Subnostr

does anyone still use a credit card? If we are promoting bearer payment system (Bitcoin/Lightning), it strikes me that we should all be using Debit cards and US paper money and not credit cards. Do people agree with that logic?

RobOK 🔸 2y ago

I asked ChatGPT to chime in and anwser as if Satoshi posting on the Bitcoin forum:

Hello Bitcoin Enthusiasts,

As the creator of Bitcoin, I wanted to share with you the original intention behind this digital currency. When I designed Bitcoin, I envisioned a new form of electronic cash system that would allow people to conduct transactions directly with one another, without relying on any central authority like a bank or a financial institution.

You see, the current system of electronic payments is based on trust, and this trust-based model has its inherent weaknesses. It's about time we moved toward a more secure and decentralized system. That's why I came up with Bitcoin, which uses cryptographic proof instead of trust to enable transactions between two willing parties.

The backbone of this new system is the blockchain, a distributed public ledger that ensures transparency and security for all transactions. Coupled with the proof-of-work algorithm, it helps maintain the decentralized nature of Bitcoin and prevents any single entity from taking control.

In summary, the primary purpose of Bitcoin is to create a peer-to-peer electronic cash system for secure, direct, and decentralized payments. I hope that as you continue to explore and use this technology, you will appreciate the benefits it brings to the world of commerce and beyond.

Best regards,

Satoshi Nakamoto

Reply to this note

Please Login to reply.

Discussion

RobOK 🔸 2y ago

What did Satoshi think about Bitcoin as a Store of Value?

Satoshi Nakamoto did not explicitly discuss the concept of Bitcoin as a store of value in the white paper. However, it is essential to consider that the primary focus of the white paper was to introduce the peer-to-peer electronic cash system, which aimed to solve the double-spending problem and remove the need for a central authority.

In Satoshi's writings and communications on the Bitcoin.org forum and other platforms, the emphasis was primarily on the technical aspects and the potential of Bitcoin as a decentralized payment system. While Satoshi did not specifically address the concept of Bitcoin as a store of value, it is possible to infer that he would have acknowledged the potential for such a use case.

The fixed supply of 21 million bitcoins, combined with the transparent and decentralized nature of the blockchain, inherently contributes to the potential for Bitcoin to act as a store of value. As adoption has grown and the demand for Bitcoin has increased, the value of the digital currency has also risen, further establishing it as a store of value for many.

It is important to note that Satoshi's primary intention was to create a decentralized digital currency that could enable peer-to-peer payments without the need for a central authority. The use of Bitcoin as a store of value has emerged over time as a secondary function, driven by the market and user behavior rather than being explicitly mentioned in Satoshi's writings.

RobOK 🔸 2y ago

Bitcoin is a payment system, we should all use it as often as we can!

eee8f902... 2y ago

The closest I’ve gotten to using it like cash is for online purchases via Lightning, like at #[4] - when I’m using big box stores I also try to use Bitrefill to buy a gift card with sats, but that’s certainly not more convenient, more so as an F you to Visa/MC and as an excuse to use the network. Node runners gotta get paid! 💸