Bitcoin was adopted because of failed government system

[Supreme Donvic]

Before bitcoin was created we had only fiat currencies and there was nothing like cryptocurrency but because of the failed system of government and how fiat currency was constantly losing value and controlled by the government. Satoshi Nakamoto decided to give humans a financial freedom were government won’t have control over their money anymore and that was the birth of Bitcoin and other cryptocurrencies we have today.
And the reason why people decided to choose Bitcoin easily was because of the failed government system, Bitcoin came as a Saviour or good alternative.

If the system was okay and very valuable and people had control over there money without any second or third party interfering just like we have in bitcoin right now do you think bitcoin would have succeeded after being created, do you think people would have still chose to store their money in bitcoin?

[justinlamode]

As at the time Bitcoin was created, inflation that is common in fiat was not a major disaster so it was not the key thing that motivated Satoshi to create Bitcoin. The main thing that birthed Bitcoin was the freedom that was lacking in the fiat system. Governments had absolute control of every medium of exchange, so there needed to be alternative to such controlled system. So freedom is the key word that gave birth to Bitcoin.

Remember that at the beginning, Bitcoin wasn't worth anything so it couldn't have solved the problem of inflation. It was with time that Bitcoin began to gain attention and by extension value and its core design of limited supply is what made it a hedge against inflation.

[L E G E N D A R Y]

I wouldn’t really look at it that way. I mean looking at the reason for the creation and emergence of Bitcoin being due to the failure of the government or the financial system. This is because if you look at several economies that weren’t even aware of what crypto or bitcoin was, they were doing just fine, economy booming, good infrastructures, good and adequate job opportunities and everything than the citizens needed to survive were just in place, even if it wasn’t too sufficient but it was there, and this isn’t what I’ll call failure of the government because the motive of any government isn’t to actually grant sovereignty to their citizens but the opposite, the government are there to control and take charge, and that’s exactly what they’re doing, even though some are overdoing it. Now here comes Bitcoin to give the citizens the ability to choose from what they were given to something better, the fact that something is improved or made better isn’t necessarily because it has failed or isn’t doing what it was structured to do.

[Fiatless]

As at the time Bitcoin was created, inflation that is common in fiat was not a major disaster so it was not the key thing that motivated Satoshi to create Bitcoin. The main thing that birthed Bitcoin was the freedom that was lacking in the fiat system. Governments had absolute control of every medium of exchange, so there needed to be alternative to such controlled system. So freedom is the key word that gave birth to Bitcoin.

Remember that at the beginning, Bitcoin wasn't worth anything so it couldn't have solved the problem of inflation. It was with time that Bitcoin began to gain attention and by extension value and its core design of limited supply is what made it a hedge against inflation.

Inflation has always been around. The Hungarian inflation of 1945–1946 was a national disaster that wrecked the country's economy. The Yugoslav inflation that started from 1992 to 1994 reached a monthly inflation reached about 313,000,000%.

Bitcoin was created to cover up some of the defects of fiat which include inflation, centralization, and lack of financial freedom. Fiat is not totally useless because it has its strengths. The US dollar has been relatively more stable than others. This is why many countries keep it as reserves currency. However, Bitcoin was created as a potent alternative to fiat.

[Joy- maker]

Op your points are partially true but a bit simplified. Before bitcoin was created we had fiat currency plus gold, silver and copper no cryptocurrency existed before 2009. Fiat currencies are controlled by the government and the central Banks, and they can easily loose their value do to inflation, over printing of them and  poor government policy.

But Satoshi Nakamoto wanted something different a system without central control, So since Satoshi Nakamoto wanted something different bitcoin was designed in such a way that no government, nor bank, nor central entity could control peoples money. And if you check the timing as at when bitcoin was created you will notice that, bitcoin was created right after the 2008  global financial crises (GFC) when banks collapsed and government bailed them out. So immediately after that incident trust in the banking system was very low.

[Itz-prisigold]

Before bitcoin was created we had only fiat currencies and there was nothing like cryptocurrency but because of the failed system of government and how fiat currency was constantly losing value and controlled by the government. Satoshi Nakamoto decided to give humans a financial freedom were government won’t have control over their money anymore and that was the birth of Bitcoin and other cryptocurrencies we have today.
And the reason why people decided to choose Bitcoin easily was because of the failed government system, Bitcoin came as a Saviour or good alternative.

If the system was okay and very valuable and people had control over there money without any second or third party interfering just like we have in bitcoin right now do you think bitcoin would have succeeded after being created, do you think people would have still chose to store their money in bitcoin?

I like how you explained this! Failed governments and constant devaluation of fiat currencies gave Bitcoin very appealing,  people were looking for a way to have control over their money without anyone interfering,  and Bitcoin offered that. I also like that you described Bitcoin a  “savior”  or alternative for people who is frustrated with Fiat.  It means a lot that people see Bitcoin as trust and freedom.

At the same time,  it's worth remembering that Bitcoin's adoption was not only due to failing governments. People were also attracted,  and not because of a broken financial system. It's technology, decentralization,  digital scarcity, and borderless transactions, all these attracted early adopters. People wanted the idea of digital money for its own sake,  and wanted to explore this new system not to just escape the cash with a failure.

In response to your question, I think that if governments were doing everything right,  Bitcoin would have still grown, just more slowly. The tech, ideology, and freedom was still needed, and without any financial crisis,  Bitcoin would not have been adopted as quickly.

[Josefjix]

Hail Satoshi Nakamoto, Hail Satoshi Nakamoto, Hail Satoshi Nakamoto.
I am thrilled to be humbled by the idea about this person, or a group of developers as the case may be, to build crypto into existence today. They are extremely smart and logical.

They know the government had failed in the financial system and they know how to tackle the issue without been publicly known and keep it decentralized and anonymous.

[Coyster]

If the system was okay and very valuable and people had control over there money without any second or third party interfering just like we have in bitcoin right now do you think bitcoin would have succeeded after being created, do you think people would have still chose to store their money in bitcoin?

Fiat is centralized money, printed by central bank money printers. If it has the features you are talking about, then it is something else and not centralized fiat money. And at that point, we go begin dey talk about two "decentralized" currencies to choose from, lol.

However, Bitcoin was created as a potent alternative to fiat.

Correct, that is the point and the reason why OP's question is contradictory. If fiat get those features wey OP dey talk, then bitcoin no come be alternative to am, e go come be the same thing. And as for use, e go come be personal choice and market value, and all of these is just hypothetical.

[Churchillvv]

Bitcoin was created because there was quest for something else other than fiat which crashed two years before the innovation of bitcoin, satoshi nakamoto in my conspiracy theory was a tech guy in the government was pissed off with the choices the other board members took that affected the people but however didn’t want to fight direct but to create another system that can help the people but yet he didn’t fight the failed system because that the system everyone belongs to so he called it an alternative incase you disagree but can’t fight but just leave the system alone.

[SatoPrincess]

People choose bitcoin for reasons beyond decentralization or the tech. They see the potential of their bitcoin investment in the future and it’s a good way to increase their profits. For some, it’s a business, a source of livelihood, and investment. That wouldn’t change even if inflation is down to zero.

[Donk1]

Well if I may say to me Bitcoin was born out of economy crisis as an inspiration. Basically Satoshi's goal was to bring in a new financial system where there would be no third party government or middle man just you being the only system you can trust, which is decentralization.That said if you think about it basically if the economy system was already good then it's possible that Bitcoin's journey since 2009 would have been way much more harder. But there is no good government with the constant printing of fiat and the high inflation and devaluation of Naira indeed this has caused for folks to search for alternatives like bitcoin with a limited scarcity which has been one of the major factors that has gradually increased the adoption of Bitcoin over the years . Like right now governments are becoming desperate and an example of their desperation is the crypto tax....

​Overall when I say the journey of Bitcoin would have been way much harder this simply means though the adoption wouldn't be as it is, but still Bitcoin is a valuable asset with unlimited potential like international transactions which a bank can't do and so many more. So yeah the economy system of no work and the government constant printing of Naira/fiat will continue to be a major factor of adoption in Bitcoin. That's all for me....

[Dr.Bitcoin_Strange]

If the system was okay and very valuable and people had control over there money without any second or third party interfering just like we have in bitcoin right now do you think bitcoin would have succeeded after being created, do you think people would have still chose to store their money in bitcoin?

Bitcoin is an idea that was born to bring solution to the people and the solution it was built for is being fulfilled, if there was no need for such technology, it definitely would have been something else but here on earth, we have government and there's no way you would have live independent of what the government are providing. There's no way that the government would have still created a currency that they will not manage. Satoshi would not have created Bitcoin if he saw that it was not going to solve problems but he saw the problem that Bitcoin will solve.

[pooya87]

That's a good point but to be specific, Bitcoin was an invention to create the alternative for the failed banking system which is a government controlled system for the most part. What some people may have forgotten is that the idea of Bitcoin came up back when the US banking system was on the verge of collapse before 2008 and the signs were there for those who wanted to see. Then Bitcoin came to existence shortly after it collapsed and has been giving us that alternative option ever since.

[Olatundespo]

Before bitcoin was created we had only fiat currencies and there was nothing like cryptocurrency but because of the failed system of government and how fiat currency was constantly losing value and controlled by the government. Satoshi Nakamoto decided to give humans a financial freedom were government won’t have control over their money anymore and that was the birth of Bitcoin and other cryptocurrencies we have today.
And the reason why people decided to choose Bitcoin easily was because of the failed government system, Bitcoin came as a Saviour or good alternative.

If the system was okay and very valuable and people had control over there money without any second or third party interfering just like we have in bitcoin right now do you think bitcoin would have succeeded after being created, do you think people would have still chose to store their money in bitcoin?

The exchange system has been around for a long time. The financial system, which involves fiat and goods and services, whether physical or digital, will continue forever. But you have to live in a society or country and follow its rules. You have to follow the prevailing monetary exchange of the country where you are a citizen. When the monetary policy of that country's government goes against the citizens, in most cases they accept it even if they don't want to.

The purpose of establishing Bitcoin is to adopt an independent financial system without third-party intervention but you have to buy Bitcoin through fiat. But you can't easily get out of the centralized system. Think of Bitcoin investment as a hedge with the traditional financial system and store Bitcoin with physical assets.

[Akaenyi]

That's a good point but to be specific, Bitcoin was an invention to create the alternative for the failed banking system which is a government controlled system for the most part. What some people may have forgotten is that the idea of Bitcoin came up back when the US banking system was on the verge of collapse before 2008 and the signs were there for those who wanted to see. Then Bitcoin came to existence shortly after it collapsed and has been giving us that alternative option ever since.

It is true that Bitcoin was created as an alternative to decentralized currency due to the failed banking system where a government can just decide to print more money as they want. This is why Bitcoin has become a hedge against inflation and as more people are becoming aware that they can have privacy and freedom from fiat it began to increase Bitcoin adoption.

I believe that presently the biggest reason for Bitcoin adoption is because it is profitable to hold on the long term not really because it is decentralized. Although I know that without it being decentralized and has limited supply it won't be profitable but many profit oriented holders takes it for granted while focusing only on profit. From my observation I think many holders don't care about privacy they are more interested in Bitcoin because it is a store of value. But I see it as a plus for the Bitcoin community, all of us don't need to have the same ideology for adopting it. Some adoption can be specifically for long term profit while others can be for privacy.

[Floczy]

And the reason why people decided to choose Bitcoin easily was because of the failed government system, Bitcoin came as a Saviour or good alternative.

If the system was okay and very valuable and people had control over there money without any second or third party interfering just like we have in bitcoin right now do you think bitcoin would have succeeded after being created, do you think people would have still chose to store their money in bitcoin?

I cannot agree less to what you have said. Bitcoin was not just an alternative, it was a better alternative for everyone. Before Bitcoin, there were other digital currencies that tried and failed. They were unable to solve the financial problem, until Bitcoin came into existence. Granting us financial freedom. Another good reason while Bitcoin was adopted, it  was because it came into existence during the time, when people needed the freedom the most.

[Joy- maker]

That's a good point but to be specific, Bitcoin was an invention to create the alternative for the failed banking system which is a government controlled system for the most part. What some people may have forgotten is that the idea of Bitcoin came up back when the US banking system was on the verge of collapse before 2008 and the signs were there for those who wanted to see. Then Bitcoin came to existence shortly after it collapsed and has been giving us that alternative option ever since.

It is true that Bitcoin was created as an alternative to decentralized currency due to the failed banking system where a government can just decide to print more money as they want.

There is no doubt that government can easily print as many money as they want, but you should also know that over printing of fiat currencies can make them looses their values big time. And After the global financial crises in 2008 when banks collapsed, assuming the government didn't bailed them out just imagine the hudg lost could have fall upon the People back then when banks fails. So because of that incident Satoshi Nakamoto needed a different something a system that can be decentralized, so that people can have full control over their fund's instead of trusting third parties with their funds and bitcoin was created.

I believe that presently the biggest reason for Bitcoin adoption is because it is profitable to hold on the long term not really because it is decentralized. Although I know that without it being decentralized and has limited supply it won't be profitable but many profit oriented holders takes it for granted while focusing only on profit. From my observation I think many holders don't care about privacy they are more interested in Bitcoin because it is a store of value. But I see it as a plus for the Bitcoin community, all of us don't need to have the same ideology for adopting it. Some adoption can be specifically for long term profit while others can be for privacy.

You are partially correct here, that is why I have to agree less. But there is no way all of us here can really sharing one time in common. so for me I believe that there are people who adopted Bitcoin because it is decentralized and big hedge against inflation. And i still believe that there are people who are using bitcoin as a payment of method in their daily life, because they don't really care much about the profit they will make on the long run.

And there are also people who adopted Bitcoin because of the profit they can get from it if they buy and hold for long term. So inclusion everybody has their own reason for adopting bitcoin, but the common reason that is known is the fact that bitcoin is a store of value with potential returns when you buy and hold for long term.

[Marvelockg]

If the system was okay and very valuable and people had control over there money without any second or third party interfering just like we have in bitcoin right now do you think bitcoin would have succeeded after being created, do you think people would have still chose to store their money in bitcoin?

There is always a need before an invention comes out and that is the case with bitcoin. the world financial system was in a shamble with all hope being tied to the fiat and the failure of the fiat meant that there is no other place one ca run to. with bitcoin, it is no longer a case where we are left with no option other than relying on the fiat, as fiat goes down and depreciation affects fiat seriously, it becomes easy for users to run to a better alternative which is the role that bitcoin plays in a time when the trust on fiat has gone down.

[Jubilee58]

Bitcoin is not only created to solve the problems of decentralization, bitcoin is a store of value, the more you keep Bitcoin on your wallet, the more it appreciates in value. The fiat currency is never reliable and stable and these reasons makes it susceptible to inflation and devaluation. Satoshi Nakamoto has really changed world of finance and make it more appealing by creating bitcoin.