Bitcoin Forum

Intro

Welcome all the bitcointalk.org community.

I deliberately published this thread to be known and always remembered by everyone, especially me as one of the forum users who is still very far from the perfect word for knowledge and insight about bitcoin.

Innovation is be interpreted as a process and/ or result of developing the utilization/ mobilization of knowledge, skills (including technological skills) and experience to create or enhance new products (goods and/ or services), processes, and/ or systems, which provide meaningful value or significant (especially economic and social). ^[1] (https://id.wikipedia.org/wiki/Reka_baru)

---

---

Index:

• Intro (#post_intro)
• Control against fraud (#post_Control)
• Global accessibility (#post_Global)
• Cost efficiency (#post_Cost)
• Tips and donations (#post_Tips)
• Crowdfunding (#post_Crowdfunding)
• Micro payments (#post_Micro)
• Dispute mediation (#post_Dispute)
• Multi-signature accounts (#post_Multi-sig)
• Trust and integrity (#post_Trust)
• Resilience and decentralization (#post_Resilience)
• Flexible transparency (#post_Flexible)
• Automated solutions (#post_Automated)
• Closing (#post_Closing)
• Source (#post_Source)

---

---

Control against fraud
An unprecedented level of security is possible with Bitcoin. The network provides users with protection against most prevalent types of fraud like chargebacks or unwanted charges, and bitcoins are impossible to counterfeit. Users can backup or encrypt their wallets. Hardware wallets make it very difficult to steal or lose money. Bitcoin is designed to allow its users to have complete control over their money.

Global accessibility
With Bitcoin, all payments in the world can be fully interoperable. Bitcoin allows any bank, business or individual to securely send and receive payments anywhere at any time, with or without a bank account. Bitcoin is available in a large number of countries that still remain out of reach for most payment systems due to their own limitations. Bitcoin increases global access to commerce and it can help international trades to flourish.

Cost efficiency
With the use of cryptography, secure payments are possible without slow and costly middlemen. A Bitcoin transaction can be much cheaper than its alternatives and be completed in a short time. This means Bitcoin holds some potential to become a common way to transfer any currency in the future. Bitcoin could also play a role in reducing poverty in many countries by cutting high transaction fees on workers salary.

Tips and donations
Bitcoin has been a particularly efficient solution for tips and donations. Sending a payment only requires one click and receiving donations can be as simple as displaying a QR code. Donations can be visible for the public, giving increased transparency for non-profit organizations. In cases of emergencies such as natural disasters, Bitcoin donations could contribute to a faster international response.

Crowdfunding
Bitcoin can be used to run Kickstarter-like crowdfunding campaigns, in which individuals pledge money to a project that is taken from them only if enough pledges are received to meet the target. Such assurance contracts are processed by the Bitcoin protocol, which prevents a transaction from taking place until all conditions have been met. Learn more (https://en.bitcoin.it/wiki/Contract#Example_3:_Assurance_contracts) about the technology behind crowdfunding.

Micro payments
Imagine listening to Internet radio paid by the second, viewing web pages with a small tip for each ad not shown, or buying bandwidth from a WiFi hotspot by the kilobyte. Bitcoin is efficient enough to make all of these ideas possible. Learn more (https://bitcoinj.github.io/working-with-micropayments) about the technology behind Bitcoin micropayments or about future upgrades (http://lightning.network/) currently being designed and implemented to make micropayments more accessible.

Dispute mediation
Bitcoin can be used to develop innovative dispute mediation services using multiple signatures. Such services could make it possible for a third party to approve or reject a transaction in case of disagreement between the other parties without having control of their money. Since these services would be compatible with any user and merchant using Bitcoin, this would likely lead to free competition and higher quality standards.

Multi-signature accounts
Multiple signatures allow a transaction to be accepted by the network only if a certain number of a defined group of persons agree to sign the transaction. This could be used by a board of directors to prevent any member to spend parts of their treasury without other members' consent. This can also be used by banks to prevent theft by blocking payments above a threshold if the user does not provide additional credentials.

Trust and integrity
Bitcoin offers solutions to many of the trust problems that plague banks. With selective accounting transparency, digital contracts, and irreversible transactions, Bitcoin can be used as a ground to restore trust and agreement. Crooked banks cannot cheat the system to make a profit at the expense of other banks or the public. A future in which major banks would support Bitcoin could help to reinstate integrity and trust in financial institutions.

Resilience and decentralization
By way of decentralization, Bitcoin created a different type of payment network with an increased level of resilience and redundancy. Bitcoin can handle millions of dollars in trades without requiring military protection. With no central point of failure such as a data center, attacking the network is difficult. Bitcoin could represent an interesting step forward in securing local and global financial systems.

Flexible transparency
All Bitcoin transactions are public and transparent and the identity of the people behind transactions are private by default. This allows individuals and organizations to work with flexible transparency rules. For instance, a business can choose to reveal certain transactions and balances only to certain employees just like a non-profit organization is free to allow the public to see how much they receive in daily and monthly donations.

Automated solutions
Automated services usually have to deal with costs and limitations of cash, or credit card payments. This includes all kinds of vending machines, from train tickets to soda machines. Bitcoin is suited to be used in a new generation of automated services to cut their operating costs. Imagine self-driving taxis or a store where you can pay for your purchases without waiting in line. Many ideas are possible.

---

---

Closing

Without diminishing my respect for the bitcointalk.org community, the article above is not the OP is ideas and thoughts and that is the result of my reading from the reading source (https://bitcoin.org/en/innovation). We must know and always remember that the existence of bitcoin in the world today is very useful and I think people should always know that there is innovation in bitcoin.

Source

[1] https://id.wikipedia.org/wiki/Reka_baru
[2] https://en.wikipedia.org/wiki/Innovation
[3] https://bitcoin.org/en/innovation

Many people remember this and use the innovative features of bitcoin.

I am hoping that soon all of us will wake up to see that Bitcoin has already realized this feature and that it can already compete with flying colors with the traditional payment infrastructure already existing in the world today. As of now, there is a big problem with scalability and though there are already solutions being proposed and tested, it remains to be seen which can be adopted and be popular especially in the business community. We would really like Bitcoin to be able to reach its potential as a currency many people are preferring to use everyday and not just a store of value that people look as an investment that can grow 2x or 5x in the coming months. In addition, Bitcoin can be getting into the mainstream if companies can adopt the coin to be the currency their people are paid but this idea is not gaining traction for now.

I don't think people forgot the innovation of Bitcoin. They know it's supposed to be a p2p system, should be used for micro payments. However, you should also understand that it has evolved as well. Enthusiast are now more on what will be the price, when lambo? when moon? concept. I'm not saying it's bad, however as the price continue to increase and expected to spike even further in the 6 digits or even $1 million prediction, maybe some newbie in the market will not understand that the initial concept of Bitcoin as developed by Satoshi.

Great post - really good read and definetly looks like you put a lot of time into it, although I do disagree with some of your points.

Crowdfunding - don't see how this is a valid point, you could really crowdfund with anything and Bitcoin doesn't really bring anything new to the table here. I'd actually prefer for most of the ICOs and IEO's to be fiat - will be much easier to track then.

Other then that, I agree with you regarding the last couple of features, great structuring.

I do not think it is his/her own work, because he quoted the source.  ;)

The thing is, the demographic of the Bitcoin community changed a lot after the 2017 spike in the price. A lot of speculators took notice of the spike in the price and how much profits could be made and they entered the scene. These speculators could care less about the innovation, because they just want to make a quick profit.  >:(

The early investors are the people who recognize the innovation and they are the people who are building and improving the ecosystem that surrounds it.  ;)

Innovation of bitcoin is realized by very few during the early days of its existence into the global market. By that time it wasn't expected to make such a big noise in the market. As days passed the growth made the people who missed the opportunity to invest at the lowest price. Apart from the same governments started to show opposition through bans and other regulations. Now people have realized well, but now it has served to be affordable for the richest as a whole. Hope the small denomination turns valuable over the years as incoming growth is predicted to be big.

Though Op has made the quote from various sources, the effort is truly appreciable.

Used, but may not realize that what is used is part of bitcoin innovation. ;)

Maybe it is not just you and me who want the same thing, but developers and hundreds or even thousands of other people also want bitcoin to reach its potential so they try to increase adoption.

Yes, maybe you are right. People will not forget this innovation from bitcoin but do not realize that most of them have turned to very profitable trading. This is a factor that today many people have forgotten about this innovation, including me, because the use of bitcoin is mostly for storing value and trading, so they may forget about existing innovations.

No, this is not my work and thought, because I took it from reference. But I just set it up so that this article is easy to read in the thread.
Thanks, Good motivation. ;)

---

---

The assumption of OP, innovation is that development and development should not be stopped if it is good in the future. Bitcoin innovation must be increased so that its potential is reached as a suitable currency and is used by people around the world. Trading, storage of values ​​are two quite popular uses used by bitcoin users, but my hope in the future of bitcoin innovation must be increased so that bitcoin is worthy of being called a global currency.

I really can't agree with some of these points, if you listen to them, it looks like Bitcoin is flawless and beats old money in every use case.


It's a double-edged sword, when you get scammed/robbed in Bitcoin, there's zero chance you'll get your money back. With banks and payment companies you have at least some chance to return your money, especially if it's a large sum. We still need and use third-party escrows in Bitcoin when we deal with strangers.


Maybe it's all true if you compare it with some outdated American banks, but in the rest of the world payments are nearly instant. Bitcoin transactions are quite cheap today, but we all know what happens when demand rises.

Relax, you have the right to express your opinion. Without intending to offend.  ;)

I think you just want to say that banks provide a higher level of security than the bitcoin network, right ?
Do those who hold large amounts of bitcoin now think the same as you, do they also fear being robbed, have their wallets hacked, or do they get a high sense of security because they keep their money on the one right thing that is bitcoin ?

Indeed you still doubt the ability of the bitcoin network to provide security and full control to users. In my opinion, bitcoin has given full security and control to users, it is clear that we know that no matter what happens, bitcoin cannot be falsified. You will feel safe if you store it in a hardware wallet that many people use.
Do you also need escrow as a third party if you are dealing with strangers when using conventional money ?

---

---

You have the right to refuse to make a transaction if you consider that the transaction fee is expensive, and you can also use other alternatives. But I think the high efficiency of this network is better than the others. The proof is that many banks and other payment services are interested in adopting this network.

Security is a complex topic, because there are so many kinds of attacks. You can't easily say that banks or Bitcoin are always more secure than the other. The difference is that in Bitcoin security is responsibility of a user, while banks provide many mechanisms that help users correct their mistakes and accidents or just prevent them. And the truth is, average people are incredibly bad at cybersecurity, so they are very likely to lose their Bitcoins to dangers like malware and phishing.


You are twisting my words, I never said I doubt Bitcoin's ability to provide full control to users.


Yes.

I think most of us are well aware of the reason behind innovation of bitcoin and still it's widely used as peer to peer transaction but there are other alternatives I mean altcoin which provides much faster transactions and it still takes hours to do the same in bitcoin and now bitcoin has become more of an investment scheme instead of p2p platform.

Well, I bet there are people who don't really know and are not interested in what Bitcoin is really about, even though they use it. These people are profit-oriented, they come from other areas where they traded something they did not care about and focused on how much money they can get is they sell now and buy then. And this is unfair because Bitcoin is so much more than that. I used to not care about the price myself, Bitcoin truly was new form of money for me. Then I started saving up in BTC, and this is how I got to care and even focus on the price. Considering this, I appreciate that the op is reminding us that it's not the purpose of it. Although Bitcoin is not doing very well when it comes to mass adoption and real possibility of being used in places like grocery stores, so it's natural that people are turning to its other aspect.

Bitcoin really brought with it so many innovations to us. It's good that people are gradually waking up to embrace the fact that Bitcoin has more advantage to it that the purported bad sides they put up all the time. As time goes by, we will get to see Bitcoin beyond just trading it and begin to use the real value it brings.

There are people that always remember and never forgets that Bitcoin is innovation and aside from other cryptocurrencies this technology was first introduced and not many have already embraced it until the first increase of its price the all-time high and people start to notice its potential, Well innovation is not possible without the given knowledge, that is why there are still people that are criticizing and are very skeptic about it because of lack of knowledge and they didn't know its true purpose I think the Innovation of Bitcoin is always there, many people are just blinded to not see what great technology bitcoin is.

If course we all recognize its innovation. Everyday improvements counts as we always use it to transact and do our daily trading etc. Many had already use it as part of their platform to make new coins and create their own. Numerous users had really improve their livelihood and as time goes by more users are coming. It just show how it really help and give significance to our lives now.

To be honest lately I have forgotten the innovation of bitcoin, because of busy trading and a lot of business in the real world.
After opening this thread and reading on the OP I am reminded again of innovation of bitcoin, thank you for sharing in this
forum. A lot of people believe that bitcoin is the future, because with the presence of bitcoin in life bring a lot of innovation to
mankind. So everyone should understand that there is innovation in bitcoin.

Hasn't this still been pretty true, even right now? Bitcoin was built to be a safe and transparent payment method that offered decent anoymity to the users (not XMR level though) and most of the statements make sense so far to this date.

I will say some aspects have changed though, mostly due to the big money that has come in and is still coming into Bitcoin, and how much adoption it's faced throughout the years, a lot of people's opinion on Bitcoin and crypto-currencies is that it's a method where they can make money, not a payment method, not a storage of value, just a quick way to get a couple bucks.

Oops - I missed that, still looks like a pretty good job formatting and making everything organized, so props to OP for doint that.

You could argue that with a lot of things though, whenever something goes up in price, or a lot of money gets involved, people start getting greedy and are more attracted to the monetary side of things, but I still believe bitcoin's true core and the way the coin is designed and is operated to this day, mostly remains true to itself.

Some time ago, I tried asking someone about the title of the topic that I had created. I feel interested in changing the title of this topic so we know what the shortcomings behind bitcoin innovation are as mentioned in the OP. There are 12 Bitcoin innovations mentioned above.
What is your opinion ? Rename of the topic or continue the discussion.

i would say thes categories are very much in question and written in a vague manner to hide the risks to the categories

the DISTRIBUTION of the data and private keys makes it difficult to cheat the system of funds. as people dont/shouldnt share private keys
but the CENTRALISATION of the coding decisions by one central group makes it easy to cheat the rules and change the rules the network follow
and yes all 'indpendant' nodes do FOLLOW one set of rules. there are not independant rules each person has that are diverse
and yes the rules are decided by a central group not the independant network. due to some of the backdoors added in 2015-2017 that made it possible

Bitcoin cannt be falsified, this makes me and others trust in bitcoin. So far, what I know is bitcoin has provided a good level of security for users, giving full control and so on. If something happens like losing a private key, stolen, or erased accidentally, then it looks like its a user error.
The fact is that many people still doubt the security of bitcoin. I think its natural, because anyone will know that saving a large amount of money on bitcoin and when money or bitcoin is lost then they dont get any insurance. Losing a private key is the same as losing money.
Can we say this is the weakness one of bitcoin innovation ?

the block data, after so many confirmations becomes increasingly difficult to erase the past. but orphaned blocks and double spends have occured. thus trusting zero-low confirms should not just be done on faith.
because history has shown that it is possible


people should always doubt and be critical, and be reviewing code and finding bugs constantly. because as soon as people just become complacent and just have trust/faith. thats when bad things happen
your trying to turn the risk of developer centralisation to be about private key personal loss/forgetfulness. just shows the sentiment is still trying to sway away and be vague/ignorant of the real issues.

private keys is not the network security risk. the coins are distributed not centrally hoarded. but the RULES decisions are centralised to one group

the sentiment tries to sway developer risk to network away from talking about developer risk by trying too get people to worry about PR guys that dont code, worry about pools that cant change the rules, worry about private key and individuals stupidity. but still not grasping the networks real risk that people should be critical of is the developers.
we should be critical of developers not 'trusting' of developers

Understand, you have increased my ability to think in this matter.
Experience is more valuable than theory, which is why people may not always trust developers.  I am trying to find out the pros and cons of bitcoin innovation from your now.

Experience is best teacher where lesson got on my school, but for me money is best way how to get experience and get much profit with bitcoin and altcoin investing, what have to care with innovation of bitcoin without have money to start investing with bitcoin, how long become rich and get profit with bitcoin by only know innovation with bitcoin without start for investing.

I just want to say that before starting to invest in bitcoin then we should at least know the innovation. The main purpose of bitcoin is not as an investment asset but to become a global currency. In its journey, users are competing to make bitcoin an investment asset that is quite profitable even though the volatility is very high.

The thing to remember is, bitcoin is not just a profitable investment asset because there are many other innovations that have been adopted by large companies.

thank you, I am too,
i was quite surprised back then when the fee and speed of transactions was improved after hard-fork.
when the price was at 3000 and transaction fee is about $3, not so much but when price up to 20k, quite a lot of fee when you just want to make small money transaction. and speed at that time was not really good,
but now, fine for me

Especially if we're gone for a long period of time, the updates concerning cryptocurrency should be considered. For example, if we are using an old wallet account, if there will be a new wallet that we don't know yet, the advantage of the wallet will be disregarded as we are still using the traditional. Updates concerning networks would also be a good thing to study. It is about keeping up with the innovation to make our investment in bitcoin profitable.

Though it is not written on the white paper of bitcoin, I highly believe that Bitcoin has the capability of becoming a global currency despite of its volatility. It doesn't mean that every transaction should be in Bitcoin but to allow the world to transact through one crypto which is Bitcoin. And I bet that is already working now.

U really think there's the only one guy? Doubt that. Probably group of ppl did that for some economy purposes

I believe in bitcoin's limitless potential but it is evidently bound by the current rules and regulations, as well as the economy of the world which it circulates in. Given the time, bitcoin will indeed be able to compete against traditionaly payment methods and will be able to come out on top, the classic bitcoin way. It's only a matter of time and technology before this happens, and we all know these two things come by pretty quick

But bitcoin had proved a lot of things today. As we all know even it is unstable and decentralized, bitcoin able to achieve the greatness. Yes, it is true that it affects the economy of the world for being it's decentralized. No one even the government able to control the bitcoin. But today, it has a lot more role of bitcoin in our world. In terms of onlie transactions, bitcoin controls a less hassle transactions that gives the user a good and easy experiences. Who knows? Bitcoin might be experience or reach a lot more innovation in the next few years. We'll see.

Lol ,Trolling is not as effective now ,because even trolls from the past is a Bitcoin investors today.

Just wait till you hit the floor,for sure you'll forget about this belief.

there is some ways to not having private key for unsafe platforms,for storing your coins because Innovation is happening .

In my opinion the potential of Bitcoin is much improved. Its popularity in decentralized transactions is growing and bitcoin is being invented in new ways that are having an impact on the economy. Many are safe for transactions and traders are reaping many benefits through investing. It is being developed with technology. There are many reasons for unsafe platforms not to be private. These sites need to be well researched Then it is possible to know the exact information of its key and fast innovation.

become common place or become a thing on the past because people forgot that btc have innovations
but people now sees bitcoin as an easy money , as a safe haven for their money , as an asset , and etc ...but good thing that we have a friend to remind us that btc once have all those innovations .
i didnt forget some of the innovations that btc have but i was not aware that btc have them but now that i know , i am also going to remind my colleagues  . lets make btc great again

I've studied a lot about bitcoin so I don't usually forget the innovations of the leading cryptocurrency. Actually, those innovations become useful to use when time we're struggling on a project study, blockchain is what of the complex topic you can start with. The bitcoin community is developing daily so more people are getting interested in it, more research, improvements, and such. Bitcoin is always being mentioned in my environment at my university, even in economics, it was a useful topic to discuss finance.

Really wonderful article, there are many wonderful features and characteristics in Bitcoin that we do not know and have not discovered yet, this article explained all of this strongly, unfortunately most people think that Bitcoin is just a currency on the Internet that you can sell on exchanges or send to someone else, this is not true at all, Bitcoin is a complete revolution on the entire old financial system and an Innovation that will change the face of the world. We have to spread the Bitcoin culture so that people can understand the tremendous power that Bitcoin possesses.