Topic: What is the fundamental goal of bitcoin (Read 474 times)
More and more use for Bitcoin keeps coming by as Bitcoin becomes even more popular more investors are discovering new usefulness for Bitcoin that is even beyond finance and replacing the traditional fiat currency. Bitcoin been the digital gold of the time is gradually making it's way even into politics where the government tries to salvage the countries economy through holding
Being an inanimate object, Bitcoin can't have any goals which it would need to pursue to achieve something of high importance. However, people who are using bitcoin in their everyday affairs do have such goals. These goals may vary significantly, but sometimes there is a particular and most important one which successful attainment may satisfy the vast majority of people. In my opinion, bitcoin may serve as a convenient, uncontrollable by authorities, medium of exchange with which to more effectively calculate all prices that exist and will exist, profits and losses, and also economic activities that take place in our world. People will make more rational decisions, they will evaluate risks more accurately, they will save more frequently, they will be happier overall if they are given an economic frame of reference that is more stable, harder to manipulate, and easier to predict an outcome because it is based on algorithmically sound monetary policy.
According to the goals that are mentioned on the whitepaper of Bitcoin by Satoshi Nakamoto, they are:
1. To avoid the involvement of a third party while transacting the money.
2. Bitcoin comes with the condition of publishing real time transactions while keeping your identity safe and still verify the trade.
3. To avoid heavy taxes or fees charged for transactions that are done within the people of different countries.
1. To avoid the involvement of a third party while transacting the money.
2. Bitcoin comes with the condition of publishing real time transactions while keeping your identity safe and still verify the trade.
3. To avoid heavy taxes or fees charged for transactions that are done within the people of different countries.
I do not in anyway think that bitcoin's fundamental goal is to replace our traditional currencies. Bitcoin is in no competition with any currency cause the initial purpose wasn't to settle minor needs.
I could agree to the fact that it serves as an alternative to our traditional currency even though I can't say that was it's fundamental goal but yes, so many persons this days prefer the use of Bitcoin to Fiat currency because of the decentralized nature of Bitcoin and the fact that it does not allow for third party has also added to it reasons of been preferred.
I could agree to the fact that it serves as an alternative to our traditional currency even though I can't say that was it's fundamental goal but yes, so many persons this days prefer the use of Bitcoin to Fiat currency because of the decentralized nature of Bitcoin and the fact that it does not allow for third party has also added to it reasons of been preferred.
From the given options I would choose freedom to be the most appropriate one as per my perspective. Bitcoin provides us freedom on how to use "our" money.
One thing I would say is that it's goal is definitely not to replace traditional currencies but just to provide an alternative payment method.
It is a way of P2P payment method which does eliminate the need of a central bank. It gives us the power to own our money without needing someone else to hold it for us.
One thing I would say is that it's goal is definitely not to replace traditional currencies but just to provide an alternative payment method.
It is a way of P2P payment method which does eliminate the need of a central bank. It gives us the power to own our money without needing someone else to hold it for us.
Bitcoin allows a decentralized peer-to-peer transfer of value without any reliance of 3rd party entities. The sort of "end goal" is going to totally depend on a person's opinion, and definitely not something set in stone that everything should agree to. I'd even go as far as to say that we don't necessarily need to agree on whatever Satoshi said in the past.
This pretty much sums up the goal on why BTC was created in the first place- to provide for financial freedom where 3rd party institutions are not involved in any of our transactions. While it may sound dangerous, it has been proven that without the reliance of these 3rd parties, there has been success as to financial freedom on how users transact their money.
This is also one of the reasons on why the government is hesitant to view/consider it as a form of alternative currency due to the dangers of anonymity.
Bitcoin's fundamental goal is to provide facility of send money online with digital way. It is advanced currency and many of companies accept it as a payment asset. In future it will be accepted in anywhere.
BTC won’t replace traditional currency. The goal is to cut of the 3rd party like banks and government from play when sending transactions anywhere in the world without borders or restrictions. When we send millions in banks, we are required to provide additional supporting documents before getting approved to transfer, especially overseas. BTC is the opposite of it, by just simply loading up our wallet and do a few clicks to send money to another person without requiring approval from the 3rd party.
It is true that Bitcoin has proven to be more effective at sending money overseas, because it does not need to go through third party approval.
So I find it very helpful to use Bitcoin, besides the process is much faster, it is also cheaper to send money using Bitcoin overseas. So Bitcoin is
a very good alternative to traditional currencies, hopefully all countries can accept Bitcoin as payment. Because after all Bitcoin will not replace
traditional currencies, Bitcoin only as an alternative to traditional currencies, because Bitcoin still has shortcomings and cannot reach all areas
in a country. So the government does not need to fear that traditional currencies will be replaced by Bitcoin, if Bitcoin and traditional currencies
co-exist it will be much better, because the two will complement each other.
bitcoin can be used to increase income but not for official payments
Wait, what?Afaik you can buy almost everything using Bitcoin as long as there is a merchant who accept it. And it can be use as a payment where no third-parties needed and it's free from the hassle of waiting in line. Bitcoin is already giving us a freedom of carrying our money to almost everywhere without worrying if you can use it if you go to a different country because someone might tagged you if you are carrying huge cash while traveling. That's the freedom of owning a cryptocurrency although the idea of switching currency like using Bitcoin might be under in a big debate since not everyone would like to use Bitcoin.
I think the only purpose of bitcoin is to deposit money and withdraw it from anywhere even all over the world without involving third parties so it is safer for individuals who use it to deposit and withdraw their money in it.
and no one can block it because it is in the public domain and every transaction has a different transaction and moreover every transaction will be recorded and transparent and I think that's the freedom felt and completely controlled by its users, although most say bitcoin to replace fiat seems difficult because they will complement each other.
and no one can block it because it is in the public domain and every transaction has a different transaction and moreover every transaction will be recorded and transparent and I think that's the freedom felt and completely controlled by its users, although most say bitcoin to replace fiat seems difficult because they will complement each other.
Never mind all those people who said that Bitcoin was created to replace the currency that we are using, which is Fiat. Bitcoin was never created for such purpose, and if you read the white paper or anything about Bitcoin from the true source, there was no way that it was said at all that Bitcoin was created for such. Bitcoin was only created to be an alternative means for us when making transactions. It was created to make transactions easier and also more affordable.
Because, with Bitcoin every transaction you make will be fast and also defines your pain will be cheap, especially for transactions that are going abroad. All those people who you see saying that Bitcoin was created to replace Fiat are just some crazy fanatics who don’t even know what they are saying.
Bitcoin was never created to be a currency, it was never meant to be something you'd spend on your Sugar, Coffee and Pizza. Bitcoin is for larger transactions, buying properties, and of course, store of value, digital gold, the ultimate weapon against inflation and keeping your money from becoming worthless over the years. Because, with Bitcoin every transaction you make will be fast and also defines your pain will be cheap, especially for transactions that are going abroad. All those people who you see saying that Bitcoin was created to replace Fiat are just some crazy fanatics who don’t even know what they are saying.
In my opinion, changing traditional currencies can also be like that,but the difference is that not everyone can, because people have different knowledge because they have to do it carefully in today's technology.
.basically bitcoin can be used to increase income but not for official payments
.basically bitcoin can be used to increase income but not for official payments
Never mind all those people who said that Bitcoin was created to replace the currency that we are using, which is Fiat. Bitcoin was never created for such purpose, and if you read the white paper or anything about Bitcoin from the true source, there was no way that it was said at all that Bitcoin was created for such. Bitcoin was only created to be an alternative means for us when making transactions. It was created to make transactions easier and also more affordable.
Because, with Bitcoin every transaction you make will be fast and also defines your pain will be cheap, especially for transactions that are going abroad. All those people who you see saying that Bitcoin was created to replace Fiat are just some crazy fanatics who don’t even know what they are saying.
Because, with Bitcoin every transaction you make will be fast and also defines your pain will be cheap, especially for transactions that are going abroad. All those people who you see saying that Bitcoin was created to replace Fiat are just some crazy fanatics who don’t even know what they are saying.
Unfortunately you can only pick one point out of your list. I wanted to choose "To provide alternative to traditional currencies" and "To provide freedom". In my opinion bitcoins were not created to replace traditional currencies, but rather to provide an alternative and reduce the pressure on fiat money.
With bitcoins and other crypto currencies we have a lot of freedom compared to highly regulated fiat currencies. When bitcoins first came out most of us wouldn't have believed how far bitcoins will come in such a short period of time. The only problem that I see is that governments are still trying to figure out ways on to deal with bitcoins. The freedom we have now could be limited in the future through thougher oversight and regulations.
With bitcoins and other crypto currencies we have a lot of freedom compared to highly regulated fiat currencies. When bitcoins first came out most of us wouldn't have believed how far bitcoins will come in such a short period of time. The only problem that I see is that governments are still trying to figure out ways on to deal with bitcoins. The freedom we have now could be limited in the future through thougher oversight and regulations.
But with the recent events that happened on this world, started from covid where all people starts to doing anything from home and recently facebook which the name is meta rightnow announced something called metaverse will be happen in the future, i'm more confident that cryptocurrency will replace traditional currencies in the future.
Cryptocurreny is more common right now compared to previous years, numbers of people known with crypto is 2 times or 3 times comapred to last year so i think it's a starting point to make that things happen
Unfortunately you can only pick one point out of your list. I wanted to choose "To provide alternative to traditional currencies" and "To provide freedom". In my opinion bitcoins were not created to replace traditional currencies, but rather to provide an alternative and reduce the pressure on fiat money.
With bitcoins and other crypto currencies we have a lot of freedom compared to highly regulated fiat currencies. When bitcoins first came out most of us wouldn't have believed how far bitcoins will come in such a short period of time. The only problem that I see is that governments are still trying to figure out ways on to deal with bitcoins. The freedom we have now could be limited in the future through thougher oversight and regulations.
With bitcoins and other crypto currencies we have a lot of freedom compared to highly regulated fiat currencies. When bitcoins first came out most of us wouldn't have believed how far bitcoins will come in such a short period of time. The only problem that I see is that governments are still trying to figure out ways on to deal with bitcoins. The freedom we have now could be limited in the future through thougher oversight and regulations.
...to provide freedom to everyone on how to use money[/li][/list]
This is what I really like, unfortunately, without real adoption this wouldn't happen as even though we can use bitcoin for transactions we still need to convert it to fiat to use for our daily or regular expenses. As of now, bitcoin is only viewed as a great investment,not a paymnet system, so it does fall only to alternative currency.
BTC won’t replace traditional currency. The goal is to cut of the 3rd party like banks and government from play when sending transactions anywhere in the world without borders or restrictions. When we send millions in banks, we are required to provide additional supporting documents before getting approved to transfer, especially overseas. BTC is the opposite of it, by just simply loading up our wallet and do a few clicks to send money to another person without requiring approval from the 3rd party.
There are no bots. BSV with a higher transaction throughput is out to show that bitcoin is scalable. And is doing it in a short time
Don't tell me you're a BSV fan. 
[...]
pooya87, thank you, this is exactly what I wanted to hear ... I confess I didn’t believe that the situation in BSV is so sad, at least I thought that among the names of the developers there would be at least one respectable one who would dissuade everyone from the policy of artificially stimulating miners.And one more thing ... as far as I understand, the Bitcoin Association is behind this transactional spam?
the basic purpose of bitcoin in my personal opinion is to give freedom to manage our finances, without having to follow a third party, actually the presence of bitcoin is not against the government let alone replacing fiat currency, why the government banned bitcoin, maybe the reason they can't take control of bitcoin, that's why bitcoin is always a challenge for the government..
I don't think that replacing traditional currencies is a realistic prediction. For one, fiat doesn't seem to be doing bad enough. Moreover, it's an enormous transaction load that Bitcoin simply won't be able to handle. Not to mention that there's no way strong economies would abandon their national currencies which they can control fairly well in favor of something very volatile and decentralized like Bitcoin. As for providing an alternative, it's a very reasonable formulation. Indeed, it's a different type of money that has its own features, compared to fiat. So it does function as an alternative and can continue to do so even more in the future. As for freedom, it's hypothetically an important point, but I don't think it's going well. After all, most of us still need bank accounts and depend heavily on fiat.
Jump to: