Why Bitcoin?

[bitgeek]

My question to the OP is why is this topic self moderated? Are you planning to influence the discussion by removing the posts you don't like?

If you want to ask people "why Bitcoin?" maybe it would be good to ask yourself "why fiat?". This question was already asked at least a 100 times on the forum.

very blinkered mindset, one thing i'm confident of is another p2p currency will surpass btc (not saying such exists yet).

Isn't this the natural way of things? Something will eventually surpass Bitcoin, just like Bitcoin will eventually make services like Western Union obsolete and will offer an alternative to the current banking system.

[johnyj]

Bitcoin is just the first honest money on internet. In fact an honest money does not limited to bitcoin, as long as it is produced by inputting similar amount of value as its face value. From this regards, other coins could also have some value as their production cost

Universal acceptance is very important for money, from this regards, bitcoin has magnitudes wider acceptance than altcoins

production cost does not give something value.

why do you consider bitcoin the first honest money on the internet? what makes bitcoin honest?

If the cost is much lower than face value, then everyone will mine it and sell for quick profit, no one will buy, then the value will fall back to the production cost quickly. It is the demand and supply combination gives something value, however it is difficult to see how much demand there is, so cost act as an indicator, the real demand will look for the lowest possible cost to acquire the coin, which is mining

An honest money means free entry, e.g. everyone can make this money, thus its purchasing power will be similar to the cost of money creation, due to above arbitraging practice

Even litecoin is an honest money, since the cost is almost the same as its market value

[dulldog]

i've been around this community a few years and i still don't get why anyone would chose bitcoin.

don't get me wrong i believe in an alternative p2p currency, but to me bitcoin certainly doesn't cut it.

about the only answer people have is first mover advantage. but that's pretty much it.

bitcoin seems to, over time, be drifting more into a centralised system, core dev team where so few as 5 completely control the code, backed by what has come to light time and time again a very questionable central organisation.

have VC with their little startups jumping on board left right and center, and we know their goals  , bitcoin's heading more and more like being the bank product it was meant to be an alternative to  

seems the only way to back bitcoin is keep your head it the sand and hope it'll all turn out good in the end........

Have you already found an alternative? Or it's just an concept/forecast by now?

[kelsey]

My question to the OP is why is this topic self moderated? Are you planning to influence the discussion by removing the posts you don't like?

If you want to ask people "why Bitcoin?" maybe it would be good to ask yourself "why fiat?". This question was already asked at least a 100 times on the forum.

very blinkered mindset, one thing i'm confident of is another p2p currency will surpass btc (not saying such exists yet).

Isn't this the natural way of things? Something will eventually surpass Bitcoin, just like Bitcoin will eventually make services like Western Union obsolete and will offer an alternative to the current banking system.

i haven't deleted any posts and am happy to keep any on topic whether i agree or disagree, just i'm used to the alt section where people use any thread to promote their shitcoin 

again i didn't say 'why fiat' cause i'm more discussing out of crytpos why bitcoin.

i agree with your last comment, i think something could better bitcoin;

 but there seems to be this attitude amongst some bitcoiners that bitcoin is it, nothing can better it, yet i am asking why, especially seeing bitcoin has many flaws, why bitcoin? other then first mover advantage why is bitcoin so perfect and can't be bettered?

[kelsey]

i've been around this community a few years and i still don't get why anyone would chose bitcoin.

don't get me wrong i believe in an alternative p2p currency, but to me bitcoin certainly doesn't cut it.

about the only answer people have is first mover advantage. but that's pretty much it.

bitcoin seems to, over time, be drifting more into a centralised system, core dev team where so few as 5 completely control the code, backed by what has come to light time and time again a very questionable central organisation.

have VC with their little startups jumping on board left right and center, and we know their goals  , bitcoin's heading more and more like being the bank product it was meant to be an alternative to  

seems the only way to back bitcoin is keep your head it the sand and hope it'll all turn out good in the end........

Have you already found an alternative? Or it's just an concept/forecast by now?

well i think there is atleast one coin better the bitcoin, but this thread is more about the concept of looking elsewhere and not just being stuck in the bitcoin is best nothing could better it, mindset.

also having been behind the scenes in many a crypto, i've considered creating in my mind the ideal p2p currency, just many an issue i have with all current cryptos arent easy to solve.

[Adam_Allcock]

My question to the OP is why is this topic self moderated? Are you planning to influence the discussion by removing the posts you don't like?

If you want to ask people "why Bitcoin?" maybe it would be good to ask yourself "why fiat?". This question was already asked at least a 100 times on the forum.

very blinkered mindset, one thing i'm confident of is another p2p currency will surpass btc (not saying such exists yet).

Isn't this the natural way of things? Something will eventually surpass Bitcoin, just like Bitcoin will eventually make services like Western Union obsolete and will offer an alternative to the current banking system.

My guess? Hes about to pump a shitcoin.... Very typical for all the scamcoins bs...

[kelsey]

My question to the OP is why is this topic self moderated? Are you planning to influence the discussion by removing the posts you don't like?

If you want to ask people "why Bitcoin?" maybe it would be good to ask yourself "why fiat?". This question was already asked at least a 100 times on the forum.

very blinkered mindset, one thing i'm confident of is another p2p currency will surpass btc (not saying such exists yet).

Isn't this the natural way of things? Something will eventually surpass Bitcoin, just like Bitcoin will eventually make services like Western Union obsolete and will offer an alternative to the current banking system.

My guess? Hes about to pump a shitcoin.... Very typical for all the scamcoins bs...

who is?

i think that above discussion is more about something, that doesn't yet exist, replacing bitcoin eventually.

any shitcoin pumping in this thread will be deleted (hence, as stated earlier, the self moderation).

[Hazir]

i've been around this community a few years and i still don't get why anyone would chose bitcoin.

don't get me wrong i believe in an alternative p2p currency, but to me bitcoin certainly doesn't cut it.

about the only answer people have is first mover advantage. but that's pretty much it.

bitcoin seems to, over time, be drifting more into a centralised system, core dev team where so few as 5 completely control the code, backed by what has come to light time and time again a very questionable central organisation.

have VC with their little startups jumping on board left right and center, and we know their goals  , bitcoin's heading more and more like being the bank product it was meant to be an alternative to  

seems the only way to back bitcoin is keep your head it the sand and hope it'll all turn out good in the end........

Have you already found an alternative? Or it's just an concept/forecast by now?

well i think there is atleast one coin better the bitcoin, but this thread is more about the concept of looking elsewhere and not just being stuck in the bitcoin is best nothing could better it, mindset.

also having been behind the scenes in many a crypto, i've considered creating in my mind the ideal p2p currency, just many an issue i have with all current cryptos arent easy to solve.

So you asked us "Why bitcoin"? And I have another question for you. "If not the Bitcoin then what"? Are you telling us that the bitcoin is the dead end of evolution of cryptocurrency? Do you think we should abandon it and create some other coin now? Or do you think FIAT is enough and we don't need to bother ourselves with cryptocurrency at all?

[Beliathon]

think most here are missing my main point, i'm saying i'm a fan of alt to fiat p2p currencies, so I'm no saying why btc vs fiat i'm saying why bitcoin v other p2p alternatives.

There are no real non-fiat alternatives to Bitcoin at this time.

[Synister]

Bitcoin is a very sophisticated technology. With bitcoin, we can transact very fast and safe. And also, can earn income from bitcoin

[kelsey]

i've been around this community a few years and i still don't get why anyone would chose bitcoin.

don't get me wrong i believe in an alternative p2p currency, but to me bitcoin certainly doesn't cut it.

about the only answer people have is first mover advantage. but that's pretty much it.

bitcoin seems to, over time, be drifting more into a centralised system, core dev team where so few as 5 completely control the code, backed by what has come to light time and time again a very questionable central organisation.

have VC with their little startups jumping on board left right and center, and we know their goals  , bitcoin's heading more and more like being the bank product it was meant to be an alternative to  

seems the only way to back bitcoin is keep your head it the sand and hope it'll all turn out good in the end........

Have you already found an alternative? Or it's just an concept/forecast by now?

well i think there is atleast one coin better the bitcoin, but this thread is more about the concept of looking elsewhere and not just being stuck in the bitcoin is best nothing could better it, mindset.

also having been behind the scenes in many a crypto, i've considered creating in my mind the ideal p2p currency, just many an issue i have with all current cryptos arent easy to solve.

So you asked us "Why bitcoin"? And I have another question for you. "If not the Bitcoin then what"? Are you telling us that the bitcoin is the dead end of evolution of cryptocurrency? Do you think we should abandon it and create some other coin now? Or do you think FIAT is enough and we don't need to bother ourselves with cryptocurrency at all?

well yes i kinda do get the feeling bitcoin is a dead end road, i like the idea of a decentralised p2p currency, definitely.

i think if you read up about bitcoin and the theories and the hype from the core crypto nerds and the would be new world bankers with vc backing, there's a bit of an initial wow, great concept.

then you try to use it, investigate a little more how it solves some of the problems it tries to address, then the sparkle goes a way.

i think fiat certainly aint the way forward, and the current system is kept alive because of the fear of what would happen (at this point in time) if the system failed.

i think we should certainly investigate better ways to solve many of the flaws in bitcoin.

the alt community should be doing this but the crypto faithful in it are too stuck in how bitcoin does it mindset, and have a tendency to further complicate the solutions, and the not so faithful flood it with get rich quick scamcoins.

[pawel7777]

i've been around this community a few years and i still don't get why anyone would chose bitcoin.

don't get me wrong i believe in an alternative p2p currency, but to me bitcoin certainly doesn't cut it.

about the only answer people have is first mover advantage. but that's pretty much it.

It also got biggest network, number of users, adoption rate and nice name. But being first is huge in this case. We're not talking about first grocery store in town, which have a big advantage of being first, but can easily lose it's position to competitors with better prices and better services.

Current bitcoin users cannot switch to other (currently best) coin without turning whole cryptocurrency 'industry' into big joke. If everyone jumped from coin A to better coin B, then no one in the right mind would keep any significant amount of $ (equivalent) in coin B, as there'll be a risk (or even certainty) that someone will launch "new and improved" coin C and everyone will jump on that.

Bitcoin doesn't have to be the best (whatever that means) it has to be "good enough".

And the bottom line is, Bitcoin is not un-changeable. If there's ever new protocol, or improvement invented and everyone (or vast majority) agree is better than the current one, you could switch Bitcoin to that. With the biggest network and user base, that scenario seems more likely to happen than other crypto taking over.

bitcoin seems to, over time, be drifting more into a centralised system, core dev team where so few as 5 completely control the code, backed by what has come to light time and time again a very questionable central organisation.

How do those 5 devs control the code? What do you think will happen if they tried to force the fork that no one else agrees with? They would made themselves irrelevant pretty quickly.

You're not happy with "5"? What's the right number? 7? 20? 1000? No devs at all?

What/who is stopping you from becoming influential/valuable dev?

TBF backing the dev is was probably the most useful thing they ever did.

have VC with their little startups jumping on board left right and center, and we know their goals  , bitcoin's heading more and more like being the bank product it was meant to be an alternative to  

And how's that bad? Have they stolen your ability to control your coins? If not, what's the problem? You don't want to use BTC because people/institutions you don't like also have interest in it? Bad news, pick whatever crypto you want, but as soon as it's successful you'll have VC investors and financial institutions all over it.

[dothebeats]

THIS
IS
WHY
YOU
SHOULD
BE
MINING.

If you are a "bitcoiner" who does not mine you are NOT a bitcoiner.  You are allowing others to control the network.. tsk tsk tsk.

Sorry but I beg to disagree on this one.

Being a bitcoiner doesn't mean you should mine--same as using fiat. There are no strict prerequisites before using money afaik, same with bitcoin. Do you need to be one of the producers of these paper bills that they're handing out before you could use it or be one of the users of it? I think not. Being a bitcoiner doesn't mean you should mine to be called as one; using the coin alone means that you can be called as a bitcoiner. If what you are talking about is the case, then I shouldn't be called a bitcoiner because I don't mine and I do not have the means to.

[ChuckBuck]

Why Bitcoin?

Because it serves as an alternative to the failing ever inflating fiat based currencies around the globe.  Ever hear of "The Grexit" or the Russian Ruble?

Why Bitcoin?

Because it allows you not to wait a few days for a major high value wire transfer, transaction, payment to clear from a bank or creditor and avoid exorbitant fees.

Why Bitcoin?

Because you're sick of annual fees, hidden fees, merchant fees, checking and savings fees, interest fees, late fees, maintenance fees.  All you see with Bitcoin is a nominal miner's transaction fee, but if you're transacting hundreds or thousands of dollars worth of Bitcoin and can't afford a few pennies, I don't know what to tell you...

[kelsey]

i've been around this community a few years and i still don't get why anyone would chose bitcoin.

don't get me wrong i believe in an alternative p2p currency, but to me bitcoin certainly doesn't cut it.

about the only answer people have is first mover advantage. but that's pretty much it.

It also got biggest network, number of users, adoption rate and nice name. But being first is huge in this case. We're not talking about first grocery store in town, which have a big advantage of being first, but can easily lose it's position to competitors with better prices and better services.

Current bitcoin users cannot switch to other (currently best) coin without turning whole cryptocurrency 'industry' into big joke. If everyone jumped from coin A to better coin B, then no one in the right mind would keep any significant amount of $ (equivalent) in coin B, as there'll be a risk (or even certainty) that someone will launch "new and improved" coin C and everyone will jump on that.

Bitcoin doesn't have to be the best (whatever that means) it has to be "good enough".

And the bottom line is, Bitcoin is not un-changeable. If there's ever new protocol, or improvement invented and everyone (or vast majority) agree is better than the current one, you could switch Bitcoin to that. With the biggest network and user base, that scenario seems more likely to happen than other crypto taking over.

bitcoin seems to, over time, be drifting more into a centralised system, core dev team where so few as 5 completely control the code, backed by what has come to light time and time again a very questionable central organisation.

How do those 5 devs control the code? What do you think will happen if they tried to force the fork that no one else agrees with? They would made themselves irrelevant pretty quickly.

You're not happy with "5"? What's the right number? 7? 20? 1000? No devs at all?

What/who is stopping you from becoming influential/valuable dev?

TBF backing the dev is was probably the most useful thing they ever did.

have VC with their little startups jumping on board left right and center, and we know their goals  , bitcoin's heading more and more like being the bank product it was meant to be an alternative to  

And how's that bad? Have they stolen your ability to control your coins? If not, what's the problem? You don't want to use BTC because people/institutions you don't like also have interest in it? Bad news, pick whatever crypto you want, but as soon as it's successful you'll have VC investors and financial institutions all over it.

don't be naive the 5 central devs could pretty much do what they wanted (gavin's even openly says this),

now the argument that majority wouldn't follow a bad play....well that could be valid if 1) the majority aren't apathetic AND 2) the majority understand the change and consequences (they'd believe the devs over and above the vocal few expressing the opposite view) AND 3) the majority had bitcoins best interest at heart rather then their own personal fiat gain.

becomes like fiat majority learn its dodge they'd still try and keep it in play for fear of system collapse.

you really think bitcoin would survive a split between the core devs and the majority of holders?

 

[AtheistAKASaneBrain]

Bitcoin IS crypto. Bitcoin is the the main matrix. Crypto will be a success, therefore Bitcoin will be a success. Connect the dots and realize this objective fact.

[Light]

don't be naive the 5 central devs could pretty much do what they wanted (gavin's even openly says this),

now the argument that majority wouldn't follow a bad play....well that could be valid if 1) the majority aren't apathetic AND 2) the majority understand the change and consequences (they'd believe the devs over and above the vocal few expressing the opposite view) AND 3) the majority had bitcoins best interest at heart rather then their own personal fiat gain.

becomes like fiat majority learn its dodge they'd still try and keep it in play for fear of system collapse.

you really think bitcoin would survive a split between the core devs and the majority of holders?

 

Sure they could change the code to anything they liked - but in reality, it is only relevant if the whole community agrees and updates to this new version. If not, for all major changes (ie. adjusting the supply limit) all you would do is create a fork between the people using the older Bitcoin Core and the newer one.

Most of the big changes would cause a price collapse (I can't think of a major change that would be agreed upon which would cause a price increase) - which would inspire the mass of Bitcoin users to reject a new update. On that point I do agree - most are motivated by financial gain rather than coin itself, but luckily so far these are fairly aligned.

It would go on with new devs - maybe worse off but not dead. Reminds me of the Truecrypt project that packed up and instead got taken up by a number of different groups of devs.

[Amph]

My question to the OP is why is this topic self moderated? Are you planning to influence the discussion by removing the posts you don't like?

If you want to ask people "why Bitcoin?" maybe it would be good to ask yourself "why fiat?". This question was already asked at least a 100 times on the forum.

very blinkered mindset, one thing i'm confident of is another p2p currency will surpass btc (not saying such exists yet).

Isn't this the natural way of things? Something will eventually surpass Bitcoin, just like Bitcoin will eventually make services like Western Union obsolete and will offer an alternative to the current banking system.

My guess? Hes about to pump a shitcoin.... Very typical for all the scamcoins bs...

who is?

i think that above discussion is more about something, that doesn't yet exist, replacing bitcoin eventually.

any shitcoin pumping in this thread will be deleted (hence, as stated earlier, the self moderation).

you know that coin can be bitcoin 2.0... don't forget that bitcoin isn't complete, it offer all new things to be explored and upgraded, into something even better

bitcoin has potentially that's why you should choose it, while fiat is being controlled by greedy banks/gov, and there is no future for it, is an old "dying technology"

another thing why i prefer bitcoin, is that you can't just "print more"

[pawel7777]

don't be naive the 5 central devs could pretty much do what they wanted (gavin's even openly says this),

Source?
Knowing how carefully he states his opinions I find it hard to imagine him saying "I (we) can do whatever I want with Bitcoin".
Sounds like you've taken it out of context.

Have you followed any technical discussion about possible changes? I've seen a few and I've seen Gavin compromising on his original proposals.

What about 20mb block limit proposal? Majority (that participated in discussion) seems to agree (to the general idea of lifting current limit), but it doesn't look like it will be an easy thing to do and will likely end up with 2 alternative forks.

So where's that power?

Also, you didn't answer my question:

What/who is stopping you from becoming influential/valuable dev?

Why do you consider it as a closed group?

now the argument that majority wouldn't follow a bad play....well that could be valid if 1) the majority aren't apathetic AND 2) the majority understand the change and consequences (they'd believe the devs over and above the vocal few expressing the opposite view) AND 3) the majority had bitcoins best interest at heart rather then their own personal fiat gain.

becomes like fiat majority learn its dodge they'd still try and keep it in play for fear of system collapse.

That's not a problem exclusive to Bitcoin. That's wider, social problem. It's the same for every crypto.

Luckily as per "3)" in most cases: better Bitcoin=higher value=potential fiat gain.

you really think bitcoin would survive a split between the core devs and the majority of holders?

Yes. Easily. Majority will put their trust into other devs.

And what's the desired number of core devs (or other model) in your opinion?

[dulldog]

i've been around this community a few years and i still don't get why anyone would chose bitcoin.

don't get me wrong i believe in an alternative p2p currency, but to me bitcoin certainly doesn't cut it.

about the only answer people have is first mover advantage. but that's pretty much it.

bitcoin seems to, over time, be drifting more into a centralised system, core dev team where so few as 5 completely control the code, backed by what has come to light time and time again a very questionable central organisation.

have VC with their little startups jumping on board left right and center, and we know their goals  , bitcoin's heading more and more like being the bank product it was meant to be an alternative to  

seems the only way to back bitcoin is keep your head it the sand and hope it'll all turn out good in the end........

Have you already found an alternative? Or it's just an concept/forecast by now?

well i think there is atleast one coin better the bitcoin, but this thread is more about the concept of looking elsewhere and not just being stuck in the bitcoin is best nothing could better it, mindset.

also having been behind the scenes in many a crypto, i've considered creating in my mind the ideal p2p currency, just many an issue i have with all current cryptos arent easy to solve.

Do you mind sharing? I mean that better one.

IMO bitcoin will live and stay the first and the most.., but I also consider Nxt and Cryptonote coins promising.