Topic: Bitcoin was created to reform money and provide financial freedom - page 7. (Read 1546 times)

Bitcoin wasn't created to solve the financial crisis; rather, it was born to resolve the traditional financial system through centralised control. Bless Bitcoin that we can become our own bank when it's been held in a non-custodial wallet. So I agree with financial freedom. Bitcoin gives us full control of our money. We can move or spend it worldwide without any third-party involvement. 

Bitcoin transactions may be running through third parties exchange or wallets but most of those centralized exchange have also made it easy for fast accumulation of Bitcoin in some part of the world like in my country. It have helped some people to even buy Bitcoin more faster. I don't know how to express everything I wanted to say but in a short word my country people are using centralized exchange to buy their Bitcoin and they are more familiar with its use. Most of those exchange have aid a wide adoption of Bitcoin. How many non third party exchange do you recommend for use and how popular are they?

I personally believe that starting Bitcoin has been one of the greatest milestones in my financial journey. Bitcoin has granted me the financial freedom, profit, and privacy that I yearn for as a human being.

Another remarkable aspect of Bitcoin is the confidence it instills in me. Unlike the uncertainties I faced in the fiat market, Bitcoin offers a sense of comfort. Its decentralized nature ensures that neither certain people nor governments can manipulate its value arbitrarily, providing a sense of security.

However, for those of us engaged with the Bitcoin community, there are currently rewarding opportunities, such as the ongoing bull run. Failing to capitalize on this favorable market trend may result in missed financial gains. As Bitcoin's value continues to soar, investing a substantial amount now could yield significant returns.

Nevertheless, I advise my friends to adopt a Dollar-Cost Averaging (DCA) approach rather than investing a lump sum. This strategy helps mitigate the risks associated with unforeseen market fluctuations, ensuring a more stable investment journey.

That's what financial freedom for, maybe yes bitcoin is created so it can be replacable for fiat currency but the thing is over alot of years bitcoin become the tool so that many people and its investors will become financial freedom, and because the community of bitcoin made by investors, made bitcoin still as powerful as now, because if they think bitcoin as tool for profit only then bitcoin should not be able to survive or not having high value right now, meaning those OG investors and newly investors taking care of bitcoin so that it will not lose its value, they make things balanced, so I disgree that people only think bitcoin as investment because for those who are already investors cared for bitcoins starus in the market that's why we are having high rewards, notice those only aim for profit in bitcoin, they are the short holders who just aim to lash out profit from bitcoin.

Bitcoin is created so we can finally gain freedom from banks and other financial entities. That way, we can take full control of our funds without having interrupted by the government and monitor our finances through banks. This is probably the reason why it’s hard for the government to legalized and accept bitcoin as a currency since they have been thinking that bitcoin will personally overtake fiat and will go against fiat currency system, but in reality only unknowledgeable about bitcoin think that way.

It was supposed to be like that but most of us now see Bitcoin as an investment tool not as a currency.
It was created to be used as a currency and be decentralized but now it is mostly viewed as an investment tool and only few use it for what it has been designed for.

Not according to the original Bitcoin whitepaper.

It is now used mainly as an investment instrument, using mostly centralized brokerages, which are contrary to its original goal, but the original intent of Bitcoin was to create a system out of the reach of any government.

For probably 99% of Bitcoin users this goal has failed since they use a brokerage and/or they don't use a mixer to hide their transactions--making them easily tracked by central governments.

Hence where we are today doesn't resemble where Bitcoin started. But that doesn't change how it started.

Great points.  Banks have adopted it for the express purpose of controlling it within the current financial paradigm. If Bitcoin is not used as a currency then its value is simply to provide a tool to banks and centralized financial institutions to siphon off some of each persons value.

I frequently see this being brought as a con, but it seems more of a pro to me. When people just want to make financial transactions, they choose fiat over bitcoin, not because it is inherently better. It's just because they prefer spending their de-valuated fiat rather than their scarce bitcoin. Being "better money" doesn't equate to being better at completing transactions.

And I'd argue that when people want to complete a transaction in private, via the Internet, cryptocurrencies are took into serious consideration now more.

Here's a thing though. Five years ago, decentralized exchanges were undeveloped. Currently, Bisq takes the first place with over a thousand of trades per week.

What matters isn't the enforced Know Your Customer on many more CEX than before per se. What matters is the legislating framework of your country that forbids you from trading decentrally. If you're forbidden to trading decentrally, and have to pass through this KYC nonsense, then that's a problem.

It has been told to you quite a lot of times already that this is only partly true.

The goal of Bitcoin--and now, generally, the blockchain architecture--is to evade government oversight into transactions.

That's it. That's all was made to do. If you wanted to do anything else, blockchain would be a massive waste of time and resources since a good centralized architecture is a thousand times easier, safer, cheaper, and faster.

(This is why "centralized blockchain" is so pointless).

(This is also why using blockchain for a CBDC is really dumb).

I think that one of the reason why bitcoin is created is to prevent a third party take or have a control over it like banks and other similar third parties. When bitcoin become known worldwide, even banks now are even finding a way to take part into it like making a wallet that requires you to submit personal documents before you can use the wallet. To tell you honestly, it already happened in my country. There are several companies have made a wallet and being regulated by the central banks. One of it is privacy and yet even some casinos now ask KYC.

Bitcoin emerged as a hope after 2008's financial crisis. My optimism is tempered by realities as I contemplate its voyage. Bitcoin threatened established finance. The current landscape deviates greatly from its original intent.

Also, I mourn the irony. Bitcoin is now part of the structures it wanted to overthrow. Our goal was to escape centralization, yet exchanges, third-party wallets, and speculative investment have increased. However, this challenge drives me.

Though I love Bitcoin, critical thinking is essential. Can Bitcoin reform money when it's a currency and an asset? Perception, not potential, matters. Bitcoin's decentralized currency potential stays unrealized as long as the public regard it as an investment.

We are also expected to adopt bitcoin and use it for our own financial benefit, this gives us the financial desires we want to have or see come through with the use of a digital network being made accessible to everyone for their privacy, its so what a pity as well seeing others not getting it right with the use of bitcoin, thinking otherwise on why it was created, those using it already knows what they stand to benefit from it which they are already seeing.

If you are really that someone who do able to read up that Bitcoin whitepaper on the time that you did step your foot into this space then you wont really be able to say up such things on which it is really just that something that cant be just right on having that kind of approach on which telling that Bitcoins existence or purpose was really that for the purpose of providing financial freedom. Well, it could potentially be able to make someones life to be changed up in terms of investment side of things but we know that not all would really be that lucky enough on making themselves that financially freed. It would be also still mattering on how well you do make out
such decisions because not all crypto investors do really ends up on successful.

Once you do able to check out the WP then you would really be able to understand on what it is all about. Its not something that do talk about financial freedom
but rather this is something that do talks about anonymous p2p transaction or simply just that talks about decentralization.

Nobody is giving up on bitcoin’s dream as a Bitcoin enthusiast. Since inception, we have seen how it has evolved and having a wide adoption and use today. Although, the main purpose of its creation must have been deviated from by many people but it still stands its ground as a means of financial freedom, free from the non-privacy of financial holdings. Exchanges came and are also serving their purposes even though it is not advisable to bank on them with your funds with them. Without them, we wouldn’t have had a lot of bitcoin holders today as the use of non-custodian wallets have become very difficult for some people to use and will always want to use the simplest way to acquire some bitcoin. Overtime, since you’re already in the space, there’s need to learn how to use and operate your non-custodian wallets for the safety of your funds in bitcoin.


The early adopters of bitcoin are the ones that have shown more concern to the use of bitcoin for the purpose it was created for, just like the man you set example to have bought some pizza with his bitcoin. People have now transgressed to explore other benefits of holding the cryptocurrency which is using it as a means of investment because of its volatility nature. I don’t have any issue but to support the all means people use the cryptocurrency for, since they all serve a purpose which has helped in the massive number of users that have embraced and are now using bitcoin for different purposes and to their own advantage.

US dollars are used in criminal activity way more than Bitcoin and remember Bitcoin is a public ledger.  Because of this Bitcoin is not an ideal choice for criminals. Also ask the question, if Bitcoin is used in crime less than fiat currencies are, why are the powers that be claiming otherwise?

The question is should we take peoples right to privacy and sovereignty away because there are criminals in the world?  Find another way to fight crime other than taking peoples freedoms.

True. But there are good reasons why KYC rules have been enforced. It's the reason why those rules exist in the first place.

It shouldn't surprise anyone that exchanges run by companies have to comply with financial laws. Only reason that didn't used to be the case for crypto exchanges is because the industry was new enough and small enough that govt wasn't even paying attention.

But for sure as a community we need to get more/better options of keeping privacy through decentralized exchanges and stuff. Though then you get into the quandry that if Bitcoin DEXes actually grew large enough to be very useful for people, that means they'd have enough volume to be useful to criminals and terrorists and the like who want to sell large amounts of money. So then, any moral creator of a decentralized exchange has to be like ok how do I stop bad people from using what I made to be used by regular law abiding people who just want to take advantage of bitcoin's privacy. But it's literally KYC/AML laws that do that, which are what take away privacy haha.

I don't know what the win-win answer for that quandry is. It's the age old privacy vs security question. People want both, but kind of like blockchain's decentralization vs capacity issue, increasing one tends to weaken the other. Only thing I can think of would be local bitcoin networks spread all over the world so you can exchange fiat-to-bitcoin and vice versa locally instead of having global large volume DEXes that are beacons to criminals. I guess that's basically what LocalBitcoins was back in the day but I'm pretty sure they closed up shop years ago.

Bitcoin was designed to be decentralized with a limited supply.  In addition, it can be transacted with peer-to-peer.  This is unlike the current fiat systems which require a trusted third party.
The purpose is no person or group can enrich themselves while devaluing the currency.  Decentralization and privacy are preserved with no third party transactions. This is a better form of electronic cash than the existing fiat systems we currently use. The US dollar is 98% digital now.

When a person works and that value is converted into a store of value (currency), the worker should custody and control this money without a 3rd party taking control.  In our current fiat system the value is immediately transferred to a bank who controls your access to it.

Money is power and the banks now control all of it. This power is used to elect politicians, create laws and influence the masses through propaganda.

If Bitcoin is adopted as a currency every system we have will be impacted in a way that gives individuals back their sovereignty.

Yes it wasn't created for that, it was supposed to be a system of online payment where the actors are the buyer and the seller, there's no middlemen like the bank, that's what's in the abstract of the whitepaper that @Maus0728 shared, at least that's what I understand from that abstrac but it didn't say that it's supposed to be doing any kind of giving us freedom but from what it did over the years, I guess you could say that it's what bitcoin gives the people, the freedom from the banks.

To me though another thing that bitcoin has given me besides the freedom is the fact that I've had my eyes opened on things that I'm otherwise blinded if bitcoin didn't lead me to believe in them.

Bitcoin is the only decentralized, peer-to-peer system we currently have and it needs to scale to handle more transactions per second.  For some reason this issue is being ignored by the developers and community when it should be the main focus.  The changes that have been made to Core recently would indicate that the developers and community want it to be slower and more expensive.


Lightning is fast but NOT peer-to-peer or decentralized.  This introduction of multiple intermediaries in every transaction will cause additional fees and transaction monitoring.  Unfortunately channel liquidity provides an issue for merchants as well.  They must provide inbound liquidity or pay a recurring fee for a 3rd party to provide it who can monitor their transactions.

The main point here is that over time the channel providers will consolidate and become the future banks.


Bitcoin has solved several problems traditional payment methods have not.  It is decentralized, peer-to-peer and has a limited supply to name a few. The only thing we need to fix is the speed of transactions.  Lets focus on that.  The solution shouldn't make it slower and more expensive. Don't centralize it. Don't add 3rd party intermediaries, and don't increase the supply limit of 21,000,000.