What exactly was the idea behind bitcoin?

[Crislyn4116]

Bitcoin is created because Satoshi Nakamoto saw loopholes in the "third-party" payment method which introduced the problem of "double-spending". But this simple solution happened to be the facade of Bitcoin as it also gives way to blockchain technology. With these, the idea of bitcoin becomes the voice in the financial sectors. Looking at the federal reserve minting new paper bills to circulate the supply of money and stabilized the economy, creates mass concern. What if this inflation would continue to rise? What happened if they minted a lot of paper bills? What then? A lot of whats makes people in the bitcoin community wary and as simple as that - bitcoin becomes financial freedom - which is decentralized and trustless, with no third-parties involved (government, banks, institutions, etc.), having little inflation rate, a scarce supply of 21Million but almost unlimited due to its characterization of being "divisible" by 8 decimals. That is what Bitcoin becomes popular today, not just by merely an investment but because of people`s interest.

[thirdkiller]

Unfortunately, the traditional ideas of bitcoin are going away with the appearance of more and more people in the industry. But the main idea is freedom.

[davis196]

In my opinion satoshi was trying or is trying to bring the world together through an imaginary currency , in that process trying to eradicate some level of poverty,

A currency can't solve poverty problems.A currency is just a tool.The crypto industry that was created around that currency might solve some poverty problems by creating jobs and letting the poor people to earn,save and invest coins.
The world is truly globalized and Bitcoin is a true global currency.However,the main reason for Satoshi to create Bitcoin was to create a currency,which is free from the control of central bankers and politicians,and therefore-free from inflation and wrong monetary policies.

[so98nn]

Yes, for the under developed countries it’s always big charm to get into crypto currencies due to their undervalued currency. Niara is not only currency which is like this but many more are there and those people can enjoy the royalty of holding bitcoin but obviously limited to their country only. If they want to spend over Internet then they will need to spend huge Amount of money since they will consider it as local transaction and highly priced one.

Moreover there is no issue with the bitcoin transaction even it becomes 100k or more in the future because of it divisible unit as stated earlier by some users. The fees would be overcome by increased rewards for mining I guess. In anyway developers will surely have way out for this one.

[Crptomagma]

Omg!!! You either right or wrong but to the best of my knowledge bitcoin is a digital currency meaning it’s an internet money. It’s also a store for value and can be used for different purposes, can be used to purchase things and can also be converted to other currency (fiat) but it’s doesn’t change it idea. Don’t forget bitcoin is a currency and What makes it a currency is the ability to be converted to other currencies to make life easier and meaningful. Lol

[Debonaire217]

The same idea I have before when I wasn't fully convinced to put my time in Bitcoin and cryptocurrency, that is Bitcoin has a limited supply of 21 million. Over time, I understood that the scarcity of Bitcoin's supply is what makes it profitable and could induce more mass adoption. In the first place, you don't need to acquire an exact amount of 1 BTC and above to consider yourself a bitcoin user. That is why we have many denominations for Bitcoin. There we have satoshi which allows us to count faster. Refer to this image:

from: This source

The scarcity of Bitcoin is what makes it possible for people to race up to acquire the largest amount of Bitcoin they could, as they know that in the future, acquiring 1 BTC will be so hard but it doesn't take the opportunity for them to be restricted in using BTC.

What about the transaction fees?

The upgrade of Bitcoin to Segwit when you are using a ledger nano, or try to look in a block explorer, states that we can save more transaction fees with Segwit. This means that the Bitcoin network can still be improved to decrease the fees and make it more convenient for us to use Bitcoin in the future.

[choechristian00]

Bitcoin is really hitting its ATH, as we can all see at this point in time , well I regret it because I don't have any of it , but I have been lost in thought for a while thinking of these ,
Is bitcoin the money for the internet ?

Yes , business are starting to adopt the use of bitcoin as a means of payment , no doubt about that but at the end of the road they turn it into fiat for proper use.

So if that is the case , I don't see a world were bitcoin would be mass adopted
 Firstly , bitcoin is limited in number (21 million) and the world population is higher than that if not twice , so it can't be mass adopted.
  In my opinion satoshi was trying or is trying to bring the world together through an imaginary currency , in that process trying to eradicate some level of poverty,
 eg:
if you invested in bitcoin at an early stage it would have made you twice richer especially in countries where  there fiat price is lower than USD.  Like Nigeria($32k in naira is over 15M) .
 Bitcoin blockchain is free at the moment because everyone is holding theirs to see it next pump , imagine a point where everyone wants to transact , it makes the blockchain accumulated , high miners fees, and  imagine paying for a good with bitcoin and the seller has to wait for hours or days to receive his payment.
 We could say bitcoin is a great investment but i can't see it as a currency for the future .
 Please it is from my own point of view

  

People wanted a currency after the Financial Crisis that would not be regulated by a central authority. When people placed their trust in a bank, the bank lost the money of the customers and the government printed more money as a firefighting measure, which in turn reduced the value of money already in circulation in the country. Since no maximum limit was imposed on the number,There was still some unpredictability and confusion about the decline in the value of people's money with money that could be printed by the government.

By setting the maximum number of Bitcoins that could ever be in circulation and the pace at which fresh Bitcoins would be generated, Bitcoin solved this issue. The maximum number and the output rate cannot go beyond the limit set.The coding used in its design is the reason. Also, for easy verification, this code is made available to all to ensure that no more Bitcoins are created.

In this way, the value of each Bitcoin relied only on the market supply and demand and was free of all sorts of government interference, such as when, for different purposes, the government arbitrarily changed the value of a currency.Now, whenever we make a transaction with our stored money, to verify and confirm our transaction, we rely on a third-party vendor (i.e. a bank). There is no guarantee that the seller won't get greedy with our money and make risky investments, like what happened in the 2008 Financial Crisis. By empowering users to directly remove the need for third party intermediaries, Bitcoin has eliminated Negotiate with each other.

You simply need to build a Bitcoin account (called a Bitcoin Wallet) on your computer or your smartphone to store your Bitcoins. This wallet is more like your actual wallet and behaves less like a vault. In this situation, you are your own banker and, as our conventional banks do, the wallet does not take decisions on its own. Since the wallets are owned by different companies.Negotiate with each other.The code used in their design is made available to everyone who wants to study it and open to them. This ensures clients that their deposits will remain safe.

[death69]

It depends on each people on how they want to treat bitcoin. To me, bitcoin is a true form of money as long as there are people willing to receive bitcoin instead of FIAT. The supply and demand theory has made the price of bitcoin increases years by years since more people want to own their bitcoin for several reasons.

Being capped at 21 million is not a weakness of bitcoin but it has made bitcoin invulnerable from the inflation. While fiat is controlled by the central bank, they try to devalue the money and always defend that it is good for the economic system because of the stability that the inflation can bring. Moreover, bitcoin is developed by a special team which understand what people want and their desire. And there is a concept of splitting bitcoin even smaller part than satoshi. About the congesting problem, many upgrades have been installed to the blockchain such as SegWit and lightning network which provenly make transactions becoming faster

Therefore, dont hesitate to hold more bitcoin unless you are not a true fan. Will you choose to be the pioneer? or just a imitator

[faulkner27]

From a user perspective, Bitcoin is pretty much like cash for the Internet. It is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. Another factor, is that bitcoin in encrypted. If you are donating to a political party, for example, and fear persecution, Bitcoin is perfect for this. It is also what makes it a criminals choice, especially for money laundering purposes.

[MishaSER]

In my opinion satoshi was trying or is trying to bring the world together through an imaginary currency , in that process trying to eradicate some level of poverty,

A currency can't solve poverty problems.A currency is just a tool.The crypto industry that was created around that currency might solve some poverty problems by creating jobs and letting the poor people to earn,save and invest coins.
The world is truly globalized and Bitcoin is a true global currency.However,the main reason for Satoshi to create Bitcoin was to create a currency,which is free from the control of central bankers and politicians,and therefore-free from inflation and wrong monetary policies.

That's right, sometimes it seems to me that people did not read the whitepaper at all, it says about it on the first page.

[goldade]

Bitcoin is really hitting its ATH, as we can all see at this point in time , well I regret it because I don't have any of it , but I have been lost in thought for a while thinking of these ,
Is bitcoin the money for the internet ?

Yes , business are starting to adopt the use of bitcoin as a means of payment , no doubt about that but at the end of the road they turn it into fiat for proper use.

So if that is the case , I don't see a world were bitcoin would be mass adopted
 Firstly , bitcoin is limited in number (21 million) and the world population is higher than that if not twice , so it can't be mass adopted.
  In my opinion satoshi was trying or is trying to bring the world together through an imaginary currency , in that process trying to eradicate some level of poverty,
 eg:
if you invested in bitcoin at an early stage it would have made you twice richer especially in countries where  there fiat price is lower than USD.  Like Nigeria($32k in naira is over 15M) .
 Bitcoin blockchain is free at the moment because everyone is holding theirs to see it next pump , imagine a point where everyone wants to transact , it makes the blockchain accumulated , high miners fees, and  imagine paying for a good with bitcoin and the seller has to wait for hours or days to receive his payment.
 We could say bitcoin is a great investment but i can't see it as a currency for the future .
 Please it is from my own point of view

  

Bitcoin is the internet's money. Not only that, it's the future's currency. Sure, bitcoin can't totally eradicate fiat, no doubt about that, but it will be massively adopted through the world.
As for the limited supply of bitcoin (21 million), it is true this can't go round if we are to have 1btc each. Don't forget, however, that bitcoin is divisible. Its unit is Satoshi. 1 Btc is 100 million Satoshi which means you can buy in units.
As to what Satoshi was trying to do when he created Bitcoin was to return financial power and control back to the masses. He wanted to take power from centralized institutions like banks and the government and give those power to the people so they'd have control over their own money.

[Casdinyard]

From a user perspective, Bitcoin is pretty much like cash for the Internet. It is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. Another factor, is that bitcoin in encrypted. If you are donating to a political party, for example, and fear persecution, Bitcoin is perfect for this. It is also what makes it a criminals choice, especially for money laundering purposes.

Decentralisation is its main difference from fiat currencies or other digital currencies under any government. Cryptocurrencies are not regulated directly by any banks or authority. The idea of Bitcoin in my perspective is a currency for freedom. Free of tax, faster transactions, and anonymity in some aspects. But to get close with the reality Bitcoin is not being used as it was meant to be. Nowadays cryptocurrencies not only Bitcoin  are more popular on investment purposes. Which I think is a great example that idea on something that was created could be altered by how will it be used by people.

[OpenCryptoSystem]

Can be very evil people beghind the btc just make your money with btc and through away
In this world only safe way is to hold cash

We dont control btc we dont know who did so what you dont know you dont tryst trust

[In the silence]

It was all about Satoshi taking power away  from the banks and returning it to the people. Bitcoin to be the first workable form of digital money that could be sent between individuals without the need to involve a trusted third party financial institution.

The goal and main purpose of Satoshi was to eliminate banks and other financial intermediaries from needing to be at the Centre of every financial transaction, and he achieved it with bitcoin.

Also, it is for those who doesn't want to endanger their lives because of their wealth. Because of it's pseudo feature, you can't tell whether what's the status in life of someone unless you're already had a Big name on your state.

[OpenCryptoSystem]

World richest people like bill gates behonde btc.
The bastards rich

[skpanchal]

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet.

[faulkner27]

Bitcoin is a consensus network that enables a new payment system and a completely digital money. Bitcoin is a decentralized digital currency, without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining.

[famososMuertos]

.../... i can't see it as a currency for the future .
 Please it is from my own point of view   

Actually in your doubt this part of the answer to your informational conjecture about bitcoin, just conjugate in the present tense and maybe it could be valid, but you must add and change the negation in the sentence to "... I can see it as a currency for the future ".

That is, the "idea" of bitcoin is running and is a success, it works, due to its configuration in the 21 million it allows to have an inflationary "control" over the emission of available bitcoin, so there will always be a satoshi for whom want it and can buy it.

In other appreciations, in effect the mining and disposition of bitcoin in the result of a transaction has its "times" but it is not a problem, it is a characteristic of bitcoin. In general, those who do not understand bitcoin associate this as a problem, but it really is not, bitcoin works like this, for now in my humble opinion it works great, if you want bitcoin to arrive fast, pay the right rate it is that simple.

Now, for the times to come, scalability is needed, yes and no, anyway there are already improvements that are being used, but the sum of all this even if bitcoin does not change anything, it is undoubtedly the currency for the future.

[maxreish]

Have you heard about blockchain technology? That's actually the essence of creating this bitcoin. It was created beyond expectations , the conveniency, data security, etc has been adopted by many companied nowadays.

It's also been used today as  digital payments because if you can noticed new trends like electric payments, ewallets are going to be popular especially pandemic hits our economy.

[rokon1234]

Bitcoin is currently being used as digital money in some country.The power of bitcoin is blockchain, that's way bitcoin can be easily transferred from one place to another.Many countries currently allow bitcoin,so in the future all countries may allow it as digital money.