Bitcoin Forum

The hype of Bitcoin attracted people from a wide range of backgrounds around the world. What makes all those people trust Bitcoin? Trust is needed when there is an exchange in cooperative relationship with the existing of uncertainty and vulnerability^*. This situation is valid in Bitcoin exchange.


What are the factors that influence trust in Bitcoin system? If we would like to measure trustworthiness in Bitcoin, what are the attributes that contribute to the variability of this measure? Why people trust in Bitcoin?

I would like to hear from the folks in Bitcoin community, your responses are much appreciated. 

* Hoff, K. A., & Bashir, M. (2015). Trust in automation: Integrating empirical evidence on factors that influence trust. Human Factors, 57(3), 407-434.

There is a level of trust that have develop over time towards bitcoin. Bitcoin have proven to be an innovative fintech with  incomparable transparency and speed.

Knowledge about the usefulness of the technology is one key that will build trust from investors. Bitcoin has already proven so many things few years back. Despite the endless FUD about bitcoin, it remained strong because of the support of the community. For me the most trustworthy crypto today is bitcoin so if you want to invest in crypto you won't take your chances on shitcoins.

I am not sure if I have understood it correctly! "uncertainty" is what made crypto market a speculator's heaven but can you please explain about "vulnerability" please? I know the meaning of "vulnerability" but unable to understand the context here!

The trust factor is very closely related to the potential profit. A majority of the people is still attached with the crypto market, because they believe that cryptos will reach to Moon one day and they will be millionaires. That's how this group of people "Trusts" crypto.

A very small percentage of people are actually interested in technology and that's why they "trust" crypto! But we can't really leave any one of them because both type of believers are the pillars of crypto eco-system! Some trust the money and some trust the technicality! That's it, Simple!

Consider vulnerability as a risk in this context, if there is a risk, why people will trust Bitcoin?

what made this level of trust to develop over time? and do you think transparency and speed are some of the factors that influence trust in Bitcoin?

So knowledge is a key factor to build trust. What about factors such as culture, age, and gender, do you think they do influence trust in Bitcoin?

Things like culture and age will indeed influence, but if we talk about cryptocurrency then I am very sure that this does not have a big influence. Cryptocurrency like Bitcoin is easy to learn so I think everyone can easily understand Bitcoin. What is needed is willingness, when we have a good sense of knowledge we will have the opportunity to achieve good results too.

trust is certainly based on reality, and the reality of bitcoin that starts from zero and becomes very expensive is what makes people think, ask, and finally believe that bitcoin has value and is worth having. If you follow the words of others, you will feel that you are in the middle of an ocean that will be swayed by a sense of confusion, because not a few people do not like bitcoin. Maybe because I want to get bitcoin at a low price or other factors, I don't know for sure.

From my point of view, I think Bitcoin has been trusted for many years now eventhough the first FUD years really existed, and I think this is one of the many reasons why people trust the Bitcoin system. Many critics, analysts, amd crypto experts said that "Bitcoin will fall", "Bitcoin will not last", and many more things that only proved them wrong these last few years of bullish market, and from my point of view, many would say now that the Bitcoin system is trusted proven by many crypto enthusiasts and they're thr ones that are gonna advetise the credibility of it attracting more investors payment systems applications, and future investors.

Bitcoin been around for almost years that makes people trust it. Like wine, it get it'a value from it's age. The mere fact that it able to exist, being able to use and remain unhackable with the use of blockchain for several years proves it legitimacy. Bitcoin able to survive several issues like mtgox scandal or banning of use in several countries but people still use it and it continouse to grow. With that bitcoin proves it supremacy and gain trust from investor.

The ability for bitcoin to rise from the scratch to its current state without been hacked, is enough to gain investors trust. Bitcoin over the years has brought  tremendous growth in the crypto currency world and in the world generally today, i personally think that it deserve all the trust and support from the us...

The value of Bitcoin exists because of trust factors, and I think the foundation of computing on the Web has created a common trust in Bitcoin.

We have this issue back in few years ago that bitcoin and some other crypto will be just like a bubble, reaching heights but will pop out and vanish, investors trust bitcoin because of it's capability to be the biggest asset an investor could have save in the near future,  factors can be evaluated through exchanges when you trade bitcoin to other crypto. 

All have an overwhelming reason to trust Bitcoin, some trust in decentralization^[1], transparency^[2], Anonymous^[3], price will rise to the moon, and cheap global transfers.

The same factors that affect the cause of trust in bitcoin.
For example, some countries and regulators do not trust Bitcoin because it is impossible to know the players involved[4] and the difficulty of tracking their transactions.
Others have reasons for price volatility and legal status such as large shops[5].


[1] Is Decentralized Bitcoin Really Decentralized? (https://medium.com/@bonpay/is-decentralized-bitcoin-really-decentralized-a3215467e1d5)
[2] Bitcoin is often perceived as an anonymous payment network. But in reality, Bitcoin is probably the most transparent payment network in the world.  (https://bitcoin.org/en/protect-your-privacy)
[3] Bitcoin Anonymity - Is Bitcoin Anonymous? (https://www.buybitcoinworldwide.com/anonymity/)
[4] The SEC disapproved the ETF because "unidentifiable participants can influence the market". (https://www.reddit.com/r/Bitcoin/comments/99n8g3/in_case_you_didnt_read_it_the_sec_disapproved_the/)
[5] Microsoft Resumes Bitcoin Payments After Halt Over 'Instability' (https://www.coindesk.com/microsoft-resumes-bitcoin-payments-after-halt-over-instability/)

I think the main factor of growth played a hard fork and then started to take in Japan ! Now light waiting for the ETF !

If Bitcoin gained the trust of people over years, what if there is a new system that is based in blockchain, what are the factors that will help you to trust that system?

Good question!

IMO: if we evaluate BTCs long term survailability, we should focus on it´s scalability issue first. No one has actually proven, BTC is scalable into being a viable currency. For me its mathematically very improbable and thats why Im a huge sceptioc of BTC.

After the main question, many others would follow, but thats the main one for me.

The ability for bitcoin to rise from the scratch to its current state without been hacked, is enough to gain investors trust. Bitcoin over the years has brought  tremendous growth in the crypto currency world and in the world generally today, i personally think that it deserve all the trust and support from the us...   true

Important side note: BTCs scalability at decentralized blockchain technology is NOT proven, mainly because its ridiculously ineffective. Actually that goes for all cryptocurrencies.

When it comes to trust, bitcoin is surely earned this and we can see it now by looking at the price despite the fact that no tangible things that backed the technology behind it. I believe that one of the most important factor is government rules and regulations because an ordinary citizen can easily go into crypto but if the government says that its illegal then he has to follow it to remain is freedom.

Going through the responses , I think for me one of the trust and most important is the blockchain technology and if not that this technology has been seen to be nice in other areas of social structure , maybe bitcoin would have collapsed with all the bubble stories from the economists. So the blockchain trust comes first for me.

bitcoin is the most reliable mantle gives me confidence that many people billionaires invest in it their money is not small I think they know what they are doing

Good. Now give an hour into deeper study. What is blockchain and how it is linked with cyptocurrencies. Then You will find out, what is the problem with using blockchain in cryptocurrencies and You will also find mant different promises, that it will be OK eventually. If You arrive there and leave out even a slight option, that those promises just might be empty, then congrads! You have seen more of the other side of BTC than 95% of people here.

The trust factor in the developmental strides of the blockchain technology is one of the major reaons why investors believe strongly in bitcoin.

In my views, people do trust in btc mainly because of it's secured and hard to be hacked, it is transparent for whatever transactions has been made and lastly, btc is decentralized. Moreover btc is run by the people and not by government and it provides more control of your investment.

investors trust bitcoin because its ability to be the biggest asset that investors can store in the near future, factors can be evaluated through exchange when you trade bitcoin into other crypto.
We have this problem back a few years ago that bitcoin and some other crypto will be the same as bubbles, reaching altitude but will appear and disappear, with its ability, we finally believe in bitcoin again.

The most basic factor is that anyone who tries to enter this system sees that millions of people around the world are involved in it and therefore begins to think that if millions and millions are engaged in this, that means for certain something very good. I would call this factor one word - an imitation of the behavior of the herd.

bitcoin is usefulness of the technology is one key that will build trust from investors has already proven so many things few years back.the endless FUD about bitcoin, it remained strong because of the support of the community the most trustworthy crypto today is bitcoin so if you want to invest in crypto you won't take your chances...

There is almost nothing changing with Bitcoin itself, it's price however always came back up after major drops so that is in my opinion a big trust factor.

Bitcoin is the strongest cryptocurrency untill now because it takes the control of the most price in cryptocurrency. This make bitcoin can attrach people to trust to it. Another thing is bitcoin is already has the best time when it proves that it has strong community and makes people get rich because of bitcoin.

Bitcoin can bring a lot of changes in our economy in a positive way.  Now I can earn several times more than before and hope bitcoin will increase in price even more.

Thank you for your contribution to this post. Let me summarize what has been mentioned so far by community members regarding trust factors in Bitcoin:

• time
• innovation
• transparency and speed
• support of the community
• knowledge about the technology
• potential profit
• trust the technicality (blockchain technology)
• secured and hard to be hacked
• bitcoin value
• decentralization
• anonymity
• provides more control of your investment
• price always come back up after major drops

I would like to hear more about your thoughts regarding TRUST in Bitcoin and Blockchain technolog[y.

To my mind, you should choose btc because it is the best way to earn a living. To my mind, it is the best way to ge profit and entertain yourself. To my mind, you should consider this variant and believe btc is reliable

This is the major factor and without trust we can not deal with this or can't survive in the world of crypto because it is totally a virtual world.

Let me rephrase my question, what make you trust Bitcoin? what are the reasons for your belief and trust in Bitcoin?

Simply because people has seen enough to trust bitcoin, from its ups and downs and how it struggle throughout the fuds thus they see bitcoin's potential to grow. We've seen how it grows from scratch to being valued as a gold and undoubtedly it can grow more.



Yes because we're so fed up in banks and government on how they hide records to the public in which the people needs transparency. So yeah bitcoin as being decentralized change everything that we thought can't happen and on one point this is enough to trust bitcoin.

            The trust factors in Bitcoin is the blockchain technology this is the major reason why investors trust in Bitcoin . Bitcoin is decentralized and is not governed by any central authority and it is transparent in all transactions we have made .Mostly people trust in Bitcoin because it is secured and hard to hack . Bitcoin can bring several changes in the economy in a positive way and it is the strongest currency and hope Bitcoin price will increase its price more than we expect .

I think trust in bitcoin is caused by a decentralized and transparent system, so investors believe that bitcoin is difficult to manipulate and there is little chance of a monopoly

You need to trust in bitcoin because it will source of our money to our financial. Bitcoin have proven to be an innovative fintech with  incomparable transparency and speed so you don't need to worry and because of bitcoin our knowledge will improve.

Actually, it is trust that gives bitcoin its value. But don't fret, it is the same for any other investing instrument or valuable assets.

See, fiat currency are mere paper bills that are printed by the central banks. How come those paper holds value? Trust is the answer. Otherwise, these paper bills remain to be paper alone.

But with the central bank dictating that these paper bills are trustworthy enough to be accepted as payment, then none could really argue once that trust is laid upon paper bills or coins.

And the same applies to bitcoin, every piece of bitcoin is trust driven.

bitcoin was originally conceived as a way to conduct transactions on the Internet without the need for a trust factor, so the main factor is the General acceptance of cryptocurrencies

Anything that pissed off the corrupt individuals and oligarchs is the one we will trust.
It's more of a revenge coin against our government.

This coin is used worldwide. This coin was very successful. Acknowledgment of this coin is a recognition of the whole world. Then anyone will be investing in bitcoin. This is a surplus value. And this is already a success story. This coin is a personal coin. Invest in today. Trustworthiness is very much higher.