Topic: What was the purpose of creating bitcoin from the beginning? (Read 1660 times)

well actually I don't have any idea what was the purpose of bitcoin at first but I think, at starting year of bitcoin after it was made the purpose is make it as an alternate for fiat as a secondary medium for transaction or maybe it is just supposed to be an experiment until it became some thing that appears to us now .

It may be a repeated or old question but I am interested to know what was the purpose of creating bitcoin?
I am pretty sure that there is a hidden purpose of bitcoin rather than being a coin.

Yes indeed and the bitcoin project has so far exceeded the expectation of many and still it is improving. It is decentralized meaning no one controls it and an alternative to banks,bitcoin really serves its purpose and even surpassing it.

It may be a repeated or old question but I am interested to know what was the purpose of creating bitcoin?
I am pretty sure that there is a hidden purpose of bitcoin rather than being a coin.

No exact purpose as to why bitcoin was created in the first place. Satoshi initially wanted to create a currency in which would combat the norms for currency as we know it--geopolitical restrictions, banks and whatnot. This project so far seemed to do good so far and proved some key points for money as we know it.

No exact purpose as to why bitcoin was created in the first place. Satoshi initially wanted to create a currency in which would combat the norms for currency as we know it--geopolitical restrictions, banks and whatnot. This project so far seemed to do good so far and proved some key points for money as we know it.

I think Satoshi create Bitcoin to give financial power back to the people, then this seems to be cenralised in the hands of big banks. In short Financial Freedom and Liberation

It may be a repeated or old question but I am interested to know what was the purpose of creating bitcoin?
I am pretty sure that there is a hidden purpose of bitcoin rather than being a coin.

Since I am not sure but in recent days I read a article in which it was  mentioned that it is the result of creative mind of satoshi nakamotov and he made it only to show the better banking system in which people individually can make deal without another agency help , but after time to time its use is going to increase and finally it results into a business partner of online money .

It may be a repeated or old question but I am interested to know what was the purpose of creating bitcoin?
I am pretty sure that there is a hidden purpose of bitcoin rather than being a coin.

I think Satoshi create Bitcoin to give financial power back to the people, then this seems to be cenralised in the hands of big banks. In short Financial Freedom and Liberation

It may be a repeated or old question but I am interested to know what was the purpose of creating bitcoin?
I am pretty sure that there is a hidden purpose of bitcoin rather than being a coin.

It may be a repeated or old question but I am interested to know what was the purpose of creating bitcoin?
I am pretty sure that there is a hidden purpose of bitcoin rather than being a coin.

It may be a repeated or old question but I am interested to know what was the purpose of creating bitcoin?
I am pretty sure that there is a hidden purpose of bitcoin rather than being a coin.

Like mentioned before, read the white paper.

(don't mind the typos, i had to write this quickly as copy+paste wasn't working.)

"Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversbile transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non--reversible payments for non-reversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party. What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distrinuted time-stamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes."

Read the white paper here; https://bitcoin.org/bitcoin.pdf

It basically explains everything you need to know.