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After all the years I'm still having trouble comprehending what Bitcoin - and Bitcoin in specific - is useful for aside from speculation. I get that Ethereum an

After all the years I'm still having trouble comprehending what Bitcoin - and Bitcoin in specific - is useful for aside from speculation. I get that Ethereum and several other cryptocurrencies have the ability to execute code on the blockchain, enabling useful applications, and that stablecoins could be used for everyday payment due to it not fluctuating wildly (at least in theory). As I understand it, Bitcoin has neither of those characteristics. Can someone enlighten me on what it can be used for then?

CyanBird 6y ago
The Chinese Central Bank has smartly labeled Bitcoin and other Crypto as "Digital Gambling Assets".... So that should give you an idea...
gjs278 6y ago
stablecoins can be manipulated and not have the actual value backing them. and they can be reversed.
dorgo 6y ago
Bitcoin is usefull as an entry point and a figurehead of the crypto world. Its fame fuels/advances other projects. It also has a historic value (first crypto currency). What was the first computer useful for? Probably for more than bitcoin today, but its value was not its usefulness at the time.
- ausbah 6y ago
  the first computers were used in the study of nukes, code breaking, and filling out firing tables for artillery. the first computers did have geninuine use cases and weren't just cool looking toys or something
- needle0 6y ago
  I get the historical relevance and figurehead aspect, but to follow your example, nobody actually uses the early first computers (ENIAC, UNIVAC, Altair, etc.) anymore -- everyone today uses their improved descendants. Why hasn't the same happened in Crypto? Hasn't its functionality been pretty much superseded by later improved coins?
Tepix 6y ago
Bitcoin can be a cautionary example for what happens when development grinds to a halt because of internal power struggles. Today, bitcoin's underlying technology is unable to evolve, other crypto currencies have surpassed it and bitcoin will probably be taxed or outlawed due to its contribution to climate change.
- genidoi 6y ago
  Bitcoin is digital gold. The technology of it needn’t evolve further than the technology of casting a gold ingot, storing it safely or transporting it. And FWIW, transporting $1M worth of gold in a secure way is going to cost you significantly more than BTC’s worst Tx fee day. Other coins can serve the purpose of everyday transacting etc.
  - needle0 6y ago
    Though, wouldn't the BTC price fluctuating in the wrong direction one day instantly blow past whatever transaction fee there is? It seems way too volatile for long-term storage...
  - Tepix 6y ago
    Are you saying that BTC is only of value for people investing $1 million or more? It appears to be less useful as time goes on. QED
nicky0 6y ago
A decentralised, borderless, irreversible payments system, not tied to any state or government or bank, near-impossible for even the most powerful entities to censor or manipulate. There are some useful features in there.
- JoshTko 6y ago
  This comment should be higher up. But interesting that HN is still very much unclear of BTC's core benefit.
- needle0 6y ago
  But aren't those benefits also available in other cryptocurrencies that came later, with various added features and capabilities (eg. anonymity, stability, DApps, etc.) thanks to the benefit of hindsight? Why haven't the cryptocurrency mainstream (those who see value in crypto aside from speculation) abandoned Bitcoin and migrated en masse to those newer coins?
  - nicky0 6y ago
    Simply no alternative has gained sufficient network effect to displace it. The answer might be more in behavioural psychology than technical arguments. That said Bitcoin's conservative (small c) stable development process might weigh heavily into trustowrthiness with buy money players.

CyanBird 6y ago

The Chinese Central Bank has smartly labeled Bitcoin and other Crypto as "Digital Gambling Assets".... So that should give you an idea...

gjs278 6y ago

stablecoins can be manipulated and not have the actual value backing them. and they can be reversed.

dorgo 6y ago

Bitcoin is usefull as an entry point and a figurehead of the crypto world. Its fame fuels/advances other projects. It also has a historic value (first crypto currency). What was the first computer useful for? Probably for more than bitcoin today, but its value was not its usefulness at the time.

ausbah 6y ago
the first computers were used in the study of nukes, code breaking, and filling out firing tables for artillery. the first computers did have geninuine use cases and weren't just cool looking toys or something
needle0 6y ago
I get the historical relevance and figurehead aspect, but to follow your example, nobody actually uses the early first computers (ENIAC, UNIVAC, Altair, etc.) anymore -- everyone today uses their improved descendants. Why hasn't the same happened in Crypto? Hasn't its functionality been pretty much superseded by later improved coins?

Tepix 6y ago

Bitcoin can be a cautionary example for what happens when development grinds to a halt because of internal power struggles. Today, bitcoin's underlying technology is unable to evolve, other crypto currencies have surpassed it and bitcoin will probably be taxed or outlawed due to its contribution to climate change.

genidoi 6y ago
Bitcoin is digital gold. The technology of it needn’t evolve further than the technology of casting a gold ingot, storing it safely or transporting it. And FWIW, transporting $1M worth of gold in a secure way is going to cost you significantly more than BTC’s worst Tx fee day. Other coins can serve the purpose of everyday transacting etc.
- needle0 6y ago
  Though, wouldn't the BTC price fluctuating in the wrong direction one day instantly blow past whatever transaction fee there is? It seems way too volatile for long-term storage...
- Tepix 6y ago
  Are you saying that BTC is only of value for people investing $1 million or more? It appears to be less useful as time goes on. QED

nicky0 6y ago

A decentralised, borderless, irreversible payments system, not tied to any state or government or bank, near-impossible for even the most powerful entities to censor or manipulate. There are some useful features in there.

JoshTko 6y ago
This comment should be higher up. But interesting that HN is still very much unclear of BTC's core benefit.
needle0 6y ago
But aren't those benefits also available in other cryptocurrencies that came later, with various added features and capabilities (eg. anonymity, stability, DApps, etc.) thanks to the benefit of hindsight? Why haven't the cryptocurrency mainstream (those who see value in crypto aside from speculation) abandoned Bitcoin and migrated en masse to those newer coins?
- nicky0 6y ago
  Simply no alternative has gained sufficient network effect to displace it. The answer might be more in behavioural psychology than technical arguments. That said Bitcoin's conservative (small c) stable development process might weigh heavily into trustowrthiness with buy money players.