The Impact of Bitcoin on Economic/Society Growth

[lionheart78]

But there are actually third parties involve in Bitcoin transactions and on Bitcoin network.

Transactions between two sides, buyers and sellers, senders and receivers must be confirmed by Bitcoin miners who do both tasks, mining new blocks and confirm transactions waiting in mempools. Bitcoin full nodes validate those transactions and check whether they belongs to a longest chain.

Miners and nodes do not count as third party in this context.

The white paper referred to third parties in the financial system, like central points that the transaction has to pass through. Those central points have full autonomy over the transaction and can perform acts against the wishes of the buyer or seller. Even when not selling those third parties has full access to the funds any of the other parties have in their custody. Such parties do not exist in Bitcoin.

Miners are scattered all over the world and there is no single point of failure where your Bitcoin has to pass through, so no single miner can affect the outcome of your transaction. They also only come into play during a transaction, not before it after.

Looking at the network, miners is indeed part of the system of Bitcoin transaction but looking at it outside the box, between the transaction of two person, miners are indeed the third party that confirm or reject transactions.  In a graphical view, this does not differ from banks accepting and rejecting transactions, but obviously we know that these two entities are different because as the reply stated, miners can't modify the amount of transaction, while banks can easily modify the amount of transaction.  It is more on the accessibility where banks had given more power over the transaction while miners are only limited to accepting and rejecting transactions to be confirmed.

[Blitzboy]

• Bitcoin transaction saves time and stress. It makes transaction fast and safe, most especially international transactions. Bank transaction has failed there customers several times maybe because of network or something else,another example: people collecting money from ATM machine can testify to this, sometimes you will need this money urgently at that particular time but getting to the bank seeing the queue and population not only that the ATM machine will disappoint you, I have been in this situation before where my card got swallowed by the ATM machine. There was a time my country was suffering from money scarcity due to the changing of old naira notes and to get access to your own money was a problem but I can testify people who got bitcoin sold there bitcoin and they lived there normal lives despite the economic situation at that time.

I feel it doesn’t fit in having to compare or place side by side the bitcoin innovation and the ATM machine. Coming to talk about queues, the machine having to trap your card and the possibility of a transaction declined or failure.
The ATM is a machine that dispenses, make transfers, pay bills and new models can even collect deposits.
Not like bitcoin which is a currency that functions on a blockchain network. They don’t come together! The other dispenses money (fiat) while the other is money in itself.

Again, bitcoin has come to cut through time and space with regards to its nature of transacting and doesn’t necessarily require a third party in making these debit/credit facility possible but, in the phase of acceptability, we most times still need to convert our precious Sats to fiat currencies before it could be accepted by merchants for exchange of products and services.

Hence, I can categorically tell you that, in the phase of fiat scarcity in Nigeria at the time, bitcoin users were very much affected as, you still have to convert these bitcoins to fiat to make it usable with merchants that accept bitcoins not readily available. Doing this, drags you down the lane of going through the slow and limit restricted transactions that was the case at that time.

Hmmm, well, lets think on this a bit.  First, your statement about ATMs and Bitcoin being different is no doubt. Bitcoin's decentralised, peer-to-peer model differs from ATMs, no?  If we think about it, arent both, at their core, facilitators?

One speeds up access to fiat money and restricted financial functions, while the other allows internet transactions over geographical and physical constraints. Dont you believe its a paradigm shift in how we view and use "money" and "transaction"?

As you noted, bitcoin pioneers new financial methods by eliminating tiresome processes and third parties. Bitcoin is still bound by the system it aspires to change, especially in Nigeria, where direct bitcoin transactions with businesses are unavailable.

[Dunamisx]

• Bitcoin transaction saves time and stress. It makes transaction fast and safe, most especially international transactions.

You would have rather put it this way that it makes an international transaction more cheaper from the high cross boarder transaction fees people suffer to pay using fiat and commercial financial institutions, however, bitcoin transactions are secured, faster and cheaper, we can modify the rate we want the transaction fee to be right before sending the payment when the mempool is less congested and also send multiple transactions at a time using the layer 2 protocols.

Bank transaction has failed there customers several times maybe because of network or something else,

There are many reasons we can use to hold against using banks because they are centralized, inconsiderable, lack trust, have no privacy and can place restriction on our financial economy, there are many other factors that have been hindrance to the economy development as a result of poor economy and financial policies inflations and loos of value over time with the use of bitcoin over time

[Myleschetty]

But there are actually third parties involve in Bitcoin transactions and on Bitcoin network.

Transactions between two sides, buyers and sellers, senders and receivers must be confirmed by Bitcoin miners who do both tasks, mining new blocks and confirm transactions waiting in mempools. Bitcoin full nodes validate those transactions and check whether they belongs to a longest chain.

Miners and nodes do not count as third party in this context.

The white paper referred to third parties in the financial system, like central points that the transaction has to pass through. Those central points have full autonomy over the transaction and can perform acts against the wishes of the buyer or seller. Even when not selling those third parties has full access to the funds any of the other parties have in their custody. Such parties do not exist in Bitcoin.

Miners are scattered all over the world and there is no single point of failure where your Bitcoin has to pass through, so no single miner can affect the outcome of your transaction. They also only come into play during a transaction, not before it after.

Looking at the network, miners is indeed part of the system of Bitcoin transaction but looking at it outside the box, between the transaction of two person, miners are indeed the third party that confirm or reject transactions.  

If we look from the angle you explained, yes miners indeed somehow play the role of the bank, but the decentralization in the Bitcoin network prevents the miners from interfering in the sender transaction like hold banks do when there breach of contract in terms of the daily transaction and if one miner ignores a transaction another miner will include in the block which is not possible through the bank.
Another is that miners are motivated to keep the Bitcoin network secure, and also confirm transactions but banks are motivated to always make money out of their customers through seizure of funds, unreasonable charges, etc.

[coinremitter]

Indeed, the advent of Bitcoin in 2008, as proposed by Satoshi Nakamoto, marked a significant milestone in the evolution of digital finance. Its impact on society and the economy is undeniable. Bitcoin's fast and secure transactions have revolutionized the way we conduct international transfers, reducing the time and stress associated with traditional banking systems.

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It's important to note that Bitcoin and cryptocurrencies are not get-rich-quick schemes. Instead, they encourage patient and responsible investment. Coinremitter, as a crypto payment gateway, is here to support these ideals, offering users a secure and efficient platform to transact and manage their digital assets.

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