Post
Topic
Board Bitcoin Discussion
Re: Is Bitcoin truly losing its identity?
by
MiningMike
on 11/12/2024, 02:03:02 UTC
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.

I think it's fine for people to see it in different lights, some want it as a store of value like gold while others are hoping it'll function as a daily currency. But you're right, the privacy issue is a big concern. With all these blockchain analysis companies out there, it's becoming harder to keep transactions truly anonymous.

I still believe bitcoin is thriving but if it can't address the privacy concerns it could lose some of its original appeal