I am struggling to understand how Bitcoin is going to be used.
I know its long standing coin, gold like qualities, not hackable etc. But when it comes to how it can be used, I could not find any answer. High transaction fee, limited coins cause deflation, too volatile etc. General public, corporations cannot use it. Gold is different, there is nothing like gold but we have better coins than this.
Will this be used for only speculation, betting? How would general public / institutions use it in future?
It is fairly common for people to misconstrue the true significance of bitcoin, reducing it merely to speculative activities. The true potential of Bitcoin lies in being a method of value transfer. Yes it is true that it is mostly the mining community that is using Bitcoin for its true purposes, but we are seeing positive news from all around the world, like from Zimbabwe, where Bitcoin is being accepted as a method of payment. We still have a long way to go, but we are getting there!