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 quite expected from newbies to ask such questions since they lack in the understanding the technology i.e., the terminology of how bitcoin works.
The limited supply doesn't cause deflation but increases the price due to demand which further increases the transaction fee.
This also creates volatility in the market but once it is stabilized the transaction fees comes back to lower rates and hence it doesn't cause any problems.
The stability of bitcoin is what the actual problem is and I believe it will soon be solved.