Post
Topic
Board Bitcoin Discussion
Re: Is bitcoin gradually turning away from its purpose?
by
Abiky
on 22/10/2024, 23:42:15 UTC
I don't know where the author of the topic saw that society is turning away from Bitcoin. On the contrary, as far as I can see, everyone is abandoning altcoins, because it is pure speculation. No one cares about the meaning of coins and their technology. Everyone is only concerned with the hype and earnings on them. And Bitcoin is a reliable investment that is developing more and more, and this ETF is proof of this. Yes, we all don't like regulators, but you can't say that Bitcoin is turning away from its purpose.

What the OP means is that Bitcoin is moving away from its original purpose. Not that society is turning away from Bitcoin. Where did you read that? I'm afraid the OP is right. BTC is now being used as a store of value (investment) than a currency. Satoshi always said Bitcoin was meant to be a "Peer to Peer Electronic Cash system". If people started using it as a currency, Bitcoin would've beaten banks already. It's already too late to change the public's perception of Bitcoin. The cryptocurrency is still decentralized, though. At least, that's a good sign.

I think the coin that will fulfill Bitcoin's original purpose is Monero. It constanly faces pressure from mainstream governments, often getting de-listed from centralized crypto exchanges. Market prices are relatively stable in Fiat terms (USD) over the past years. This makes XMR an ideal currency for private, day-to-day payments. Bitcoin is only 15 years old, so I would give it more time to see what happens in the long run.