Bitcoin Forum

A lot of people talk about steps to becoming a good Bitcoin investor or tech bro in the crypto space. The point is how really can this be achieved?.well achieving this is not a very simple task , however there is a simple point to note.
To become successful in the crypto space you have to first understand the idea behind the crypto space (emphasis on Bitcoin).
The first question is what is the idea behind bitcoin. It may seem vague but it was this idea that prompted the pseudonymous entity Satoshi to create Bitcoin.
 This idea was;
 1. Creating a currency that was not controlled by any entity especially the government.This can be summarized as Decentralization in other words you are in total control of your assets.
 2. Creating a currency that would not require any means of identification.Making it quite impossible to totally track a user still making it possible to notice transactions by that user.This can be summed up as Anonymity.
3.Creating a currency as secure as possible.
With these being said,logically the main idea behind bitcoin is Anonymity,Decentralization  and Security.

Come to think of it ,understanding the reason something was created gives you the best sense of use and therefore an edge over others in the same space which in this case is the crypto space.

And most importantly Don't forget to keep your keys safe 😁

Well snow is cold, then what?

I don't think people are still don't understand what is Bitcoin and the use cases, after all you're keep repeating a common discussion over and over.

32 posts you posted in this forum are consist of 22 threads and 10 replies, there's no one force you to keep creating a new thread.

Maybe you consider talking more about yourself than bitcoin for now since i don't think you know much about it yet, starting with the way you make your title and the first line on your post content shows that you're a newbie indeed and you need to concentrate more on learning than talking more about what you have little idea on, learn to proofread your posts, then also learn to make use of the search button bitcoin this had already been discussed and i don't see the content of your thread created with something new than we've all been told, maybe you can read the white paper to have broader understanding about bitcoin, then always make use of the forum search engine before making a post to know if it had been discussed already.

Unfortunately, I have to disagree with you, knowing the idea behind any other thing could help one become successful in that thing, but not with Bitcoin or cryptocurrencies in general.

I will give you an example, and I am going to use the motor car as an example..

We have many great and expert drivers on the road, driving several types of cars, but ask this drivers how the car engine functions - majority of them will tell you they don't know, atleast, they don't have to know how a car engine functions to be a good driver, and those who claim to know will tell you something that is totally opposite how a car engine truly function..

There are several millionaires and Billionaire today who achieved that status by investing in bitcoin early, yet, they know nothing when it comes to the technical part of bitcoin, or the real purpose why bitcoin was created, what matters is, they know that bitcoin is money that can appreciate and depreciate in value, and beauty of bitcoin is that, you don't have to know any of those bitcoin technical stuff, or some extra purpose, aside the fact that bitcoin is money, to be a successful bitcoin investor and hodler, directly the opposite of what you said or assumed.

And another correction, bitcoin transactions can be tracked, If I know your bitcoin address, I can monitor or track all your transaction, If I know Elon musk's personal bitcoin address, I can monitor all his bitcoin transactions - except the person uses a mixer.

In simple words the Bitcoin was created to ease the way of transactions that banks and other centralized authorities make harder for us. Bitcoin was created as a global currency and anyone in the world could use it without any restrictions. It was a tiring work to convert fiat currency of one country to another country's fiat but Bitcoin made that thing easier for us because we can use same Bitcoin in any country we want and we don't even need to carry the burden of any extra fees. The Bitcoin is simply the best solution for most of our financial problems and that's why people recommend others to invest in it because the Bitcoin investors are free from the trap of inflation and they can have peace of mind even in times when inflation rises to very high levels.

Yes, that's true, because not only in crypto but also to all fields of life (i.e. whether it is a skill, a career or a trade), as learning the basic is one thing that can never be over-emphasize, and as such, to become successful in Crypto, one need to understand the basic principles and terms used in crypto related conversations.
But that can only be possible when you use a non-custodial wallet, and avoid hodling your BTC on an exchange whereby you own the private key to your funds.
And that can also be possible when you don't use an exchange where KYC is compulsory, as you may be force to do kyc, and as such your identity is reviewed.

You have mentioned some good reasons, but making transactions in BTC doesn't make you a user of decentralization, or the beneficiary of the anonymity factor. Because to be a user of decentralization, you should use the decentralized platforms to trade in BTC and to benefit from the anonymity factor, you should prefer to take measures like don't trade on CEXs and trying to obfuscate as much as you can. Try to hide IP etc.

The point is, that you have created a good topic, but it still needs more words for an explanation. And the main idea was to create a peer-to-peer decentralized platform that could be used as a payment method between two entities. There must be no intermediary to deduct huge fees and ask for A to Z documentation.

I also created a relevant topic in which I shed light on the same question which is to teach others why BTC is better than fiat or banking system. Topic named as --> To Understand the Potential of BTC, What we Must Know? (https://bitcointalk.org/index.php?topic=5460099.msg62563616#msg62563616)

You have made a good point here, we should definitely know about the purpose and aim of something we are going to use or at least we should give a second thought to why people prefer BTC to keep their funds in instead of fiat. Most people do not want to learn the basics of crypto instead they just want to earn money in the first night and they want to become rich overnight. And they don't care about the decentralization or security factors.

They just want money, even if they have to scan their faces to earn free satoshies. Actually, I have come to that about an app named as satoshi where the person has to scan their face. People now don't care about centralization, decentralization, or security or anonymity and what benefits are there in using the BTC.

I was reading a topic that says BTC has performed more than what Satoshi might have expected and he is totally right about it because BTC is now being used as an asset to store the value, people are not holding BTC instead of using as p2p which Satoshi has expected and made BTC for but people are now using it beyond the expected limits.

Those was the original ideas for the "use case" for Bitcoin as a currency, but most people saw the phenomenal profit potential in using Bitcoin as a commodity and they started to hoard it.

The wild fluctuation in the price are not ideal for businesses to accept Bitcoin as a currency, so they started to make use of payment processors to convert all Bitcoin payments into Fiat currency...and that defeats the purpose of using Bitcoin as a currency.  ::)

Bitcoin was created for the society, for people like us to bank upon ourselves without any need of the involvement of a third party. The mediators have been removed through crypto and we can do P2P through exchanges and get our money in minutes where one sends from one corner of the world and the other guy receives it at other end, totally borderless, instead of waiting for hours and paying high charges through Swift and other banking institutions' services. Btc was created to let people decide what their money's value is, instead of keeping it fixed at 1:1 ratio and still looting them in the name of service charges and other miscellaneous charges.

Well most people do not realize that bitcoin wasn't the first of its kind. There were plenty of projects since early 90s that tried the same thing, there are plenty of examples of it at all times. However, what wasn't accepted today, is vastly accepted today; centralization. Bitcoin was the first one that created the blockchain behind it, none of the others had it, and that trustless peer to peer currency idea was finally created with a software that backs it up, which was just an idea before, but bitcoin managed to make it a reality. What we had in the 90s was things like the tokens we have today, where you pay a person to create a token, and they may steal it, or they may make it, which wasn't accepted back then.

From my perspective,the idea behind the creation of Bitcoin is to enable individuals have more control over their finance, rather than put it all in the hands of banks.
It is also to enable individuals encounter ease when transacting across borders as compared to the high fees/charges that regular banks would request for.

For me, the idea behind Bitcoin creation is financial independence where people don't have to trust the third-party financial institution in transferring money.  It is all about the financial transaction freedom and the banking of the unbanked.

It is also stated that Bitcoin was created to be a currency to use for payments.

Satoshi’s reason for creating is not a mystery. The financial systems we have was designed to control the masses and keep us in check. I see a lot of bitcoin vs fiat based discussion but what people who find themselves in these discussions miss is that cash is not the problem. What is coming is much worse, CBDCs will forever change the financial systems and how we live our lives. We will have to give up our freedom because every transaction you do will be recorded by the government.

CBDCs is the complete opposite of bitcoin, the dangers of CBDCs is overwhelming and yet people are lured to it with the promise of convenience.

In short, to alternate fiat and have full control over your fund which means financial freedom that can be used mode of payment as a "Peer-to-Peer Electronic Cash System".

That's the idea of why Bitcoin was created and additional information will be found on the Whitepaper.
But as of now, some people see Bitcoin as a digital store of value, similar to gold, due to its scarcity and potential for long-term appreciation.

This topic has been discussed here many times.
Check it before creating existing topic.

Financial independence means not being tied to any party or not depending on central authorities such as banks or the government.
The main idea is a decentralized digital currency using Blockchain Technology that allows all transactions to be recorded in a ledger permanently and cannot be deleted by anyone.

Anonymity is also the idea behind the creation of Bitcoin, although not absolutely but this will be enough to protect the security and privacy of Bitcoin or crypto users.
and Bitcoin also has a limited supply of only 21 million Bitcoins and it still hasn't been mined at all.

Created as a digital currency for payments, this is still a pro and con as not many adopters are doing it because it is hindered by different government regulations.
This is a challenge for Bitcoin, whether there will be more adoption in the future.

Yes, this is the simplest explanation of the idea of Bitcoin creation, for our financial. We can have our own bank that is accessible anymore, anytime without any centralized institution controlling it.
The reason also I am amazed is the ability of it to be used for payments, and I believe that as soon as most people start to adopt Bitcoin, we will experience massive transactions for Bittcoin using it as a payment method.

You can't blame those people for converting bitcoin to fiat immediately after receiving payment because bitcoin's volatility would hurt their business. Although Satoshi's idea of creating bitcoin was to become a currency, it was early adopters who turned bitcoin into an investment and spread it to this day. It was the early adopters who turned bitcoin's goal of becoming currency in a different direction, not today's businesses.

But in short, we cannot blame anyone including the early adopters, because we are also looking at bitcoin as an investment while we all know the real purpose of creating bitcoin, we have no right to blame anyone.

Bitcoin has a long history, and bitcoin is not the first to become a digital currency. Before bitcoin there were digital currencies but they all failed. Bitcoin was the first successful digital currency and the idea of ​​bitcoin has been around for a long time through the cyhperfunk community. I don't know much about this, just read a bit and tried to create a discussion about it but no one commented

A small summary of Cypherpunk (https://bitcointalk.org/index.php?topic=5458079.msg62481291#msg62481291)

But not many people seem to care about the history of bitcoin, what they care most about is the price.

Why don't people just read the whitepaper instead? It's basically just 8 pages long. The 9th page is just for references. It's a very short read. That's probably the best way to start. Of course, one can't be expected to understand everything written in it immediately, but there are other materials to continue learning. There are websites, books, articles, videos, discussions, and so on to supplement what one has understood in the whitepaper. 

I really like your explanation, short, concise and easy to understand. Indeed, “financial independence” is the goal for which bitcoin was created. Whether we use bitcoin as an investment, a peer-to-peer payment method, or turn it into our own bank...it all helps us become financially independent. Bitcoin not only provides the opportunity for financial freedom but also gives us full control over our assets without having to depend on any organization. So no matter what people use bitcoin for, it doesn't take away from the idea behind its creation.

The main idea was to prevent what happened during the global finance crisis. That crisis happened because banks were way over leveraged with money they didn’t have and then later on the governments had to bail them out with tax payers funds.

Bitcoin fixes this because the max cap is 21M and the supply is slowly added to the market and not instantly like it was during those crisis periods. This is one of the reasons why it was invented.

Bitcoin was created for use as a currency to terminate the need for third party control by the government. That is reason for bitcoins, yet for many of us despite having this understanding, we have accepted that as the best use for our bitcoins for the now, we should be hodling it, keeping it as an investment instead of a currency. That was not the reason for bitcoins, but I will not see someone who always use their bitcoin to make purchase and never keeping any bitcoins, as having an edge over me that has decided not to use bitcoins yet for what it was created for.

In short, idea is to create a new currency.

But this is really important here because as I feel and observe, these are things that everyone knows when starting out in this field, but success or failure is not really tied to this. Coming back to the nature of investing, and everyone hears about bitcoin and knows that it offers great opportunity.

1. not just control of assets but control of the data and rules WAS(emphasis) the purpose of full nodes and the network protocol
.. i say this because cryptography of key signing is the part of coin asset control. but the blockchain is about the data and rules of whats acceptable.

any wallet can control coins. but a full node has other purposes above just coin control

2.you can track/audit the coins, its a PUBLIC ledger. but it does not require human identification so its pseudonymous

3. security has decreased in recent years with the allowance of a centralised dev group implementing rule change activations before node majority readiness. its something we should not ignore and should not let continue to risk the integrity of the network/data security

the allowance of these rule change activations by centralised groups without majority node readiness/vote(consensus) is where decentralisation is becoming just a PR buzzword and not a functional feature.

core are becoming bitcoins "government"(politicians) so we need to scrutinise, review and call them out when they abuse their powers. and try to prevent them from abusing the control as much as possible, especially if it goes against the benefits of the majority

Whatever the original purpose of bitcoin is, it no longer matters, what matters is what it is becoming and we need to adapt to that.We cannot fight the mob just because people are using bitcoin for the wrong original purpose. Furthermore, the fact that bitcoin is used as a currency is not approved and accepted by the government, will anyone have the courage to fight against the government to realize the purpose of bitcoin? Some people always go on social networks to call and mobilize others to fight against the government, but do they themselves do it out there? No one is willing to sacrifice themselves for the good of the community, personal interests always come first.

I see many people saying that bitcoin is straying from its original purpose and they feel sad about it but why are they also considering bitcoin as an investment?

Bitcoin was an innovative and direct challenge to existing banking institutions. Many believe Satoshi grew tired of major banks and governments' power and influence. He declared "Enough is enough!" with Bitcoin.

While being knowledgeable about the fundamentals of Bitcoin gives you an advantage, you also need to recognize that the current financial systems arent doing nothing. When strong people are terrified, they manipulate. They will promote misinformation, paint Bitcoin as a criminal tool, or persuade governments to limit it. So, as you learn about Bitcoin, make sure you also know whats going on in the world.

The reason behind the creation of this beautiful coin was that, the founder Satoshi wanted a decentralised mode of payment system. So he initially developed the idea of Bitcoins along with other few members. He was able to make a decentralised mode of payment which will be free from any governing body and will be free of taxes. Yes today we are using Bitcoins as something else. Now bitcoins are mainly used as an asset. People buying in cheap and holding it, and at last selling in high price.

Indeed, at the very least, with this thread, no one is left pondering the true purpose of Bitcoin. While the answer may not be exhaustive, it adequately represents the utility and advantages of Bitcoin when compared to FIAT currencies.

Beyond its functions, some argue that Bitcoin can also serve as an investment instrument with the potential for future gains. Betting on price volatility is a common practice, and since there are no standardized regulations governing it, it doesn't fall into the category of prohibitions.

Count me among those who purchase Bitcoin for the purpose of savings. I often use a portion of my BTC balance for transactions as well.

From what we can see today, Bitcoin has provide even more that it's main purpose of creation. Satoshi noticed how the governments controlled the masses using the banks and saw a way to fix this. His major purpose wasn't to go against the government, but to create another form of currency which the government can not control. Bitcoin today has serve even more than that, it is seen by many in forms like digital gold, investment, for cross border payment, financial inclusion and much more. It's evolving nature has brought more investors into using it. it's true that understanding philosophy and principles of Bitcoin is key to making informed decisions and navigating the crypto space effectively.


 I don't think this is still a thing for people using CEX where they are required to do the KYC verification. The concept of anonymity in Bitcoin has changed over time, when you're using centralized exchanges (CEX) that require Know Your Customer (KYC) verification. When you go through KYC, you're providing personal information that ties your identity to your cryptocurrency transactions, removing the idea of anonymity

 

Bitcoin is created for every users to become on his or Bank officer as the name implies as a digital currency, which works perfectly online as means of payment or purchase good's and services, in other words Bitcoin is created for online trading buying and selling order to make profits.

Bitcoin was created as an alternative currency to give finacial freedom to people through p2p payment system, where a third party is excluded in carrying out transactions, due to its decentralized nature. Bitcoin enables users to be their own bank and safe users from bank fees and taxes.

The most interesting aspect of bitcoin is that it has gone beyond the purpose of which Satoshi created it, as it has been used as a store of value due to the fact that it is am hedge to inflation. Most people now take bitcoin as an investment due to the volatile nature of bitcoin. Satoshi never planned all these for bitcoin.
But as time passes by, people started to see more potential in bitcoin.

OP if we are to go by your topic matter, there are lots of reasons for Bitcoin development and hence the Bitcoin ecosystem. I strongly believe that the most important reason for Bitcoin invention was to do away with government regulations and central control so that the masses could be in charge of their assets  which would be void of these third party affiliation. Privacy is also key factor too when ever you are doing a transaction.
This is the one that gives me joy the most. Bitcoin is mobile. You can move with it any where in the world as long as you have access to your keys and your mobile device, third parties are not needed here to do this for you. You can just easily move about with it without requesting third party to do a transfer or following procedures before your money is transferred to you in fiat be it local or foreign currency. Bitcoin does not need all these procedures and protocols.

Most of the people who hear the name of Bitcoin do not know for what purpose Bitcoin was created. As with many things these days, they are approaching Bitcoin just to make a profit. I am not criticizing these people, but I want them to research Bitcoin and be informed.

In order for Bitcoin to achieve its purpose, it needs to reach everywhere and every person. For this to happen, people should not see Bitcoin only as an investment tool.

Actually these features were meant to be main features of cryptocurrencies. However, too many middlemen in transaction chains can bring cenralisation to the cryptoworld. Moreover, there are too many legal issues in cryptoassets management. In any country the legal status of cryptocurrencies is still vague.

Although anyone can start to learn Bitcoin or cryptocurrency at any stage, but the important thing to learn is the first concept: what led to creating Bitcoin and why it is different from other cryptographic assets. If someone learn those primary knowledges about Bitcoin, they will understand better, but some people only learn from the peak; they learn that Bitcoin can multiply your money without knowing how all that works. So many people have misconceptions about Bitcoin, and the reason is always that they did not learn much about it. I was not surprised when someone said that Bitcoin was created for investment purposes, but Satoshi did not mention that Bitcoin was created for investment purposes. People only took it like that because it has become an appreciated digital currency.

At the level of you ‘not having to think’, the statement is indeed valid but then, maybe you, I and the host of other experienced forum users that shares this space don’t care much about this piece of information but, with the number of users that registers in the forum everyday, the info could prove useful to them and it obviously opens the thread up to new replies as not very often are old threads being bumped for update.

We’ve been seeing threads like this and we just might have to be accustomed to seeing some more because, it ain’t stopping soon. You can always expect users to act their level of understanding as to what is perceived to be necessary or not.

This part to your comment got me diving into OP’s post history to see what’s been going on and his got some good threads to show for it. Like the one that talks about Airgapping an old desktop device. His merit to post ratio don’t make him exactly a bad poster and you aren’t saying that either but, I’ll understand with you on OP having to reduce the way he or she creates thread and try searching out informations on the forum as well.

As some others have pointed out, understanding the basic points about Bitcoin like the ones the op lists is not necessarily going to help a person become a good Bitcoin investor. Even if you know Bitcoin well, it doesn't mean you've got money to invest, and sometimes you don't know anything but are rich enough to hire a manager whose job will be to research investment options, and that person might lead to you investing in Bitcoin, for example.
That being said, it's still useful to understand the basics about Bitcoin to see whether it's something you might be interested in.

Throughout the years, the price of bitcoin has increased a lot, hence, a lot of people are looking at this currency on the investment level.
But reading the history of why it was created, you would understand that it already served its purpose as one of the payment methods these days.
There's no central authority governing this currency, hence, for me, Satoshi's mission has already accomplished.
What we are enjoying right now, owed to its volatility, is like a bonus, making this currency a very good potential investment.

Then you're supporting @OP for break the forum rule.


The first thing before creating a new thread is using search engine to know if the thread had been created or not, if yes then he shouldn't post it instead of bump the old thread. It ain't stopping, but it's important to not keep spamming.

Yep, only one from 22 unnecessary topics, right?