Different usage of Bitcoin

[Jostern]

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.

Just like you have said, outside using bitcoin as a means of investment, because majority of the people investing in bitcoin is investing because they want to make money, likewise also make profits for themselves while investing in bitcoin, I see Bitcoin as something very unique, where you can stay anywhere with your access to internet, and bitcoin transactions is very fast and reliable, but I’m going to mostly emphasize that Bitcoin is quite unique in different ways, not just investing for profits and transactions aspect, but as well as the decentralization of Bitcoin, that no Government have control or access to your Bitcoin which is something i see as a very important and unique something, you can control your Bitcoin investments as you wish, there are people who invest in Bitcoin as saving for the future, you can be stacking Bitcoin also as a means of saving your money and nobody would have control over your savings unlike the banks, and privacy is import as well nobody would know how much you have in your wallet, but banks there are people who would know how much you have and they can get all information about your bank accounts most especially the Government.

[lovesmayfamilis]

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 agree. People sometimes limit themselves very much in using bitcoin, speaking of it as something that is already, at the moment, not enough. But there's always a question. Why not buy it now? Now it's still there, available, go and buy it.
The convenience that you are talking about, namely fast money transfers, in those moments when it is necessary, bitcoin simply has no equal. It is convenient in many ways, but some people literally create an icon out of it, which they pray for, saying that bitcoin does not need to be sold in any case. But I always remember that little detail when I hear such words, I remember that people are mortal, alas, and they have only one life. Limiting yourself for your entire life, saving on everything and being afraid to spend your investments , it makes no sense.

[virasisog]

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.

LOL when did spending money become foolish things?
People see it as a currency and that is how they use it, not everyone i. crypto sees it as an investment tool.
Might as well call out all of the early adapters foolish cause they use it as a currency back then to pay online.
We all have our own situation and way of thinking just because you see it's potential to grow doesn't mean that those who chooses to spend it are foolish.

[AgriTrack]

I agree. People sometimes limit themselves very much in using bitcoin, speaking of it as something that is already, at the moment, not enough. But there's always a question. Why not buy it now? Now it's still there, available, go and buy it.
The convenience that you are talking about, namely fast money transfers, in those moments when it is necessary, bitcoin simply has no equal. It is convenient in many ways, but some people literally create an icon out of it, which they pray for, saying that bitcoin does not need to be sold in any case. But I always remember that little detail when I hear such words, I remember that people are mortal, alas, and they have only one life. Limiting yourself for your entire life, saving on everything and being afraid to spend your investments , it makes no sense.

I keep hearing the same thing; some people say that they are never going to sell their Bitcoin holdings because they believe they will keep getting more in value over time, but what's the point? We make investments so that we can get profits, and then be able to use those profits to do something else, even if we invest the profits again, it is at least better than just holding the assets forever, because compounding is always more profitable than just plainly holding your investment without doing anything.

People need to understand that it is better to buy, take profits when it's time, and then invest again. If you need funds, use some of the profits for that, and reinvest everything else, and keep doing that in every cycle. This way, after a few cycles, you are going to have more bitcoins than you initially had, and they will obviously be worth more as well.

Some people just take the "invest and forget about it" phrase too seriously, but they should understand that it only means that you shouldn't panic sell, it doesn't mean to never sell at all.

[Compromise me]

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.

I agree with you because its main use is to hold for profit, and never try to panic sell because it always increases problems and also has an impact on the market as well. Fighting against inflation is also one of the options, but now as developments are coming. It's always helping to increase people's confidence and stability in Bitcoin. Adoption by big institutes is also interesting because with this, Bitcoin is now heading for a new era, and many countries are also considering this for their reserves. It's also increasing its demand, but still, one of the best uses of Bitcoin is holding for the long run and having good profit because it's helping to fight against inflation, which is currently the worst happening in many countries with people.

[Dareo]

Just like you have said, outside using bitcoin as a means of investment, because majority of the people investing in bitcoin is investing because they want to make money, likewise also make profits for themselves while investing in bitcoin, I see Bitcoin as something very unique, where you can stay anywhere with your access to internet, and bitcoin transactions is very fast and reliable, but I’m going to mostly emphasize that Bitcoin is quite unique in different ways, not just investing for profits and transactions aspect, but as well as the decentralization of Bitcoin, that no Government have control or access to your Bitcoin which is something i see as a very important and unique something, you can control your Bitcoin investments as you wish, there are people who invest in Bitcoin as saving for the future, you can be stacking Bitcoin also as a means of saving your money and nobody would have control over your savings unlike the banks, and privacy is import as well nobody would know how much you have in your wallet, but banks there are people who would know how much you have and they can get all information about your bank accounts most especially the Government.

However, Bitcoin is not anonymous, All transactions are public and can be viewed on the Blockchain, anyone can see the balance and transaction history of an address. The reality is, if it doesn't have an actual name attached to it, it may be hard to find that person. The government will never have any access to Bitcoin, which is the most important thing but it would not be fair to say that Bitcoin is a completely private or invisible money, since your address can be connected to your identity and history of transactions with the help of an exchange or any other service that complies with the law.  So the big advantage of Bitcoin is self custody but it would not be right to call it completely private or invisible money.

[Cleanslate_]

Bitcoin can be used for what you want to use it for as long it is under the purpose of it's creation which  most persons are still using it for it's purpose of creation, p2p, business transactions investment for a long-term and others purpose, Bitcoin has gone far beyond just investment in it , not everyone is patience enough to invest in bitcoin for a long-term but everyone can use it for transaction purposes, it severs all purpose for man and makes life easier for living.

Bitcoin remains the only currency that has helped the economy of the world in hedging inflation which builds up economy and provide unemployment by studying and knowing how to invest, grow and hold onto it for a long-term.

[Smack That Ace]

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.

LOL when did spending money become foolish things?
People see it as a currency and that is how they use it, not everyone i. crypto sees it as an investment tool.
Might as well call out all of the early adapters foolish cause they use it as a currency back then to pay online.
We all have our own situation and way of thinking just because you see it's potential to grow doesn't mean that those who chooses to spend it are foolish.

Nothing wrong with seeing bitcoin as a investment, and honestly most of us are doing exactly that. But calling people foolish for using bitcoin as payment just cause they do not see it the way we do, that's pretty shortsighted and kinda selfish tbh.

Whatever we use Bitcoin for, we shouldn't forget what it was originally meant for. If we completely deny Bitcoin's role as a payment method, then we're basically denying Satoshi's original vision too.
And we shouldn't disrespect the people who were among the first to spend thousands of bitcoins just to buy two pizzas. Because without them, Bitcoin might not have made it this far.

[Jostern]

Just like you have said, outside using bitcoin as a means of investment, because majority of the people investing in bitcoin is investing because they want to make money, likewise also make profits for themselves while investing in bitcoin, I see Bitcoin as something very unique, where you can stay anywhere with your access to internet, and bitcoin transactions is very fast and reliable, but I’m going to mostly emphasize that Bitcoin is quite unique in different ways, not just investing for profits and transactions aspect, but as well as the decentralization of Bitcoin, that no Government have control or access to your Bitcoin which is something i see as a very important and unique something, you can control your Bitcoin investments as you wish, there are people who invest in Bitcoin as saving for the future, you can be stacking Bitcoin also as a means of saving your money and nobody would have control over your savings unlike the banks, and privacy is import as well nobody would know how much you have in your wallet, but banks there are people who would know how much you have and they can get all information about your bank accounts most especially the Government.

However, Bitcoin is not anonymous, All transactions are public and can be viewed on the Blockchain, anyone can see the balance and transaction history of an address. The reality is, if it doesn't have an actual name attached to it, it may be hard to find that person. The government will never have any access to Bitcoin, which is the most important thing but it would not be fair to say that Bitcoin is a completely private or invisible money, since your address can be connected to your identity and history of transactions with the help of an exchange or any other service that complies with the law.  So the big advantage of Bitcoin is self custody but it would not be right to call it completely private or invisible money.

Yes bitcoin isn’t anonymous, so do I know how much bitcoin you’ve in your Bitcoin Wallet ? Don’t you understand that people can only have this level of information you’re talking about when they know your wallet address, not everyone that makes their wallet address public, if you don’t make that information of your wallet public don’t you understand that the level of information you’re talking about remains private, you can keep your bitcoin wallet completely private if you choose to do so, it’s all a personal decision, there are people who keeps them public, there are people who also keeps them private.

[satscraper]

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?

In my view the most useful feature of Bitcoin is its capability to cover my life expenses. I don't want to restrict myself and my family for the sake of Bitcoin, and I don't consider it something like a monument. That said, I invest it into life quality, not the other way around. Some attention could probably also be drawn to using it in relevant inheritance scheme, but that's another story.

[Bigjoe33]

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?

Do you know the main purpose of Bitcoin or do you know the purpose of Satoshi Nakamoto? The main purpose of Bitcoin invention was to launch a financial system without third-party intervention that will support P2P. You can find out about it by looking at the white paper.

So if a person completes a transaction with Bitcoin when necessary, then I see no reason to call him a fool. Bitcoin is a financial system that supports P2P before it becomes an asset. So if you ignore the transaction system and only see Bitcoin as an asset, then you are making a mistake yourself. Everyone has the freedom to use Bitcoin, so it is better for us not to make harsh comments about who is using Bitcoin for what purpose.

You are right bro. Everyone has the right to use it for whatsoever that pleases him. After all, it was achieved, either earned or bought, but whichever way, it was owned legally, so what's with the anger on how I use my personal belongings.

Would someone tell me how to use my plates in my house, or a stranger telling or ordering me around in my house, were to sleep or seat?, no way. So long as I have obtained Bitcoin in a legal way, I have the privilege to do with it what I will. If I  wish to spend it extravagantly, it's nobodies business. If I also wish to HODL for long term and expect growth and financial returns, then so be it. I don't think it should be an issue at all. Bitcoin has several uses. Everyone sure has the privilege to use it for the main purpose that suits them.

[Rabata]

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?

Do you know the main purpose of Bitcoin or do you know the purpose of Satoshi Nakamoto? The main purpose of Bitcoin invention was to launch a financial system without third-party intervention that will support P2P. You can find out about it by looking at the white paper.

So if a person completes a transaction with Bitcoin when necessary, then I see no reason to call him a fool. Bitcoin is a financial system that supports P2P before it becomes an asset. So if you ignore the transaction system and only see Bitcoin as an asset, then you are making a mistake yourself. Everyone has the freedom to use Bitcoin, so it is better for us not to make harsh comments about who is using Bitcoin for what purpose.

Would someone tell me how to use my plates in my house, or a stranger telling or ordering me around in my house, were to sleep or seat?, no way. So long as I have obtained Bitcoin in a legal way, I have the privilege to do with it what I will. If I  wish to spend it extravagantly, it's nobodies business. If I also wish to HODL for long term and expect growth and financial returns, then so be it. I don't think it should be an issue at all. Bitcoin has several uses. Everyone sure has the privilege to use it for the main purpose that suits them.

Yes, those who are using Bitcoin are certainly doing so considering their benefits. Some have a plan to hold it, so they can get several times the return on investment in the long term. On the other hand, some have the intention to protect their assets from inflation. Some can use it for quick transactions. They will use Bitcoin for their personal benefits. Currently, most governments have not yet legalized Bitcoin, which is why its benefits other than investment are not widely visible. Though governments were largely opposed to Bitcoin earlier, their views have now started to change a lot, so if Bitcoin is allowed to be used most of the countries in the future, then its use will increase massively. It is currently used more for investment, people will also use Bitcoin widely for other benefits in the future according to their needs.

[Peanutswar]

Right now most of my use with my bitcoin are: Like what others did is buying and hodling because there is a limited number of supply, next when I wanted to send a funds does not need a KYC verification and details of the other party instead just the address and there is no such limitation of the amount unlike with the banks there is a cap or even limit, and one I really liked recently is some of the goods and services accepting bitcoin so its less hassle right now to transact without using your banks to link to their platform.