Bitcoin Purpose

[GeorgeJohn]

Everyone will define it purpose of bitcoin due to the way it understand it, I don't think we have a specific definition of bitcoin purpose on the, where you will translate, compare and make conclusion of purpose of fiat, its the same to categorized cryptocurrencies and especially bitcoin, from my assumption and perspective, Bitcoin is a currency which is been use for exchanges of goods and services, using this as illustration, during you the early establishment or introduction of bitcoin some used Bitcoin for exchange of pizza, and currently some people use bitcoin to exchange cars and buildings, so Bitcoin have varieties of purposes.

[TheNineClub]

According to Bitcoin's purpose on the doc written by Satoshi, it stated the purpose of Bitcoin as a P2P medium of exchange. But I see some companies using it for the purchase of Goods and Services which makes some governments interested in its regulations because the economy is involved.

Is this purpose going to take a turnaround?
Because I see Bitcoin being accepted by some governments and regulated.

Keep in mind that doc was written back when the crypto landscape was much different than it is now. MUCH different. And considering that whoever Satoshi is/are, I am sure he would have thought it could come to this and that the intital version was just as a starting point, and that for BTC to evolve and survive, it would need to make adjustments to how it's percived and be more fluid in that sense.

[Accardo]

In my opinion: Government is obsessed that they generate little or no money despite thousands of transactions happening everyday on bitcoin blockchain. Miners get the reward. If government can mine bitcoin it's the only means they can generate money from bitcoin. They can only regulate the institutions that work in line with bitcoin such as exchanges, businesses, etc. Scarcity is another reason government is working hard to control bitcoin so that they can handle huge amount of bitcoin when the 21 million bitcoins have been Mined. Can they get taxes from Bitcoin network?

[perfect999]

According to Bitcoin's purpose on the doc written by Satoshi, it stated the purpose of Bitcoin as a P2P medium of exchange. But I see some companies using it for the purchase of Goods and Services which makes some governments interested in its regulations because the economy is involved.

Is this purpose going to take a turnaround?
Because I see Bitcoin being accepted by some governments and regulated.

BTC is used on any other things that are not written in the documents of satoshi. It was unexpected but what was your understanding with P2P medium of exchange? IMO a P2P user can be a single person, a group of people or it could be a company or a government.

While a medium of exchange means it is like a money that can be used to purchase goods or services. That is what the government currently doing and there is nothing wrong with that because that is how BTC intended to be but not for the regulation part that have done by the governments. This slowly takes away the decentralization part of BTC. this should be controlled or stop before it gets worst.

[boyptc]

It's inevitable that government will really intervene. As well as the big financial institutions. I'm half biased on this development because just like what others have said, it's really not intended to be like that.

But as bitcoin grows, we have to embrace developments like this in a positive manner. Before, it was thought and asked like what if the governments start to become interested in bitcoin. Now that we're here, I think it's unlikely that we have to turn back and return.

[BlackHatCoiner]

The purpose of Bitcoin is to give it a purpose. 

Jokes aside, the purpose of Bitcoin is written in the very first sentence of the whitepaper:

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.

Is this purpose going to take a turnaround?

Who knows, let's find out by adopting it. There's a better type of sound money, so let's make it official.

[Reatim]

in my opinion, the purpose of bitcoin is to develop digital money and for a medium of exchange globally with rapid technological advances.

Also including it that in the mind of Satoshi, he didn't know that bitcoin can be the government challenge to try and stop it because of the use that the user is not able to be traced but only registered in blockchain. The blockchain is the real medium of exchange hiding the freedom of users

Lol who told you that Satoshi did not anticipate those government actions towards bitcoin? Satoshi is a Mindful person his Views in situation is far from what is the present meaning he knew this all coming and this same reason why he does not want to be on the front .
he hide His identity so he can protect his life and His family.
Satoshi Nakamoto knows all of these are coming , and He is ready how to face the situation .

[TinaK]

Bitcoin serves as a replacement for toilet paper money as well as a store of value similar to gold. A blockchain is a transparent and tamper-proof ledger, and blockchain technology is altering the world in the same way that bitcoin is revolutionizing money. Bitcoin is stored in wallets with public addresses, but bitcoin can only be transferred from that wallet using a private key known only to the wallet holder.

Thousands of personal computers monitor every bitcoin transaction in the blockchain to ensure that it is accurate and transparent.
So, my final thought is that the purpose of bitcoin is to give financial freedom to everyone and be followed by privacy.

[Sebas.tian]

in my opinion, the purpose of bitcoin is to develop digital money and for a medium of exchange globally with rapid technological advances.

Yes, bitcoin purpose is to develop decentralized currency and improve medium of exchange globally. It was also created to reduced unemployment in the world labour market so that many graduate will not be lack of job opportunity in the world. It was also created to eliminate delay in the world transaction and to bring fast and safe to people transaction in the world.

Bitcoin has developed many countries that adopted decentralized currency and they are more better than those countries that rejected bitcoin some years ago in their country. Satoshi created bitcoin to help people who cannot help themselves to grow well in the community and to leave the condition of poverty in the community.

[kentrolla]

Unfortunately we have already moved away from the goal of bitcoin mentioned by Satoshi Nakamoto as we hardly use Bitcoin as a p2p transaction rather we invest into bitcoin for profit and since the institutional investments started pouring into bitcoin it has changed the course of game and I know still some of us use Bitcoin for P2P but there are other cryptos which provides faster transaction speed and almost zero transaction fee hence bitcoin is no longer utilized as P2P and rather an investment medium which has come under government's radar wherein they have already started implementing taxes on Bitcoin and trying to regulate it. We need to accept this fact and understand that the original goal has been ruined and it has been turned into more of a investment medium wherein corporates can change the tide anytime they want.

[witcher_sense]

Unfortunately we have already moved away from the goal of bitcoin mentioned by Satoshi Nakamoto as we hardly use Bitcoin as a p2p transaction rather we invest into bitcoin for profit and since the institutional investments started pouring into bitcoin it has changed the course of game and I know still some of us use Bitcoin for P2P but there are other cryptos which provides faster transaction speed and almost zero transaction fee hence bitcoin is no longer utilized as P2P and rather an investment medium which has come under government's radar wherein they have already started implementing taxes on Bitcoin and trying to regulate it. We need to accept this fact and understand that the original goal has been ruined and it has been turned into more of a investment medium wherein corporates can change the tide anytime they want.

Why the heck then some countries are considering legalizing bitcoin as a legal tender while others have already done this if no one wants bitcoin to be P2P currency but rather wants to use it for obtaining short-time gains in fiat money that constantly is depreciating and losing trust? Even more, you know what, I don't care how Satoshi envisioned bitcoin because once he left the project for the community, his view and his writings became irrelevant and obsolete. If I want to use bitcoin as an investment I will do that because no one in this world can hamper me from doing whatever I want with the private keys I myself generated and funded. But if I want to exchange my bitcoin for goods or services in a P2P transaction, I will find like-minded people who are ready to transact and can't be stopped from transacting in a decentralized currency.

[marilynmanson21]

I think being accepted does not mean the original purpose of bitcoin can be released because basically bitcoin as a decentralized currency. Unlike other currencies in general, bitcoin does not depend on one main issuer.
Bitcoin uses a distributed database and propagates to the nodes of a P2P network to a transaction journal.
It also uses cryptography to provide basic security functions, such as ensuring that bitcoins can only be used by those who actually own them, and never more than once.
As a result, bitcoin can be used in various types of transactions such as buying internet servers, buying fashion products and so on.

[LUCKMCFLY]

Unfortunately we have already moved away from the goal of bitcoin mentioned by Satoshi Nakamoto as we hardly use Bitcoin as a p2p transaction rather we invest into bitcoin for profit and since the institutional investments started pouring into bitcoin it has changed the course of game and I know still some of us use Bitcoin for P2P but there are other cryptos which provides faster transaction speed and almost zero transaction fee hence bitcoin is no longer utilized as P2P and rather an investment medium which has come under government's radar wherein they have already started implementing taxes on Bitcoin and trying to regulate it. We need to accept this fact and understand that the original goal has been ruined and it has been turned into more of a investment medium wherein corporates can change the tide anytime they want.

I think that what happens is that in every speculative market the great whales will always emerge and as long as there are people with other visions those who have the most money are those who handle the most power, this is not only present here but in everything, we probably live where to There is a business model for everything, and everyone wants to win, very few remain with the interest of being enthusiastic or of being a Pro Technological person and/or that supports everything that has to do with progress, everything adds to the usual interest to win.

[Zilon]

According to Bitcoin's purpose on the doc written by Satoshi, it stated the purpose of Bitcoin as a P2P medium of exchange. But I see some companies using it for the purchase of Goods and Services which makes some governments interested in its regulations because the economy is involved.

Is this purpose going to take a turnaround?
Because I see Bitcoin being accepted by some governments and regulated.

peer-2-peer as intended by satoshi is to is create a payment network between two parties that is devoid of a third party intermediary which implies it can be between any two party possibly two friends, two businesses, companies or any organisation that has bitcoin and want to make payment for virtually anything without relying on a central authority. Government regulation fighting against the p2p exchange is because it presents anonymous transaction but there is little that can be done about this

[Viscore]

Bitcoin is a form of money that no government or bank can control. It is a digital currency that can be transferred over the internet directly between two people without going through any financial institutions .It serves as an alternative to fiat as form of digital money.Bitcoin can also be used to purchase goods and services. And lastly, it also use for investment.

Bitcoin has also a lot of advantages. It gives you a full control of over your money. With bitcoin, you are the bank. No government or bank can decide to freeze your account or stop you from receiving payment.

[jhonjhon]

Bitcoin is the first digital currency and it has been very popular all over the world..Bitcoin has many purpose.But the main reason why bitcoin was created, is that it can be used for peer-to-peer transanctions which means no banks or any financial institutions are involved.Bitcoin serves as an alternative to traditional money. It can be use to buy and sell things online.Some people used bitcoin as an investment and have made large profits by buying it at a low price and then selling it for a high price.

[ChiBitCTy]

According to Bitcoin's purpose on the doc written by Satoshi, it stated the purpose of Bitcoin as a P2P medium of exchange. But I see some companies using it for the purchase of Goods and Services which makes some governments interested in its regulations because the economy is involved.

Is this purpose going to take a turnaround?
Because I see Bitcoin being accepted by some governments and regulated.

I personally believe what you’re mentioning is the exactly what Satoshi had in mind for its main purpose, an electronic payment system.  I’m not sure the fact that its being used for goods and services is not something he wasn’t expecting or wanting it to be used for.  I’m sure he had planned for it being used for all sorts of things.

[Hypnosis00]

this is where most people mean that the use of bitcoin is a freedom and has the confidentiality of its users. there are still a few countries that legalize it and mostly because they are experiencing economic difficulties, so legalizing bitcoin as a solution. but bitcoin is the future and in the process of being used for all countries, therefore it is natural that there are still many pros and cons, but a development later is inevitable

No, I don't see Bitcoin giving us the freedom, banks and some exchanges are already asking KYC that could breach our privacy. And to found that legalizing Bitcoin is the solution to poverty nor it gives solution to our economic crisis. But I don't stop people looking positive at Bitcoin and thinking it helps them to have a better future as it eventually helps in real life.

However, we can't just easily see that Bitcoin will consider as a form of currency if people will just think of this as an investment. Apparently, this is what we see.