Bitcoin Forum

Bitcoin is the most talked about and top class security for transactions in the world today, where no third party has a hand and.  Its popularity is constantly increasing day by day.
my own think

I wouldn't go that far though. A lot of people have lost money getting their funds stolen one way or another.

Also, I'd like to know where you got this number:

I agree a lot of people had lost money in the past with bitcoin son examples of how this happens:

-They lost their private key
-They invest ina ponzi
-They got hacked
-The service where they was holding their coins got hacked or run with the money

You've made so many extreme claims here. I don't know if you can support them.

1. "Bitcoin is the most talked about"
2. "top class security for transactions in the world"
3. "no third party"
4. "no chance of losing money"
5. "accepted by more than thirty thousand organizations around the world"

I would like to point out about number 3. Bitcoin, as per its inherent design, removes third parties in transactions. In real life, however, it is not the case for so many transactions. Many of the wallets themselves are provided by custodial third parties, private keys of which are not even owned by the owner.

That's true, there are many people who lost their money with his crypto world, it's not true that there is no possibility that we can lose our money here because there is a big chance of losing money here that was mentioned above. Phonzi scheme is very common reason why other people lose their money, they tend to invest some of their money because of thinking that they could earn from it.Stolen aaccounts also happen in thsi crypto world because of so many hackers and scammers.

I think that is an issue for personal security not the Bitcoin Transaction Security itself. No one can hijack anyone transaction happened on blockchain and the probability of a private to be hacked if its not used on untrusted website is very slim. I mean the reason why people hacked is because they let the hacker hacked them. But technically speaking about blockchain, it's very hard to hack a transaction because its peer to peer.

True. But there's a significant difference between "Bitcoin transactions are secure and irreversible" and "there is no chance of losing money". If what you said was what OP was trying to say, then it definitely could've been worded a lot better. Such statements can be really dangerous.

I believe this is on the user ends fault.  Talking about Bitcoin and the blockchain itself, the only means of losing is through its equivalent value due to the high volatility of Bitcoin and can also work the other way around which is gaining more value.

Removing the third party exchange security breach, personal errors and others from the equation, I believe hacking the Bitcoin blockchain system is very hard due to the hashes that secures it at this moment, making it one of the most secured chain of database in the world making it less possible for the fund inside the Bitcoin wallet to just disappear.



True that, OP could have worded it better to avoid confusion.

Perhaps the OP just read about Bitcoin for the firdt time and couldn't really expound the points he's trying to make.

If we look at the "top class security", "no chance of losing money" plus "no third party", he's probably saying transactions sent on the Bitcoin blockchain will go through 100% because it's completely p2p and no third party to interfere/block it. Maybe he's also talking about not losing money from paying fees to 3rd party services or that the blockchain isn't susceptible to 51% attack or double spending.

@Lamp2, you should provide a link to support your "supported by 30k organization" claim.

Everything is user's fault because Bitcoin itself, again by design, could even be considered unhackable. But can we isolate Bitcoin in a vacuum? I mean, can we make use of Bitcoin apart from its practicality and real-life features? Can we even discuss about Bitcoin apart from the people using it in their day to day transactions? Of course not. So it is very hard to say that with Bitcoin there is no chance of losing money because the network is impenetrable by hackers and scammers.

Let's try to find out,

1. The very first point is too broad as to question, what is bitcoin most talked about at?
2. Second, I tried to replace the statement as "Best ways to accept online payments" and google top response is this website (https://paysimple.com/blog/all-the-ways-you-can-accept-online-payments-in-2020/?__cf_chl_captcha_tk__=e9b4f6bc1607ef4080c991336fe12ea3f22dd36e-1595391838-0-AfndocESXAlq94lufeuKzpmWozUGxMCx2topIytghI1wBr0yEnsiFMWz18du9MfkZ9m8x4u92S_TRsI4xqVZJ7pk0ln_nEg7GNMyZkaPTUtrQBKvHE4Bvc-UblP_uhJTPuyYPPTvQ2j62BZC19UG-iEs14ml5CvaQw9r9XEaEja43mmKh48eifvYQK8gwhe7e56WYejXP7dEbYQ_61Cv7r4ITDqYwnOKcXJBmtGdNJYqHTjSLcInmqXhS6KFPBvfPreHGVnRhIkiTlJJgRhIUrd6cQF9EFbgVGX4vh0wP4pzlrx8IIKhSXSO59Oi5RNRWwcFPoZytkuKmNG0Gr90I6EaApJVVVjXYIn7QIlletLxZ7Q2nIbzoOChuvuakwPqCik1nwR8RTrcs9JKBSL1WfFGarM1hBZpGprG4iUlG-6kh0Yah1L7ZZpJO1-zydrFGhyQGlQto01hnTOOfb6IWYvDLuz8IgWqQ-5J7Ds0AVqSH8J-2Tx77dt_G-ZaaHprXwlU_YfswE-oS0Rn_LQBxOls14Axh7RZ-Yg7u3cBfIZsgoqE_SSteK9Tv8uw1MfIAg):

• Credit Cards
• eChecks
• Mobile Payments
• Click to pay email invoicing
• Chip card solutions

Upon viewing some other top recommended sites, sadly, bitcoin isn't yet included.

3. "No third party" - I kind of agree with this, but with the connection of some local exchanges to banks to easily buy bitcoin or withdraw funds, this somehow link to a control of banks though, with peer to peer transaction and transaction solely with bitcoin itself, it really doesn't need any third party.

4. "No Chance of Losing Money" - Not quite, enter a wrong character in a wallet address recipient and your bitcoin is gone.

5. for the last statement, maybe OP could include the link of the source for it to be more reliable to the readers.

IIRC, Microsoft has stopped its support to bitcoin payments since 2018[1]. And one gaming platform that's very popular that once accepted bitcoin has also removed its support to bitcoin payments and that's Steam.

[1] Microsoft Removes Bitcoin as Payment Option for Microsoft Store (https://cointelegraph.com/news/microsoft-removes-bitcoin-as-payment-option-for-microsoft-store)

Fair enough. His though was too generalised that's why it creates too much open room for discussion.


They removed bitcoin due to price volatility and irreversible function which is against there ToS. Bitcoin is not removed just because it is not secure and so on. I believe this is the reason why stablecoin are more appropriate to used as payment instead of BTC on this kind of services.

The reason people have lost money is not due to security flaws within bitcoin network or payment system! People have lost money because of hacking incidents which can happen with your banking account as well. It doesn't have anything to do with bitcoin really! Bitcoin indeed is the most secure payment system in the world. There is no doubt about it!

For the second statement of OP, I think the number is imaginary. I am able to find a resource which says around 15 thousand business establishments accept bitcoin. Read below,

https://www.fundera.com/resources/how-many-businesses-accept-bitcoin

Hope this helps!

They can adopt the third party service which can be an advantage for them.

Even if their players like me will pay in bitcoin directly, there's an easy way for them to transfer or convert that to dollars or to a more stable currency which won't give them worry about the volatility. Well, I hope that they'll get it back again.

Wrong, even if you have total control of your bitcoin, but if you don't know how to protect and you have a bad security hygiene, there are chances that hackers can get to you and steal it.


I don't know the exact numbers, but I would agree that it's popularity is getting bigger every day.

Probably, OP got his number in this article about stores accepting BCH (https://news.bitcoin.com/bitcoin-cash-upgrade-and-30k-stores-accepting-bch-in-the-weekly-update-from-bitcoin-com/), and since BTC is accepted way more than BCH, he thinks that he can say that statement safely.  I think it is an assumption that may possibly be imaginary.

In this thread, people mainly focused on the part about losing money, so I think there is not anything to add to that, but I'd like to focus on the part I marked in bold. Bitcoin can be used without intermediaries, but that's not how people usually use it. Exchanges 'have a hand', services like Bitpay, some wallet providers as well. And as for its popularity increasing, while the number of new wallets keeps going up, the rate is so slow that for now Bitcoin doesn't stand a chance to catch up with major online payment providers as in about 20 years it will get where they are right now (I've counted this once by using a number of Bitcoin wallets, the rate by which the number is currently growing and the number of users of services like Apple Pay).

No need for anyone to say it, it's pretty much something we've all known for a really long time (and guess what, even those who won't admit can't deny it). Kind of like the internet if you can believe it. Fight it, because you don't understand it. Then join it, because you've no choice or be left behind. Finally promote it when you finally begin to understand it.

He has edited his original post.  :)

Everyone will agree if you have said that bitcoin's popularity is increasing day after day. And it's undeniable because bitcoin's adoption is getting wider because mainstream media are reporting it or having their own segment just to talk about bitcoin's price.

I don't think this is your mind, but it is a fact that has happened and it is real. that bitcoin is highly sought after and made a very attractive investment for everyone who has capital. bitcoin has been recognized as a transaction tool that is very safe and reliable, of course, more important is the trust in bitcoin every day continues to increase the target of investors.

with growth being trusted every day it makes bitcoin highly sought after and made a very attractive and popular investment. especially with investing in bitcoin there will always be growth that leads to positivity. of course it will benefit those who already have or who are new to investing in bitcoin.

That is hard to estimate. I don't think that there are any relevant statistic data about Bitcoin use and acceptance. All we have is an impression, often the one that we get here on forum and we forget there are people outside this forum who have never heard of Bitcoin. I would really be interested to see sone exact figures if they exist anywhere in whatever form available.

Popularity is definitely growing, but is the crypto industry ready for the fact that the number of investors may double?

Bitcoin is not one of the safe haven assets, because it does not have enough historical data to measure it. don't always see the benefits of bitcoin, but look at the risks. The risk of the cryptocurrency market is very high. Not all investments that you make go smoothly. Bitcoin prices tend to be more volatile. You might be able to buy the type of life you want when the price of bitcoin continues to rise, but instead, you will lose everything when the price of bitcoin goes down and you are too panicked for that. Many risks must be considered. Be vigilant and always careful, minimize the risk so that your investment stays safe.

In terms of popularity, there is continuous progress. This is happening as people are in need for the cryptocurrency. Other claims weren't that perfect, same as the traditional system it too has got security risks, fund gets stolen, third parties involved, it is partially anonymous. Even though it has got these many factors people prefer it, because the growth it has achieved from the very first day is very big. This is the reason for people to prefer it an investment though it has high risks.

Truth!

This is how should people do look on cryptocurrency investment on where nothing is assured when in talks about the future and you are right that theres no such thing as safe haven asset even on traditional investments that we've known excluding crypto.

When it comes to popularity then theres no doubt to that yet adoption is growing day by day but doesnt mean that Bitcoin will ensure or will lock its place into the top spot like forever.

We know that nothing last forever but im not saying that bitcoin wont able to make it.

Why do you think this is a concern? The number of investors went up by probably more than 10 times in the last few years and I don't think it was a problem besides some rare and short term network oversurge. It's normal that the number of people interested in BTC will grow. It's still not as popular as it's meant to be.

It does not matter if the investors will be doubled because our concern is the amount that they will put in.

and besides this will be favorable to the market and us also so why making this an issue?

The popularity of bitcoin will increase although we don't know how many people out there will know about bitcoin. But with so much news about bitcoin that people can find out from social media, it will bring more users to bitcoin world, and many of them will learn about bitcoin. We might don't know how much the number of people who know bitcoin, but I guess the number will be shown in many places.

They are just been hyped and believe that there's always something good happening while in reality there are so many struggles facing by the cryptocurrency itself. Maybe people need to do a reality check on things since there's no easy rich schemes specially on crypto since we need more deeper understandings before we can see some good output in it.

But what Impress me for years coming is cryptocurrency is yet known slowly and maybe in future we can see this listed as reliable asset to big institution and adoption will spread even more.

With widespread popularities, people's curiosities will bring them to this new innovative system. It's just have to be well introduce and the next thing we

know is there's already more adoptions that taking place,. In certain places, there are businesses who already adopt this system bringing usages to a

much wider venues.

People curiosities about something new that they don't know before. And related to bitcoin, they will search on the internet, and they will read from many websites. Once they found more about bitcoin, they will start to try to invest in bitcoin. Although it is not big money, that will enough to bring a new user for bitcoin. With many people who will learn about bitcoin that will make bitcoin more popular, sooner or later, the adoption will grow.

Bitcoin will soon experience mass adoption and the world economy will be based on bitcoin. China partially adopting Bitcoin will increase the influence of bitcoin on other world economy and fiat money will be limited in use over time.

As more people are connected it'll be inevitable that information and interest on Bitcoin will increase. Also once more companies, like Newegg for instance, start accepting Bitcoin and other Cryptocurrencies the popularity will increase further.

And it will increase in popularity again.

Why?

Bitcoin price is increasing again, people are coming by if they see the price of bitcoin goes up. They'll always monitor the price and just interested if it's going up but if it goes down, they'll lie low.