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Author Topic: Reason for the existence of Bitcoin?  (Read 239 times)
Taskford
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March 02, 2023, 12:17:32 PM
 #21

I was really taking my time asking myself what is the purpose for  bitcoin existence, Does SATOSHI NAKAMOTO really stated why he want to make bitcoin be in existence and did he specify they category of people that are going to per-take on bitcoin!!?

You will never ask this question if you read the white paper of bitcoin since for doing that you gain knowledge about the intention of the creator for creating this coin. Its success has been driven by the demand so for sure we can see more as more institutional invests are slowly coming in the crypto scene.

I want to know if SATOSHI was having in mind that what he was about creating with forever be in existence? I guess he made it for just himself  and not real for everyone but it later turns out to be viral over the world, I guess he has reason for him creating bitcoin because alot investment are in there and same as scammer. WHAT IS HIS REASON FOR ALLOWING IT TO EXIST?

Satoshi creates an alternative currency to be used by many people around the world so if you think or came out on your mind that he create it for his self then he will not release it on first place and keep it for his self. The same with fiat to many scammers are using this so don't get surprise about this since if there's money in scene to many shit heads will come up to scam people especially when this is on trend. Lastly It exist because of the demand, if no demand it will die naturally.

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CryptopreneurBrainboss
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March 02, 2023, 07:30:35 PM
 #22

I want to know if SATOSHI was having in mind that what he was about creating with forever be in existence? I guess he made it for just himself  and not real for everyone but it later turns out to be viral over the world, I guess he has reason for him creating bitcoin because alot investment are in there and same as scammer. WHAT IS HIS REASON FOR ALLOWING IT TO EXIST?

He didn't make it for himself and that's why he didn't hang around to take all the credit that will come from the success of his creation. He didn't make it for himself that's why he made it possible that miners get reward for keeping the block active and he gets nothing from their reward like a commission. He didn't make it for himself that's why he has abandoned his initial mined millions of coins and just living a normal life wherever he is assuming he isn't dead already.

You don't even need to read the Bitcoin white paper (although it's recommended you do) for you to understand what Satoshi was trying to achieve with his creation. He wasn't creating Bitcoin for the elites instead for the common man to use as alternative to the highly censored and centralized banking system that's been built on nothing but lairs. Satoshi realized the world needed a decentralized currency and that's why bitcoin was created, it's used for store of value is just other benefits that comes from holding it. The main aim for it's creation was as a means of decentralized exchange.

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March 03, 2023, 11:58:23 PM
Last edit: March 04, 2023, 12:11:37 AM by GazetaBitcoin
 #23

I was really taking my time asking myself what is the purpose for  bitcoin existence

I think the answer here is mostly philosophic.  Bitcoin exists because it was needed. And why it was needed is explained below.



Does SATOSHI NAKAMOTO really stated why he want to make bitcoin be in existence

Actually, yes, he stated that. And what he stated was the following:

Quote
The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.
(Source)
Quote
Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.
(Source)
Quote
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.
(Source)
Quote
The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.
(Source)
Quote
A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990's. I hope it's obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time we're trying a decentralized, non-trust-based system.
(Source)



did he specify they category of people that are going to per-take on bitcoin!!?

Was that actually needed? Lol! If he said X or Y are not supposed to use Bitcoin, would, in fact X and Y not use it if they wanted to?

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Arenga pinnata
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March 04, 2023, 03:11:16 AM
 #24

I was really taking my time asking myself what is the purpose for  bitcoin existence, Does SATOSHI NAKAMOTO really stated why he want to make bitcoin be in existence and did he specify they category of people that are going to per-take on bitcoin!!?
no one knows for sure why satoshi Nakamoto created and launched bitcoin, everyone is still silent when asked that.
but if it is felt in everyday life for bitcoin investors, many are helped financially, I don't mention everyone is helped, but mostly big profits.
so it is certain and already felt, that bitcoin is indirectly a promising investment and very safe payments.

R


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Sakanwa (OP)
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March 04, 2023, 05:31:31 PM
 #25

I really appreciate and welcome all your answers thanks,I will gladly say you people are the best and most helpful set of people to long with. Thanks once again!!.

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March 04, 2023, 07:11:34 PM
 #26

I was really taking my time asking myself what is the purpose for  bitcoin existence,
Let us just say bitcoin was created as a parallel currency to exist against all the bureaucracy that exists around traditional money systems, and knowing very well that fiat systems aren't transparent and the people in charge of it will print money at any time they please..bitcoin came in with an opposite concept such as full transaction transparency thats to the public ledger, limited supply and the obvious a decentralized system to give power to the users...


Does SATOSHI NAKAMOTO really stated why he want to make bitcoin be in existence and did he specify they category of people that are going to per-take on bitcoin!!?
Bitcoin means freedom and Satoshi himself making such an asset/currency did not put restrictions on who can and can't access BTC!

Think of Bitcoin as the VPN of money  Grin

R


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nakamura12
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March 04, 2023, 08:44:01 PM
 #27

Satoshi Nakamoto explained it in the whitepaper why Bitcoin is created and also why this forum is also created. I'll answer one of it which is Bitcoin is made to have freedom when doing transactions like transfer, buying and selling without any third party member checking every move you make. I think you know how banks operations anywhere in the world where they are the one who manages your funds and they can also make your account frozen unlike in Bitcoin where your funds will never be frozen by anyone and no third party member except when you store your funds in a custodial wallet.

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March 04, 2023, 08:58:43 PM
 #28

Yes, Satoshi created Bitcoin to be peer-to-peer electronic cash which is outlined in the Bitcoin whitepaper.

If you would like to learn more about all of Satoshi's posts here on Bitcoin talk, I would strongly suggest reading "the Book Of Satoshi" where he goes into detail on a lot of his thoughts.

I'm here to chew bubblegum and stack sats....and I'm all out of bubblegum. - Learn More About Bitcoin: What Is Bitcoin?
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