Topic: What exactly was the idea behind bitcoin? - page 2. (Read 527 times)

Omg!!! You either right or wrong but to the best of my knowledge bitcoin is a digital currency meaning it’s an internet money. It’s also a store for value and can be used for different purposes, can be used to purchase things and can also be converted to other currency (fiat) but it’s doesn’t change it idea. Don’t forget bitcoin is a currency and What makes it a currency is the ability to be converted to other currencies to make life easier and meaningful. Lol

Yes, for the under developed countries it’s always big charm to get into crypto currencies due to their undervalued currency. Niara is not only currency which is like this but many more are there and those people can enjoy the royalty of holding bitcoin but obviously limited to their country only. If they want to spend over Internet then they will need to spend huge Amount of money since they will consider it as local transaction and highly priced one.

Moreover there is no issue with the bitcoin transaction even it becomes 100k or more in the future because of it divisible unit as stated earlier by some users. The fees would be overcome by increased rewards for mining I guess. In anyway developers will surely have way out for this one.

A currency can't solve poverty problems.A currency is just a tool.The crypto industry that was created around that currency might solve some poverty problems by creating jobs and letting the poor people to earn,save and invest coins.
The world is truly globalized and Bitcoin is a true global currency.However,the main reason for Satoshi to create Bitcoin was to create a currency,which is free from the control of central bankers and politicians,and therefore-free from inflation and wrong monetary policies.

Unfortunately, the traditional ideas of bitcoin are going away with the appearance of more and more people in the industry. But the main idea is freedom.

Bitcoin is created because Satoshi Nakamoto saw loopholes in the "third-party" payment method which introduced the problem of "double-spending". But this simple solution happened to be the facade of Bitcoin as it also gives way to blockchain technology. With these, the idea of bitcoin becomes the voice in the financial sectors. Looking at the federal reserve minting new paper bills to circulate the supply of money and stabilized the economy, creates mass concern. What if this inflation would continue to rise? What happened if they minted a lot of paper bills? What then? A lot of whats makes people in the bitcoin community wary and as simple as that - bitcoin becomes financial freedom - which is decentralized and trustless, with no third-parties involved (government, banks, institutions, etc.), having little inflation rate, a scarce supply of 21Million but almost unlimited due to its characterization of being "divisible" by 8 decimals. That is what Bitcoin becomes popular today, not just by merely an investment but because of people`s interest.

To make it short, the idea behind it is to get away from the banknote manipulation where paper money is controlling the world. With the creation of Bitcoin, we can get back to where we're before when we were using gold and silver. No one can manipulate our economy using those paper money in the other words, we can get away from the power of those people who manipulated the world market. Bitcoin can free us from that because we don't need them anymore when the whole world accepted Bitcoin as one of their own currencies.

For me the main idea of bitcoin simply just to widening the idea of currency in line with the innovation of technology. Satoshi founded the bitcoin because he saw some progress towards it. And even it is decentralized and unstable, he still go for it and believe that bitcoin will be a thing in the future. The unsure idea of Satoshi makes a lot of innovations and have a good impact in todays market and online cryptocurrency. I think ths simple idea behind bitcoin makes  it more progressive and attain ityet it is not finish and will continually aim for the best for the following years.

Bitcoin is still at an early stage and it has more room for development. Even though at such an early stage bitcoin has gained so much value.
It is now being treated as a multi-valued currency where some people use it as a currency, some use it as an asset and others use it as a store of value.
We can't really blame it though since it is us who use it for different purposes. It is decentralized and nobody controls it which is why it is going in a direction where majority of the people find it valuable to use it as a store of value. Developments are taking place already as the lightning network is starting to gain attention and I think many such developments in future, "might" make it usable as a currency too for majority of the people.

I think the main idea behind the Bitcoin creation was introducing an alternative form of money, omitting all the known disadvantages of it.
That is why Bitcoin assumes trust, transparency, traceability and involvement of every user in the process.

yes Bitcoin is limited to 21M but it is divisible into Satoshi.  If there is mass adoption of BTC in future people will have have a fraction of it like 0.00000001. check this out btc unit in image.

It was all about Satoshi taking power away  from the banks and returning it to the people. Bitcoin to be the first workable form of digital money that could be sent between individuals without the need to involve a trusted third party financial institution.

The goal and main purpose of Satoshi was to eliminate banks and other financial intermediaries from needing to be at the Centre of every financial transaction, and he achieved it with bitcoin.

Based on a philosophical standpoint bitcoin is what people think about it. @OP makes his point of view and standpoint about what is Bitcoin cause in reality - Bitcoin hasn`t changed yet the perspective and issues underlying fiat problems and its vision (based on whitepaper) being a "peer to peer" payment system. In fact, people with little to no understanding of what is Bitcoin would think this way... Think again, institutions are not meant to control this system - it's for the people, right?

The cap is indeed 21 million, and it is indeed one of the things that show how the price wouldn't go past the certain limit, but if you were talking about how the limited supply would hinder its usage, Bitcoin itself can be divided infinitely, without affecting the original value. From Bitcoin to Satoshi, and if needed, well, something smaller than that. And honestly enough, most are attracted to Bitcoin since it doesn't require a third party to be trusted to actually transact, and you can be guaranteed that the value and supply of it would stay as it is shown in public. It's a trustless but trusted currency.

Great comment. Even when 1 bitcoin would be equal to 1 million USD there would still be ways to distribute it and made it usable for smaller transactions. A possible problem would be slow transactions. But as newer technology comes this will be no problem. Another problem would be its user friendly-ness. I myself don't know how to use the lightning network. It's not because I will not understand it. It's the hassle of doing something like that for a 1-time transaction.

Bitcoin was created as an alternate to the traditional economic system where the control is with third party banking network. With the existence and usage of bitcoin this can be overcome, because we control our own funds. Bitcoin getting within the limit is the good with bitcoin. The limited supply helps in overcoming inflation which most of the currencies experience at present due to improper management and printing currencies in excess.

People can always use Satoshi, as most people do, so anyone who is interested can have a share of Bitcoin. 


It's not like development has stopped or anything. In fact, there's going to be a major update on Bitcoin which is the Taproot and Schnorr (though I don't know when). We also have Lightning Network which has the potential to solve transaction speed and fees. As you can see, we'll have the solution in that with time.

Yes, Bitcoin is somehow created to create a currency within the Internet. At the start, it was already used as a means of payment and I believe Bitcoin successfully reached that goal. Right now Bitcoin can still be used as a mode of payment and its also another form of investment that really involves a lot of time watching its value. Its also another thing that we can just leave and let it grow through time.

Regrettably, we have read your very words many times already. Please find below the best answer and live with it.

"The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.

A generation ago, multi-user time-sharing computer systems had a similar problem. Before strong encryption, users had to rely on password protection to secure their files, placing trust in the system administrator to keep their information private. Privacy could always be overridden by the admin based on his judgment call weighing the principle of privacy against other concerns, or at the behest of his superiors. Then strong encryption became available to the masses, and trust was no longer required. Data could be secured in a way that was physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter what.

It's time we had the same thing for money. With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.

One of the fundamental building blocks for such a system is digital signatures. A digital coin contains the public key of its owner. To transfer it, the owner signs the coin together with the public key of the next owner. Anyone can check the signatures to verify the chain of ownership. It works well to secure ownership, but leaves one big problem unsolved: double-spending. Any owner could try to re-spend an already spent coin by signing it again to another owner. The usual solution is for a trusted company with a central database to check for double-spending, but that just gets back to the trust model. In its central position, the company can override the users, and the fees needed to support the company make micropayments impractical.

Bitcoin's solution is to use a peer-to-peer network to check for double-spending. In a nutshell, the network works like a distributed timestamp server, stamping the first transaction to spend a coin. It takes advantage of the nature of information being easy to spread but hard to stifle. For details on how it works, see the design paper at http://www.bitcoin.org/bitcoin.pdf "

http://p2pfoundation.ning.com/forum/topics/bitcoin-open-source

Bitcoin and ethereum was for wealth transfer in to blockchain.
Fiat stock all will be gone and new will be crypto
But for this will be used bitcoin and ethereum .

Now everybody knows the bitcoin was created by someone very powerful.
Good brain but high fees

Divisibility doesn't nulify the concept of scarcity, neither does it nulify the limited supply. There is a fixed amount of Bitcoin and that would never be increased; if you were to buy X amount of Bitcoin, 1000BTC for example, that's approximately ~0.005 of the total supply, and regardless of how divisible Bitcoin is, that percentage would always hold.
What divisibility does is reduce the barrier of entry and as such anyone can buy in, with any capital.

You're discussing the second layer of transaction, those who bought from the merchant utilized it properly in the sense of the word. What an outlet does with your fiat after you pay is not really much of your business.
As mentioned, there are also second layer payment platforms like LN which facilitates transactions.