In your own words: What is the purpose of Bitcoin?

[Sir Alpha_goy]

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[1715065928]

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[1715065928]

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[smiles]

I don't know the true intended purpose of the inventor, however a purpose is:

To effect an electronic transaction directly between two parties without the need of 3rd party facilitation.

Now you can argue that the miners are the facilitators etc. but you know get what I'm saying.

[adamstgBit]

Bitcoin is new technological advancement. Created out of hate, its purpose to destroy and liberate.  Where bitcoin comes from and why it was created is besides the point; the point is that these units have the right properties to be used as money Scarce, Durable, Portable, Divisible, Impossible to counterfeit, Fungible... Their utility is a weapon, with this weapon humanity can unite under one banner and declare their independence once and for all.

[stuff0577]

There are really lots of potentials in bitcoin. Its just somehow being ignored by others base on their regulation, society, etc... Anyways it is still early days. Let see what the future will bring.

I think the developers purpose is just a peer to peer decentralize money. Don't know if he intentionally create it for other stuff the are really amazing.

[lumeire]

I see it more as an app of the blockchain, one that's meant to revolutionize how we transmit value.

It's the blockchain that's most fascinating and will change the world.

[chennan]

There are really lots of potentials in bitcoin. Its just somehow being ignored by others base on their regulation, society, etc... Anyways it is still early days. Let see what the future will bring.

Well if you think about it, the baby boomer generation is still going strong right now which means they are still pretty set in their ways of thinking.  I believe once it becomes the millennials turn to start governing the policies of nations, I think that it will become a better place to live.  This is including our financial system, since a majority of young adults my age believe that the central private banks are completely corrupt (at least a large majority of my friends think so anyways, don't know how that holds up to everyone, nor maybe a majority of them even care).
 

I think the developers purpose is just a peer to peer decentralize money. Don't know if he intentionally create it for other stuff the are really amazing.

I think this is probably Satoshi's main policy of creating bitcoin.  I think he really saw the true value of having a decentralized, limited currency; but at the same time I bet he wondered how we can use this sort of thing without having to rely on gold, since it can't be physically transferred over the internet without having to use fiat for payouts.  This reasoning is why bitcoin is so intriguing to people (or at least it is for me)... I believe bitcoin is going to have it's ups and downs for a while, but in the next 10 or 15 years when people of this younger generation becomes the leaders of society... it would be fully adopted and allow it to be used in its full purpose. 

That's not to say there is going to be some incredibly dire times ahead of us, because when this movement ultimately happens, there will be an all out war between the private banks and the armies/government they control between the citizens they rule.

[kelsey]

far removed from its original potential unfortunately 

[Outlander]

I don't think we can predict the original purpose of bitcoin correctly. But We know now bitcoin is not just money, it can be commodity, investment etc

[kelsey]

I don't think we can predict the original purpose of bitcoin correctly. But We know now bitcoin is not just money, it can be commodity, investment etc

no need to predict the past  the original purpose is stated pretty damn clearly in old newgroups, original white paper etc

[MasterYii]

So tell me in your own words.

When I stumbled upon it I thought it was a decentralized technological powerhouse looking to repair a broken financial system.

I feel like some of you would rather some big corporations just adopt it once and for all so that you can turn it into a pile of funny money.

Was I just being naive?

I'm guessing yes.

Well for me its purpose is to give the people convenience in the future.

[unamis76]

Bitcoin is giving people what was already theirs. It's a way of reminding people that they're still in charge and they're the ones who control the money they have. without having to trust it to a third party to store them securely.

[Amph]

the purpose is to remove the power of the money from a centralized system and the need to trust a centralized autorithy, giving a complete freedom to everyone, as a result

[unusualfacts30]

I think most people are in it so they can sell it for higher price..may be 1% are interested in tech part

[ralle14]

for me purpose of bitcoin is to be an anonymous person when doing financial things
and to be more less known of your personal infos and things

[Denker]

I see it more as an app of the blockchain, one that's meant to revolutionize how we transmit value.

It's the blockchain that's most fascinating and will change the world.

It's the Bitcoin Blockchain that will change the world. And why? Because it is completely decentralized and the most secure network. Permissioned ledgers which might be shared between several institutions, like banks, might solve some of their issues and reduce costs for them massively. But this won't have any benefits for the normal people or vanish major problems of the actual financial system.
Decentralized ledgers however will have many unknown use cases and will evolve complelety new industries and disrupt entire markets.

[Slark]

the purpose is to remove the power of the money from a centralized system and the need to trust a centralized autorithy, giving a complete freedom to everyone, as a result

It is not bitcoin's purpose. I would rather call it a bitcoin's dream. And honestly after watching how bitcoin community can mess things up I doubt it will ever happen. I saw that after one little crisis whole community is divided, what will happen in the future when serious problems pile up?

[neoneros]

The Blockchain is a first step into a brave new economy, setting free the corporate grip that has taken our current economy hostage. A trustless network that can contain a free path to gain and spend our wealth, spread it and make the world profit without the middleman taking the biggest piece of the pie everytime we make a transaction.

The steps toward decentralisation and trustless networks have been set, we can foresee a future where governments will be replaced by decentralised systems based upon what is being developed right now.

The purpose of Bitcoin is setting out the beginning of the next revolutions that will change the society as we know it.  

[twister]

The purpose of Bitcoin was to evolve us and our ways of storing, handling and spending funds. To give us the control back of our own money so that we don't pay money/fees to others to keep it safe or to transfer it from one place to the another. That's what according to me was the true purpose of Bitcoin, the people who got aware of it and saw potential in it at the early stage benefited from it the most and others like us are a little late but atleast we realized it. Better late than never.

[Slark]

The purpose of Bitcoin was to evolve us and our ways of storing, handling and spending funds. To give us the control back of our own money so that we don't pay money/fees to others to keep it safe or to transfer it from one place to the another. That's what according to me was the true purpose of Bitcoin, the people who got aware of it and saw potential in it at the early stage benefited from it the most and others like us are a little late but atleast we realized it. Better late than never.

The problem is that most people don't want to be in control of their money. They want to earn put money in safe place and that is it.
Only small percent of people are aware of the backstage of the world economy and even they can't do nothing about it.
Bitcoin among 'normal' people is seen as online currency of terrorists and hackers. Way to go btc community!

[allthingsluxury]

Bitcoin is Freedom, Bitcoin puts the power of money, back in the peoples hands.