I believe that Bitcoin, is not turning from it's original purpose, instead it is diversifying and becoming more innovative, meaning that it's added investment features is what is making it's adoption to be growing faster. Why it seems like the original p2p intention of Satoshi Nakamoto, for creating Bitcoin, is turning away from it's purpose is because hodling it for investment is more profitable, but that doesn't mean that people are no longer using it for p2p to make payments for transactions.

Although because people hodl Bitcoin more for investment, they hardly use it for payments, they'd rather use fiat, but I believe that if more businesses starts to accept Bitcoin, as payment, it will encourage more hodlers to be making payments with it.

Bitcoin was initially created as a peer-to-peer electronic cash system intended to replace traditional fiat currencies for everyday transactions.
Due to the volatility and appreciation of Bitcoin as we pass the West, people are increasingly adopting Bitcoin as an investment asset. Consider using it for transactional use as well as for future savings.

So we can say that the original purpose of Bitcoin has not changed but people have started to think and view Bitcoin differently. It is being used for future planning and people are starting to trust Bitcoin more and more to keep their large amounts of money safe for a long time and get double, or triple benefits from it.

That is exactly false.

Bitcoin was never intended to replace everyday transactions, and the blockchain architecture makes anything close to that absolutely impossible.

Bitcoin was invented to give people a way to transfer value who could not safely use normal means. Satoshi never intended to replace the normal banking system, and he would have looked like an idiot if that's what he said he was trying to do since it's technically impossible.

The purpose of bitcoin is clearly explained and it’s for the use as alternative to the traditional fiat currency. Overtime because of the other secondary benefits of having bitcoin, people have now delve into the investment aspect of it and that has made bitcoin a more recognisable and recommended asset to be invested in. It can’t move away from its main purpose, it just will suit more what the person wants to use it for and it’s all good in both ways. Its volatile nature that gave it the investable value is what a lot of people have leverage on and it’s the best for it, because it has encouraged more use and adoption of it while maintaining its decentralized system.

Yes; indeed, bitcoin was not created to replace the banking system but to allow money to flow more securely from one person to another and to avoid bank jingles. Bitcoin was introduced to avoid high inquiries and high fees. The main thing to keep in mind is the fast service and it is also true that the faster you can transfer your large amount of money to another person through Bitcoin, the banks can't deliver that fast, and Bitcoin is one of the fastest ways to transfer money in the world right now.

For example, if you are going to the bank and want to send 10 million dollars to someone, how much time do you think it will take to send it from one bank to another person's bank? If you send the same transaction through Bitcoin, it will take you only a few minutes and your message will reach the other person and no one will know, only you or the person you have sent it to. So the main purpose of Bitcoin is to provide financial privacy and decentralization and that purpose stays.

High inquires, yes. High fees, no. Bitcoin transactions can cost up to $50 these days, which is more than most wire transfers. And at the level you are talking about, nobody would care much about the price in any case. Satoshi very intentionally designed Bitcoin to be slow and expensive (a.k.a. the proof-of-work model).


You are correct that the original goal of Bitcoin was to allow people to transfer value in such a way that it could not be tracked by governments. (That is no longer technically true since there is chain analysis).

But almost nobody has a real need to transfer millions of dollars secretly. Indeed, in virtually every valid business scenario, the counterparties of a transfer of that size very much want to be identified in a real way such that there is legal force behind the transfer, not just a technical detail.

Most people don't want to conflict with their government, either out of fear of being caught or plain honesty. For those people, bank transfers work just fine for large amounts of money.

And for small amounts of money (viz. under $10,000), Bitcoin (and blockchain generally) is not technically suitable.

So without Bitcoin's original purpose meaning anything anymore, Bitcoin's only purpose in life today is that of a meme investment instrument.

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.

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.

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.

The cap is a great tool to ensure that BTC won't inflate itself, however, in the future, anything can happen in the space like crypto
I don't think it will be in our lifetime, though.