I don't know if Satoshi intended to use bitcoin as an investment when he created it, but in the bitcoin's whitepaper, he never mentioned that. Bitcoin is a peer-to-peer currency, he said, but since its launch, early adopters have turned it into an investment and spread this to this day. Most of the newbies to this field in recent years only consider bitcoin as an investment, an asset and few know that it was created to be a currency.
If we just want to talk about what's going on, bitcoin is being treated as an investment asset instead of being used the way it was originally created.
Yes, we can still use it as a currency and that will never go away. But with the limitations that bitcoin is facing like volatile transaction fees and network congestion, using it as a currency will be more difficult.
If we just want to talk about what's going on, bitcoin is being treated as an investment asset instead of being used the way it was originally created.
Yes, we can still use it as a currency and that will never go away. But with the limitations that bitcoin is facing like volatile transaction fees and network congestion, using it as a currency will be more difficult.
Exactly. The majority considers Bitcoin an investment rather than a currency. We can blame mainstream media for this. With spot ETFs approved in the US and abroad, the situation is even worse. BTC is now proclaimed as the next "digital gold", instead of the next "digital currency". It will never "beat" Fiat this way.
I think it's already too late to change the public's perception about Bitcoin. Especially when centralization is the dominating force of the industry. BTC by itself is decentralized, but centralized exchanges and institutional investment firms control most of the circulating supply. Besides, the main Bitcoin blockchain has limited transaction capacity. That, coupled with volatile market prices, makes BTC more suitable as a store of value than anything else.
Altcoins such as Litecoin and Dogecoin are better suited as a currency. Yet, people only get into these coins to make a lot of money. Perhaps, people will begin using BTC as a currency once CBDCs take over the world by storm? One can only hope.
