Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: Bitcoin was created to reform money and provide financial freedom
by
Synchronice
on 03/03/2024, 20:07:50 UTC
⭐ Merited by legiteum (1)
Bitcoin was created as a response to the financial crises of 2008.  The idea was to create a decentralized electronic cash system that had a limited supply.  The current fiat currencies used worldwide are both centrally controlled and have no limit on how much the issuer can create.  The US dollar, as an example, has lost 98% of it's purchasing power since 1913 when the Federal Reserve was granted the power to print US dollars.

The Bitcoin solution was to create a currency that had a limited supply and transactions that were peer-to-peer so that no financial institutions would have financial power over the individual.

Fast forward 16 years and almost all Bitcoin transactions are run through third parties.  To buy Bitcoin most people use exchanges which you must KYC on. To store Bitcoin most people use wallets that require the use of 3rd party nodes for transactions. This includes Hardware wallets.  Most people use Bitcoin like an investment not an electronic cash system. Banks are buying up large quantities of Bitcoin to hold for customers buying their ETFs. Arguably developers are adding things like ordinals to the code which have slowed transactions and increased fees above what would be reasonable for small financial transactions.

I see the potential for Bitcoin and am working on projects to help with the original mission - financial freedom for individuals world wide.

I am not going to give up on the dream!  Are you?
Bitcoin wasn't created as a response to the 2008's financial crisis. It was created to offer you purely p2p version of electronic cash that would also offer you non-reversible transaction and would save you mediation costs. Bitcoin simply wasn't meant and designed for massive usage because otherwise there wouldn't be 1MB block size in the first case. Also, high blocksize requires high space and makes it expensive to run bitcoin nodes. The difficulty and expansivity of running a bitcoin node would lead to a centralization instead of decentralization.

Bitcoin was created solely for making ecommerce better than it was, that's all. Many people stick different labels to it but during that moment, it was the aim. It wasn't created to bury USD and save the world from riches.