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Bitcoin is great, but wasn't created to replace the Dollar

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by COINS NEWS 169 Views

Before I start my post, I want to say that I support crypto and I am not a hater, I am simply looking to discuss and see what others think.

The best way to find out why was Bitcoin created is to look at its whitepaper. I just finished reading it and nowhere did it mention being a national currency or an investment for that matter. It clearly says in its first pages that Bitcoin was created as an online payment method with two main features.

The first feature is decentralization, payments will not go through a bank or Paypal or any company, but will be processed and verified by nodes.

The second feature is that all transactions are irreverisble. This means that a buyer can not charge-back, can not dispute the payment, and can't get back their money. This feature was created to eliminate fraud. There are some sales that should be non-reversible and this is exactly what Bitcoin makes possible online.

Again, this is revolutionary and it has use in the real world making a lot of things easier for many people.

But Bitcoin was not created to be digital gold, or to be a speculative investment. It seems to me that it was created only to make payments online easier and independent from third parties, and it does that job very well.

I believe that there might be a case where a cryptocurrency will replace the Dollar in the future, but we are not ready yet and we are still exploring this new technology. What do you think?

submitted by /u/mostly_harmless_666
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