Bitcoin debate as a payment method versus a value reserve is ongoing. With prices consistently exceeding $ 100K, the relentless impulse of ETF emitters and Bitcoin Treasury companies, and the inevitable institutionalization of space, the use of bitcoin for small payments seems more strange than ever.
But Jack Dorsy is right to say that Bitcoin fails if it is only a value store and is not used for payments?
Bitcoin as a payment method
Bitcoin was fundamentally created as a means of payment, a real form of electronic cash for private transactions of equal to equal, while its value storage status appeared later as an additional benefit. As the creator of Bitvm Robin Linus states:
“Bitcoin’s purpose is payments: the value warehouse is just an orderly by -product.”
Over time, the dominant narrative around Bitcoin has changed strongly towards the “digital gold” and institutional investment, and many influential voices, such as Dorsy and Linus, argue that this loses the original spirit of the project and changes its long -term relevance. Linus reinforced the historical perspective, declaring:
“The Cypherpunk vision was clearly electronic effective for private payments of equal.
DORSEY doubled his statement, saying:
“I think it has to be payments to be relevant in everyday life, otherwise, it is something that buys and forgets and only uses in emergency situations or when you want to get liquid again. So I think that if you do not make the transition to payments and find that case of daily use, it simply becomes increasingly irrelevant. And that is a failure for me.”
Satoshi’s words leave no doubt
The first communications of Satoshi Nakamoto, emails and the infamous technical document of Bitcoin make it clear that Bitcoin is cash, currency, money and payments. Its intentions for Bitcoin as a payment method are unequivocal.
In the first emails with ADAM in 2008, Satoshi described Bitcoin as an innovative method to build electronic currency in peers, refer to previous digital cash projects and focus on payments.
He wrote about the work test as a way of enabling the currency in a distributed time server, making clear the intention of glass payments.
Change of narratives: from currency to active
Over the years, the narrative has changed. The institutionalization came in ETF, the marketing centered on the “number number” (NGU) and the Bitcoin conversations such as portfolio coverage.
While brings more broad liquidity and acceptance, these changes have possibly removed the ecosystem from the solutions that benefit everyday people and cases of use of real world payments; A divergence of Satoshi’s vision.
While Bitcoin’s rise as a value reserve has been known, he has eclipsed its true base in private digital payments in pairs.
Some of the strongest voices of the project, Dorsy, Linus, Swan and even Satoshi, remind the community that genuine and universal utility depends on embrace Bitcoin as money in action, not just storage money.
Bitcoin’s audible host, Guy Swann, asked for a serious public debate, labeling characters like Dorsy and Linus, and other influential members of the Bitcoin community such as Michael Saylor, Saifedean Ammous and Adam Back:
“I want the best here to bring real arguments. Not only slogans, moral position and appointments of the technical document.”
Relegating Bitcoin to a mere value store runs the risk of losing the original vision and utility that once distinguishes it. The future of Bitcoin as a payment method depends on a community willing to challenge the prevailing narratives and restore the approach to payments and adoption of the real world.
