Bitcoin Forum

I am having this question in my mind for sometime that did Satoshi ever thought to make bitcoin a mainstream currency? Or did he just wanted to create merely an anonymous commodity which could be used for transactions as a side line currency to fiat. I came across this idea actually when I was scrolling around the past posts of satoshi in the Economics Section. Here are a few instances when he quoted bitcoin as a Commodity and not as a currency.




Here are the quotes of some of his messages. I think he was aware of the deflationary nature problem of scarcity with bitcoin due to which he was of an opinion that it is difficult to use Bitcoin as a mainstream currency with a government.

I think the same instance he created Bitcoins he wished that there will be a currency that people could rely on besides providing freedom and really serving the true purpose of a currency , maybe he just wanted to make it an option and never knew it would grow this big.
No one wants to share their bank balance with anyone, it's something that makes us uncomfortable actually, getting everything tracked and at the same time paying huge amount of taxes to the middle man the normal fiat is far from being perfect , it's non volatile and universal that's are the only 2 good reasons , what I think is He hoped for the best but didn't knew it could go this big.

Santoshi have made the point clear in his first post you quoted, that bitcoin will be convenient for those who are looking away from the usual centralized means of financial transactions such as ownership of credit card and using them and also to keep financial transactions anonymous from others, and at that santoshi never have the intention of making bitcoin a mainstream currency.

I don't think so. I don't think he expected it to become something so big to be honest. He just wanted to provide an alternate payment option to people without the need to fill in documents and forms and depend on centralized forces. He must have been blown away by the response in this aspect.

Maybe he did or maybe he did not but does it really changes things. we all know Satoshi termed it as an experiment and always looked it like one of his pet dogs just putting some extra effort. he wanted to make something which people can use as an alternative to faint currency and we already have seen the breakthrough as at that time more and more digital wallets are coming out but none offered the concept as blockchain did.

I think he didn't. In the first place who would know that cryptocurrency could go this far? I'm sure that he didn't expect Bitcoin to be in the mainstream. Everything went through a trial and error procedure and things go well when people have chosen it as a mode of payment and a digital currency.

When I heard the news, binance was hacked. I was quite worried about their security but they fixed it quickly. Some people may leave this platform that not me because I think their technology and development team are still the best until now. I believe they will be responsible and overcome this hole. Including the possibility that they are continuing to offer outstanding activities in the near future as the number of transactions and the number of participants is increasing dramatically.

I doubt satoshi has ever envisioned for Bitcoin to be this popular. It is very difficult for Bitcoin to be accepted widely by governments due to the inherent conflicting interest (ie. tracking vs anonymity). While satoshi did say that block size increase could be an option, it doesn't seem logical in the long run for people to use SPV clients while few run full nodes. Satoshi probably didn't thought of scalability thoroughly.

Yep, it seems like Satoshi knows about the economy more than 95% of this forum users do. None of the world's dominating countries is using deflationsry currency for obvious reason.
The only way to use government-issued crypto is to make some stablecoins, just as fiat that we use today. There is no need to use Bitcoin  for that and push it to become an international currency.

Satoshi intention was to create a decentralized digital currency. Maybe he did not realize that the future is of digital currency and his invention one day would become the world single currency. He might have created bitcoins for testing purpose but for sure he would have never thought that bitcoin could gain so much popularity in coming years.

I think that we should stop with the "Did Satoshi wanted to make this,did Satoshi wanted to make that?" type of threads.You are asking questions that can't be answered,because Satoshi(if he is still alive) doesn't want to answer.Obviously we can't enter his mind and we can't figure out what he though back in the day.
It's all just guessing.

He did not actually imagine that Bitcoin can grow as big as it is today practically because he knows that competing with the traditional financial and monetary system can be difficult. Basing on the posts he made on this forum, it is quite clear that in creating Bitcoin he had no intention that it should be replacing the fiat money we used to have...and right so I don't believe that Bitcoin can actually replace all the fiat money we have now because in the first place we are still under the power of the government. I am convinced that Bitcoin can sit side by side with the fiat money offering a good alternative for people to appreciate and use. I am for it becoming part of the mainstream economy but never as a monopoly. In a diversified global economy, Bitcoin can beautifully be a powerful part of it.

Satoshi created bitcoin not to be used as an investment tool but as an alternative to credit card or cash. Maybe, he did not even thought and expected that bitcoin's value will grow this big. The convenience bitcoin brought to it's users is a really great innovation created by him. People were able to save a lot of time and money by cutting of third party in doing transactions.

Yes he did, thats why he copyrighted it and will enforce it when he deceits it is the right time.
A copyright can be maintained under a pseudonym.
https://i.imgur.com/Wttdzwv.png

In my opinion I think bitcoin has grown even beyond satoshi imagination. The fact that major financial institutions are already looking into ways to harness the power of blockchain technology says it all. Bitcoin serves both as a priceless commodity and an efficient medium of perpetuating transactions..

I don’t even know who Satoshi is, I wish I could had been to the forum much earlier rather than spend most of the time spamming the all over the Internet, and ask whatever non sense I could. Well, there is certainly a lot of virtual money existed during the time, I don’t think bitcoin will ever become mainstream, but to my surprise many of the virtual currency dead into oblivion, because the servers are constantly attacked. I could name a few of them which can be found for some most demanding internet games from the earlier day.

I always believe in Bitcoin, that it will lead cryptocurrency already and as it is doing. Its value is constantly increasing.
Satoshi is the one who opened the new door to the technology world.

i think yes, and that was the goal. Satoshi always wanted bitcoin to be a currency and you can see that all over the bitcoin white paper and even in these comments you quoted. he never meant it to be as a commodity, that came later and was introduced by governments wanting to categorize bitcoin.
and i also think that he envisioned bitcoin to gain massive popularity or become mainstream currency. otherwise there is no reason to create something that only is used by a select few!

I think yes! Satoshi certainly thought of Bitcoin as something big. Every time I read it, he showed Bitcoin as part of something big. I don't know what else he could do. Satoshi, I don't know. I don't think she'il ever show up again. Still, Satoshi's vision for the future is very high, and he is very intelligent. There's no need to be a prophet to see this. And I think that a smart person can be kept its ID from us.

I don't think his plan was to make a mainstream currency for usage with only virtual presence. The growth has made it reach the level of getting compared and taking role of being a mainstream currency. The innovation from Satoshi have made a big change with most of the traditional system getting integrated to blockchain technology for an efficient working.

There is a difference between anonymity and transparency. Satoshi wasn't much focusing on privacy, otherwise, it would be in the Bitcoin protocol already. He basically wanted to create a (digital) currency without the need of a 3rd party (banks, etc), convenient for unbanked people, cross border payments.
I'm sure he wasn't hoping to see Bitcoin and its ecosystem developed as much as it is today. :)

He never did, but he sure lingered on the fact that bitcoin could very well be a great contender for a digital currency, which bitcoin is used today. From the quotes and posts you linked in here, it clearly state Satoshi's oversight of what's to come given the nature of his creation. Free from banks, anonymous, deflationary and of course, peer-to-peer, this is what he really had in mind and not overthrow the current financial system that we have right now.

Whatever he created, it's working real good and we are reaping the bemefits off of it.

In my opinion, all he wanted was to develop a currency which would be anonymous and easy to transact over a network while passing through the consensus.
He created bitcoin to achieve the following and made it such that it solves all the problems he ever imagined. Fortunate or unfortunate that he decided to let bitcoin grow on it's own.
Basically whatever he did was planned and so we can't say that he never thought bitcoin would go mainstream someday. He must have thought about it which is why he created bitcoin at first place.

I also think he want to make a more easy to send transaction and not like when send bank transfer and wait days, if i send on weekend bank transfer i not get it until working days, but bitcoin is the best to use anytime.

But unlike this what I think is that most of crypto and bitcoin enthusiasts actually want it the other way. They are keenly focusing on how to inject cryptocurrencies into the financial system of countries and pave a way for mass adoption. We all know that governments would even not allow bitcoin as a secondary currency or a means of settlement alongside their national currency due the anonymity it has.

Moreover, most of the people around the world don't really bother about P2P they don't have much of a problem with an intermediary in between. So basically bitcoin would remain like this only even for years to come?

Certainly he was thinking about it, and that was clear in the white paper or in his initial responses, he wanted to make a fortune in the world of money and the way to save and transfer money and I think that succeeded

I don't think that in the time when Bitcoin was crreated Satoshi had idea to make it as a mainstream currency. Creation of Bitcoin was response to the financial crisis, an alternative to corrupt banking system but I don't believe Satoshi was thinking that far. And I'm sure that based on the platforme Bitcoin was made and the way it was functioning Satoshi new that it will not replace fiat currencies and I don't think this was his intention.

I have always been of the opinion that bitcoin was created so that people can make financial transactions without intermediaries, bypassing banks and without leaving home. This is primarily very convenient for people.

Probabily as good mentality to avoid all that he stated as to make fiat converted into something everyone could be using without any fuzz about such as bank conversations and government middleman actions.
You can already see it as a mainstream in practice where everyone is able to exchange with someone who you could not trade so simply as before.
With these exchangers we are able to be one step closer to our unknown buyers and sellers and that's what it makes already being a mainstream currency.

He might not anticipate that it would explode like this in a short period of time, this was an experiment and he wanted to be anonymous and he just wrote the initial stuff and we really do not know how he would have sorted the transaction bottleneck issue if he was active, the reason he went off is because Wiki leaks started collecting donation in bitcoin and that spooked Satoshi and then when Gavin met with the authorities that was the day he went offline i believe.

I think in the first place Satoshi doesn't expect it to be mainstream currency, he just want something decentralised so people can have more privacy transaction, but along the way people found its a really convenient currency to used, so the one that want it to become mainstream currency is the users

Thats some really interesting info never knew that it happened like this but yes what you are saying is obviously correct that he might have never thought that it would become such a popular currency or means of settlement. But despite of that I think that we can still not think of making it something like a national currency due to scaling issues.
No matter how close we move towards making it a mainstream currency we would still be never able to achieve the dream of it. Solely due to the fact that Bitcoin remains a technical currency operable merely using computers or atleast mobiles while most of the world is still not able to read or write properly.

Satoshi, if he existed in reality (Gosh, nobody knows this still!) did not think about making the mainstream currency. I think he was just doing it for fun first, and only later he understood that he made a revolution.

Maybe he thought that maybe he did not think that.
We don't know about that, but one thing that we know that he created bitcoin/cryptocurrency to solve the financial problem.
I think he has a dream to see bitcoin become main currency for all people from all countries because I am sure that one thing was created, the creators should have goals that he wants to reach and so do with bitcoin.

Satoshi's vision for Bitcoin is not a secret, he wanted this technology to be a alternative P2P payment option for people who got fed up with the current Fiat and Banking system. He showed his motive in the Genesys block, when he entered the link to the news paper clipping about another government bailout for Banks during the financial crisis in 2008/2009.

I think it grew much faster than what he/she ever anticipated and he also went into hiding because he knew what would have happened to him/her if they ever found him/her.  ::)

I do accept this argument as he wanted bitcoin to be a safe and secure optional payment method for the entire world far away from any central authority to control the market but i am not sure whether he was against the banking system as a whole as we need a collaboration of banks too in order to make things work smoothly but he never anticipated this will get this much exposure during the starting phase and he was worried about his safety and hence he might have disappeared.

Q: Did Satoshi ever thought to make Bitcoin a mainstream currency?
A: TL;DR Yes.


Let's analyze it very briefly and reasonably logically.

For analysis, we will use Satoshi Nakamoto quotes and try to be more logic than intuition.


In this quote, Satoshi clearly shows his vision that in about ten years from now, the transaction volume will be very large.
Of course, his genius brain doesn't allow him to take it for granted, he adds "or no volume.".

Satoshi Nakamoto as the creator of the technology deserving of the Nobel prize, probably doesn't abuse words such as "very", "large" etc.
It seems that Satoshi Nakamoto dream was to beat all records in his range. Bitcoin range.

However, the more obvious quotes suggesting what Satoshi vision was, we can find at the beginning of the Bitcoin Whitepaper:

We live in the Internet age.
Most of the products are sold through the Internet. Satoshi knew it very well, he was not someone who doesn't understand the world that surrounds him, but on the contrary.

The above quotes are not "start-up promises" without coverage, but a description of the technology he created.
It therefore seems obvious that by creating a modern competition for current payment systems, cheaper, safer and faster to transfer, success and global adoption are simply obvious in today's world.

You can ask, "so why Bitcoin is not accepted everywhere? It's been 10 years already ..."

It's a subject for deep analysis,
this is largely due to the errors of human greed, but there are many factors.

Even if most companies still don't accept Bitcoin payments, there are many competitive digital payment methods that are quite popular and they were created shortly after Bitcoin.
Bitcoin definitely gave a very good example and thanks to the Lighting Network and not only,  competition can't sleep for sure.


At this moment I will finish, because I have to code xD


Have a great day,
best wishes.

According to the whitepaper which he provided i think he was quite clear on this and that was to create a digital currency that could be use to as a medium of payment for gooods and services in our daily lives. In the layman terms exactly the same way in which we use fiat currencies and that is why we recorded an event where someone used 10k bitcoins to purchase pizza. Satoshi wanted this and that is why he created bitcoin and not to be used solely as an asset for investment.

Have you guys ever wonder if Satoshi ever thought bitcoin he created might turn out to be a huge success and as a result of this neglected his private keys and went into hiding after seeing the upsurge of price of what he created.

What if Satoshi is depressed right now because he doesn't have access to his funds

I think he was already known that his invention and discovery will become a mainstream soon. In fact, I think there is already a conspiracy regarding with bitcoin popularity. It may be a hype right now and it will become the main currency of the future. Bitcoin is the most unfold discovery in 21st and I think that is the greatest contribution when it comes in currency in our era.

I believe that he was not thinking to make this big also, but just another alternative method of payment. It will always be a mystery for us because we can't interact with the real Satoshi and will not know his real disposition towards bitcoin. But in any case, I don't want to dwell what he really thought of or his objectives for bitcoin, just be grateful that bitcoin came into existence.

You can interact with the real Satoshi xD
Send a tweet to that lunatic, Craig Steven Wright xD

Just kidding ...

I wish Satoshi (whoever he/they are) is still alive and keep smiling ;-)

You know, what scares me?


xD