Why was BITCOIN invented?

[jokers10]

Why are you not sure about future for Blockchain technology and its adoption in society?
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What if something new and more progressive will be invented? We never know. If someone asked me 15 years ago if a currency you can mint with your PC will become something valuable I'd say definitely not. And now we see that bitcoin proved that it is valuable. Some new invention can be created in the future and replace bitcoin like bitcoin is slowly replacing fiat currencies now. I believe in science and human imagination so I think that something even better than bitcoin will appear.

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[Mikky.Crypto]

It's sad that most people only see Bitcoin as a speculative asset or a risky investment. They're missing the bigger picture of how it can revolutionize the entire monetary system and create a more fair and equitable world. Let's educate more people about the real purpose of Bitcoin.

[jokers10]

It's sad that most people only see Bitcoin as a speculative asset or a risky investment. They're missing the bigger picture of how it can revolutionize the entire monetary system and create a more fair and equitable world. Let's educate more people about the real purpose of Bitcoin.

It is hard for me to imagine how will economy look like when it will be based on bitcoin ideas. It is not just about money transfer and payment processing, it is about a totally different economy system. Modern finance is based on inflation: everything becomes more expensive with time and that's why it is interesting to get a loan to start a business. Deflationary system will make loans less attractive. It will impact everything. And it will take time to find new solutions for a new system. I'm not hurry, IMO it is better to wait and get a soft transformation than to rush and crash everything.

[bettercrypto]

Why are you not sure about future for Blockchain technology and its adoption in society?
...

What if something new and more progressive will be invented? We never know. If someone asked me 15 years ago if a currency you can mint with your PC will become something valuable I'd say definitely not. And now we see that bitcoin proved that it is valuable. Some new invention can be created in the future and replace bitcoin like bitcoin is slowly replacing fiat currencies now. I believe in science and human imagination so I think that something even better than bitcoin will appear.

What do you think is going to come out bigger than bitcoin? do you have any thoughts? Or do you just feel it?
With each passage of time, human knowledge grows and with that growth, mankind is able to create things that we cannot fully imagine.

    Just like bitcoin, right? if the internet hadn't been created Bitcoin probably wouldn't have been invented in my opinion. It's only because of the internet with the technology that we have that Bitcoin was formed and created.

[BALIK]

It's sad that most people only see Bitcoin as a speculative asset or a risky investment. They're missing the bigger picture of how it can revolutionize the entire monetary system and create a more fair and equitable world. Let's educate more people about the real purpose of Bitcoin.

Nowadays, people are slowly forgetting the original purpose for which bitcoin was created, but I don't see anything wrong with people treating it like an investment, an asset. Thanks to bitcoin, which has helped many people change their lives and get out of poverty, bitcoin creates opportunities for everyone, the poor have the chance to get rich...Although bitcoin is not used as it was originally intended, it also benefits us.
One more thing, don't forget why the government doesn't like bitcoin, so even if bitcoin is used as it was initially intended, it will be tough to popularize or revolutionize the current monetary system.

[superman184]

It's sad that most people only see Bitcoin as a speculative asset or a risky investment. They're missing the bigger picture of how it can revolutionize the entire monetary system and create a more fair and equitable world. Let's educate more people about the real purpose of Bitcoin.

Now everyone can search and find out for themselves about the true purpose of Bitcoin, because there are many explanations for such things on several websites at the moment which of course can be used by everyone who wants to read them. Except someone who really has a lazy nature who spends more time playing than reading and understanding about the true purpose of Bitcoin. And I think only people who don't know Bitcoin say Bitcoin is a speculative asset or a risky investment.

[lionheart78]

It's sad that most people only see Bitcoin as a speculative asset or a risky investment. They're missing the bigger picture of how it can revolutionize the entire monetary system and create a more fair and equitable world. Let's educate more people about the real purpose of Bitcoin.

Now everyone can search and find out for themselves about the true purpose of Bitcoin, because there are many explanations for such things on several websites at the moment which of course can be used by everyone who wants to read them. Except someone who really has a lazy nature who spends more time playing than reading and understanding about the true purpose of Bitcoin. And I think only people who don't know Bitcoin say Bitcoin is a speculative asset or a risky investment.

Well we cannot deny the fact that how people see Bitcoin being an asset makes it a risky investment and is a speculative asset, besides Bitcoin being a currency of course.  How can you prove that Bitcoin is not a speculative asset and is not a risky investment?

We all know Bitcoin is a highly volatile and a highly volatile asset is risky investment, and most investors speculate in this kind of trade.

What is a speculative asset?
Image result for speculative asset meaning
In finance, speculation is the purchase of an asset (a commodity, goods, or real estate) with the hope that it will become more valuable shortly. It can also refer to short sales in which the speculator hopes for a decline in value.

  Thus it meets the definition of a speculative asset and a risky investment due to its market performance and how traders see Bitcoin. I believe people who do understand the nature of Bitcoin, the usage of Bitcoin, and the economics of Bitcoin tend to know Bitcoin is more than just a currency.

[drwhobox]

Nowadays, people are slowly forgetting the original purpose for which bitcoin was created, but I don't see anything wrong with people treating it like an investment, an asset. Thanks to bitcoin, which has helped many people change their lives and get out of poverty, bitcoin creates opportunities for everyone, the poor have the chance to get rich...Although bitcoin is not used as it was originally intended, it also benefits us.
One more thing, don't forget why the government doesn't like bitcoin, so even if bitcoin is used as it was initially intended, it will be tough to popularize or revolutionize the current monetary system.

Yes most of the people forget the main reason why bitcoin created and I think a majority number of people don't know the actual purpose of bitcoin. I think at this point all of us, including me treat bitcoin like an investment asset.

This is true that bitcoin made so many rich within this short period of time of its creation. Many people change their life with bitcoin. But the funny part is, bitcoin not an actual investment asset.

[crunck]

It's sad that most people only see Bitcoin as a speculative asset or a risky investment. They're missing the bigger picture of how it can revolutionize the entire monetary system and create a more fair and equitable world. Let's educate more people about the real purpose of Bitcoin.

But I want to ask you, what are you looking at bitcoins? I can say that 99% of market participants are for profit. If bitcoin were used only as currency or as a payment method, many people would not need it, and it would not be as popular as today. Most of the market participants are attracted by the profits that bitcoin makes, and I bet you are here for the profits too. Don't be heroic here. On this forum, only some veteran members consider bitcoin as a currency, and they encourage people to use it daily, the rest is for profit.

[Helena Yu]

But I want to ask you, what are you looking at bitcoins? I can say that 99% of market participants are for profit. If bitcoin were used only as currency or as a payment method, many people would not need it, and it would not be as popular as today. Most of the market participants are attracted by the profits that bitcoin makes, and I bet you are here for the profits too. Don't be heroic here. On this forum, only some veteran members consider bitcoin as a currency, and they encourage people to use it daily, the rest is for profit.

It's true majority of people are only looking for profit when they're buy Bitcoin, it's not wrong but if they're not understand about Bitcoin, they will blame Bitcoin when bear market happen or the price goes opposite against your speculation. That's why it's better to understand about Bitcoin and know the other reason why you're want to invest in Bitcoin.

You might never experienced a problem with your banks or centralized site, that's why you're don't need Bitcoin as a currency. In Bitcoin you can pay to anyone in this world, without need to worry about limit or restrict from banks or centralized site.

[Dickiy]

I've read a lot in this forum that made a topic about bitcoin, this is the only one I've read that can be said to be really detailed that said how and why Bitcoin was made or made. So kudos to op for taking the time to explain why Satoshi Nakamoto created Bitcoin.

 So a nice sharing op you have done for adding knowledge to all the members here on this forum platform. I just now realized that because of the crisis that we were going through in 2008, it was very scary for all the businessmen during these times that the inflation caused is really worrying, fortunately bitcoin is one of the solutions regarding this matter. So thanks to Satoshi Nakamoto.

I read the OP's thread quite seriously and indeed he enlightened some people including me about how bitcoin was born. And indeed when talking there 2008 was a scary year I was almost at the hammer being poorer in that time.
But something stuck in my mind, namely whether this group or Satoshi Nakamoto worked on bitcoin within one or two years? I think that time seemed faster and I feel that bitcoin was planned far from the 2008 crisis because if in a short time it was impossible to survive and be as great as it is now, is it just me who feels this way or does anyone feel this too?

[Bollexz1]

Bitcoin was invented to solve the whole world's monetary crisis and hassles. An invention made to provide an alternative payment system that would operate free of central control but otherwise be used just like traditional currencies. And in other ways, to pull th3 vast majority of poverty.

[Jawhead999]

Bitcoin was invented to solve the whole world's monetary crisis and hassles. An invention made to provide an alternative payment system that would operate free of central control but otherwise be used just like traditional currencies. And in other ways, to pull th3 vast majority of poverty.

When did Satoshi saying Bitcoin was created to solve the economy crisis and hassles? you can give me a proof where he say this, you can check into his account in this forum or you can find it on Bitcoin whitepaper. If you're read Bitcoin solve economy problem in somewhere and it's come from other people's mouth, that's just their opinions and not from Satoshi, as a creator of Bitcoin.

Currently there are a lot countries are still have economy crisis, Bitcoin have been around this world for around 14 years, why the economy crisis have not been solved yet?

[Bollexz1]

Bitcoin was invented to solve the whole world's monetary crisis and hassles. An invention made to provide an alternative payment system that would operate free of central control but otherwise be used just like traditional currencies. And in other ways, to pull th3 vast majority of poverty.

When did Satoshi saying Bitcoin was created to solve the economy crisis and hassles? you can give me a proof where he say this, you can check into his account in this forum or you can find it on Bitcoin whitepaper. If you're read Bitcoin solve economy problem in somewhere and it's come from other people's mouth, that's just their opinions and not from Satoshi, as a creator of Bitcoin.

Currently there are a lot countries are still have economy crisis, Bitcoin have been around this world for around 14 years, why the economy crisis have not been solved yet?

You are correct. And I might have stepped out of line in my reply but what I actually meant to say was a personal economy solution which encompasses budgeting, investments, and a retirement plan for oneself. Bitcoin wasn't originally designed to solve global crises but it has one way or another paved the way for many others.

[ancafe]

Yes most of the people forget the main reason why bitcoin created and I think a majority number of people don't know the actual purpose of bitcoin. I think at this point all of us, including me treat bitcoin like an investment asset.

There is no reason other than treating bitcoin as an investment asset because in most countries bitcoin is not yet legal as a means of transaction, so the only thing that is most rational is to treat it as an investment asset.

This is true that bitcoin made so many rich within this short period of time of its creation. Many people change their life with bitcoin. But the funny part is, bitcoin not an actual investment asset.

Many people have been successful in investing in bitcoin and for those who are able to see opportunities it will definitely accelerate them to get there and also many people who are unable to take advantage of the opportunities that exist. Everyone gets the same opportunities, but not everyone gets the opportunity to invest, bitcoin not an actual investment asset, how do you explain all this?

[Stalker22]

Yes most of the people forget the main reason why bitcoin created and I think a majority number of people don't know the actual purpose of bitcoin. I think at this point all of us, including me treat bitcoin like an investment asset.

There is no reason other than treating bitcoin as an investment asset because in most countries bitcoin is not yet legal as a means of transaction, so the only thing that is most rational is to treat it as an investment asset.

I would say that this statement is not entirely accurate and is quite critical and doubtful. While it is true that in many countries, bitcoin is not yet widely accepted as a legal means of transaction, this does not mean that it cannot be used as a currency. Can you please provide the source of your information stating that Bitcoin is not yet legal as a means of transaction in most countries?

It is important to distinguish between legal tender and means of payment. Legal tender refers to a currency or payment method that a government has declared must be accepted as payment for debts and taxes within its jurisdiction. On the other hand, a means of payment refers to any instrument, including cash and cryptocurrencies, that can be used to exchange value in exchange for goods and services. Bitcoin is not legal tender in most countries, meaning that merchants and individuals are not required to accept it as payment for goods and services. However, it can still be used as a means of payment in many cases, especially in online transactions.

[DanWalker]

But I want to ask you, what are you looking at bitcoins? I can say that 99% of market participants are for profit. If bitcoin were used only as currency or as a payment method, many people would not need it, and it would not be as popular as today. Most of the market participants are attracted by the profits that bitcoin makes, and I bet you are here for the profits too. Don't be heroic here. On this forum, only some veteran members consider bitcoin as a currency, and they encourage people to use it daily, the rest is for profit.

It's true majority of people are only looking for profit when they're buy Bitcoin, it's not wrong but if they're not understand about Bitcoin, they will blame Bitcoin when bear market happen or the price goes opposite against your speculation. That's why it's better to understand about Bitcoin and know the other reason why you're want to invest in Bitcoin.

I believe that new investors from 2020 to here most of them will not know what Satoshi's real purpose for creating bitcoin is, and they enter the market with the offer to get rich quickly or make a profitable investment. What I hear people discussing about bitcoin these days is that it is an asset, a highly profitable investment channel, I don't see anyone talking about the original purpose of bitcoin anymore.

Those who blame bitcoin when their investment fails, those people will never succeed in any field, not just bitcoin. After all, no matter what bitcoin is, it is just a man-made tool and presents an opportunity to us in one way or another. Our success comes from our behavior, efforts, and mindset and not bitcoin, gold, or any other investment.

[hZti]

You can also go back to the gold standard if you don’t like fiat currency. The issue is that nobody cares what you want and therefore will not go back to that. Since you can not force the government to adopt the gold standard you will need something else. That’s why satoshi invented the Bitcoin as a good working alternative that can even be used worldwide.

[jokers10]

What do you think is going to come out bigger than bitcoin? do you have any thoughts? Or do you just feel it?
With each passage of time, human knowledge grows and with that growth, mankind is able to create things that we cannot fully imagine.

    Just like bitcoin, right? if the internet hadn't been created Bitcoin probably wouldn't have been invented in my opinion. It's only because of the internet with the technology that we have that Bitcoin was formed and created.

I don't know exactly, because like bitcoin it will be not just a new processing system, it will be a new philosophy. All forms of different distributed ledger which I can imagine are just different forms of the same idea and I think that there will be new ideas, because all economy is changing very fast right now: robotisation and AI make human work less needed and this makes everything changing. Bitcoin is good but it was made to solve known problems of an old system. One day some new progressor will invent a new financial decision for new coming era.

[OcTradism]

I don't know exactly, because like bitcoin it will be not just a new processing system, it will be a new philosophy. All forms of different distributed ledger which I can imagine are just different forms of the same idea and I think that there will be new ideas, because all economy is changing very fast right now: robotisation and AI make human work less needed and this makes everything changing. Bitcoin is good but it was made to solve known problems of an old system. One day some new progressor will invent a new financial decision for new coming era.

The Bitcoin philosophy can grow to be a new religion in future. I am curious to see how the Bitcoin community will grow up with time and how they will become more sustainable with time.

Dunbar's number contains an interesting theory which I think can be applied for Bitcoin community growth.

Communities could be weak in the past, early years since 2009 but in 2023, 15 years since 2009, I believe Bitcoin communities now are much stronger and will not be easily wiped out. Bitcoin is here to exist in future and its communities are there to stay and become bigger.