Recently, the Reddit Bitcoin community started to debate whether Bitcoin changed its roots. The claim that the cryptocurrency has “systemically failed at what it was” sparked hundreds of comments exposing a divide between those who see Bitcoin as “digital gold” and those who still wish it had become a true currency.
Once imagined as a peer-to-peer electronic cash system that could replace the US dollar, Bitcoin is now widely seen as an investment asset and not a payment method. For many, this shift represents not an evolution, but a betrayal of Satoshi Nakamoto’s vision.
What Bitcoin was versus what it is today
When Bitcoin’s whitepaper was published in 2008, its purpose was clear – a form of digital cash that people could send directly to each other without needing a bank. It promised a future where money could be sent directly, without banks, governments, or middlemen, representing a free and independent financial system.
But fast-forward to today, and it seems that most people don’t spend Bitcoin; they hold it.
One of the members of the Reddit community captured this perfectly by saying that “Bitcoin was designed to replace the dollar. It has unequivocally failed in every feasible real-world use case… It’s an asset, just like gold, not a currency.”
Others pointed out that now big financial entities, like crypto banks and large mining companies, hold a huge amount of Bitcoin. Instead of spreading power out among all users, this way, a few large institutions have a lot of control in their hands, which goes against Bitcoin’s original decentralized ideal.
Another user went further, writing: “The banks wouldn’t allow p2p cash but they’re happy with BTC as ‘digital gold.’ That should tell you something.”
A good deal argues that Bitcoin’s success in price terms has come at the cost of its soul.
However, not everyone in the community agrees with this sentiment, as some defended Bitcoin’s evolution, saying it’s still achieving its purpose but in a different way.
Related: Central Banks Boost Gold as Reserves; Deutsche Bank Says Bitcoin Could Follow
A contrasting point of view
Those who support Bitcoin’s current path say that criticizing it for not serving as everyday currency misunderstands its core architecture. Its design makes small, frequent transactions slow and expensive, which is why tools like the Lightning Network (Layer-2 solution on the Bitcoin blockchain) were built on top of it.
The Lightning Network lets people send Bitcoin almost instantly for very low fees, and is becoming more popular, especially in parts of the world like Latin America and Africa.
In fact, the amount of crypto transactions in those regions might be the main argument that Bitcoin is being utilized as a payment system. For instance, according to the data firm Chainalysis, people and businesses in sub-Saharan Africa conducted over $205 billion worth of crypto transactions in the one-year period ending in June 2025. What’s more, Bitcoin dominates when it comes to these transactions.
It seems that Bitcoin as a payment system is a much more prevalent option and solution in regions with poorer infrastructure and equally poor economic status. In places where the country’s native currency has dropped in value or there’s simply a big inflation issue, cryptocurrencies and Bitcoin are a welcome addition.
Related: The Evolution of Crypto Payments: From Stablecoins to Seamless In-App Gaming Transactions
Bitcoin in 2025 and its new phase
The introduction of spot Bitcoin ETFs in early 2024 has led to a massive inflow of institutional capital. Right now, companies like BlackRock, Fidelity, and others collectively hold over a million BTC, amplifying concerns about centralization.
Related: BlackRock Prepares Tokenized Stock ETFs, Backed by $10B Bitcoin Trust
Although payment channels continue to grow, it seems the growth is not fast enough to offset the narrative that Bitcoin isn’t for spending – at least among some community members.
Additionally, concerns over inflation, restrictive monetary policies, and the emergence of Central Bank Digital Currencies (CBDC) are driving investors toward Bitcoin as a strategic hedge, thereby cementing its ‘digital gold’ narrative.
Reddit, once a hub of Bitcoin idealism, now hosts more critical discourse. A younger generation of crypto users is increasingly drawn to the dynamic ecosystems of networks like Solana and Ethereum, which are perceived as more innovative and active compared to Bitcoin’s methodical development pace.
Evolution or failure?
Whether Bitcoin’s change is a step forward or a failure depends on the perspective.
From the standpoint of payment technology, its utility has arguably diminished, considering that fees are often high and most stores don’t take it directly.
On the other hand, if you perceive it as a new kind of money, Bitcoin has surpassed expectations by establishing itself as the first globally adopted, non-state-backed store of value.
Bitcoin’s essence was always more ideological than technical, since it represented a vision of individual autonomy and a challenge to centralized financial control. But as it integrated into the very systems it sought to replace, that idealism began to fade.
This, however, may not signify a failure, and instead could mark a natural growth from a currency of resistance to a foundation of financial independence.
In the end, regardless of which Reddit community side you take, Bitcoin might not be the new dollar, but it has successfully become the new gold.
Related:JPMorgan Analyst Predicts a “Baton Exchange” From Gold to Bitcoin
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Source: https://coinedition.com/from-cash-to-gold-how-reddit-community-feels-about-bitcoins-identity-shift/