Topic: What was the purpose of creating bitcoin from the beginning? - page 2. (Read 1660 times)

Since the author is unknown and he had no paper declaring the mission and vision of the said bitcoin project we have no fix and definite purpose that really defines the intention of the creator. Yes, you are right that people, the users who are using bitcoin will give purpose to bitcoins existence. There are many theories as why bitcoin was created here are some weird opinions:

1. Bitcoin was created by big time syndicates so they can do transactions without being monitored by any law or government organizations. It is black market money.

2. Bitcoin was created in an effort to escape from the tyranny and slavery of the present financial system. It is made without a center to free the society from the harassment of the banks. It gives freedom to the people to enjoy their investment and also the interest coming from it. Its main intention aside from being a revolution currency it tries to replace fiat currency and rewrite the world financial system.

3. Bitcoin was created by the creator simply because he wanted money, he even hide himself so that no one will accuse him of being greedy holding a huge volume of bitcoins. Nonetheless he created bitcoin for profit.

Its a little like science project, based on whitepaper of bitcoin from creator.
It was developed, it solves bysantine problem but purpose? People will give purpose to it

It was an attempt to decentralize the economy. The fiat system currently used is open to gov't manipulation. Just look at how many times China has been accused of artificially devaluing the yuan. Bitcoin on the other hand relies more on the demand for it, if more people want to buy bitcoins, you can expect the price to increase.

Another difference from fiat is the bitcoin supply is limited. With fiat the government can simply print more money as they see fit. The non-infinite property of bitcoin is not really much of a problem anyway since unlike fiat it's can be divided into very small units that it's still usable even if its value goes through the roof.

Well that was just a really short explanation. Bitcoin can be quite complex. Even I haven't fully understood all the workings involved. Sometimes I would stay up a night reading about it and it makes me dizzy. "What is forking?" etc... I suggest you do the same. There are people who do not like questions like your's being asked here in the forum.

Instead of spamming for 3 cents, couldn't you take the bloody time to read and see that what you mentioned has already been DIRECTLY linked & quoted?

Looks like these threads are honeypots for spammers.

Go and read satoshis white paper and you will get the purpose straight from the horses mouth as they say.  any other reason behind bitcoin is just a theory.  google bitcoin white paper and it should come up.

Are you asking for a hidden purpose of for the main purposes of bitcoin?

We all know about the main purposes.You can google them.

I don`t know about any secret purpose.

If you are looking for the best answer, you can read Satoshi Nakamoto's paper.

The biggest purpose of bitcoin was to fight the inflation and to create a worldwide payment system that isn't controlled by anyone, neither the government or neither an organization, which provides a high trusted system for the users.

Bitcoin was an experiment to make a decentralized digital currency and overcoming the double spend problem. The anonymity, fast transactions and steady supply are all just side effects. (Which are part of what makes it so great of course)

"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"

bitcoin was made to be an alternative to the central banks that screw everyone

it was merely because of the decenralized aspect to offer a money system where you don't need to trust a central authority

this is what bitcoin is all about, the partial anonimity, fast transaction etc...are all a bonus

And you have it there, just go through it and your curiosity will be satisfied not only for you but for quite a number of people here at this time including myself to get a broader understanding of the uses of Bitcoin beyond the narrow view we might have had previously. I am clicking it now...

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.

Bitcoin was created to be used as currency without any central body manipulating its supply/inflation like in usual fiat. Also bitcoin was created to give financial freedom to people so that they can securely store their wealth with themselves rather than in banks trusting them.

I don't see any hidden purpose of bitcoin.

Bitcoin was created to destroy the current system that can manipulate or monopolize the economic (money) by the invisible hand/government/or anyone who have the power.
Bitcoin was made for revolution of honest currency like silver and gold. There's nobody can control them, and bitcoin was created like that. Decentralized.

Why questioning the purpose of creating bitcoin from the beginning 
 It is very convenient way of paying without entering any credit or debit card details and annoying confirmation
Bitcoin can be used mostly anywhere and it can be currency in future

Why Bitcoin being invented ,
It's obviously for our conveniently and make us easy to transferring money world wide.  And less inflation unlike Fiat . Bitcoin has it own limit there won't be new Bitcoin will be " Print out". 
I really appreciate to whomever creating this awesome currencies. He undoubtedly a genius! Who is satoshi nakamoto , that the main question. Who is Rothschild we all know

What is the actual purpose, that Mr. Nakamoto would be able to tell but I can tell that bitcoin became a phenomena after becoming live. It is a path braking innovation which has changed the course of internet money. People are getting benefited from bitcoin in a good way.

I won't say that bitcoin is being used only for legal things, but if you use bitcoin for right cause, it will benefit you only. Otherwise, take it as an investment and never sell your bitcoin for another 5-7 years. You will be able to fulfill some of your childhood dreams with the power of bitcoin.

At the beginning its been created as a storage value token used for transaction as well for anonymous usage. This in a short got used as a payment gateway and further on more and more adoption its potential rose in relation to time and value. This made users to consider as a source or a currency similar to our local currencies which has got only digital form.

It's all here in the first few paragraphs: https://bitcoin.org/bitcoin.pdf

Bitcoin is a puzzle piece that can fit within many different puzzles.
It was created because the time arrived in which it could be.

Do you ask your parents for the purpose of your creation?