Bitcoin: Not What Satoshi Intended?

Bitcoin: Not What Satoshi Intended?

By Bfab | Good vibes | 18 Oct 2023


Everyone talks about Bitcoin, but only a few have read the whitepaper. I have read it, and here's what I think:

  • Bitcoin is currently seen as a speculative investment, but that's not what Satoshi Nakamoto intended. In the whitepaper, Nakamoto describes Bitcoin as a "peer-to-peer electronic cash system." He envisioned Bitcoin as a way to send and receive payments without the need for a bank or other intermediary.
  • However, Bitcoin has become increasingly difficult to use as a currency. Transactions are slow and expensive, and the network can't handle a high volume of transactions. As a result, Bitcoin is now mostly used as an investment asset, rather than a currency.
  • Therefore, this is a discrepancy between the way Bitcoin is currently seen and the initial intention of the whitepaper. Nakamoto wanted Bitcoin to be a currency, but it has become an investment asset.
  • I believe that Bitcoin still has the potential to be a currency, but it needs to scale and become more efficient. There are a number of projects working on scaling Bitcoin, and I am hopeful that they will be successful.
  • In the meantime, I think it's important to remember that Bitcoin is not just a speculative investment. It was originally designed to be a currency, and it still has the potential to be one.

In summary, I am personally disappointed that Bitcoin has become so focused on investment. I believe that Bitcoin has the potential to be a revolutionary currency, but it needs to be more user-friendly and efficient.

I am hopeful that the scaling projects that are currently underway will be successful. Once Bitcoin is scaled and more efficient, I believe that it has the potential to become a widely used currency.

However, I am also realistic. It may take at least a few years for Bitcoin to become a mainstream currency... In the meantime, it is important to remember that Bitcoin is still a risky investment.

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Bfab
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