What is the fundamental goal of bitcoin

[uchegod-21]

I have see in my research in many place that fundamental goal of bitcoin is to replace traditional currencies.

I am asking what is the fundamental goal of bitcoin. Is it

• to replace traditional currencies
• to provide alternative to traditional currencies
• to provide freedom to everyone on how to use money

If number one is truth. There means bitcoin is deserving the fight is getting from government. Because nobody will fold hand for another person to replace him.
But if number two and three is truth. There means Bitcoin not deserve the fight is getting from government.

[BlackHatCoiner]

The fundamental goal of bitcoin is to prevent the need for a financial institution to transact money via the internet as the whitepaper says;

Commerce on the Internet has come to rely almost exclusively on financial institutions serving as
trusted third parties to process electronic payments. While the system works well enough for
most transactions, it still suffers from the inherent weaknesses of the trust based model

Now, if you think this brings freedom, it replaces (or will replace) traditional currencies, is and must remain an alternative payment method etc., is down to you to decide it. In my opinion, it's liberty rather than freedom. (The difference)

Whether you lean towards authoritarianism or libertarianism, whether you lean towards left or right, you can't seriously disagree with this statement.

[mk4]

Bitcoin allows a decentralized peer-to-peer transfer of value without any reliance of 3rd party entities. The sort of "end goal" is going to totally depend on a person's opinion, and definitely not something set in stone that everything should agree to. I'd even go as far as to say that we don't necessarily need to agree on whatever Satoshi said in the past.

[muratsink]

bitcoin is certainly a long-term investment so that miners feel at home in bitcoin for a long time especially considering the bitcoin price which tends to fluctuate and fluctuate so that miners are so basic in bitcoin especially when we are at the lowest point where bitcoin with a price that is not so stable it will be very, very detrimental if we are not in the crypto world for a while

[Upgrade00]

I do not think there is any fundamental goal of bitcoin. It is simply a peer to peer network that functions without the need for a third party, You can choose to use it as an alternative to fiat or as a replacement if you have enough outlets that accepts it as a currency to survive on.

If I'm forced to choose, I will say it offers freedom as you decide how you want to store it and also use it.

[leea-1334]

But why are we asking a question and providing an answer none of which is in the Bitcoin whitepaper?

I always thought the fundamental goal of Bitcoin was to have a peer to peer digital currency that would solve the double spend problem

Well of course that is simplistic to say but is not a fundamental goal supposed to be simplistic?

[touseefahmad1999]

bitcoin is peer to peer decentralized currency.bitcoin fundamentally is very good for long term, it,s not under control for government that is why it,s very unique concept everyone have owner which they holding without any panic of bitcoin. long term bitcoin will new ATH. bitcoin gives only freedom between the peoples whos will hold for long it will make rich. bitcoin has depends on supply and demand which have made very unique to everyone.

[NeuroticFish]

I am asking what is the fundamental goal of bitcoin.

The goal is to provide a fair currency that doesn't need you trust neither the central bank, neither your bank, neither the payment processor, nor VISA/Mastercard (quite a list, isn't it?) and still be able to nicely and safely purchase goods and services.

But really, you can easily read the whitepaper. It's only 8 pages, very concise and not too technical.

If number one is truth. There means bitcoin is deserving the fight is getting from government. Because nobody will fold hand for another person to replace him.
But if number two and three is truth. There means Bitcoin not deserve the fight is getting from government.

Bitcoin is not necessarily meant to replace or fight anything. It just offers an alternative. Some will prefer it. Some won't.

[hugeblack]

Suppose we answer this question, what will change or make a difference? It does not matter what the definition of bitcoin is, but the extent of the impact it may have.
As for the definition, the white paper has defined it as a currency that supports peer-to-peer cheap & decentralized transactions between countries, and thus major changes may occur, such as being a currency for international trade, safe haven, or it may replace cash or other variables.

Don't forget that Bitcoin is still new as it hasn't been done for more than 12 years and a lot of things may happen in the next 100 years.

[fiulpro]

The goal of Bitcoin is dependent on the goal of the holders, I do think the real goal of Bitcoin is giving people the freedom of their own wealth, for them to be able to make better financial decisions without third parties, without the oppression by the government as well. We have money, we have banks and the society generally is not so independent on it's own and therefore at the end of the day bitcoins will give the particular person the right to choose, if you want to use it as an investment, good to go, if you want to use it as a currency, well and good, no one is literally going to call you out on that and therefore at the end of the day cryptocurrencies like bitcoins, their role is dependent on us, how we choose to use them, they can be taken as an experimental entities for real.

[BIT-BENDER]

I have see in my research in many place that fundamental goal of bitcoin is to replace traditional currencies.

I am asking what is the fundamental goal of bitcoin. Is it

• to replace traditional currencies
• to provide alternative to traditional currencies
• to provide freedom to everyone on how to use money

If number one is truth. There means bitcoin is deserving the fight is getting from government. Because nobody will fold hand for another person to replace him.
But if number two and three is truth. There means Bitcoin not deserve the fight is getting from government.

In my thoughts there is no where that the fundamentals of bitcoin is to replace/replace the traditional ways, its mostly labeled like this for people who thinks there is a contest between Bitcoin and other traditional ways, I think the fundamentals of bitcoin are to easy-out the complications that we experience using traditional ways and decentralization, to me it's very important to understand that decentralization is a core part of Crypto-currency and especially Bitcoin.[/list]

[avikz]

• to replace traditional currencies

Nope! Bitcoin whitepaper doesn't day so. Bitcoin wasn't created with the goal to replace traditional fiat currencies.

• to provide alternative to traditional currencies

Partially true! Bitcoin is created as an internet currency which doesn't need a central authority to operate.

• to provide freedom to everyone on how to use money

Again partially true! This is not the goal of bitcoin. Rather this is a benefit of bitcoin.

Bitcoin wasn't created to fight governments or to uproot the traditional fiat system. Rather bitcoin can perfectly co-exist with the mainstream economy. [/list]

[mk4]

Bitcoin wasn't created to fight governments or to uproot the traditional fiat system. Rather bitcoin can perfectly co-exist with the mainstream economy. [/list]

Yep, not necessarily, but this was ever so slightly hinted with the genesis block message: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"; whereas it's a reference to the 2007-2008 financial crisis.

But yea, we can also create the assumption that Satoshi created Bitcoin to just have an alternative, but not necessarily take down tradfi.

[uchegod-21]

But really, you can easily read the whitepaper. It's only 8 pages, very concise and not too technical.

I have read this carefully again. Thank you

Abstract. A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution. Digital signatures provide part of the solution, but the main
benefits are lost if a trusted third party is still required to prevent double-spending.

From Satoshi Nakamoto statement "without going through a financial institution " show that bitcoin fundamental goal is best describe as alternative to traditional financial institutions.
I am wrong?

[Oilacris]

"To provide alternative to traditional currencies"

Satoshi did really make out a coin that is centralized or doesnt involved 3rd party on any transactions or simply p2p.IT was never intended on being created on replacing the current currencies that we do have today.

It just turn out that it did really make out some significant recognition because of that main aspect on which the community do see it good
and give out importance about decentralization.

Lets just be thankful that this thing had been created because we are existing today or this community if it was never been invented or created.

[aoluain]

Most of us believe Bitcoin's goal is to enable anyone to transfer digital wealth to
another without the need of a 3^rd party, this also means Bitcoin is borderless.

This was the initial goal of Bitcoin as it was created right after the financial crash in
2007 through 2009. The crash which the many paid for and the few got away with.

Bitcoin can transcend its initial goal and become a number of other financial
tools and replace currencies but its main goal remains.

[livingfree]

Being free from third parties that are charging that much fees is likely on my mind. Because it is what I see right now and is still happening for the wire transfers and remittances, they're charging that much fees.

So it's a lot of meaning for being free and it's up to you to decide what are the other meaning that you think from it.

[dark1234]

• to provide alternative to traditional currencies

This opinion is the result of the most votes from the voting above, but in fact bitcoin until now has been mostly running in the market as an asset to be traded and held [holders], only a few have made traditional money alternatives because considering the price is fundamental, even though bitcoin offers transaction fees which is lower than traditional money

[dothebeats]

Originally it was to provide an alternative to traditional currencies, and to make cross border transactions free from third party and huge fees. But over time, it has developed into something else, and those other options that you have added are surely included in the list. Right now, all you have written in there are part of bitcoin's role in today's time, and it's great that we are still enjoying bitcoin until today.

[Kelvinid]

Indeed, "To provide alternative to traditional currencies" that is for me and that actually the reason why it exists to become a form of currency (digital currencies). It just happens that people are not seeing it as a currency but instead of being an investment, a profitable investment that serves as the best attraction towards crypto.

Even the use of FIAT money gives you the freedom of where to spend it, where to use it,  only we got taxes but sooner or later, even in crypto might be taxed as well.