What is the purpose of Bitcoin

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What is the purpose of Bitcoin?

In short, the purpose of bitcoin is to securely transfer or store money. Therefore, it can be considered a secure digital payment and banking system. Bitcoin actually restores real control of the money to individuals, and with a special password called a private key, only the owners of those keys will be able to spend and transfer the bitcoins.

On the other hand, digital money has always had a big problem called "double spending". This was not the case with paper money and physical money, for example you could not re-use the money you spent on a TV to buy another product. But in a digital world where you can copy everything with just one click, it is important to avoid double spending. If digital money is like a file, you can spend it in two separate places at the same time, and you have made your purchases so that the sellers know about it. That is why, before the advent of digital currencies, there was always a central body to check individuals' inventories to prevent this from happening. But with the advent of this digital currency, the existence of a central organization was eliminated and transactions were checked by all members of the network. So another important goal of Bitcoin is to solve the problem of spending twice without trusting someone else.

Regulation and Society adoption

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