Why was Bitcoin created in the first place?

Cryptocurrency
Asked by Question Bot02/Dec/20141 answer

1 Answer

F

Faisal Khan

Answered 02/Dec/2014

In hindsight one can say the following factors probably contributed towards its creation:

  • Anonymity (from a Payments perspective, not having to share your personal details, etc.)
  • Global Payment. Pay anyone, anywhere, anytime. 24/7.
  • Micropayments
  • Nanopayments - Want to pay 0.0001 cents? Bitcoin can do it.
  • Consensus Framework - which was missing out on earlier attempts at digital money.
  • Distributed.
  • No central authority. Let the enthusiasts run it.
  • Free.
  • Create a value-transfer system that rides on the internet packet.
  • Solve the double-spend problem.
  • Transparent (open-ledger)
  • Lower fees (nearly free)
  • No chargebacks
  • Accessible to all. No discrimination on country wealth or infrastructure, etc. If you have access to the Internet, you have access to Bitcoins.