What is the fundamental goal of bitcoin

[Luqman]

Satoshi never stated to replace traditional currencies by creating Bitcoin. He only stated to provide a solution to the centralized financial system. He brings an idea to have a financial system without the need for a third party. It is actually what he wrote on the Bitcoin whitepaper. So, Bitcoin to replace traditional currencies is your own opinion only. Read again the whitepaper: https://bitcoin.org/bitcoin.pdf

[StanleyBoyle]

After 12 years of development, Bitcoin has a solid mass base. I think its ultimate goal is to achieve breakthroughs in centralized management and government restrictions by establishing a new financial order and trust system, without borders.

[syedakhlaque]

The fundamental goal of bitcoin is to provide a business to all communities of the world that can be accessed by all classes of life. The business is easy to learn and it has the ability to change the life of the people. Especially in third world countries where unemployment and poverty are great issues. So the bitcoin has the ability to solve the issue of unemployment. Its main objective is to serve humanity.

[NeuroticFish]

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?

Imho you're not wrong. But, like baguettes are an alternative to bread, not a replacement for it, I see bitcoin in a similar way: they are an alternative, but not necessarily a replacement for fiat. So no "war" is involved.

[pooya87]

To "replace" is such a strong word in my opinion. It suggests that bitcoin is going to kill the traditional currencies and that will never happen. Fiat may change its form, as it has already multiple times (metal coins to paper and now digital) but it won't go away because humanity loves centralization of power even if they say otherwise. But we need that alternative to still be able to take some of that power back whenever we want. This is when bitcoin comes in, it provides an alternative means of payment that is decentralized, censorship resistant, global and secure.

[Kakmakr]

You will find this misconception that people are saying that Bitcoin was supposed to be developed to replace Fiat currencies, but that is simply wrong. Satoshi Nakamoto did not like what the Banking system did with the Fractional reserve crisis back in 2007/2008 and how governments bailed out those Banks during that crisis, so Satoshi decided to develop Bitcoin to provide people with an alternative currency, if they did not want to support a corrupt relationship like that.

Satoshi never said Bitcoin was created to replace Fiat currencies, because he knew it would not happen, because the governments would never allow it. (Why should we be forced to use only one option that are backed by corrupt practices?)

[Chato1977]

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

Both of these are valid reason as Bitcoin really turning into being used as Alternate to existing paper money but???

• to provide freedom to everyone on how to use money

this is what i think is appropriate because we are given freedom by using crypto and that is what we are having now.

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.

replacement will never come in our time that is what i do believe.

[/list]

[uchegod-21]

but it fiat won't go away because humanity loves centralization of power even if they say otherwise. But we need that alternative to still be able to take some of that power back whenever we want.

This is great reasoning from you. I like this. This is how human beings are.

(Why should we be forced to use only one option that are backed by corrupt practices?)

Very good reasoning. Forcing everyone to use only one bitcoin is a high level of centralization by itself.

[Dump3er]

You will find this misconception that people are saying that Bitcoin was supposed to be developed to replace Fiat currencies, but that is simply wrong. Satoshi Nakamoto did not like what the Banking system did with the Fractional reserve crisis back in 2007/2008 and how governments bailed out those Banks during that crisis, so Satoshi decided to develop Bitcoin to provide people with an alternative currency, if they did not want to support a corrupt relationship like that.

Satoshi never said Bitcoin was created to replace Fiat currencies, because he knew it would not happen, because the governments would never allow it. (Why should we be forced to use only one option that are backed by corrupt practices?)

Who knows for how long Satoshi has been working on the protocol when the crisis hit? Maybe he was working on it for years and years even before the crisis hit. It is possible that he understood back then that the timing was just perfect for the protocol to be finished and launched back at the time. Initially, his motivation could have been to just develop a value transfer mechanism for the Internet, but once the crisis came into play the events perfectly played out in his favor.

[famososMuertos]

Well, the question should be the opposite, what are our objectives with bitcoin and not from the individual point of view, which until now has perhaps been the main problem that bitcoin is not where it should be because it has everything or almost everything depending from the point of view of Given that you look at it, the point is that bitcoin is technology, it is a tool that depends on us as a group to take it to the level that we intend to be used.

For now, for example, there is an individual with a vision in El Salvador, it is his vision and he intends to transmit it to an entire nation, on the other hand there are individuals who seek their own objectives based on bitcoin.

So then its objectives depend on ourselves, when as a collective we agree on each of our social and cultural edges, bitcoin may have a common goal and that unites us all. But that does not happen in the greatness that it should and it is not the fault of b_Bitcoin.

[Coyster]

Mind you that Bitcoin is not created to basically just replace Fiat currencies, I know Bitcoin is a different kind of currency, but it's meant to coexist with fiat and not to outrightly replace it, it's much better to refer to it as an alternative currency, imo it's designed so people can be their own banks and control their funds, majority of users in the Bitcoin network are there cause they have freedom and control of their funds, taking such funds away from the control of the government.

Having said that, I know one major goal is to make absent third party services when using your funds, but mind you that due to the freedom the network offers there are many other goals of the network and it's somewhat up to the user to decide which he chooses to harness.

[syedzakir]

Bitcoin was created originally to launch a currency on which no government could take control. It would be a decentralized currency and people would be able to get benefits through it in a number of ways.
 But now as people are more attracted towards it so it is replacing the traditional currencies.
But as some people are still unaware of it's use so they are not able to get access to this currency and they are still using fiat or the traditional ones.

[Imran232]

For me, bitcoin is the freedom of your money, your financial activity. Your money should be your choice, and I think that's a goal of bitcoin. But according to some resources, bitcoin was created for anonymous money transactions and their goal was to make it for people's financial freedom so that their money spending should be in their own hands. So people don't have to think about any transaction amount and their goal isn't to replace the country's native currency. It can be an alternative currency.
 
I think their other motive might be, "The digital world needed digital money, so we created it."

[icopress]

[...]

Since we are talking about a rather abstract topic, let me deviate a little. I see that the total number of transactions in the BTC blockchain is less than in BSV, so I have a question. First, how did it come about that BSV overtook BTC in terms of the total number of transactions in such a short time? (If we take a fork as a starting point). Second, could bots be involved in this? Since the daily volume of transactions in SV also exceeds the volume of transactions of BTC by 3.5 times.

[adzino]

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.
[/quote]
Two and three somewhat stands true, and this is why the government is trying to regulate it. They don't want people to have full control over their own finances.[/list]

[uchegod-21]

[...]

Since we are talking about a rather abstract topic, let me deviate a little. I see that the total number of transactions in the BTC blockchain is less than in BSV, so I have a question. First, how did it come about that BSV overtook BTC in terms of the total number of transactions in such a short time? (If we take a fork as a starting point). Second, could bots be involved in this? Since the daily volume of transactions in SV also exceeds the volume of transactions of BTC by 3.5 times

There are no bots. BSV with a higher transaction throughput is out to show that bitcoin is scalable. And is doing it in a short time

[jrrsparkles]

I don't see the relevant answer in the poll to vote for which is to eliminate the third party while transacting the money.

Since Bitcoin is decentralized it gives freedom to spend anywhere we want there is no limitations for sending the bitcoins to anyplace in the world and don't even Satoshi thought bitcoin will become this much huge when he started this project.

[Ararbermas]

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.

that's what others saying wherein to replace fiat currency. Even though it's very obvious that governments don't want that thing to happen because they're still against what some factors bitcoin have. Infact if it's not a big deal perhaps it already happened wherein bitcoin is now flipping those legal tender bit unfortunately its a big deal.. Maybe i will agree with the last part but taken the place of the traditional currency it is very impossible to be honest.. Even we make surveys about that in public it will be negative for sure. [/list]

[Zilon]

All of the above except replacement of traditional currency. I'm not sure Satoshi had the intention of replacing traditional currencies but had in mind for an alternate form of currency where people will have sole responsibility for how the manage, spend , transact and execute their transactions without the interference of a third party. Instead of Bitcoin to replace traditional currencies the government will define fight tooth and nail to enforce the CBDC instead.

Outside this the volatility of Bitcoin will be it's limiting factor because as the price is never stable using it solely for transaction will pose some issues amongst businesses

[pooya87]

Since we are talking about a rather abstract topic, let me deviate a little. I see that the total number of transactions in the BTC blockchain is less than in BSV, so I have a question. First, how did it come about that BSV overtook BTC in terms of the total number of transactions in such a short time? (If we take a fork as a starting point). Second, could bots be involved in this? Since the daily volume of transactions in SV also exceeds the volume of transactions of BTC by 3.5 times.

The block count is higher simply because when bcash forked off (BSV created out of bcash) since nobody gave a shit about this altcoin they needed a way to survive and at the same time create incentive for miners to switch to their altcoin even if temporary. What they did was manipulating the difficulty adjustment called EDA (E stands for emergency). This meant instead of the normal average 144 blocks per day you could mine 1000+ bcash blocks per day. This not only kept the shitcoin alive in early days but also created incentive for some miners to switch and increase bcash hashrate.
Then EDA was removed and over time hashrate went away and a lot of other issues occurred causing lower number of blocks be mined in both bcash and its fork bsv hence the 4k block difference.
You may like to know that bcash blockchain size is roughly half the bitcoin block size! 175 GB versus 350 GB!

As for bsv and its ridiculous number of transactions, it is obviously spam. It is easy to perform because it is a completely centralized shitcoin and the controllers of this network are free to fill their network with any number of transactions. If you check out BSV transactions you can see that they are transferring 0 value whether through bsv itself or through the colored coin they are spamming the blocks with.

This doesn't cause any problem because it is centralized and nobody gives a shit that a block could be 500 MB and it takes a lot of time for a regular user to download and verify the garbage in that block. Which is why bitcoin has tens of thousands of reachable nodes while BSV only has 49 nodes!