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What is the reason for Bitcoin invention?

  • Thread starter Thread starter Potuse
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Potuse

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It is crystal clear that bitcoin was invented to circumvent the central financial system in the world and there are some other interesting features that bitcoin posess that makes it outstanding. What is your opinion about this particular topic?
 
As stated in Bitcoin White Paper, Bitcoin was created for three, purposes, one, to eliminate the middleman to sending and receiving funds (there is no intermediary like banks), two, to make the transactions faster (especially involving cross border), and three, to reduce the transaction cost (compared to banks)
 
DigitalNomad said:
As stated in Bitcoin White Paper, Bitcoin was created for three, purposes, one, to eliminate the middleman to sending and receiving funds (there is no intermediary like banks), two, to make the transactions faster (especially involving cross border), and three, to reduce the transaction cost (compared to banks)
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Also, to eliminate the limit to the amount of money you can send once without having your account being investigated for fraud. In my country, if you receive more than $50,000 in one payment, your account will be frozen and investigated.
 
Ja sa bong said:
Also, to eliminate the limit to the amount of money you can send once without having your account being investigated for fraud. In my country, if you receive more than $50,000 in one payment, your account will be frozen and investigated.
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Yes, you can send any amount of money through the Bitcoin network. However, I do not know if that was in the mind of Satoshi Nakamoto while creating Bitcoin. When dealing with fiat money, you need to show the source of your money. THis provision is eliminated in crypto transaction.
 
DigitalNomad said:
Yes, you can send any amount of money through the Bitcoin network. However, I do not know if that was in the mind of Satoshi Nakamoto while creating Bitcoin. When dealing with fiat money, you need to show the source of your money. THis provision is eliminated in crypto transaction.
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I won't say Satoshi Nakamoto isn't aware he was going to be eliminating that barrier with cryptocurrency transaction. It's the way banks regulate money laundering but Satoshi Nakamoto wasn't interested in it with how cryptocurrency transaction was meant to be approved.
 
Potuse said:
It is crystal clear that bitcoin was invented to circumvent the central financial system in the world and there are some other interesting features that bitcoin posess that makes it outstanding. What is your opinion about this particular topic?
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I would say that Bitcoin was invented by Satoshi Nakamoto to revolutionalize the financial sector and that's exactly what cryptocurrency have done. It took away all the control the financial sector have in term of money control, rendered the government powerless in money control and that's why they are against cryptocurrency.
 
Well I think it was created so that there was an alternative to fiat currency that is controlled entirely by a third party, with the creation of Bitcoin that third party is eliminated and you yourself are able to protect your own funds, it can also be a reason for its creation the ease of making transactions to any place in the world without so many restrictions (a good currency for cross-border transactions) or create a scarce currency which is not a victim of hyperinflation.
 
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