Here is how I see things.
Bitcoin has been launched as a consequence of the 2008 Crisis. Bitcoin was supposed to become an alternative to the Banking system.
To create an alternative to it, you need either a Currency or an Asset like Gold. Bitcoin was initially created and shaped in a form closer to a Currency than an Asset. But arguably, it did also have many characteristics of an Asset. I mean. Even today, it is still compared to Gold by a lot of people. This is why I think it is not LOSING its identity but instead, it is becoming simply more clear to us how it is perceived by people.
Some see it as a Currency, others as digital Gold. And I think it is fine to see these two sides. There is no thing wrong in that. I did see an increasing number of Posts asking whether Bitcoin is failing on its objective, but I think it is not failing yet at all. It is the opposite actually, it is thriving!
The only reason I would say it is slowly boiling a failure is the lack of Privacy. With so many Blockchain Analysis companies running like crazy for a way to de conspire each and every Transaction possible and to create links that should not have been created, I think this is the only way it is failing. Other wise, it is truly thriving so far and there is no identity crisis.
Bitcoin has been launched as a consequence of the 2008 Crisis. Bitcoin was supposed to become an alternative to the Banking system.
To create an alternative to it, you need either a Currency or an Asset like Gold. Bitcoin was initially created and shaped in a form closer to a Currency than an Asset. But arguably, it did also have many characteristics of an Asset. I mean. Even today, it is still compared to Gold by a lot of people. This is why I think it is not LOSING its identity but instead, it is becoming simply more clear to us how it is perceived by people.
Some see it as a Currency, others as digital Gold. And I think it is fine to see these two sides. There is no thing wrong in that. I did see an increasing number of Posts asking whether Bitcoin is failing on its objective, but I think it is not failing yet at all. It is the opposite actually, it is thriving!
The only reason I would say it is slowly boiling a failure is the lack of Privacy. With so many Blockchain Analysis companies running like crazy for a way to de conspire each and every Transaction possible and to create links that should not have been created, I think this is the only way it is failing. Other wise, it is truly thriving so far and there is no identity crisis.
Lack of privacy is more of a feature than a bug. You see, transparency allows us to detect malicious actors on-chain. Satoshi wanted Bitcoin to be a transparent cryptocurrency just to make it immune from corruption, manipulation, and fraud. You can always remain anonymous by changing to a new address per transaction, sending round amounts, or even using a mixer. While Gold mining and supply is controlled by governments, BTC is all of the contrary. At least for now. Besides that, BTC's supply is predictable. Gold is not. We know that there will only exist 21m BTC, but we can't tell the exact amount of Gold in existence. New deposits are being discovered as we speak.
I'd say Bitcoin is what you want it to be. Although, centralized exchanges and institutional investors have driven Bitcoin away from its original purpose (banking for the unbanked), that doesn't mean all hope is lost. The majority uses BTC as a store of value to make lots of money in the long run. But you can use it as a currency for cross-border payments if you wish. This is thanks to the way Bitcoin is designed. One would hope BTC not only replaces Gold in the future, but also traditional Fiat currencies. If we put our minds to it, anything's possible.
