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.