-making.

Bitcoin has a number of uses but if we are sincere to ourselves it is mostly held for profit, this is the major driving force for it's adoption and we have to accept it's reality, if it were not for profit making I'm not sure that we would have achieved this level of adoption in less than two decades. Aside from it being an asset for profit on the long term we can agree that because it is a store of value we can hold it as hedge against inflation so aside from holding it to make profit it is also giving us privacy to hold our own decentralized digital currency.

Bitcoin was originally created for p2p transactions but it is not the reason why the majority are holding it because it is volatile, we would rather spend fiat to buy things but if you're very concerned about privacy you will still priotize spending your Bitcoin anywhere it is accepted.