Is Bitcoin of any use? (Does Bitcoin have any use at all?)

Bitcoin is of no use. Bitcoin is of no use.

What do the investors in the cryptocurrency community think?

I recently read an article titled “Why is BTC a ‘scam’?” It mentioned that if a project is fraudulent, it is undoubtedly a scam. This project is actually a pyramid scheme (similar to a certain investment institution) that lures investors into the market through various promotions and even transfers funds from exchanges. Such situations are very common, “you think having so much Bitcoin is enough,” and so on…

Therefore, the article states:

Many people are now asking the difference between Bitcoin and ICO. But in reality, nobody knows because nobody knows the issuers of these projects or whether their tokens are truly valuable. Hence, this question is difficult to resolve and will never be fully resolved, not to mention ICOs, which are typical fraudulent activities and are not subject to regulation. In fact, most of them are illusions, indicating that these projects have no practical application. However, it is indeed an innovative project. We see that its code forks have been fine, it’s just that everyone describes this project differently.

Therefore, what I find interesting in this article is that it explains that blockchain technology has indeed brought many new applications, profit models, and more business opportunities. For example, blockchain can bring about significant transformations or revolutionary changes in unrelated fields. “It may take you several days to figure it out before someone tries to transfer your business to another platform.” Of course, there are also some friends who believe that this process will not disappear quickly, “at least a few companies will accept this fact.” So, they believe it is a good start.

Lastly, one thing worth noting is that many people don’t know what ICO or ICO is, and they are not familiar with the concept or related matters of real digital currencies. As mentioned before, ICO is a financing method aimed at raising a large amount of resources and financial power to help those who want to participate in ICO. However, for most individuals who want to participate in ICO, their first reaction is to directly join ICO. The second reaction is to speculate on the bubble. The third is to become a capital asset rather than a financial product, which is what CryptoKitties is all about. However, people later found out that this game became too popular.

Actually, except for the two news mentioned before, none of the others are very clear. In other words, Bitcoin itself is not a security approved by the Securities and Exchange Commission, right? There is still some misunderstanding, after all, Bitcoin as a security is not equivalent to the stock market. It can be seen if a listed company recognizes the stock price of its company. Therefore, the biggest significance here is that it belongs to security-type tokens, regulated by the government. Just like other virtual commodities, Bitcoin is not merely a financial instrument but a means of circulation in the entire market.

Returning to the market situation, after a wave of decline last night, it has been hovering with small rebounds.

Does Bitcoin have any use?

Hello everyone, I am your old friend Xiao Maoge.

Today, I want to discuss whether Bitcoin has any use.

First, we need to clarify this: Do you think Bitcoin is valuable when you buy it? If it’s not because your assets are not valuable enough or there’s no need for it, then you can’t use it! Because Bitcoin itself is decentralized and anonymous.

If you think this thing is really valuable, you can compare it to yourself. But when the price of a coin keeps rising, you will find that its actual price is still very low – even far below its true market value.

Therefore, Bitcoin is indeed useful. But for ordinary people, it is unnecessary. After all, as an investment product, many people like to use it as a hedge against risk. For example, we previously mentioned that the US dollar is a safe-haven currency, while traditional financial tools like gold are often used for speculation. Therefore, people often choose to convert some “fiat currency” into other cryptocurrencies, which can be seen as “stablecoins” similar to commodities like gold. However, this practice is not effective at all. And in the long run, Bitcoin has great benefits:

On one hand, it is a safe long-term investment with potential appreciation. On the other hand, as time goes by, Bitcoin’s volatility will continue to decrease, and investors should realize that their funds have been diversified to some extent in order to better utilize this emerging thing called Bitcoin.

Another point worth considering is that since there are people who want to buy Bitcoin and participate in mining, they must first understand the principles behind blockchain technology before deciding whether to adopt it. Of course, it cannot be specifically explained here. Currently, the most popular application scenario for Bitcoin is whether it is useful. I think the answer is very simple: 1. Bitcoin is only a means of payment and not a real value storage method; 2. Besides being used for exchange, anyone can obtain token rewards through smart contracts; 3. Buying and selling Bitcoin on trading platforms can achieve faster settlements; 4. Cross-border remittances can be completed through bank accounts or third-party applications; 5. It can be cashed like cash, with a 100,000 RMB interest in a year; 6. It can learn from other projects and models on public chains such as Ethereum, etc.; 7. Not many people know what Bitcoin is and how to use it, including ETH/EOS/XRP, etc.; 8. There are still many projects and models that are not as suitable for Bitcoin as imagined, but they all have certain uses, such as the transfer payment function of Bitcoin; 9. There may be an NFT market based on the Ethereum network in the future; 11. A new social media application may be launched this year; 20. Several well-known companies will soon release their own digital currency wallets, such as Facebook’s Libra stablecoin wallet, RippleNet’s wallet, Bithumb’s stablecoin service, etc. Additionally, a virtual currency trading card launched by a major American game company wants to create a global exchange like PayPal and Visa.