The wonders of Bitcoin

[freightjoe]

There are many wonders of Bitcoin:

- High transaction fees
- Long transaction times
- Extremely high volatility
- You lose everything if you lose your passwords
- You lose everything of you are not a master of cybersecurity

Apparently people believe a product with such wonderful features will gain main adoption

Compare this with credit cards and banks:

- Low to medium transaction fees
- Medium to Fast transaction times (as an example you can buy a cup of coffee instantly and without being ruined by fees)
- Very low currency volatility
- You can get a new pincode or access code form you bank if you lose it
- You can block your credit card and get a new one from your bank if it is stolen

Yes - it is clear why Bitcoin is so much better than the existing system.......or something.....

[nkayceni]

Some True Bitcoin Facts:

The founder of Bitcoin is someone known as “Satoshi Nakamoto”. No one knows who he is, what his real name is, or where he lives. As of 2017, he owns up to 1 million bitcoins, which have an estimated value of $15.6 billion.
The maximum number of bitcoins is fixed at 21 million, which will be reached by 2140.
Bitcoin is owned by no one. It just relies on its users. Just like the internet.
No middlemen or banks are involved in Bitcoin trading.
Bitcoins are made via Bitcoin mining, a software process that relies on math problem - solving.

[Red-Apple]

the biggest wonder of bitcoin which has always baffled me so much is that it has people like you heavily invested in talking about it every day.
and if you believed 1/1000ths of what you are saying you would have stayed as far away from bitcoin as humanly possibly!

[plr]

because we have not seen a technology like this, right now big companies are employing the blockchain technology this is a real wonder and the biggest discovery or technology after the internet like the internet, people wants to be the first to have access to that.

[MoonHodler]

In the future, most people will store their bitcoins at some sort of bank to keep them safe. like what they do now.
The only difference, the bank can't use your bitcoins for loans or create more, because no one controls the supply of bitcoin unlike the dollar.

[freightjoe]

the biggest wonder of bitcoin which has always baffled me so much is that it has people like you heavily invested in talking about it every day.
and if you believed 1/1000ths of what you are saying you would have stayed as far away from bitcoin as humanly possibly!

So you are saying that if I see a burning building I should just run away instead of warn people to get out? Is that what you would do?

[freightjoe]

Some True Bitcoin Facts:

The founder of Bitcoin is someone known as “Satoshi Nakamoto”. No one knows who he is, what his real name is, or where he lives. As of 2017, he owns up to 1 million bitcoins, which have an estimated value of $15.6 billion.
The maximum number of bitcoins is fixed at 21 million, which will be reached by 2140.
Bitcoin is owned by no one. It just relies on its users. Just like the internet.
No middlemen or banks are involved in Bitcoin trading.
Bitcoins are made via Bitcoin mining, a software process that relies on math problem - solving.

And how is that relevant to the points I was making?

[freightjoe]

In the future, most people will store their bitcoins at some sort of bank to keep them safe. like what they do now.
The only difference, the bank can't use your bitcoins for loans or create more, because no one controls the supply of bitcoin unlike the dollar.

If that is the case, then this bank would charge you a monthly fee - which is the same as negative interest rates.

[freightjoe]

because we have not seen a technology like this, right now big companies are employing the blockchain technology this is a real wonder and the biggest discovery or technology after the internet like the internet, people wants to be the first to have access to that.

You are literally saying that the demand - and therefor high price - is driven by people wanting to be first. That means that when it is no longer something new, the demand will also disappear because there is no value in being "first" anymore

[kumarcp]

The main wonder of the bitcoin is the unstopabe price raising