Post
Topic
Board Bitcoin Discussion
Re: Bitcoin was created to reform money and provide financial freedom
by
EarnOnVictor
on 03/03/2024, 20:43:30 UTC
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.
I don't think you are correct in saying that Bitcoin was created in response to the financial crisis of 2008. As a matter of fact, if terms should be defined well, it is an economic crisis, and it lasted between 2007 and 2009. But this is not in any way the reason why Bitcoin was created and I like you to know that Bitcoin is not powerful enough to solve the economic problems of the world or any nation, it can only be an edge against inflation,, just like any other assets, nothing more.

However, in my opinion, the main motive of Satoshi in creating Bitcoin was to create a decentralised system that would not be overseen by the government or any central authority, while the rest (investments, trading, staking etc) are just an added advantage. Needless to say, Bitcoin was an experiment that later became true, adopted and appreciated by the whole world, and great kudos to him/her/them (Satoshi Nakamoto).

Mind you, I would advise you to leave any fiat currency alone, they are doing just fine and Bitcoin can never exist in isolation, it needs them even as they do not need it. We should only be appreciative that the global government allows Bitcoin to hold and not see it as a total enemy to clamp down on. If they do, I am sure that it might not see the light of the day the way we see it now.