Topic: What exactly was the idea behind bitcoin? (Read 527 times)

Bitcoin is created as an alternative currency for fiat, there are many benefits of having a bitcoin. There are many things that bitcoin is now giving to me, first is that I am using it for online payment, second is that I am using it to earn money, that is the usual or common thing that bitcoin could give to people because a lot of people now are thinking that bitcoin is really good for earning money, well that is also possible but it is not easy as that.

You have answered it already.
The purpose of having Bitcoin is to give you an alternative way of payment(cashless) and we are adopting it now. Many people will look that impossible and they'll think just a scam thing which is absolutely wrong and that also a reason why you don't have any from this because you might belong with them.
But if you believe and trust the idea of why satoshi brought this into the market and see big companies are investing this, you will find how potentially beneficial it was.

"Firstly , bitcoin is limited in number (21 million) and the world population is higher than that if not twice" higher than what? What the hell are you talking about? there about 8 billion people ionn earth. What hs this got to do with anything? Have you never heard of fractions before?

"if you invested in bitcoin at an early stage it would have made you twice richer" err ok? It will depends on when you bought them how can you say twice?

Right now I agree with you somewhat about the transactions. The high fees are not nice and not what crypto was really meant for.

Satoshi Nakamoto created Bitcoin for the purpose of financial transactions on the internet without intermediaries or not using bank services. So Bitcoin
can be said as the money for the internet, but the system works without a single administrator which is called a decentralized currency. Therefore
Bitcoin can be used to buy goods or pay for services, just like money in the real world. But many also make Bitcoin a digital asset, because it is
very profitable and many people have become rich because of it.

It is true that bitcoin serves as a digital money or as we all know cryptocurrency which can be earned and can be seen mostly in online. This digital money is oftenly used in online gambling, online transactions and even in online playing bills. Bitcoin somehow manage to adopt the innovation of technology in the 21st century where mostly used today also because of pandemic is hassle free or digital. The idea of bitcoin is to have a decentalized yet changing coin in the market where we can be used as a source of income. In trading, rhis kind of coin are mostly used because it is also hassle free to send money online and as the year passed by, bitcoin started to developed and change time by time. Every year it improves.

Bitcoin is currently being used as digital money in some country.The power of bitcoin is blockchain, that's way bitcoin can be easily transferred from one place to another.Many countries currently allow bitcoin,so in the future all countries may allow it as digital money.

Have you heard about blockchain technology? That's actually the essence of creating this bitcoin. It was created beyond expectations , the conveniency, data security, etc has been adopted by many companied nowadays.

It's also been used today as  digital payments because if you can noticed new trends like electric payments, ewallets are going to be popular especially pandemic hits our economy.

Actually in your doubt this part of the answer to your informational conjecture about bitcoin, just conjugate in the present tense and maybe it could be valid, but you must add and change the negation in the sentence to "... I can see it as a currency for the future ".

That is, the "idea" of bitcoin is running and is a success, it works, due to its configuration in the 21 million it allows to have an inflationary "control" over the emission of available bitcoin, so there will always be a satoshi for whom want it and can buy it.

In other appreciations, in effect the mining and disposition of bitcoin in the result of a transaction has its "times" but it is not a problem, it is a characteristic of bitcoin. In general, those who do not understand bitcoin associate this as a problem, but it really is not, bitcoin works like this, for now in my humble opinion it works great, if you want bitcoin to arrive fast, pay the right rate it is that simple.

Now, for the times to come, scalability is needed, yes and no, anyway there are already improvements that are being used, but the sum of all this even if bitcoin does not change anything, it is undoubtedly the currency for the future.

Bitcoin is a consensus network that enables a new payment system and a completely digital money. Bitcoin is a decentralized digital currency, without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining.

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet.

World richest people like bill gates behonde btc.
The bastards rich

Also, it is for those who doesn't want to endanger their lives because of their wealth. Because of it's pseudo feature, you can't tell whether what's the status in life of someone unless you're already had a Big name on your state.

Can be very evil people beghind the btc just make your money with btc and through away
In this world only safe way is to hold cash

We dont control btc we dont know who did so what you dont know you dont tryst trust

Decentralisation is its main difference from fiat currencies or other digital currencies under any government. Cryptocurrencies are not regulated directly by any banks or authority. The idea of Bitcoin in my perspective is a currency for freedom. Free of tax, faster transactions, and anonymity in some aspects. But to get close with the reality Bitcoin is not being used as it was meant to be. Nowadays cryptocurrencies not only Bitcoin  are more popular on investment purposes. Which I think is a great example that idea on something that was created could be altered by how will it be used by people.

Bitcoin is the internet's money. Not only that, it's the future's currency. Sure, bitcoin can't totally eradicate fiat, no doubt about that, but it will be massively adopted through the world.
As for the limited supply of bitcoin (21 million), it is true this can't go round if we are to have 1btc each. Don't forget, however, that bitcoin is divisible. Its unit is Satoshi. 1 Btc is 100 million Satoshi which means you can buy in units.
As to what Satoshi was trying to do when he created Bitcoin was to return financial power and control back to the masses. He wanted to take power from centralized institutions like banks and the government and give those power to the people so they'd have control over their own money.

That's right, sometimes it seems to me that people did not read the whitepaper at all, it says about it on the first page.

From a user perspective, Bitcoin is pretty much like cash for the Internet. It is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. Another factor, is that bitcoin in encrypted. If you are donating to a political party, for example, and fear persecution, Bitcoin is perfect for this. It is also what makes it a criminals choice, especially for money laundering purposes.

It depends on each people on how they want to treat bitcoin. To me, bitcoin is a true form of money as long as there are people willing to receive bitcoin instead of FIAT. The supply and demand theory has made the price of bitcoin increases years by years since more people want to own their bitcoin for several reasons.

Being capped at 21 million is not a weakness of bitcoin but it has made bitcoin invulnerable from the inflation. While fiat is controlled by the central bank, they try to devalue the money and always defend that it is good for the economic system because of the stability that the inflation can bring. Moreover, bitcoin is developed by a special team which understand what people want and their desire. And there is a concept of splitting bitcoin even smaller part than satoshi. About the congesting problem, many upgrades have been installed to the blockchain such as SegWit and lightning network which provenly make transactions becoming faster

Therefore, dont hesitate to hold more bitcoin unless you are not a true fan. Will you choose to be the pioneer? or just a imitator

People wanted a currency after the Financial Crisis that would not be regulated by a central authority. When people placed their trust in a bank, the bank lost the money of the customers and the government printed more money as a firefighting measure, which in turn reduced the value of money already in circulation in the country. Since no maximum limit was imposed on the number,There was still some unpredictability and confusion about the decline in the value of people's money with money that could be printed by the government.

By setting the maximum number of Bitcoins that could ever be in circulation and the pace at which fresh Bitcoins would be generated, Bitcoin solved this issue. The maximum number and the output rate cannot go beyond the limit set.The coding used in its design is the reason. Also, for easy verification, this code is made available to all to ensure that no more Bitcoins are created.

In this way, the value of each Bitcoin relied only on the market supply and demand and was free of all sorts of government interference, such as when, for different purposes, the government arbitrarily changed the value of a currency.Now, whenever we make a transaction with our stored money, to verify and confirm our transaction, we rely on a third-party vendor (i.e. a bank). There is no guarantee that the seller won't get greedy with our money and make risky investments, like what happened in the 2008 Financial Crisis. By empowering users to directly remove the need for third party intermediaries, Bitcoin has eliminated Negotiate with each other.

You simply need to build a Bitcoin account (called a Bitcoin Wallet) on your computer or your smartphone to store your Bitcoins. This wallet is more like your actual wallet and behaves less like a vault. In this situation, you are your own banker and, as our conventional banks do, the wallet does not take decisions on its own. Since the wallets are owned by different companies.Negotiate with each other.The code used in their design is made available to everyone who wants to study it and open to them. This ensures clients that their deposits will remain safe.

The same idea I have before when I wasn't fully convinced to put my time in Bitcoin and cryptocurrency, that is Bitcoin has a limited supply of 21 million. Over time, I understood that the scarcity of Bitcoin's supply is what makes it profitable and could induce more mass adoption. In the first place, you don't need to acquire an exact amount of 1 BTC and above to consider yourself a bitcoin user. That is why we have many denominations for Bitcoin. There we have satoshi which allows us to count faster. Refer to this image:


The scarcity of Bitcoin is what makes it possible for people to race up to acquire the largest amount of Bitcoin they could, as they know that in the future, acquiring 1 BTC will be so hard but it doesn't take the opportunity for them to be restricted in using BTC.

What about the transaction fees?

The upgrade of Bitcoin to Segwit when you are using a ledger nano, or try to look in a block explorer, states that we can save more transaction fees with Segwit. This means that the Bitcoin network can still be improved to decrease the fees and make it more convenient for us to use Bitcoin in the future.