Satoshi Nakamoto – 12 Years On

As most people are aware now, Nakamoto’s motivation was to take power away from the banks and put it back into the hands of the people.

The Financial Crisis That Gave Way to BTC

This is easy to understand given that only a year or so earlier, the banks caused a global financial crisis via credit schemes, just so they could accumulate more money for themselves. I believe that such a betrayal of trust by the very entity we trust with our life savings can be quite motivational, and it is no wonder that Nakamoto invented Bitcoin and blockchain soon after that.

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

Bitcoin’s initial block.

The only question they had to ask themselves was: What could I use to send money without it going through the bank?

Decentralization

The answer is — a decentralized system run by software, where people can only provide the fuel. And, simple as that (not really, as it involved quite a lot of coding and planning) — Bitcoin was born.

Originally, Nakamoto’s idea — as far as we know — was to have Bitcoin as a digital currency that would be used for sending money across the world instantly and cheaply. However, the technology is flawed, as it is too slow, unable to scale, and that makes it very expensive. However, while it is not that great as a currency, Bitcoin makes for an excellent store of value.

It was nicknamed digital gold, and given that the idea of the community is to have it replace real gold someday, this nickname was quite accurately given. Was this Nakamoto’s idea all along? Did he know that BTC would one day be able to become a digital store of value? Nobody can tell. Nakamoto had withdrawn from the public a decade ago, and for all we know, he may even be dead right now.

Bitcoin Has Grown – Probably Far Beyond the Scope Satoshi Imagined

However, Bitcoin lives on. It has a life of its own right now, and it grows and evolves, and it changes to satisfy the needs of its users. It might be that Nakamoto had no idea how far BTC will come, or it might be that this was his goal all along. We will likely never know, but BTC remains, and it is up to us to use it in the best way we can.

Do you think Bitcoin’s true role is to be a store of value?

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