Why was BITCOIN invented? | Bitcointalksearch.org

Solosanz

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Quote from: alexkut987 on March 29, 2023, 09:12:29 AM

Unfortunately, many people only view Bitcoin as a speculative asset, without understanding its true purpose. Bitcoin was created in response to the banking crisis that occurred in America, where numerous banks collapsed due to the continuous increase in interest rates and high inflation.

Did you refer to the recent collapse of 3 banks e.g. Silvergate, Silicon Valley and Signature banks? Bitcoin should be created in this year, not 14 years ago lol. Bitcoin doesn't created to fix the banking crisis, it's what it's, but Bitcoin is created to give an option for any person to trust their money in Bitcoin and be your own bank or you're still trust fiat money in centralized banks.

alexkut987

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Unfortunately, many people only view Bitcoin as a speculative asset, without understanding its true purpose. Bitcoin was created in response to the banking crisis that occurred in America, where numerous banks collapsed due to the continuous increase in interest rates and high inflation.

kelechi

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I believe it was invented for financial freedom and ability to earn on your own money

BALIK

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Quote from: fauzan Ichsan on March 28, 2023, 12:51:05 AM

Quote from: pooya87 on March 28, 2023, 12:37:48 AM

Quote from: BALIK on March 27, 2023, 10:55:47 PM

That's what makes bitcoin so interesting. Many traditional investors stubbornly always think that bitcoin is virtual, with no real value, so they missed the opportunity to get rich from bitcoin. We need to remember one thing opportunity is always hidden in risk, and only those who dare to take risks can find opportunities. Gold is no longer called an investment opportunity because it is so obvious, and if we wait for bitcoin to become as clear as gold, the opportunity will no longer be for us.

What is more interesting is that all these "traditional investors" are actually trading "virtual" assets, from the stock market to gold market they are buying and selling virtually. None of the gold investors actually have any physical gold stored in their homes, they either have some virtual numbers on a computer called gold or a piece of paper representing the gold they supposedly own.
Meanwhile bitcoin is real and when you own it you actually own bitcoin!

comparing gold and bitcoin for now, even though bitcoin is as good as bitcoin, gold is more trusted. therefore for those of us who are more familiar with bitcoin of course choose this asset to invest, considering that for me it is easier to store it, and protect it for the long term, without worrying about being hacked by people. and on the other hand with bitcoin, it will multiply our capital, considering that not many people know it and invest it

If you're talking about physical gold, it's more secure than bitcoin to some extent, but if it's gold on stock exchanges or forex, they're also virtual, and you don't fully own it. And if you hold too much physical gold is not necessarily safe, it can be stolen by thieves or confiscated by the government at any time. But with bitcoin, you just have to memorize the seed phrase, and no one can take your bitcoins, bitcoin still has the edge over gold in this respect.

borovichok

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Quote from: BALIK on March 27, 2023, 10:55:47 PM

That's what makes bitcoin so interesting. Many traditional investors stubbornly always think that bitcoin is virtual, with no real value, so they missed the opportunity to get rich from bitcoin. We need to remember one thing opportunity is always hidden in risk, and only those who dare to take risks can find opportunities. Gold is no longer called an investment opportunity because it is so obvious, and if we wait for bitcoin to become as clear as gold, the opportunity will no longer be for us.

In the early days of bitcoin, everyone saw the opportunity of the new project but with procrastinating and ignorance, majority of the people missed out on good entries on bitcoin. Risks envolved round the space, regularly taking risks have become a usual routine in the market. Opportunities are countless in the market, with more profitable ways to make real cash from the market. It's necessary to know about bitcoin and how the crypto market operates. Gold is a stock and volatility is high compared to bitcoin which remains stagnant in movement due to the market season.

loabiti33

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Bitcoin brings to the table a unprecedented level of freedom that literally did not exist in economy yet, it's also one of the biggest if not the biggest threat for the ones who benefit from the status quo and powers that be. This Pandora box ain't closing now, it is here to stay for the present and beyond.

WillyAp

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Looking for guilt best look first into a mirror

Bitcoin was invented to enbale people to send value from one user to another.
Bitcoin is strictly speaking a P2P network.

Abbahti10

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Only a few nations accept Bitcoin as legal cash or as a means of asset storage, but I believe it to be the market leader among all crypto currencies. In contrast to now, when it has shown to be among the most precious things on earth right now, people used to take it for granted years ago without realizing its value. Depending on how the market behaves, it calls for a lot of patience. I believe Bitcoin influences or aids in predicting the overall movement of the cryptocurrency market.

jokers10

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Quote from: bettercrypto on March 28, 2023, 12:26:39 AM

Honestly, for me Bitcoin is a big thing in my life now, because for 7 years bitcoin has been God's only way for me to make a profit somehow to live as a citizen in the country I am in.

You are also right that innovation that happens in this age is very fast, things that we do not expect suddenly happen that even the impossible becomes possible. And it's no joke, what used to be impossible to become money has now become more expensive than all the currencies in the world.

This is an interesting feature of bitcoin we found while its adoption: it can help those who start using it even while its global adoption is still on the early stage. And it is inspiratory of course. And the more people start using bitcoin the more it impacts the world economy and the more people can get their benefits from bitcoin. But I'm sure it's not the final stage, we'll see many changes in global finance and economy in upcoming decades, many of them will be inspired by the first decentralized currency.

fauzan Ichsan

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Quote from: pooya87 on March 28, 2023, 12:37:48 AM

Quote from: BALIK on March 27, 2023, 10:55:47 PM

That's what makes bitcoin so interesting. Many traditional investors stubbornly always think that bitcoin is virtual, with no real value, so they missed the opportunity to get rich from bitcoin. We need to remember one thing opportunity is always hidden in risk, and only those who dare to take risks can find opportunities. Gold is no longer called an investment opportunity because it is so obvious, and if we wait for bitcoin to become as clear as gold, the opportunity will no longer be for us.

What is more interesting is that all these "traditional investors" are actually trading "virtual" assets, from the stock market to gold market they are buying and selling virtually. None of the gold investors actually have any physical gold stored in their homes, they either have some virtual numbers on a computer called gold or a piece of paper representing the gold they supposedly own.
Meanwhile bitcoin is real and when you own it you actually own bitcoin!

comparing gold and bitcoin for now, even though bitcoin is as good as bitcoin, gold is more trusted. therefore for those of us who are more familiar with bitcoin of course choose this asset to invest, considering that for me it is easier to store it, and protect it for the long term, without worrying about being hacked by people. and on the other hand with bitcoin, it will multiply our capital, considering that not many people know it and invest it

pooya87

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Quote from: BALIK on March 27, 2023, 10:55:47 PM

That's what makes bitcoin so interesting. Many traditional investors stubbornly always think that bitcoin is virtual, with no real value, so they missed the opportunity to get rich from bitcoin. We need to remember one thing opportunity is always hidden in risk, and only those who dare to take risks can find opportunities. Gold is no longer called an investment opportunity because it is so obvious, and if we wait for bitcoin to become as clear as gold, the opportunity will no longer be for us.

What is more interesting is that all these "traditional investors" are actually trading "virtual" assets, from the stock market to gold market they are buying and selling virtually. None of the gold investors actually have any physical gold stored in their homes, they either have some virtual numbers on a computer called gold or a piece of paper representing the gold they supposedly own.
Meanwhile bitcoin is real and when you own it you actually own bitcoin!

Usdt2023

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I believe that our children's children are the ones who will truly know why Bitcoin was created

bettercrypto

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Quote from: jokers10 on March 26, 2023, 04:45:12 AM

Quote from: bettercrypto on March 25, 2023, 11:33:46 AM

What do you think is going to come out bigger than bitcoin? do you have any thoughts? Or do you just feel it?
With each passage of time, human knowledge grows and with that growth, mankind is able to create things that we cannot fully imagine.

Just like bitcoin, right? if the internet hadn't been created Bitcoin probably wouldn't have been invented in my opinion. It's only because of the internet with the technology that we have that Bitcoin was formed and created.

I don't know exactly, because like bitcoin it will be not just a new processing system, it will be a new philosophy. All forms of different distributed ledger which I can imagine are just different forms of the same idea and I think that there will be new ideas, because all economy is changing very fast right now: robotisation and AI make human work less needed and this makes everything changing. Bitcoin is good but it was made to solve known problems of an old system. One day some new progressor will invent a new financial decision for new coming era.

Honestly, for me Bitcoin is a big thing in my life now, because for 7 years bitcoin has been God's only way for me to make a profit somehow to live as a citizen in the country I am in.

You are also right that innovation that happens in this age is very fast, things that we do not expect suddenly happen that even the impossible becomes possible. And it's no joke, what used to be impossible to become money has now become more expensive than all the currencies in the world.

Gallar

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Indeed, if people want to think about what is happening in this financial system, they will definitely realize that this financial system is a game. .

and now bitcoin is here to cut this fiat money game, but still many people don't want to glance, many are indifferent and underestimate bitcoin. indeed, if you think about it logically, it will also be difficult to change people's views and thoughts about fiat money and bitcoin.
because those feelings and thoughts are deeply imprinted, so it is indeed difficult to change.

The path that can most be taken now is probably the younger generation now if the older generation or people in the past cannot be included in the thoughts and views about fiat and bitcoin, today's young people must be guided and directed towards financial freedom that actually via bitcoin.

BALIK

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Quote from: drwhobox on March 25, 2023, 08:23:56 PM

Quote from: BALIK on March 25, 2023, 11:54:44 AM

Nowadays, people are slowly forgetting the original purpose for which bitcoin was created, but I don't see anything wrong with people treating it like an investment, an asset. Thanks to bitcoin, which has helped many people change their lives and get out of poverty, bitcoin creates opportunities for everyone, the poor have the chance to get rich...Although bitcoin is not used as it was originally intended, it also benefits us.
One more thing, don't forget why the government doesn't like bitcoin, so even if bitcoin is used as it was initially intended, it will be tough to popularize or revolutionize the current monetary system.

...
But the funny part is, bitcoin not an actual investment asset.

That's what makes bitcoin so interesting. Many traditional investors stubbornly always think that bitcoin is virtual, with no real value, so they missed the opportunity to get rich from bitcoin. We need to remember one thing opportunity is always hidden in risk, and only those who dare to take risks can find opportunities. Gold is no longer called an investment opportunity because it is so obvious, and if we wait for bitcoin to become as clear as gold, the opportunity will no longer be for us.

ancafe

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Quote from: Stalker22 on March 26, 2023, 04:06:50 AM

I would say that this statement is not entirely accurate and is quite critical and doubtful. While it is true that in many countries, bitcoin is not yet widely accepted as a legal means of transaction, this does not mean that it cannot be used as a currency. Can you please provide the source of your information stating that Bitcoin is not yet legal as a means of transaction in most countries?

What I mean is that bitcoin is not yet legal as a legal means of payment in some countries and there are still many product/service sellers who do not accept bitcoin as a means of payment.

In general, bitcoin can be used as a legal means of payment, but government regulations cannot be ignored because there will be sanctions for those who violate them. Therefore not all countries and people use bitcoins as a means of payment, both direct sales and online and you have explained below?

Quote

"Bitcoin is not legal tender in most countries, meaning that merchants and individuals are not required to accept it as payment for goods and services. However, it can still be used as tender in many cases, especially in online transactions."

worle1bm

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Satoshi had a long vision and to provide us a alternate way to make payments from our end with complete financial freedom in the form of decentralisation he designed bitcoin which was a great invention.You don't need to rely on any third party for processing funds and you can transfer it globally from your wallets.It is deflationary also with fixed supply so he kept in mind the inflation factor for fiat also which makes it worthless.I would say this was great step towards our monetary freedom and we should take full advantage of the same.

Lovtiek

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Bitcoin was invented to be a decentralized digital currency that could operate without intermediaries, solve the issue of trust in traditional financial systems, and provide a deflationary asset with a limited supply.

crunck

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Quote from: Helena Yu on March 26, 2023, 01:14:21 AM

Quote from: crunck on March 25, 2023, 09:24:17 PM

But I want to ask you, what are you looking at bitcoins? I can say that 99% of market participants are for profit. If bitcoin were used only as currency or as a payment method, many people would not need it, and it would not be as popular as today. Most of the market participants are attracted by the profits that bitcoin makes, and I bet you are here for the profits too. Don't be heroic here. On this forum, only some veteran members consider bitcoin as a currency, and they encourage people to use it daily, the rest is for profit.

It's true majority of people are only looking for profit when they're buy Bitcoin, it's not wrong but if they're not understand about Bitcoin, they will blame Bitcoin when bear market happen or the price goes opposite against your speculation. That's why it's better to understand about Bitcoin and know the other reason why you're want to invest in Bitcoin.

You might never experienced a problem with your banks or centralized site, that's why you're don't need Bitcoin as a currency. In Bitcoin you can pay to anyone in this world, without need to worry about limit or restrict from banks or centralized site.

I'm not saying bitcoin is not a currency, but there's nothing wrong with it being viewed as an investment. Bitcoin has great advantages, but it is also not perfect. Banks fail but that doesn't mean all banks fail and bitcoin is too volatile. I don't believe someone has the guts to buy bitcoin for $69k and use it to pay when it's worth $28k as it is today. Both have advantages and disadvantages.

OcTradism

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Quote from: jokers10 on March 26, 2023, 04:45:12 AM

I don't know exactly, because like bitcoin it will be not just a new processing system, it will be a new philosophy. All forms of different distributed ledger which I can imagine are just different forms of the same idea and I think that there will be new ideas, because all economy is changing very fast right now: robotisation and AI make human work less needed and this makes everything changing. Bitcoin is good but it was made to solve known problems of an old system. One day some new progressor will invent a new financial decision for new coming era.

The Bitcoin philosophy can grow to be a new religion in future. I am curious to see how the Bitcoin community will grow up with time and how they will become more sustainable with time.

Dunbar's number contains an interesting theory which I think can be applied for Bitcoin community growth.

Communities could be weak in the past, early years since 2009 but in 2023, 15 years since 2009, I believe Bitcoin communities now are much stronger and will not be easily wiped out. Bitcoin is here to exist in future and its communities are there to stay and become bigger.

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