Real purpose of Bitcoin

Sawyer

New member
When you talk about Bitcoin first thing which most of us thinks either it's a get rich quick scheme or an investment scheme. Did Satoshi Nakamoto created Bitcoin as an investment scheme? No, it was supposed to be a peer to peer payment transaction across borders without involvement expensive money exchangers or regulators but it has been turned into an investment scheme, where are we heading ? Do you think Bitcoin is losing its original purpose of its invention?
 

Ivan

Member
Okay, true that prolly all Satoshi had in mind was a payment system without a third party, but isn't it great that the network has evolved and now Bitcoin can be used for multi-purposes; from a currency (money) and by extension a payment system to being an investment plan, a reserve asset and hell yeah even "digital gold"; there's absolutely 'no bad' in all of that and in how people choose to use the Bitcoins in their wallets, all this diverse uses is even advantageous for the network and it's walk to mass adoption
 

Cole

Member
Overtime, I believe that bitcoin is looking less and less as a currency. The combination of the blockchain and the way bitcoin price goes is making it look more as an investment and store of value rather than a currency. Transaction's cost is also an issue that makes it even less currency looking. As for what satoshi wanted back in 2009 I have to say nothing, but this. He had no clue of what was coming! He left the community on December 2010. How fluctuating was bitcoin back then? It didn't even cost a dollar if I'm not mistaken. IMO, a currency that has fixed supply and makes demand the only responsible for its value is clearly not a currency
Do you think Bitcoin is losing its original purpose of its invention?
It may loses its original purpose of its invention, but not generally its purpose. Some people consider it investment and some others currency. That's because Bitcoin is freedom
 

Ahmir

Member
If I'm correct, satoshi had once speculated this price increase at some point when he was active in the forum. Anyway, I think the purpose will be achieved eventually. Have you seen gradually top giants are getting into crypto? With paypal, now wherever paypal is accepted, users can pay through crypto and paypal is accepted in a lot of stores etc. Eventually everyone will accept it.
The volatility is inevitable. You can't do anything against thag because the supply is limited. If the price was stable, you may not even use bitcoin cause with stable price, people would barely forced to sell. Due to the volatility, the limited BTC are getting movement
 

Kingston

Member
Bitcoin is basically a digital currency and its purpose should be in line with such category but the only difference is decentralisation. Well, indeed, Bitcoin and other cryptos are being used more as an investment and not as a digital currency. But are we really not using it right from doing so? I think we are still using it and it is just that it's users saw another aspect of it which is more beneficial, which is profit. Its volatility which should be a downside for a currency, became an advantage because it generates profit to its users and now, investors. I believe satoshi did not also expect such thing. Due to the limitations of its usage, users have discovered an alternative way to make use of this technology and I think there's nothing wrong with it
 

Kaiden

Member
Bitcoin centainly loses it's primitive purposes after many years of existence. People are using bitcoin to enhance their capability of earning money in a short time. And as you say, they also consider, bitcoin as an investment tool. People manipulate bitcoin for their own purposes without realizing they destroy bitcoin slowly from the inside.

But we can't blame people. If they all dislike bitcoin, we can never see bitcoin as famous as it is. If bitcoin does not become a p2p currency, it will be fine with me that bitcoin becomes the digital gold
 

Maxwell

Member
In my opinion, we have never lost the direction and purpose of making bitcoin. The origin of bitcoin was created by Satoshi for the purpose of a payment system without the interference of third parties. Hasn't that been achieved, both satoshi goals and the current investment have both achieved goals. In my opinion, the essence of the purpose of satoshi will always stick even though it is called an investment, but still in bitcoin investment when making payments there is no third party in it
 

Jair

Member
Bitcoin is whatever you want to use it for, and I couldn't care less if you only look at it as an investment. As long as the network is up and running and I'm able to use Bitcoin for my needs, then I'm good
 

Jesus

Member
When you talk about Bitcoin first thing which most of us thinks either it's a get rich quick scheme or an investment scheme. Did Satoshi Nakamoto created Bitcoin as an investment scheme? No, it was supposed to be a peer to peer payment transaction across borders without involvement expensive money exchangers or regulators but it has been turned into an investment scheme, where are we heading ? Do you think Bitcoin is losing its original purpose of its invention?
This is a very interesting discussion!

I think Satoshi Nakamoto understood that using bitcoin as money would not get regulatory approval. The deflationary asset is a very strong competitor to government money.

However, he could have assumed that human greed and a passion for profit would lead to Bitcoin being used as an investment asset. At the same time, Bitcoin will not die, but will develop.

Satoshi looked far into the future. If Bitcoin is not being used as money now, then the situation may change in the future
 

Ashton

Member
Bitcoin centainly loses it's primitive purposes after many years of existence. People are using bitcoin to enhance their capability of earning money in a short time. And as you say, they also consider, bitcoin as an investment tool. People manipulate bitcoin for their own purposes without realizing they destroy bitcoin slowly from the inside.

But we can't blame people. If they all dislike bitcoin, we can never see bitcoin as famous as it is. If bitcoin does not become a p2p currency, it will be fine with me that bitcoin becomes the digital gold
You nailed it, there will be no Bitcoin if people dislike it. But what concerns me here is the fact that the institution and whales pouring in money into Bitcoin and holds a good amount of Bitcoin which they might use anytime for their profit by pumping or dumping it by cashing in or out and those normal users like us will initially earn more profit when they pour in more money but our greed will make us lose it when they dump, there are exceptions wherein well versed user will control his greed but newbies and less tenured users will end up losing more than they earned. There is a postive as well as negative effects but sometimes it feels bad that the primary objective of creating Bitcoin has been abolished
 

Juan

Member
As of now? We cannot stick to the sole purpose of bitcoin being a currency for peer to peer transaction, I know you know what I already want to imply, you can just ask yourself why you are not spending your bitcoins in your wallet, that's how simple the answer to this question. It's inevitable for a currency built in decentralized network to be this way, people are not silly to pay transaction fees to use bitcoin as their daily driver when you can just use cash directly to everything
 

Calvin

Member
For me, bitcoin have evolve from it's original purpose rather than stray afar from it's main purpose. Bitcoin main purpose was for a p2p transaction which is still its purpose but due to its widespread adoption as payment and/or currency, transaction fee's raised and which made its users to only transact when higher transaction is needed and used other crypto for small transaction.
But yeah, a lot of people treat bitcoin as an investment, currency, and a way to transact anonymously which is not wrong as each users can treat bitcoin as how they see it. The important thing is people using bitcoin and as long as bitcoin is being used, it will always has it's purpose. It may not be the same as it was but better.
 

Diego

Member
Bitcoin is a digital currency which was created by Satoshi Nakamoto to assist the world unemployment. Many graduate are now engaging their self with bitcoin to know more about digital currency since they are use to fiat money in all transaction in the country
 
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