Is The Basic Concept Of Bitcoin Still What It Is ?

Abdu...4Jv5
25 Nov 2023
53

https://unsplash.com/photos/a-bitcoin-sitting-on-top-of-a-pile-of-gold-nuggets-rhm7H8X5J98

Introduction

After a few months of inactivity in content creation, I felt it was necessary to find another platform that would appreciate raw ideas and good writing skills from users. Though this is basically my first post on this platform, which I will call a trial post. I literally don't know if an introductory post is necessary here, but please signify if it is. Now back to the main context.

The digital world is rapidly evolving, and only minorities are taking full advantage of it. Digital forms of currency are basically something we are all familiar with, and we've seen how different forms of these currencies have dominated a certain part of the market called The Crypto Market or Crypto Space. This crypto space is made up of two different categories of people: those who hold crypto in large amounts (whales) and those who hold crypto in small amounts.

With different crypto projects in the market today, we can undoubtedly give all credit to the intelligent brains behind them. **Satoshi Nakamoto**, who appears to be the leading figure of Cryptocurrency, figured out the leaking hole in the centralized financial system. The unnecessary printing of excess cash into the economy, the presence of middlemen in financial transactions, the need for a middleman's approval in financial transactions, and other manipulative agendas by those who run financial organizations were the basic reasons why he had to come up with a digital financial white paper.

Satoshi titled the white paper **Bitcoin: A Peer-to-Peer Electronic Cash System**. It was basically a system of digital currency that gives everyone the independence of owning his/her money and also making approvals of transactions without the aid of a financial middleman or entity. The concept was also very assuring due to its level of security. Bitcoin transactions happen to be very secure and very difficult to manipulate. I guess I might explain how the security protocol works some other time.

Interestingly, Satoshi's brilliance didn't just turn out the way it ought to be, but another exciting feature was also noticed among those who use it. As a digital currency, Bitcoin started having what it takes to accumulate itself in price, thereby increasing in price. This is greatly attributed to the number of users who make purchases.

This brings me to the question: Is The Basic Concept Of Bitcoin Still What It Is ?.

I had to ask this question because of how people talk greatly about the price of bitcoin than about the P2P medium of exchange. I.e., people mainly focus on the financial benefits of bitcoin, neglecting a certain part of the white paper that talked about peer-to-peer electronic cash. Satoshi's idea was basically to make bitcoin a regular form of money that we make use of daily, but we start hearing things like HODL (hold on for dear life). Please don't get this whole concept wrong; I am not against making profits or accumulation, but how can we promote something we don't use but only keep to ourselves?.

No doubt, there are certain organizations that want to control the entire crypto space because they know the possible threats it poses against them and their own form of exchange (currency). The fear of overruling Satoshi's work might just be something not too far from the future, seeing how effortlessly they are working to gain control. Imagine an exchange selling 25 Bitcoins to you instead of the 50 Bitcoins you wished to buy.

In Conclusion

Yes, I understand that the bull market is fast approaching, and everyone needs to accumulate. But what happens when the price of most cryptocurrencies goes up? Would everybody sell? That's a question that most people can't even answer because by selling to make a profit, the price would drop down again. The primary idea here is basically to encourage the use of bitcoin and other digital currencies as a general medium of exchange just like fiat currency.

Thanks for reading my first post on this platform; I hope I didn't state any offensive words during my time of writing. Please do well to drop a comment.

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12 Comments

B
now
No, It has evolve over it first proposed use case
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