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Author Topic: how strong is bitcoin really?  (Read 54124 times)
Vorth
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January 23, 2017, 08:25:41 AM
 #721

Well for me Bitcoin's strength are based on its decentralized nature , global/worldwide usage without restrictions, security because transactions are made public and the low transaction fees associated with it. Of course it's not widely known and accepted yet but with these strengths I forsee it growing stronger and stronger by the day.

Yes, this is why the allegation of the weakness of bitcoin is just a big wrong thoughts and wrong.
The bitcoin is getting more stronger, so when OP hit the point of the security of bitcoin,I guess your friend is genius if he can manipulate the bitcoin algorithm or he is the founder of this.
 

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January 23, 2017, 09:02:16 AM
 #722

for now we can say that in the passed years bitcoin is much stronger now and the continuous adoption by many people can help the life of bitcoin much longer exist.
That should be what we are expecting, the price will rise overtime because the adoption rate is increasing. Bitoin is strong because we are making it strong, with our continues support and effort we could make this bigger and bigger as time passes. Of course, when this will be bigger, the price will follow and eventually we can make more profit.
The investors and traders are increasing day by day this is also one of the main reason that bitcoin will become more stronger in nowadays. All small scale business people are accepting this bitcoins as their payment and people are doing more activity with this bitcoin. That is why the price is so high, and it is stable at 900+$. The other reason is bitcoin users they are making others to use this bitcoin in their business.   
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January 23, 2017, 09:07:43 AM
 #723

Users make Bitcoin strong or week, to my opinion. Also the current situation at the market. But there are no exact parameters to measure how Bitcoin is strong. The more people and businesses adopt it the better and stronger position Bitcoin will have, now and in the future.

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January 23, 2017, 09:12:09 AM
 #724

Well , your friend might either be a genius who can just hack block chain wallets and even predict gambling stuff with just a calculator Grin ,
Or he might just be a sarcastic , jobless person who has time to think of stupid logic's. But let me tell you let it be how much ever strong ,
there is a possibility that it can be hacked. I am not telling that it will be hacked . And as far as i know gambling are always either random or in favor of the opposite bet placed.
So you can just tell your friend to keep his mouth shut and concentrate on his future  Tongue

   
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January 23, 2017, 09:45:33 AM
 #725

Users make Bitcoin strong or week, to my opinion. Also the current situation at the market. But there are no exact parameters to measure how Bitcoin is strong. The more people and businesses adopt it the better and stronger position Bitcoin will have, now and in the future.

It will strong if the market demands for it. We will just have to keep in mind that China is the largest market for bitcoin. I'm not really sure how much China's market account for all the bitcoin transaction, but Im sure is pretty big. So I think one factor the will drove bitcoin stronger is the Chinese market, the more bitcoin demand in China, the more it will be strong in the future.

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January 23, 2017, 09:50:02 AM
 #726

Users make Bitcoin strong or week, to my opinion. Also the current situation at the market. But there are no exact parameters to measure how Bitcoin is strong. The more people and businesses adopt it the better and stronger position Bitcoin will have, now and in the future.

Bitcoin is the strongest form of currency to me. I am not a techie or an advance trader, neither am I an economist but for a currency to be worth more than the dollar is enough for me. I agree that there are other currencies worth more than the dollar but dollar is the most popular in which countries even use as their external reserves and indirectly makes USA a super powerful country so if any currency will come and beat it flat then its as strong as a rock.

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January 23, 2017, 10:04:56 AM
 #727


Bitcoin is the strongest form of currency to me. I am not a techie or an advance trader, neither am I an economist but for a currency to be worth more than the dollar is enough for me. I agree that there are other currencies worth more than the dollar but dollar is the most popular in which countries even use as their external reserves and indirectly makes USA a super powerful country so if any currency will come and beat it flat then its as strong as a rock.

I don't know if you can compare digital currency with fiat so easily.
These are two completely different things - one of them is a centralized currency, controled by banks and state, which is used on a "real" markets so it means its value is heavily controled.
And the second one is decentralized, virtually created currency without any "controlling organ", so the price can be very volatile and it doesn't say anything about its "real" value.
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January 23, 2017, 11:11:47 AM
 #728

Bitcoin is so strong to manipulate by regular person, I guess the algorithm uses by bitcoin developer is not that easy to break by easy calculating.
It takes time and for sure many tried to try its weakness.

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January 23, 2017, 02:28:17 PM
 #729

We know that bitcoin is strong and all the wallets have milletry grade security but one of my stupid friend today said that maybe someone can hack it with just a calculater because with math and correct formulas we can even predict gambling bets if that is possible then maybe there is any chance of this

Well, if it is as easy as what you said, you should have a lots of bitcoin now. Ask your friend if how much bitcoin does he or she have in his or her wallet? Also, if it is very easy to predict gambling bets, why there are still lots of people became bankrupt from gambling?

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January 24, 2017, 10:01:36 AM
 #730

Well for me Bitcoin's strength are based on its decentralized nature , global/worldwide usage without restrictions, security because transactions are made public and the low transaction fees associated with it. Of course it's not widely known and accepted yet but with these strengths I forsee it growing stronger and stronger by the day.
Yes, this is why bitcoin is so strong, but the point of the OP is the security, I guess, bitcoin is in good and secured manipulation of algorithm, I think it is hard to simply calculate the numbers behind this calculation.
 

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January 24, 2017, 10:05:33 AM
 #731

BTC is weak , it can't even handle it's transaction volume.
Over 70,000 back logged at the moment, with people waiting 15 hours without receiving their BTC.
https://blockchain.info/unconfirmed-transactions

LTC can handle 4X the transaction capacity of BTC.
So LTC is 4X Stronger than BTC.


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January 24, 2017, 10:18:59 AM
 #732

for now we can say that in the passed years bitcoin is much stronger now and the continuous adoption by many people can help the life of bitcoin much longer exist.
That should be what we are expecting, the price will rise overtime because the adoption rate is increasing. Bitoin is strong because we are making it strong, with our continues support and effort we could make this bigger and bigger as time passes. Of course, when this will be bigger, the price will follow and eventually we can make more profit.
I dont understand what people here mean by bitcoin is strong.
If It is in reference to its price,bitcoin price is historically never been strong.
If the reference is to its technical part,then yes to some extent bitcoin is strong until we find some major vulnerability in it.

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January 24, 2017, 05:19:16 PM
 #733

BTC is weak , it can't even handle it's transaction volume.
Over 70,000 back logged at the moment, with people waiting 15 hours without receiving their BTC.
https://blockchain.info/unconfirmed-transactions

LTC can handle 4X the transaction capacity of BTC.
So LTC is 4X Stronger than BTC

Is Litecoin capable of processing as many transactions as Bitcoin does today?

Please don't disappear and give us an honest reply to this question. It should be clear straightforward that you must compare things on equal grounds, right? Nevertheless, if Bitcoin network processes 250k transactions daily while the Litecoin network only around 5k on average, we would still have 250k transactions vs only 20k provided such comparison had any meaning in the first place. But it is meaningless since we should look at real figurers and with them Litecoin sucks heavily

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January 24, 2017, 05:52:32 PM
 #734

Bitcoin is so strong to manipulate by regular person, I guess the algorithm uses by bitcoin developer is not that easy to break by easy calculating.
It takes time and for sure many tried to try its weakness.

Not only calculation. If anyone want to break your btc wallet without private key it will take more than year with the help of many super computers. So i would say, please do not share the private key anyone simply.

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January 24, 2017, 05:57:00 PM
 #735

i dont think your friend is right, altough everything can be hacked, bitcoin is as secured as it gets
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January 24, 2017, 06:06:23 PM
 #736

Bitcoin is so strong to manipulate by regular person, I guess the algorithm uses by bitcoin developer is not that easy to break by easy calculating.
It takes time and for sure many tried to try its weakness.

Not only calculation. If anyone want to break your btc wallet without private key it will take more than year with the help of many super computers. So i would say, please do not share the private key anyone simply.

What a kind people of fool sorts which would share their private key to anyone else? I think everybody knows that the private key is secret, no one will be willing to share tau key to open the 'locker' them in the wallet.
So very hard to someone who wanna break bitcoin

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January 24, 2017, 06:24:07 PM
 #737

Bitcoin is a volatile currency, it appreciati in value with time,it is one of the most expensive currency in the world and the world is beginning to take note of it
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January 24, 2017, 07:18:56 PM
 #738

An experimental software is what BTC is and there is no need for strength in a software but plenty need for functionality, and BTC has been engineered for years to be functional.
I'd deposit 1 coin in each address if I had more than 10BTC and wanted to hold a long time because if one address is compromised I could move other coins before losing them not mentioning that brute forcing private keys is almost impossible and even if QCs could do it they'd need to spend 10x more time to access my 10 bitcoins.
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January 24, 2017, 08:20:51 PM
 #739

Bitcoin is a volatile currency, it appreciati in value with time,it is one of the most expensive currency in the world and the world is beginning to take note of it

Yeah bitcoin is gaining popularity and attention from the masses and many people are now showing their interest in investing their money in bitcoins as they are well aware about the potential of bitcoins which can give them huge profits in long run allowing them to become rich in future.
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January 24, 2017, 08:51:45 PM
 #740

For me bitcoin has its strong foundation like its pellars of  convenience, fast, easy and compatibility because people do have their trust and they believe that good future is here with bitcoin. More people who uses bitcoin nowadays make bitcoin as their source of life sustaining income, and that's how btc works in lives of people who is the reasons why it became stronger in times.
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