Bitcoin Forum

Which of all the following bitcoin properties, do you think are the most worthwhile?

-Decentralised - This is a key property of the Bitcoin network. Decentralisation means no single entity has control over Bitcoin. It also increases the network’s security by eliminating points of vulnerability. The network is a peer-to-peer (p2p) network, much like BitTorrent.

-Digital - Imagine Bitcoin as an email application that allows you to send money. Payments can be sent and received on any computing device with an internet connection, instantly, anywhere. Just like you can access your email account on any computer in the world with an internet connection, the Bitcoin network allows you to access your money wherever you are if you wish to.

-Highly Divisible - People often ask “if one bitcoin is worth so much money, how can I possibly pay for small things?” The answer lies in the fact that a bitcoin is highly divisible. Like a dollar can be divided into 100 cents, a single bitcoin can be divided into 100,000,000 satoshis - that's a hundred millionth of a bitcoin!

-Frictionless - As said before, a bitcoin can be sent to anyone, anywhere, at any time, for free. Transaction fees are drastically lowered for both consumers and merchants using bitcoin. This feature, combined with bitcoin’s divisibility, allows you to pay one tenth of a cent or a million dollars without transaction fees.

-Volatile - Bitcoin’s price volatility has been a major cause for concern amongst people new to the currency. Whilst this is an issue, bitcoin’s volatility is a product of it being a new, young, and illiquid market. This dangerous volatility will pass as bitcoin becomes more established. In addition to this, there are easy ways for merchants accepting bitcoin to overcome these volatility problems.

-Pseudonymous - Media sources report bitcoin as being an “anonymous”currency like cash, this is incorrect. Bitcoin is not anonymous. Since every transaction that ever takes place in the Bitcoin network is recorded in the blockchain, the identity of any person involved in a transaction is only protected by their ability to deny their association with that bitcoin address. Once your identity is linked to a bitcoin address, everything you do through that address can be tracked.

-Irrevocable once sent - Like cash, once you pay someone, there is no way to get that money back without the recipient’s approval. For merchants accepting bitcoin payments, this is useful, since credit card payments can be revoked up to a week after payment.

For those three things ,  I personally start to think that they are vanishing .
If we speak about decentralization it should mean that we don't need third party , well we do , people keep using Exchanges . If we speak about low fees , well fees are little bit higher with exchange aswell , and if we speak about being anonymous well It's not anonymous when you use your PayPal or Credit card or Bank account on the exchange website since your name will be visible . The major problem on all this is Exchange which are trying to change Bitcoin nature , there is nothing better then Trading on Decentralized Platform like LocalBitcoins (may need ID verification) or on Bitcointalk currency exchange section .

I my self don't have to worry about all this because I don't use exchange websites but if I have to choose best Property I'd have to say it's being Irreversible because I don't have to worry for six months if the sender will chargeback or not and if he will scam me or not .

I would say that the most important aspects are decentralization and pseudo anonymity. There are a lot of important factors with Bitcoin. It is not easy to explain it to someone else if you want a in depth description. Bitcoin is many things and it has many aspects. I do not support almost any idea thay could be potentially harmful for decentralization.
Instant transactions are also important.

To a certain degree you are right, but if you send out transactions as you say being worth a tenth of a cent, which is currently considered dust, it mostly won't get confirmed within the very first blocks if there isn't a decent fee added. Actually, pools tend to ignore these transactions which could make you having to wait plenty of hours for a single confirmation. Even for certain transactions being worth above $10 pools can make you wait a few hours for just a single confirmation. Pools are very picky.


I personally like the volatility, it allows me to make a decent profit from trading. Also, it makes Bitcoin a more than interesting investment for traders that have not invested in such technology before.


That is why I stopped using shitty Skrill and PayPal. It's pure shit when you as seller send your product after seeing the money came through, and a day later you realize you lost the money and your sent product. This alone is reason enough for merchants to accept Bitcoin as payment option. No more chargebacks.

Decentralized and Pseudonymous are its best properties imo. Volatility isn't good for it as a currency but it's good for speculators and those trying to make a profit from it. I would prefer a slow and steady growth, however.

Wow that's a pretty cool idea. I know you're only using email as an example but it would be so freaking awesome if somehow Bitcoin could be fully integrated into email services like Gmail and Yahoo (while being completely secure). Imagine if you didn't have to know anything about blockchains and BTC addresses and you could money to anyone in your address book directly from your email account :o

From a customer point of view this can be a problem though. Especially new shops will have a hard time getting new customers when they don't have positive feedback yet. The chargeback option gives the customer the option to buy stuff from new unverified shops without too big of a risk.

I do agree that a lot of abuse is happening with regards to the merchant though.

pseudo-anon result from the fact that bitcoin is decentralized, so decentralization is more important, and it is what make bitcoin so different, if it was centralized, all the other property would have much less of an impact in the importance

I think that the fact that Bitcoin is based around the notion that it is a decentralized currency is the most important aspect that attracts people to it... This is starting to slip away though imo due to large mining farms popping up that enable it to continue with the use of cloud mining.

I will say Decentralize,Digital and Irrevocable are the best properties of the Bitcoin in my opinion.These properties among other important features are what make it attractive and successful for people.Of course everything doesn't have just advantages there will be some disadvantages too always.Overall this is what drove me in Bitcoin universe.

I think that the key of bitcoin is the decentralization

Without that point it would not had been anything revolutionary and different from other options that exists today

Out of all characteristics that you got us here, Bitcoin's decentralized nature is the key for me. Decentralized means that there is no one person or a group that controls it. This means that Bitcoin is transparent and prone to malversations as we can see in traditional financial systems. The same malversations that will cost the existence these traditional financial institutions. Because once you lose trust, it's all over.

Very nice list ! This should be on bitcoin wiki.

For me, Decentralised and Irrevocable once sent are very important
One more property  that is highly desirable for which I used bitcoin, its counterfeit proof. Credit card numbers can be easily stolen by your merchant or the merchant database may get hacked. This is the major reason I switched to bitcoin from credit cards

You explained the properties best possible way and I just have simple word's answer all are best which make Bitcoin different and revolutionary.These properties are which draw the attention of people towards Bitcoin.

If I had to put them in my order of best to worst properties, it would look like this :

-Decentralized

-Pseudonymous

-Highly Divisible

-Digital

-Friction-less 

-Irrevocable once sent

-Volatile

Decentralization top the list, because it adds a lot of security to the network and I like the Pseudonymous nature of Bitcoin, because privacy is important, when it comes to your

financial matters. In strong 3rd place, must be the micro payment enabler... Divisibility!

Decentrailsed all the way for me. As we're seeing more and more every day, the net is closing around the illusion of financial freedom. People's money is being herded into ever narrower and more easily controlled channels.

You should put programmability and neutrality in there.

If you think bitcoin would be efficient for your plans, you could program an application and use bitcoin very easily as a token of monetary value for your services without intervention of third parties being required to complete transactions.

And also neutrality protects users from having to abide by certain laws or limitations when using bitcoin for transactions.

Of those options I would say frictionless, but that also ties in with pseudonymous. Anyone can participate without permission and that is a great thing.

Neutrality of bitcoin is really a moot point. There are many factors which influence bitcoin, for know it may seems that BTC is free from external pressure, but is it really free? Recent war between XT and Core showed us rather different situation.

You probably don't grasp the notion of neutrality in bitcoin. The community isn't impartial, of course, but that's not bitcoin in it self.

Here's Andreas talking about bitcoin's neutrality

https://www.youtube.com/watch?v=BT8FXQN-9-A

agree with that, also IMHO what is real needed for the bitcoin world is a truly decentralized exchange to for "complete the circle" ;)

about the list, i think that:

• Decentralised
• Irrevocable once sent
• Digital
• Highly Divisible

are the most important thing, in that order.

I like having control over my own funds. I have more responsibility but I do not risk having my funds frozen like with Paypal or a bank account.

-Decentralised - This is a key property of the Bitcoin network. Decentralisation means no single entity has control over Bitcoin. It also increases the network’s security by eliminating points of vulnerability. The network is a peer-to-peer (p2p) network, much like BitTorrent.

Decentralized and pseudonymous, of course. I wish those 2 properties could be made even more secure in the future. I don't know much how it could be done, but I don't like that most mining now is in the hands of a few BTC farms owners.

Yes. I love denationalization as well. The power of banking capability bitcoin brings in modern generation it would be new era in economic world as well as financial world. Bitcoin will enable a undeveloped countries people also to bank for their living. This is the eternal property I love in bitcoin.

The total limited supply at 21M is the best property, and it's missing from the list

If bitcoin have exponentially increasing supply like fiat money, it will worth nothing, thus all its other properties will become useless

To me, it will be frictionless. Anyone can participate for free and there is no limitation in terms of language, nationality, or financial status. It's the power of internet!

Based on your explanation, I prefer frictionless as the best properties bitcoin has. Bitcoin with blockchain technology has been the easier and more efficient method to send money to anywhere and anytime.

I think these are best properties:

-Frictionless - This is a key benefit for me
-Pseudonymous
-Decentralised

I would personaly add -Fast instrument

My pick for this one will be, Decentralized and pseudonymous. I like the fact that Bitcoin cannot be shut down, no matter what governments or hackers want to try. It will bounce back, even if 90% of the nodes are compromised.

The pseudonymous feature is also important, because nothing we do these days are private. All internet traffic is monitored and if you walk down the street, CCTV follow your every move and every financial transaction you make, is stored on some centralized data base. 

I like mostly the frictionless transactions with a super fast speed. We can send money from any place to any one within few seconds without any issues. And also the fee for the transactions are very less. I'm not much concerned about decentralized feature.

Bitcoin the idea of whole new money is attracting me. Only a government or a bank can think of a new kind of money. But bitcoin does it already. I like the new innovation of new money for internet.

I would say all of them with higher emphasis on Decentralized and Pseudonymous.

Decentralized,Pseudonymous and Frictionless are best properties in my opinion.In fact it is a set of best features which makes it unique and more attractive than traditional methods.

The concept of digital money is the best. What else you need. Many more features will be added to bitcoin in future to make it the perfect for global currency.