Topic: What was the idea behind the creation of Bitcoin? (Read 303 times)

Then you're supporting @OP for break the forum rule.


The first thing before creating a new thread is using search engine to know if the thread had been created or not, if yes then he shouldn't post it instead of bump the old thread. It ain't stopping, but it's important to not keep spamming.

Yep, only one from 22 unnecessary topics, right?

I really like your explanation, short, concise and easy to understand. Indeed, “financial independence” is the goal for which bitcoin was created. Whether we use bitcoin as an investment, a peer-to-peer payment method, or turn it into our own bank...it all helps us become financially independent. Bitcoin not only provides the opportunity for financial freedom but also gives us full control over our assets without having to depend on any organization. So no matter what people use bitcoin for, it doesn't take away from the idea behind its creation.

Bitcoin has a long history, and bitcoin is not the first to become a digital currency. Before bitcoin there were digital currencies but they all failed. Bitcoin was the first successful digital currency and the idea of ​​bitcoin has been around for a long time through the cyhperfunk community. I don't know much about this, just read a bit and tried to create a discussion about it but no one commented

A small summary of Cypherpunk

But not many people seem to care about the history of bitcoin, what they care most about is the price.

You can't blame those people for converting bitcoin to fiat immediately after receiving payment because bitcoin's volatility would hurt their business. Although Satoshi's idea of creating bitcoin was to become a currency, it was early adopters who turned bitcoin into an investment and spread it to this day. It was the early adopters who turned bitcoin's goal of becoming currency in a different direction, not today's businesses.

But in short, we cannot blame anyone including the early adopters, because we are also looking at bitcoin as an investment while we all know the real purpose of creating bitcoin, we have no right to blame anyone.

Yes, this is the simplest explanation of the idea of Bitcoin creation, for our financial. We can have our own bank that is accessible anymore, anytime without any centralized institution controlling it.
The reason also I am amazed is the ability of it to be used for payments, and I believe that as soon as most people start to adopt Bitcoin, we will experience massive transactions for Bittcoin using it as a payment method.

Financial independence means not being tied to any party or not depending on central authorities such as banks or the government.
The main idea is a decentralized digital currency using Blockchain Technology that allows all transactions to be recorded in a ledger permanently and cannot be deleted by anyone.

Anonymity is also the idea behind the creation of Bitcoin, although not absolutely but this will be enough to protect the security and privacy of Bitcoin or crypto users.
and Bitcoin also has a limited supply of only 21 million Bitcoins and it still hasn't been mined at all.

Created as a digital currency for payments, this is still a pro and con as not many adopters are doing it because it is hindered by different government regulations.
This is a challenge for Bitcoin, whether there will be more adoption in the future.

In short, to alternate fiat and have full control over your fund which means financial freedom that can be used mode of payment as a "Peer-to-Peer Electronic Cash System".

That's the idea of why Bitcoin was created and additional information will be found on the Whitepaper.
But as of now, some people see Bitcoin as a digital store of value, similar to gold, due to its scarcity and potential for long-term appreciation.

This topic has been discussed here many times.
Check it before creating existing topic.

Satoshi’s reason for creating is not a mystery. The financial systems we have was designed to control the masses and keep us in check. I see a lot of bitcoin vs fiat based discussion but what people who find themselves in these discussions miss is that cash is not the problem. What is coming is much worse, CBDCs will forever change the financial systems and how we live our lives. We will have to give up our freedom because every transaction you do will be recorded by the government.

CBDCs is the complete opposite of bitcoin, the dangers of CBDCs is overwhelming and yet people are lured to it with the promise of convenience.

For me, the idea behind Bitcoin creation is financial independence where people don't have to trust the third-party financial institution in transferring money.  It is all about the financial transaction freedom and the banking of the unbanked.

It is also stated that Bitcoin was created to be a currency to use for payments.

Cryptocurrencies are a rapidly evolving field and it is becoming increasingly difficult to stay up to date with the latest developments. If you want to succeed in the crypto space, it is important to understand the basics and constantly learn.

Bitcoin was created in 2009 by Satoshi Nakamoto, whose identity remains unknown. Bitcoin was designed to be a decentralized digital currency that is not controlled by any organization or government.

When it comes to success in the crypto space, there are a few things to consider:

Learn and stay up to date with the latest developments. Cryptocurrencies are a rapidly evolving area and it is important to stay up to date with the latest developments. Read books, articles and blogs to stay up to date with the latest news.

Start small. Don't invest all your money in cryptocurrencies. Start small and increase your investment as you learn more.

Don't forget about safety. Cryptocurrencies are valuable assets, so it is important to keep them safe. Use a secure wallet and don't store your keys online.

Also, cryptocurrency can be very useful in business, at least in payments for services. This is done using crypto payment gateways. Such payments are many times more convenient and safer than with traditional currencies. To find out more about this, I advise you to visit best crypto payment gateways.

Good luck with your bidding!

From my perspective,the idea behind the creation of Bitcoin is to enable individuals have more control over their finance, rather than put it all in the hands of banks.
It is also to enable individuals encounter ease when transacting across borders as compared to the high fees/charges that regular banks would request for.

Well most people do not realize that bitcoin wasn't the first of its kind. There were plenty of projects since early 90s that tried the same thing, there are plenty of examples of it at all times. However, what wasn't accepted today, is vastly accepted today; centralization. Bitcoin was the first one that created the blockchain behind it, none of the others had it, and that trustless peer to peer currency idea was finally created with a software that backs it up, which was just an idea before, but bitcoin managed to make it a reality. What we had in the 90s was things like the tokens we have today, where you pay a person to create a token, and they may steal it, or they may make it, which wasn't accepted back then.

Bitcoin was created for the society, for people like us to bank upon ourselves without any need of the involvement of a third party. The mediators have been removed through crypto and we can do P2P through exchanges and get our money in minutes where one sends from one corner of the world and the other guy receives it at other end, totally borderless, instead of waiting for hours and paying high charges through Swift and other banking institutions' services. Btc was created to let people decide what their money's value is, instead of keeping it fixed at 1:1 ratio and still looting them in the name of service charges and other miscellaneous charges.

Those was the original ideas for the "use case" for Bitcoin as a currency, but most people saw the phenomenal profit potential in using Bitcoin as a commodity and they started to hoard it.

The wild fluctuation in the price are not ideal for businesses to accept Bitcoin as a currency, so they started to make use of payment processors to convert all Bitcoin payments into Fiat currency...and that defeats the purpose of using Bitcoin as a currency. 

You have made a good point here, we should definitely know about the purpose and aim of something we are going to use or at least we should give a second thought to why people prefer BTC to keep their funds in instead of fiat. Most people do not want to learn the basics of crypto instead they just want to earn money in the first night and they want to become rich overnight. And they don't care about the decentralization or security factors.

They just want money, even if they have to scan their faces to earn free satoshies. Actually, I have come to that about an app named as satoshi where the person has to scan their face. People now don't care about centralization, decentralization, or security or anonymity and what benefits are there in using the BTC.

I was reading a topic that says BTC has performed more than what Satoshi might have expected and he is totally right about it because BTC is now being used as an asset to store the value, people are not holding BTC instead of using as p2p which Satoshi has expected and made BTC for but people are now using it beyond the expected limits.

You have mentioned some good reasons, but making transactions in BTC doesn't make you a user of decentralization, or the beneficiary of the anonymity factor. Because to be a user of decentralization, you should use the decentralized platforms to trade in BTC and to benefit from the anonymity factor, you should prefer to take measures like don't trade on CEXs and trying to obfuscate as much as you can. Try to hide IP etc.

The point is, that you have created a good topic, but it still needs more words for an explanation. And the main idea was to create a peer-to-peer decentralized platform that could be used as a payment method between two entities. There must be no intermediary to deduct huge fees and ask for A to Z documentation.

I also created a relevant topic in which I shed light on the same question which is to teach others why BTC is better than fiat or banking system. Topic named as --> To Understand the Potential of BTC, What we Must Know?

Yes, that's true, because not only in crypto but also to all fields of life (i.e. whether it is a skill, a career or a trade), as learning the basic is one thing that can never be over-emphasize, and as such, to become successful in Crypto, one need to understand the basic principles and terms used in crypto related conversations.
But that can only be possible when you use a non-custodial wallet, and avoid hodling your BTC on an exchange whereby you own the private key to your funds.
And that can also be possible when you don't use an exchange where KYC is compulsory, as you may be force to do kyc, and as such your identity is reviewed.

In simple words the Bitcoin was created to ease the way of transactions that banks and other centralized authorities make harder for us. Bitcoin was created as a global currency and anyone in the world could use it without any restrictions. It was a tiring work to convert fiat currency of one country to another country's fiat but Bitcoin made that thing easier for us because we can use same Bitcoin in any country we want and we don't even need to carry the burden of any extra fees. The Bitcoin is simply the best solution for most of our financial problems and that's why people recommend others to invest in it because the Bitcoin investors are free from the trap of inflation and they can have peace of mind even in times when inflation rises to very high levels.

Unfortunately, I have to disagree with you, knowing the idea behind any other thing could help one become successful in that thing, but not with Bitcoin or cryptocurrencies in general.

I will give you an example, and I am going to use the motor car as an example..

We have many great and expert drivers on the road, driving several types of cars, but ask this drivers how the car engine functions - majority of them will tell you they don't know, atleast, they don't have to know how a car engine functions to be a good driver, and those who claim to know will tell you something that is totally opposite how a car engine truly function..

There are several millionaires and Billionaire today who achieved that status by investing in bitcoin early, yet, they know nothing when it comes to the technical part of bitcoin, or the real purpose why bitcoin was created, what matters is, they know that bitcoin is money that can appreciate and depreciate in value, and beauty of bitcoin is that, you don't have to know any of those bitcoin technical stuff, or some extra purpose, aside the fact that bitcoin is money, to be a successful bitcoin investor and hodler, directly the opposite of what you said or assumed.

And another correction, bitcoin transactions can be tracked, If I know your bitcoin address, I can monitor or track all your transaction, If I know Elon musk's personal bitcoin address, I can monitor all his bitcoin transactions - except the person uses a mixer.

Maybe you consider talking more about yourself than bitcoin for now since i don't think you know much about it yet, starting with the way you make your title and the first line on your post content shows that you're a newbie indeed and you need to concentrate more on learning than talking more about what you have little idea on, learn to proofread your posts, then also learn to make use of the search button bitcoin this had already been discussed and i don't see the content of your thread created with something new than we've all been told, maybe you can read the white paper to have broader understanding about bitcoin, then always make use of the forum search engine before making a post to know if it had been discussed already.