These are some of the foolish things I have seen people do with Bitcoin. I mean we all know that the supply of Bitcoin is fixed and we also know how valuable these coins are. Instead of accumulating them, people are just spending them?

This is like a barter system where you give away gold to get a TV in exchange. There is no doubt that Bitcoin has excellent potential as a payment method, but treating it as a digital asset has more value than using it purely as a payment method. Personally, I believe in HODLing my coins. I have seen Bitcoin grow from 400$ to over the 100k usd mark. So instead of spending it, I do rather hold it and potentially make good profits in the future.

Since everyone has a reason why they adopted Bitcoin, every purpose that it's being adopted for is very useful, mate. Every user is needed to drive the demand and circulation of Bitcoin. If you think one user case deserves more attention than the other, how do you force more attention in that direction? Meanwhile everyone will still adopt Bitcoin based on what they want to do with it. Assuming someone wants to buy and just hold for the sake of making profit, you can not force them to spend it, can you? While if someone doesn't also want to hold but only buys Bitcoin when ever they want to send money to someone in another country, you can not force them to hold.

So, it's not about the user case that deserves more attention, everyone has their reason for buying Bitcoin and you can not decide what they do with it, neither can you force more attention to only one purpose it should be used for.

Initially that was the intention of Satoshi, a P2P currency but can see that the level of adoption has made Bitcoin become very valuable therefore people in their masses now see it more as a store of value than just a peer-to-peer electronic currency. Well everyone has the right to do whatever they want with their Bitcoin.

While some choose to speculative with it, spend it on less profitable things etc, those who believe in Bitcoin’s potential choose to use it as a store of value by holding. Dude you're never foolish to transact with Bitcoin, remember that it's an alternative means of transaction even though people are now encouraged to hold it longer.

Bitcoin was primarily introduced as a digital money that allows users transact directly with one another without relying on a central authority or trusted third-party financial institution. But how it functions in reality today is a bit different so the most useful purpose of Bitcoin is mostly dependent on the kind of financial problem you're tryna solve with Bitcoin. For some people today, Bitcoin is majorly treated as an investment asset while for others, it's mostly used as a payment medium especially for cross-border transactions because of how seamless it is. All these are very valid means of Bitcoin usage.

But if there's any useful case of Bitcoin that deserves attention, I think it's surely the use of it for everyday transactions. Since we don't need a third-party interference, we should push towards making Bitcoin a more global currency in our daily transactions that the current ratio.

 I don't know if you have read the whitepaper or heard it in the forum that the core reason of Satoshi Nakamoto creating bitcoin was to buy and sell goods and services online and that is why it is called digital currency. If the supply is fixed or limited, it is only the p2p can make it cycling around the world but hodling it down in one place will make the supply come to an end. And it is when the p2p is fully utilize that miners will have a large rigs.

People are praying day and night for the different country government to adopt bitcoin as their legal tender so that citizens will use bitcoin as their p2p transaction daily and every second and you are calling it a "foolish thing". I don't know what to say on this. I saw your comment but I was like why?

Very true, remittances is a usecase that gets underrated I think. My only qualm is whether or not people in those countries can easily use a crypto exchange in their respective countries. Sure, LN settles very fast but if the exchange is not optimal, either in terms of KYC, liquidity, etc., then that negates the benefit of "near zero cost".

True as well. Calling BTC as "token" is a mistake which I corrected in my previous post. Exchanges and some wallets classify BTC along with other ERC-20 tokens. Its not uncommon to see BTC in the same screen as ERC-20 tokens. So its understandable that newer users make this mistake but its by no means a correct usage of the word.

Satoshi created bitcoin to give financial freedom to people so that, they no longer rely on intermidiary to help them carry out their transactions but use p2p method and I feel that's the most important thing about bitcoin. This was why Satoshi made it to be decentralized. However, due to the increase in adoption rate that led to the increase in value, some investors have seen it as a store of value and invested into bitcoin to preserve their wealth because the Fiat system has been a failure in keeping value.

This question is subjective. Satoshi came up with a brilliant idea, which is to create a p2p payment system that eliminates the need and trust in a centralized intermediary to process this payment. This also created the possibility of full asset control—which is basically self custody. These are real utility, but this is not attractive to the majority of users out there. I'm pretty sure that, if Bitcoin just stopped at this, most people would likely use it just for international remittance and not day-to-day payments, because we do have a lot of electronic payment systems for shopping that is arguably doing better than Bitcoin in that regard. If that were the case, we would have fewer holder, fewer whales, and a significantly lower price. This will be a problem especially to miners—but I guess the difficulty won't be as high as it is now 🤷🏽‍♂️.

The fact that Bitcoin is a store of value—with its fixed supply and difficulty in mining—it became truly an attractive gem. Miners are encouraged to keep on mining seeing the price will go up—as a reason of it being a speculative asset. So...I think the most useful utility of Bitcoin is it being a store of value, even though this shouldn't be the case.

I am not saying that the P2P use case itself is foolish. I am calling those people foolish who are spending this scarce asset like Bitcoin, on ordinary goods when they have an alternative currency available for the same freaking transaction.

The white paper explains the reason why Bitcoin was designed that is for peer-to-peer transactions without relying on a trusted third party. But that doesnt mean people cannot evolve and change the use case according to the economic conditions. Also the white paper doesnt explicitly state that every Bitcoin holder is mandated to spend their coins. Hence, I called them foolish. They have opportunity to make money from these valuable coins, but instead of holding they are deciding to spend it.