The dual purpose of bitcoin.

[Royal Cap]

What is your take on this very discussion.

I think both of these aspects of Bitcoin are important but most people still see it primarily as an investment asset (even me). Many people think of it as digital gold where they expect the value to increase in the long term. While there are advantages to peer to peer transactions in reality very few businesses or individuals still accept Bitcoin as a payment method. Especially, in this forum I only see Bitcoin being used for payments or transactions most of the time. And what I see outside or in marketplaces is that people are more comfortable transacting in stablecoins.

However, technically it is true that Bitcoin has opened the door to unbanked transactions which could play a bigger role in the future especially for those outside the banking system. So I would say that it is still primarily an investment vehicle but its practical side is also gradually growing.

[MorganaX]

What is your take on this very discussion.

I think both of these aspects of Bitcoin are important but most people still see it primarily as an investment asset (even me). Many people think of it as digital gold where they expect the value to increase in the long term. While there are advantages to peer to peer transactions in reality very few businesses or individuals still accept Bitcoin as a payment method. Especially, in this forum I only see Bitcoin being used for payments or transactions most of the time. And what I see outside or in marketplaces is that people are more comfortable transacting in stablecoins.

However, technically it is true that Bitcoin has opened the door to unbanked transactions which could play a bigger role in the future especially for those outside the banking system. So I would say that it is still primarily an investment vehicle but its practical side is also gradually growing.

When something is presenting more profit wise advantage than it's other features then that particular feature will be taken into more observations and this is what happen with Bitcoin that the major population of the world see it as only a means of investment which isn't really the original and main goal of Bitcoin but for now I think it's the most preferred use of Bitcoin for now as everyone is holding onto to this wonderful opportunity to create wealth and elevate your financial life.

[Ziskinberg]

Bitcoin can be both perform as a currency and as an asset, that’s the reason why we see more advantages with bitcoin compared to fiat, and to add that bitcoin’s value is undeniably higher than fiat, that’s why it’s not surprising that bitcoin easily attracts the interest of the people, because it has more potentials to grow and thrive in the long run, than fiat itself wherein it’s only backed up by the government, otherwise it has already gone out in the market  if not supported by centralized organizations.

[bhadz]

There are still significant number of people that I see whenever I see posts on social media about Bitcoin. They're laughing at us(holders) and tells others in the comment section, 'just don't buy it', 'don't buy crypto'. I understand them that they don't have an idea on what kind of asset class it is and not just that, it's also money. Yes, real money that they don't know that they can use for anything online as long as the receiver or seller accepts Bitcoin as payments. But if you're going to buy things with it, you'll regret that you have spent all of it instead of allotting a few of it for holding.

[kawetsriyanto]

Bitcoin was basically created for a digital transaction, Satoshi called Bitcoin as a electronic cash. So, there is no initial purpose for a digital asset. People make it as a digital asset because people believe its value to be increasing over the time. Well, it has been proven so far, Bitcoin value has increased multiple time since its starting value.

IMHO, I don't think there is something to discuss about 2 main purposes of Bitcoin (it is clear already). What we may need to discuss that how long Bitcoin can last as a digital asset? Or will Bitcoin really be a global digital currency for all countries in the future? 

[freedomgo]

If only the government sees deeply the real potentials of bitcoin, while ignoring the fact that it’s decentralized, maybe global adoption for bitcoin will never be that hard and impossible. But we all know the government wants the full control over everything, and bitcoin is not an exception. That could somehow explain why bitcoin isn’t the best for the government, and remain closed minded to the idea of global adoption.

However, if we can continue to use bitcoin without limitations and restrictions, I think that would be okay for us. But I don’t think the government will allow it, as they want us to keep using fiat and consider bitcoin just an option.

[Akbarkoe]

Bitcoin was initially established out of disappointment with FIAT, where price depreciation, limited transactions, high costs, and continuous inflation disappointed its founder with the cunningness of banks. Therefore, Satoshi sought a solution to revolutionize the financial system, giving birth to the innovation of Bitcoin. Its primary goal was to challenge the banking system's lack of transparency regarding their FIAT financial system to the global community. I think Satoshi did not create Bitcoin with the intention of it becoming an asset. He only showed that there is a better alternative to the banking system for transactions without third parties, with freedom based on financial decentralization and high security. The amount of Bitcoin in his wallet is proof that Bitcoin wallets cannot be hacked by anyone, which is a reflection of the security of your money in Bitcoin.

And why is Bitcoin used as an investment asset? This is because, over time, Bitcoin has experienced significant price increases due to its limited supply of 21 million Bitcoin through mining and halving, coupled with growing adoption. As a result, some individuals or institutions have adopted Bitcoin as an investment alternative.

[Different patterns]

People have been benefiting from Bitcoin across the world. One of the key benefits of Bitcoin is that it is decentralised, which makes it different from others. Unlike traditional currencies controlled by banks, Bitcoin operates on a decentralised network known as the blockchain. Therefore, every user doesn't have to bother himself about his funds, as Bitcoin makes it easier to take control over their funds without relying on any third party, making transactions easy and secure.

Another benefit that Bitcoin offers to people is low transaction fees, most especially for international transfers. Bitcoin can be much cheaper compared to other sites, which often charge high fees and take days to process, but Bitcoin transactions can be completed in a minute. That's what makes it different, very easy and without stress.

[Keevoid]

What is your take on this very discussion.

Bitcoin has changed the way we think about money. Personally, I see Bitcoin as a financial tool that gives people more control over their money. The idea that you can send or receive payments without going through a bank, especially across countries with very low fees, is something I find really impressive. It shows how technology is helping people become more financially independent.

That said, when it comes to investing in Bitcoin, I believe it’s something that requires caution. The market can be unpredictable, and prices can rise or fall quickly. I see it as something worth exploring, but only with the mindset of learning and investing wisely. Bitcoin definitely holds a lot of potential, both as a currency and an asset, but for me, it’s important to balance interest with understanding and patience.

[VivaMan]

Bitcoin serves as several purposes expecially for online banking transaction it has indeed helped for easy transaction and it's online security is well secured and rest assured for all kinds of transactions made it has become so global and popular investment assets to every bitcoiner or individual who are willing to trade with Bitcoin and do there transactions with a good rate and better value..

[Danica22]

What is your take on this very discussion.

I think both of these aspects of Bitcoin are important but most people still see it primarily as an investment asset (even me). Many people think of it as digital gold where they expect the value to increase in the long term. While there are advantages to peer to peer transactions in reality very few businesses or individuals still accept Bitcoin as a payment method. Especially, in this forum I only see Bitcoin being used for payments or transactions most of the time. And what I see outside or in marketplaces is that people are more comfortable transacting in stablecoins.

However, technically it is true that Bitcoin has opened the door to unbanked transactions which could play a bigger role in the future especially for those outside the banking system. So I would say that it is still primarily an investment vehicle but its practical side is also gradually growing.

Over the years I have seen people constantly talk and praise bitcoin's use cases and its original purpose. But you know what, not many people use it for its original purpose and other use cases of bitcoin. Although people do not seem to forget its true purpose, they do not really take it seriously. You are right, most people just consider it an investment asset, myself included.

The advent of bitcoin opened the door to transactions without intermediaries, but people just consider it digital gold and prefer to hold it rather than spend it. I'm not optimistic other use cases of bitcoin will be widely adopted or become more popular.

[Alphakilo]

What is your take on this very discussion.

I think both of these aspects of Bitcoin are important but most people still see it primarily as an investment asset (even me). Many people think of it as digital gold where they expect the value to increase in the long term. While there are advantages to peer to peer transactions in reality very few businesses or individuals still accept Bitcoin as a payment method. Especially, in this forum I only see Bitcoin being used for payments or transactions most of the time. And what I see outside or in marketplaces is that people are more comfortable transacting in stablecoins.

However, technically it is true that Bitcoin has opened the door to unbanked transactions which could play a bigger role in the future especially for those outside the banking system. So I would say that it is still primarily an investment vehicle but its practical side is also gradually growing.

Over the years I have seen people constantly talk and praise bitcoin's use cases and its original purpose. But you know what, not many people use it for its original purpose and other use cases of bitcoin. Although people do not seem to forget its true purpose, they do not really take it seriously. You are right, most people just consider it an investment asset, myself included.

The advent of bitcoin opened the door to transactions without intermediaries, but people just consider it digital gold and prefer to hold it rather than spend it. I'm not optimistic other use cases of bitcoin will be widely adopted or become more popular.

The most popular use case of Bitcoin is for long term investment strategy, wherein the wallet holders don't touch the funds or diversify to other currency within the duration.
Although, for Bitcoin to be used as a digital currency, it must first be converted to a more stablecoin that is also acceptable and generally used on the market even to cover payments and pay bills.

Oldies know how they use Bitcoin to the best of benefits and that best way is to hold Bitcoin in its raw form, not converting or trading it for a stablecoins or altcoins that is promised to pump with massive gains.

[qurbanshah02]

Bitcoin serves as several purposes expecially for online banking transaction it has indeed helped for easy transaction and it's online security is well secured and rest assured for all kinds of transactions made it has become so global and popular investment assets to every bitcoiner or individual who are willing to trade with Bitcoin and do there transactions with a good rate and better value..

This good effort of Bitcoin has made many things easier and if everyone gradually understands it, then it can be done very easily by giving and receiving Bitcoin. The transactions that are going on at the moment and the facilities that have been provided are very meaningful at the moment and contribute to the development of Bitcoin. These things make Bitcoin more secure and due to its high hardness, some people have lost their Bitcoin. At the moment, Bitcoin is running with a very fixed price and if it will give them a lot of benefit later and this is the opportunity for investors to increase the price of their Bitcoin by investing in it for some time and making maximum profit.

[Smartvirus]

What is your take on this very discussion.

What discussion?  There is nothing to discuss here.

My thought exactly, I didn’t really see what is there to come in on. Just someone giving some lecture on Bitcoin and that’s it. You know, this could have been useful for a comment in some thread some place but, it’s a thread of its own, okay.

[Mahiyammahi]

As a digital currency, bitcoin is used for peer to peer transactions, allowing the users to send and receive money without the need for our local banking system, and you can equally use bitcoin to make international transactions and at a very low rate.

As a digital currency bitcoin is also used to purchase digital goods and some other services, and their a some individuals and organisations that even accept payment in bitcoin.

Then as an asset for investment, when you invest your money in bitcoin, the value of your money increase as bitcoin increases, bitcoin is a store of value as some countries, organisations and individuals use bitcoin to diversify in their investment.

What is your take on this very discussion.

Yeah Bitcoin is used to purchase digital goods right now. But besides digital goods we should move on to physical goods also. This will enable a large scale of bitcoin adoption. It will be used widely. Bitcoin prices will be surge to sky.

But as an asset for investing on bitcoin it sure is most profitable. But as you stated on your first para that it's a digital currency meant for peer to peer transaction so 3rd party like banks won't have to meddle in our transaction. I think this was the vision on satoshi to create the bitcoin first place not use it as a digital assets. We will meet satoshis true vision when bitcoin will ve widely accept and it will take over the banking channel.

[Sammye3]

Bitcoin as an investment has more potential over fiat on the long run and that is one advantage it has over Fiat currency which has no intrinsic value. The most limiting factor of Bitcoin is the fact that it is not backed by the government in most countries for international trades or used as payment method.

Eventually, if it is fully implemented it could be safe to say that Bitcoin as a single entity used globally could bring unity and help economic growth.

[Agbe]

Bitcoin was designed to serve as a digital currency that, will serve as a medium to make payments easier because of its decentralized nature which has no central control from any body or government in the world.bitcon today is believed to serve as an hedge against inflation because Bitcoin has move past just a medium of making payments Bitcoin has become an asset, Bitcoin today is a direct rival to our day to day Fiat currencies because Bitcoin can do more than our Fiat currencies.

[Danica22]

Bitcoin was designed to serve as a digital currency that, will serve as a medium to make payments easier because of its decentralized nature which has no central control from any body or government in the world.bitcon today is believed to serve as an hedge against inflation because Bitcoin has move past just a medium of making payments Bitcoin has become an asset, Bitcoin today is a direct rival to our day to day Fiat currencies because Bitcoin can do more than our Fiat currencies.

How will Bitcoin become a direct competitor to fiat when it is only used as an asset class, as you said? Do any of us use bitcoin as a substitute for fiat in our daily transactions? Or do we just hold it and convert it to fiat before using it?

It can only be a rival and threat to the status of fiat if it is used for its original purpose as a peer to peer currency. But that won't happen because bitcoin has completely deviated from the original purpose for which it was created.

With bitcoin being used as an asset, bitcoin is becoming a competitor to gold, rather than fiat.

[Pauldesaints]

Bitcoin has now emerged as the best investment opportunities in recent times.as you rightly stated,The medium allows for easy fund transaction outside banking sectors.we are indeed happy to have witness the digital era.

[Rockstarguy]

Bitcoin is a cryptocurrency with several use cases, and it will interest you to know that bitcoin is serving two purposes, which is both as a digital currency and as an investment asset.

bitcoin is not cryptocurrency, bitcoin is bitcoin and the most reliable and valuable digital currency. cryptocurrencies are altcoins, it makes no sense classifying bitcoin under cryptocurrency because they are not the same.

What is your take on this very discussion.

for sure bitcoin is money which can be use in exchange for good and services. bitcoin is also a store of value, which you can invest your money in to avoid it from the effect of inflation. bitcoin is very valuable because of it different purpose it has a digital currency.