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No one knows about the true identity of Satoshi Nakamoto-creator of Bitcoin and pioneer of the cryptocurrencies. It is still a great mystery that the actual person behind the name Satoshi Nakamoto, what was the identity of the person carrying this name. Was he a single man, organization or group of people is still unknown. But one thing is clear that he had dreamt of a virtual currency that will serve as the mean of exchange, capable of replacing fiats. We should see whether Bitcoin had fulfilled this aspect of its creation? Let's see.
Currency vs. investment tool
Original idea of Bitcoin to become a currency. Satoshi Nakamoto had envisioned Bitcoin as a digital cash system that was capable of handling day to day transactions similar to fiats like buying a car or buying a candy from store. But Bitcoin has become an asset. People are not using it for buying and selling things. Instead they are seeing it as a digital gold. That's why it has become a speculative too, meant to store value.
Decentralization vs. centralization
It was the vision of Satoshi to see Bitcoin as a decentralized currency on which no one had control. But Bitcoin has centralized in hands of a few, making others poor in terms of digital currency. Powerful organizations are capable of holding and mining while most of the people have not a small fraction of it. Hence, the dream of decentralization is shattered.
Regulation vs. de-regulation
Bitcoin was envisaged as the currency free from government and institutional regulations. Now governments control exchanges and makes rules and regulations for its transactions. Hence, this has become a highly regulated digital currency.
Fast transaction vs. slow pace of transactions
It is said that Satoshi wanted to make Bitcoin network faster and swifter to enable it to handle transactions efficiently and quickly. But slow pace of Bitcoin network has been a matter of great concern.
Low cost of transaction
Bitcoin transactions are very costly. It requires to pay high fee to transfer Bitcoin. This has made it very costly.
Usability
Bitcoin system is still very complex for the ordinary people. Illiterate people or literate people without internet are not able to use it. Hence, it has become an asset of only a small portion of world population. It's adaptability is very low.
These are some of the shortcomings of Bitcoin system. There are many other issues which prove that bitcoin has diverted from the original idea of Satoshi Nakamoto. It has no link with the original idea anymore. You may not be agree with me but I reckon it as a failed dream.
Thanks!
While Bitcoin may have drifted from Satoshi’s original vision, its impact on redefining money and sparking the Web3 revolution can’t be denied.
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