Topic: What exactly was the idea behind bitcoin? - page 3. (Read 527 times)

It is indeed capped in 21 million BTC but it is divisible into satoshi.  That way it virtually nullifies the concept of scarcity since people can have a fraction of it.


I don't believe that bitcoin is created to eradicate poverty even in some level of it because its access from the beginning until now is kinda limited to those who have internet, gadgets, and devices.  I think it is some way of disagreeing against the central institution especially the financial institution where they just create money out of thin air that causes inflation and devaluation of fiat.

Don't feel like you are missing out on the opportunity to own bitcoins, there is still enough for you to have even if only! 5 of the current supply is left.

yes, bitcoin is internet money, although there are still many who think that bitcoin is digital gold, and a digital asset that can be exchanged for fiat currencies of each country. regardless, everyone has the right to regard bitcoin as anything as long as it is in a positive context.

Regarding the re-creation of bitcoin, if it is out of mining, I am still not sure of Satoshi's consistency, which is his reference that bitcoin was only created once with a fixed amount of 21 million bitcoins. if in the end bitcoin can be mined again, then automatically the price will be cheap again.

Hello
Never be sorry for your point or what you think , I do think you have to understand the fact that bitcoins is actually something different for everyone. Bitcoins as a whole only have value depending on the person.
For some people it's a form of investments
For some people it's easy money
For some people it's a currency even though you might think that's absurd but many business have started using bitcoins now
For some people it's a way to make transactions happen internationally.
It is indeed a very different form and I do think only Mr. Satoshi can tell why he invented bitcoins but I do think it was to tackle capitalism and to have something other than fiat and stocks to invest it , something which is free from control of the centralized bodies. I think he wanted people to be more in control, more free if I may say.
Plus I do think that it started out simple but it became a moment after that. Bitcoins have been used by many countries to stand against the oppression of the state and the army. Take the case of venezuela. Bitcoin is itself a way to make your own case out of. You can use it in any way that you want. It's that versatile.
It's not just money trust me.
It's way more than that.

You are using wrong assumptions to back your claim.
Since Bitcoin is divisible there is no limit. Think of a Satoshi as a unit. If this was a problem in the future due to a high btc price we can add some more 0's later.
Also transaction volume limit is no problem thanks to solutions like lightning.

So yes, Bitcoin is the money for the internet

Check the Bitcoin white paper https://bitcoin.org/bitcoin.pdf to find out about the idea behind Bitcoin. You're welcome!

Bitcoin is really hitting its ATH, as we can all see at this point in time , well I regret it because I don't have any of it , but I have been lost in thought for a while thinking of these ,
Is bitcoin the money for the internet ?

Yes , business are starting to adopt the use of bitcoin as a means of payment , no doubt about that but at the end of the road they turn it into fiat for proper use.

So if that is the case , I don't see a world were bitcoin would be mass adopted
 Firstly , bitcoin is limited in number (21 million) and the world population is higher than that if not twice , so it can't be mass adopted.
  In my opinion satoshi was trying or is trying to bring the world together through an imaginary currency , in that process trying to eradicate some level of poverty,
 eg:
if you invested in bitcoin at an early stage it would have made you twice richer especially in countries where  there fiat price is lower than USD.  Like Nigeria($32k in naira is over 15M) .
 Bitcoin blockchain is free at the moment because everyone is holding theirs to see it next pump , imagine a point where everyone wants to transact , it makes the blockchain accumulated , high miners fees, and  imagine paying for a good with bitcoin and the seller has to wait for hours or days to receive his payment.
 We could say bitcoin is a great investment but i can't see it as a currency for the future .
 Please it is from my own point of view