Opinion: Bitcoin must return to Satoshi Nakamoto's original intention

Source: Medium

Translation: First Class (First.VIP)

On January 3, 2009, Satoshi Nakamoto created Bitcoin for a specific purpose. Satoshi Nakamoto elaborated his views on Bitcoin in his white paper "Bitcoin: A Peer-to-Peer Electronic Cash System", if you don't know it yet I strongly recommend you read it. His vision for blockchain Bitcoin can be found in the first line of the white paper:

"Pure peer-to-peer electronic cash will allow online payments to be sent directly from one party to another without going through a financial institution."

Therefore, Satoshi Nakamoto hopes to use Bitcoin to create a transparent, decentralized payment system that will get rid of the shackles of acting as a trusted third-party financial institution usually in online transactions.

Bitcoin is an alternative to the declining traditional financial system

This mistrust is fully in line with the economic situation at the end of 2008, when the world had just entered the subprime crisis in the summer of 2007, and the world fell into a financial crisis. As a result, the climate of distrust of banks and the traditional financial system has peaked.

The global economic crisis from 2007 to 2012 marked a turning point in public confidence in the traditional financial system.

In this context, Bitcoin has begun to gain popularity among tech enthusiasts who are disappointed with traditional financial domain systems. Then from the end of 2013, the media began to pay attention to the revolutionary technology of Bitcoin and the blockchain on which it is based.

It must be pointed out that the price of Bitcoin at that time was just over $ 1,000, which in itself was one of the reasons that attracted media attention and tried to attract public interest in this new technology.

Bitcoin is primarily seen as a speculative tool

It's 2019, and Bitcoin is currently seen primarily as a speculative tool. Of course, this is also a new type of tool, but many people buy Bitcoin for the same purpose as investors in the traditional financial system that Bitcoin advocates attack.

Many people buy bitcoins for the sole purpose of earning huge profits by accumulating bitcoins, rather than trying to spend them.

As a result, the kind of currency that Satoshi Nakamoto wanted to be completely decentralized, transparent, and widely circulated to the people has become a simple speculative financial instrument.

So when I read articles about Bitcoin, most of them were just talking about investment, bull or bear cycles, and market prices. Technical analysis (of the K-line type) is doubling to predict the price of Bitcoin in the next month, year, or even 10 years.

The prophets have become popular by predicting that the price of Bitcoin will reach $ 1 million in the future.

The consequences of this majority attitude are quite dramatic for Bitcoin and its potential widespread acceptance by the public.

Bitcoin's revolution is ignored

Since Bitcoin is only advertised as a new investment tool, it is difficult for the public to see what benefits it can bring in addition to earning some profits by taking some risks with fiat currencies.

The public cannot understand the revolutionary side of Bitcoin and what it can bring to the world in the future.

To make matters worse, Bitcoin's enemies, the central bank, regulators in major developed countries, and most economists, are taking advantage of this situation. Indeed, facing the frantic speculation sweeping the world of bitcoin and cryptocurrencies, they can easily condemn the dangerous side of Bitcoin and this new world.

The traditional financial community will not miss any opportunity to scare the public by describing Bitcoin as something very dangerous.

They believe that bitcoin is dangerous not only because of its high volatility, but also because it is a favorite network of money laundering and criminals.

If you are a fan of bitcoin like me and believe in the huge potential of bitcoin, I think you must feel the same way, how frustrating it all is. why? The reason is simple, because Bitcoin may be the most important technological revolution since the advent of the Internet, but the development of Bitcoin has been delayed by the greed of some people.

Bitcoin's behavior is more harmful than Bitcoin

In the bitcoin world, there are HODLERS. Bitcoin Tuner is the most enthusiastic supporter of Bitcoin. They firmly believe in the future of Bitcoin, and they believe that the future of Bitcoin will replace the traditional financial system.

For real Bitcoin tuners, it's no surprise that considering that Bitcoin may become a global reserve currency in the future.

This unshakable belief in Bitcoin has prompted holders to ignore the price and accumulate more and more Bitcoins day after day.

Indeed, since they are convinced that the price of Bitcoin will reach a record level sometime in the future, it seems to them that it is essential to accumulate as much Bitcoin as possible. Their goal? In order to become very rich on the day that Bitcoin was accepted by the general public. They are convinced that this day will come.

The attitude of Bitcoin tuners has paradoxically turned them into Bitcoin's enemies.

This sentence must be strange to you. Because I'm talking about a contradictory situation, but this is logical. Tuner accumulates new bitcoins at all costs, but never uses them, prompting Bitcoin to transform into a simple store of value.

Bitcoin must gain maximum utility through transactions, giving it the opportunity to replace the traditional financial system, or at least constitute a reliable alternative. Without it, the general public will never benefit from Bitcoin, and it will continue to be in the hands of a small number of people with knowledge.

Bitcoin must return to the original vision of its creator

Today, Bitcoin has deviated from Satoshi Nakamoto's original intention. In fact, in daily life, you cannot use Bitcoin to make purchases or transactions with your friends.

Bitcoin is not yet the medium of transaction for the general public.

Currently, Bitcoin is more of a security or commodity and is becoming a true store of value. It's no coincidence that when we talk about Bitcoin, we talk more and more about digital gold.

Bitcoin has deviated from Satoshi's original intention, which is a disguised service to the traditional financial world.

Bitcoin, and even other cryptocurrencies, can always be easily smeared if used as a speculative tool.

However, this situation is far from desperate, because everything can change. You should never forget that Bitcoin is what its community decides to do with it.

The behavior of the HODLERS must change

In order for Bitcoin to return to Satoshi Nakamoto's vision, in my opinion, Bitcoin's behavior must be evolved. All of this must start with the first users, known as HODLERS, who must stop simply accumulating before they can convert to using Bitcoin.

The more bitcoins that are circulated through daily transactions, the more useful bitcoin will be, which will automatically increase the price of bitcoin.

Some people dream that the price of bitcoin will reach $ 1 million, but that dream can only become a reality if bitcoin becomes the real currency for as many people as possible. It's also only when the masses adopt bitcoin widely that you can use bitcoin for daily purchases.

The media can also play a role. They must stop focusing solely on the investment side of Bitcoin, but instead highlight its revolutionary side and everything it will bring to the world in the future.

I'm not talking about traditional financial investors here, because their attitudes towards Bitcoin may never change.

Benefits and greed are the only motivations for Bitcoin owners, and I suspect they will never change their behavior with Bitcoin. However, due to the limited number of Bitcoins, their adverse effects will be largely compensated by a change in the consciousness and attitude of Bitcoin's true defender, HODLERS.

By changing their attitude, it is still possible for Bitcoin's HODLERS to initiate a change in thinking and behavior, bringing Bitcoin closer to Satoshi's original intention:

Bitcoin must be a decentralized, transparent online payment system owned by the public.

The original source is Medium. The translation is provided by First.VIP. Please retain the information at the end of the article.


https://medium.com/swlh/the-bitcoin-must-return-to-the-original-vision-of-its-creator-satoshi-nakamoto-9f4dc31692c8 Draft source (translated): https://first.vip / shareNews? id = 2520 & uid = 1