In your own words: What is the purpose of Bitcoin? - page 4.

Kprawn

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Quote from: saturn643 on September 25, 2015, 11:45:04 PM

Bitcoin provides a irreversible payment system money transfers from one person to another, with no 3rd party necessary.

That might have been the goal, until all these payment processors jumped in on the action to make a quick buck and then suddenly claim that they were hacked or that they

distance themselves from Bitcoin, when they grown enough to stand on their own feet, like "Circle" just did.

Most people are so handicapped by their use of the fiat system, that they cannot handle the financial freedom that Bitcoin brings to the table. It's like a type of fiat

Stockholm syndrome. Angry

...They accept and love their captors. https://en.wikipedia.org/wiki/Stockholm_syndrome

afriezalie

sr. member

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Bitcoin is used for anonymous transaction, investment method, and online payment method for me. Also it can be used to perform an international trading without money changer and high fee.

saturn643

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Bitcoin provides a irreversible payment system money transfers from one person to another, with no 3rd party necessary.

Falconer

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To keep anonymity of your transaction, so no one could track what have you done with your money. Even if they could track your transaction address, still they have no idea what kind of the address is. Full control of your money.

chennan

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Quote from: sukamasoto on September 25, 2015, 09:51:20 PM

This currency will change the transaction trend on the future. With bitcoin, all transaction will more faster and efficient rather than using other currency. We can carry money without carrying physical money just like credit card but ofcourse bitcoin is better because it has lowest fee

But if the banks start using blockchain technology and start implementing it to be able to easily transfer fiat money on a global scale with low fees just like how bitcoin is doing right now... wouldn't bitcoin just die in your own opinion? To me this is the biggest potential killer for bitcoin right now, because fiat has obviously been here a lot longer than bitcoin has, and if it just takes the technology that makes bitcoin so popular for payment systems... then fiat will forever remain the dominant force for payment.

sukamasoto

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Black Panther

This currency will change the transaction trend on the future. With bitcoin, all transaction will more faster and efficient rather than using other currency. We can carry money without carrying physical money just like credit card but ofcourse bitcoin is better because it has lowest fee

chennan

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Quote from: apriyani420 on September 24, 2015, 02:48:19 PM

i believe its purpose is to change the old system of money, i believe bitcoins have a lot of potential of growing more and more in the future hopefully it will become the main currency in the world

I think so too, but it's also to capitalize on something that could be finite in the digital world. Having only 21 million bitcoins that could ever be obtained is going to be the best thing for bitcoin imo. It's literally like having digital gold, where the amount of gold on earth is limited and only so much can be mined up; but with bitcoins, it's like having gold where you can pay anyone anywhere in the world with it.

A little better than back in the day when people would have to carry around a sack of gold coins to pay for goats and cattle.

pereira4

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Im pretty sure satoshi intended Bitcoin to do a very simple thing: Move wealth from A to B without intermediaries, worldwide.
Of course, I say simple ironically, because the technology behind it is what makes it a trillion-dollar marketcap worthy.

apriyani420

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i believe its purpose is to change the old system of money, i believe bitcoins have a lot of potential of growing more and more in the future hopefully it will become the main currency in the world

BTCBinary

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The purpose of bitcoin is to disrupt the current financial and economic system. And it already is!

johnyj

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Beyond Imagination

Enlightenment

Perfectly suit this modified quote from The Matrix

"The fiat money system is humanity's slavery. But when you're inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people bitcoin is trying to save. But until it does, these people are still a part of that system and that makes them its enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it."

newcripto

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The purpose of Bitcoin to have a cashless,worry free digital currency whom you can access and use anytime from anywhere to everywhere without having need to use traditional ways.

michnelli6

sr. member

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No government involved in bitcoin. So, it can act freely for any country. This is the purpose I guess bitcoin was created. Bitcoin generally free of all sort of regulation a traditional money has. So, bitcoin users can use bitcoin across any country. This is the purpose satoshi has created bitcoin as a decentralized money.

bitgolden

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Leading Crypto Sports Betting & Casino Platform

Fast transactions with very less fee is the benefit we can get from bitcoin. I would say bitcoin is created to prevent wasting money on transaction fees. By using bitcoin, we can save huge amount of money which were usually spent for transaction commissions. Bitcoin works electronically so, you can send or receive money almost instantly.

bitwarrior

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The purpose of bitcoins is to become the next global currency without the limits of a central governing agency.

Denker

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To disrupt the whole entire financial industry and to speed up the coming the death of all these existing zombie banks out there who put most of us in financial slavery the last decades.

dothebeats

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Cashback 15%

Whenever I see a definition of bitcoin replacing the traditional monetary system that we have right now, I couldn't help but cringe at that statement. The idea of bitcoin, though good and very promising, will never replace the traditional fiat currency. It may for the first time in forever help people manage and control their own money without the help of any other intermediary banks or governments, but bitcoin would never, ever replace fiat. That's how I see it, at least.

neochiny

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Crypto.games

i my own words what is the purpose of bitcoin?
well for me the purpose of bitcoin is an advance technology.
that make all people in the world as one.
like they are using only 1 world currency through the internet.
this is really awesome and i think its purpose also is to unite all of them.

ObscureBean

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Well, as you correctly assessed, you are indeed naive, Bitcoin is no different from any other forms of money. Changing the medium will not 'repair' the system, you'd have to change human nature to do that.

evillive

newbie

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Merit: 0

time to control your money yourself

Topic: In your own words: What is the purpose of Bitcoin? - page 4. (Read 4645 times)