The reason behind creating Bitcoin.

[The-Devil]

In 2008, there was a huge economic catastrophe in the world. Some banks conspired and deliberately caused this economic disaster. This is why many people were financially disadvantaged and lost their trust in the bank. I think Satoshi made bitcoin to save people from this disaster. That is, Satoshi has created a currency where there is no third party. There will be no central bank. No one can control it. Customer to customer transactions can be done. While Bitcoin has no controller, no one will be able to intentionally disrupt its finances. Bitcoin introduced a new horizon to the world's economy and freed people from this economic catastrophe.

So I think this is why Bitcoin was created. Is that the only reason? Or are there more reasons? What is your opinion?

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[mk4]

If my memory serves me right, though Satoshi Nakamoto didn't give an exact specific reason on why bitcoin was created, Stoshi definitely gave a nod to the 2008 financial crisis through the genesis block[1], with the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks".

Whatever the reasons why Bitcoin was created doesn't really matter that much, as people will have varying opinions on what Bitcoin is specifically for in the first place. What matters more is that we now have a platform whereas people could take advantage of it whether as a way of having an online decentralized currency, a store of value, a complete replacement to central banking, you name it.

[1] https://en.bitcoin.it/wiki/Genesis_block

[Linkkoin]

Do not forget about the speed and cost of international bank transactions - if you would like to send money, it can take even weeks (between 1st and 3rd world country banks) to handle the transfer, each corresponding bank has its own transfer fee (in some cases it can consume even half of the transferred amount!), if you miss a daily deadline - it might be that even in your own country money sent on Friday will not reach their destination by Monday.

With BTC you can send money much faster, wherever and whenever you want.

[Asmonist]

I still believe its part of having a financial evolution. But of course those reasons really matter. All the flaws and customer satisfaction issues are some of the factors as well. Many people will definitely looking forward for a better experience. As the world progresses and so with the technology, the financial market as well. Going digital is not possible for financial market without bitcoin and crypto currencies.

[samuraijin]

this is an interesting discussion, it looks like he satoshi made bitcoin for a reason also with the crisis problem in 2008 and it makes sense not far from the launch of bitcoin, but whether bitcoin is actually able to replace the performance of banks that have been in power all over the world then invite all people have banks for themselves using bitcoin, this reason makes sense

[ChrisPop]

I wouldn't be so paranoic about the conspiracies in the world. After all we are all people I suppose - not aliens. We all make mistakes and we are all driven by emotions including greed and pain. Some people are thirsty for power mainly due to the bad education they've received when they were little.

I do believe that Bitcoin has been created with the greater good in mind. From any perspective I look Bitcoin is the logical choice and next pass to make in the start of a modern era led by technology advancements.

[MarioV]

To give us back our financial freedom, freeing us from modern economic custody. And giving us the opportunity not to make us poor as quickly as it is happening...

[airdnasxela]

After Bitcoin was created, it didn't become popular that instant. So if that's the main reason, then it took Bitcoin years before it helped the economic catastrophe back in 2008. Satoshi can only answer the reason behind creating bitcoin. The situation back then might have pushed Satoshi to pursue creating bitcoin. Maybe he also have another reason, but I know Bitcoin was created with a good intention and to help people.

[Peashooter]

To give us back our financial freedom, freeing us from modern economic custody. And giving us the opportunity not to make us poor as quickly as it is happening...

Definitely, people tend to be here trying their luck because we are all aiming o be financially stable and to earn the best that we deserve and aside from that I think cryptocurrencies will still existing if people will still recognized it cause for me we are interconnected with each other if something bad happened to a person who has a big role here of the rest will be affect for example a project sponsors if they turn down a certain project of course all of the people that connects to will be affected financially, I can say that every person here serves each one another.

[Twinkledoe]

If my memory serves me right, though Satoshi Nakamoto didn't give an exact specific reason on why bitcoin was created, Stoshi definitely gave a nod to the 2008 financial crisis through the genesis block[1], with the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks".

Whatever the reasons why Bitcoin was created doesn't really matter that much, as people will have varying opinions on what Bitcoin is specifically for in the first place. What matters more is that we now have a platform whereas people could take advantage of it whether as a way of having an online decentralized currency, a store of value, a complete replacement to central banking, you name it.

[1] https://en.bitcoin.it/wiki/Genesis_block

I'm with this point of view. Even if we unearthed the true reason of why Satoshi created bitcoin, it comes to the fact that we are now enjoying the benefits of it. Many lives have changed because of crypto. The crypto revolution along with blockchain technology will change how things are being managed in various industries if it will be used appropriately.

[boyptc]

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

The other reasons probably just came out after it was being used.

The rest it's all of his plan to use it as P2P and the investment part was on the latter.

[zeingrind777]

In 2008, there was a huge economic catastrophe in the world. Some banks conspired and deliberately caused this economic disaster. This is why many people were financially disadvantaged and lost their trust in the bank. I think Satoshi made bitcoin to save people from this disaster. That is, Satoshi has created a currency where there is no third party. There will be no central bank. No one can control it. Customer to customer transactions can be done. While Bitcoin has no controller, no one will be able to intentionally disrupt its finances. Bitcoin introduced a new horizon to the world's economy and freed people from this economic catastrophe.

So I think this is why Bitcoin was created. Is that the only reason? Or are there more reasons? What is your opinion?

Maybe that is the main reason Satoshi Nakamoto created bitcoin. Despite the many reasons why bitcoin was created, we have gained many benefits. such as global scale remittances very quickly, no inflation, and many more benefits that we enjoy.

[Maotezi]

To give us back our financial freedom, freeing us from modern economic custody. And giving us the opportunity not to make us poor as quickly as it is happening...

I think financial freedom comes first, that there is always a "higher" level of finances in the world, and a reduction in the time of money circulation.
But it can also be seen from the point of one country, that it can easily change its currency into a more modern currency.

[Jet Cash]

I think it was created by the central banks to experiment with a potential replacement for the dying fiat currencies. The long confirmation times, and the 21 million cap ensure that it can never become the dominant world payment system.

[cryp24x]

I totally agree with you TS. Satoshi I think created a new level to make our financial transactions much easier and secured. While all the banks hold your money and invest them, you are the one who controls your money in Cryptocurrency and you've learned how to manage it.

[Phn3X]

In 2008, there was a huge economic catastrophe in the world. Some banks conspired and deliberately caused this economic disaster. This is why many people were financially disadvantaged and lost their trust in the bank. I think Satoshi made bitcoin to save people from this disaster. That is, Satoshi has created a currency where there is no third party. There will be no central bank. No one can control it. Customer to customer transactions can be done. While Bitcoin has no controller, no one will be able to intentionally disrupt its finances. Bitcoin introduced a new horizon to the world's economy and freed people from this economic catastrophe.

So I think this is why Bitcoin was created. Is that the only reason? Or are there more reasons? What is your opinion?

I agree with this a lot. I think Bitcoin was created as a hedge against the type of financial control that has popped up constantly in the central banking era. The way the 2008 recession was handled left a sour taste in a lot of people's mouths, and even if it wasn't a main driver in Satoshi's original vision, I think its safe to assume it was a part the rationale behind some of the core devs.

[enhu]

BTC was meant to be digital currency. Its features however are just meant for the control of central authority and I guess Satoshi was one of the people that were bothered during the 2008 economic crash that's why he released it. Probably to prevent the crash from recurring again because it wasn't just the first time that it happened.

[gabmen]

In 2008, there was a huge economic catastrophe in the world. Some banks conspired and deliberately caused this economic disaster. This is why many people were financially disadvantaged and lost their trust in the bank. I think Satoshi made bitcoin to save people from this disaster. That is, Satoshi has created a currency where there is no third party. There will be no central bank. No one can control it. Customer to customer transactions can be done. While Bitcoin has no controller, no one will be able to intentionally disrupt its finances. Bitcoin introduced a new horizon to the world's economy and freed people from this economic catastrophe.

So I think this is why Bitcoin was created. Is that the only reason? Or are there more reasons? What is your opinion?

Well one thing about bitcoin is that it was meant for the people. Whether satoshi's real or not, i think the creators wanted to have an alternative to the current banking system where everything can be controlled and manipulized but people in the higher ups. Bitcoin removes that. Though the more bitcoin's value rises, the more it strays away from it's original uses.

[Cimmy_revenger]

the main thing I like about bitcoin sending in large numbers between people from different countries is not an obstacle, even much better than conventional banks.
cheaper, faster and easier cost without complicated supervision.

[Artemis3]

In 2008, there was a huge economic catastrophe in the world. Some banks conspired and deliberately caused this economic disaster. This is why many people were financially disadvantaged and lost their trust in the bank. I think Satoshi made bitcoin to save people from this disaster. That is, Satoshi has created a currency where there is no third party. There will be no central bank. No one can control it. Customer to customer transactions can be done. While Bitcoin has no controller, no one will be able to intentionally disrupt its finances. Bitcoin introduced a new horizon to the world's economy and freed people from this economic catastrophe.

So I think this is why Bitcoin was created. Is that the only reason? Or are there more reasons? What is your opinion?

Actually this has been going for very long, and 2008 wasn't the first nor the last episode, for as long as the world continue with fractional reserve bank practices, bubbles will occur, and they will eventually pop and crash the market. Because of the so called credit expansion, which the dominant school of economy promotes; and of course this system can make banks go bankrupt, which would destroy the economy even more.

While it is said that Satoshi created this as response of 2008, i strongly believe this was made to solve a much more long standing problem. Even in the 2008 housing crisis hadn't occurred, some other would have. And there will be another, and another, since this has been going on for many decades, or even a century.

Besides the idea that eventually became Bitcoin was moving around before 2008, i guess maybe 2008 made it a perfect example of "why is it needed", as the next bubble that pops will again later.

Until the world drops the Chicago school of economy, and embrace the Austrian school, this isn't over. Since you already know this, you can protect yourself by using Bitcoin, but most people are ignorant of the reason WHY banks, fiat and their economies do what they do.

If you see someone that thinks banks should pay them interest for keeping their money, you know this person belongs to the vast majority that doesn't understand and are part of the current system.

If you have a coin that doesn't lose value overtime, the idea of needing a bank to preserve (some) of its purchasing power overtime becomes moot. And banks, on the other hand, should not be working with fractional reserve, which is an elaborate and legalized ponzi scheme where most of the money that moves this Chicago school based economy doesn't exist anywhere.

The central bank is a bank of banks, needed because single banks can go bankrupt easier than the bunch of banks in a country together. Traditionally it also manages the fiat coin. In any case it is not needed if banks go back to full reserve practices and a non inflationary coin is used in the economy. A central bank is not cause, it's consequence. Cause is fractional reserve and a debt based economy. To go into savings based economy, read the Austrian school economists.