Bitcoin Forum

The verb TO OWN never was fully expressed since blockchain came to existence.
You own the private key, you own the funds, period. There is no force in the world yet (later maybe quantum computer) capable to break it.
That is one the reasons why bitcoin will kill banks. We will simply don't need them anymore.

I like what you're saying but is not technically correct,  you are the only owner of your bitcoin however you can lose it to scammers and hackers, yes it is not going to be bitcoin's fault it will be because of our inability to take care of our coins but still the possession of our coins can be taken away in fact there have been reports of thieves stealing bitcoins the old fashioned way by threatening the owner with physical violence.

i love bitcoin, but lets get rid of the fake hype and stick to reality.. you know.. stop over promising and under delivering and instead stick to facts and let people understand what bitcoin can offer in reality

with it becoming too costly to fund a private key, many third world countries are finding it costs atleast an hour of their minimum wage just to move funds and thats when mempools are near empty.. and when mempools are over crowded it can cost a hours labour for first world countries(weeks salary for third world)
 
unless you agree to accept funds through a multisignature channel on LN. yea thats right LN is the same as banking, where funds are no longer just yours but payments require someone elses agreement to move funds.

as for killing banks. banks have fiat laws such as minimum wage, taxes and court fines that only accept fiat as payment.
and goverment/public sector laws that only pay out salaries in fiat
this means that fiat will continue to circulate. meaning banks wont get killed. all that will change is that there will be less local bank branches and instead more apps/atms

some say that trying to get states to accept bitcoin for tax payment is some how making bitcoin kill banks. yet a government tax office having a partnership with something like bitpay or coinbase as their currency swap does not make bitcoin kill fiat. it just make bitcoin acceptance a gimmick. the treasury still holds fiat, and just uses a processor third party company to accept bitcoin and hand the treasury fiat.

its like in the 90's where some supermarkets swap recyclable tin cans for food vouchers. this did not mean tin cans would replace fiat.

bitcoin needs alot more then user adoption and gimmicks if it wants to try replacing fiat.

and bitcoin alot mor onchain coding practices to sort out the onchain issues which offchain solutions do not make bitcoin better, but turn bitcoin into the same crapy system as fiat, which then makes it less appealing to use bitcoin as it offers no advantages over fiat

I have a good blockchain break, but without a bank it is not possible
fines, taxes, or other small expenses are needed for the bank
Blockchain may be the future, but to replace the bank it is not enough

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I do not own this. Everyone does.

That's really good to know, it calmed me I really thought that hackers will be able to break my private key. Although there is not that good sum of bitcoin, it is still mine, I worked my brain out of it. Thanks for the information shared.

If you do not have the private key to others, so they are unable to crack the bitcoin the private key of the address, but the future quantum computer may be can decode the private key, it let me worry about the future of Cryptocurrency market.

Sorry dude but no it is not simple. Banks are essential to a countries economy. Banks has many use that Bitcoin can not provide.

People saves money -Okay Bitcoin can do that by putting it in your wallet, but with the price volatility of Bitcoin I do not think everyone is willing to take the risk of seeing their money lose within a matter of days.

People take loans Bitcoin can not do that.

Those are only two but to keep it short there is  a lot more  that banks do that Bitcoin can not provide. Reality is no country will ever use Bitcoin as their official currency and you need to face the reality that as of now Bitcoin is still widely considered as an asset rather than a currency.

even if you say that the private key we have will be safe enough but it is important to keep our private key as secure as possible, or entrust the key to someone who is trustworthy. because of some of the losses gained by crypto users is the carelessness that is done in terms of storing the private key owned. I recommend using a hardware wallet because it has a higher level of security. The hardware wallet stores your private key on hardware, such as USB which is stored offline.

I agreed with you, so if we don't want to loss our bitcoin or other altcoin that we are hold on our wallet don't loss it or don't give somebody to know about your private key of your wallet. If they know about it and he knows to use it so say goodbye with your bitcoin (altcoin) that you hold.

That's true, but there has been well-documented incidents where people with bad intentions didn't have to -- they can use guns and knives to pry them out of you after all. In this sense, it could be said that banks are still safer, because a robber can't put a knife to your throat and make you wire money.

All in all, I don't think security is the key reason on why we should leave banks behind, if ever. It could be argued that banks are safer or that Bitcoin is safer, but the bottom line is that Bitcoin is simply more convenient in most cases, and hands you absolute control over your own finances.

who said they can't? the same way a thief can put a knife to your throat and take your bitcoin, they can put a knife to your throat and take your money. they can make you withdraw cash and give it to them. haven't you ever watched a kidnap/ransom movie? :D

in any case all these robbery stories have been the fault of the owner. for example some idiot who sets the meeting to sell bitcoin in an alley in the buyers car instead of setting the meeting in a crowded place or a police station even, is begging to get robbed.

What I was talking about is there are limits in place as far as traditional banking goes. They can make you withdraw ATM funds, for example, but they'd have to keep you around a few days to get a substantial amount thanks to the daily limit. There's a limit to how much you can keep in your physical wallet, too. There is no such limit in Bitcoin, regardless of user responsibility. It's easier to be stupid when you have banks to cover your ass, and there are a lot of stupid people.

Yes, we are our own banks. And as much as we hated banks, I don't think that they will be obsolete in the future. They are already what we call a established institutions and it will take many years if they will became useless. Yes bitcoin is a disruptive technology but I don't think that Satoshi's vision is to totally eliminate them.

So for me, why not take advantage of both worlds? So that we can get all along? It is too hard to do?

Yes no one cant break this unless their backups are lose or someone create an inside job. Their are some chance of hacking and phising sites. I have some expirience to this some airdrops needs private key to participate their airdrops thats why some participants loss their funds.

And they gave the private key?
I don't know why they did it, either they don't understand what private key is, or they were too rich.

I have seen some videos in youtube that talking how to hack your private key, Well just don't be dumb and believe anything in the internet but perhaps this is all complicated number and letter combination and there might have a pattern in getting your own private key that hackers is looking to get your real private key if that is possible then private key is not perfect and have a ways in getting them, And a lot are saying that they can do it the old fashioned way by sticking a knife to you or they can blackmail the victim in forcing to give his private key.

Social Engineering should not be missed.You can lost your private key easily in this way.

The answer isn't about nobody or anybody can break it but more like when will it break ;D ;D There are a lot of capable hackers known worldwide, fingerprint was hackable, satelite was hackable and as the world evolving around we come to an answer that everything is hackable and crackable. Private key might not be hackable now but you should consider a safeplace to store it and not to mention its unretrieveable once it lost. So it might be unhackable but still can be stolen.  ;D ;D

Well I think that's exactly the reason it was created in the first place so you can properly secure your coin. So when someone loses their private keys, it's bye bye precious coins

Yes I think that to break the blocking key is completely impossible for the reasons that lie in the system itself, it is very well protected and will not allow interference from outside.

Not that secure mate, i did experience get hacked, and how? There are person that knows my private key. The question is, when he get it? My answer is the exchanger that puts us our private key. The worst things is, i am not only one who got stolen, many of us mate. So just beware of importing your pkeys on exchanges that is not really safe

The block system will not be broken by very few people because it is necessary to be a professional hacker in order to break this system and be a participant in the creation of a blockade

Private Key is very important.You must know  how to take good care of your private key. If someone ask your private key don't give to anyone.
The Private Key is the longer of the two, and is used to generate a signature for each blockchain transaction a user sends out. This signature is used to confirm that the transaction has come from the user, and also prevents the transaction from being altered by anyone once it has been issued. In short, you sign the cryptocurrencies you send to others using a Private Key. If someone were to obtain your private key, they would be able to send your cryptocurrencies to themselves, verifying that transaction with the Private Key  in effect stealing from you!
The Private Key is used to mathematically derive the Public Key, which (along with information about the network and a checksum)is then transformed with a hash function to produce the address that other people can see. You receive cryptocurrencies that others send to your address

Not because you have the private key no one can break or steal your money or cryptocurrency it can be still hacked and be subjected to phishing sites. Once you have downloaded a malicious file that has some kind of virus they can get your private key easily.