The truth about bitcoin

[TheQuin]

Sorry, can not answer You at the same rate. As a newbie, my post rate is limited.
"They" are those who decided, there can be 21 million coins. have You asked Youself, why so? Whats the logical/mathematical reason behind it?

I'll ask the same question as stompix.

Care to link us to the post/article where this Bitcoin guy promised there will be no more than 21 million coins?
Also can you please show us some proofs that there are more than 21 million bitcoins?  
What more promises has this Bitcoin made?

You have answered who 'they' are with another false assertion. You're a big fan of building straw men.

Bitcoin is an open source project and nothing is decided by 'they'.

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[ambisyon]

In my views, btc is made not just a currency for investment but also as payment system that people should have to adopt because it has much faster transactions compared to bank transfers. With this, people has the option whether they are going for the investment or just have to make use as the blockchain technology as a payment system. However, I just observed that majority of the btc supporters were just aiming for the profit they can get with their investment on bitcoin.

[dohh]

I'll ask the same question as stompix.

Care to link us to the post/article where this Bitcoin guy promised there will be no more than 21 million coins?
Also can you please show us some proofs that there are more than 21 million bitcoins?  
What more promises has this Bitcoin made?

You have answered who 'they' are with another false assertion. You're a big fan of building straw men.

Bitcoin is an open source project and nothing is decided by 'they'.

https://www.ccn.com/only-another-four-million-bitcoin-will-be-mined-heres-why/
https://www.reuters.com/article/us-markets-bitcoin-factbox/factbox-things-you-might-not-know-about-ballistic-bitcoin-idUSKBN1E12RE

Is CCN trustworthy enough? Reuters? or You know more, because You just are a believer?

Or You want to tell, that there is NO set limit of 21 million coins?

[TheQuin]

https://www.ccn.com/only-another-four-million-bitcoin-will-be-mined-heres-why/
https://www.reuters.com/article/us-markets-bitcoin-factbox/factbox-things-you-might-not-know-about-ballistic-bitcoin-idUSKBN1E12RE

Is CCN trustworthy enough? Reuters? or You know more, because You just are a believer?

Or You want to tell, that there is NO set limit of 21 million coins?

They don't speak for Bitcoin. You still have avoided answering my question as to who you think they are.

I will tell you that that limit *could* be changed. It's only part of the protocol and if a majority of the network wanted to it could be increased. I don't think that is likely to happen.

It is however completely ludicrous to say that "Bitcoin promised" anything.

You are also completely missing the point of what Bitcoin is about. It's not about 21 million coins it is about trust.

https://nakamotoinstitute.org/bitcoin/#selection-49.4-49.211

What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.

[dohh]

They don't speak for Bitcoin. You still have avoided answering my question as to who you think they are.

I will tell you that that limit *could* be changed. It's only part of the protocol and if a majority of the network wanted to it could be increased. I don't think that is likely to happen.

It is however completely ludicrous to say that "Bitcoin promised" anything.

You are also completely missing the point of what Bitcoin is about. It's not about 21 million coins it is about trust.

https://nakamotoinstitute.org/bitcoin/#selection-49.4-49.211

What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.

I know, this limit could be changed, thats what I suggested. Setting limit of 21 millions was like saying "there is 21 tons gold to mine", changing it would be equalt to :"no there is actually more". Who set this limit? Definitely not "open source crowds".

Maybe I used bad English, bitcoin hasnt promised. Bitcoin IS a promise. A promise, that blockchain technology can be used for creating cryptocurrency. There problem lays here: while Im bad in English, my math is very good. Producing coins like this with the reasoning of creating independent anonymous, yet traceble currency, is not reasonable. If I have time tomorrow, I may give it a try and calculate for You, what is REAL production cost, that is made for producing one coin.

Why You send me links from nakamotoinstitute? I was very polite to pick 3rd party sources, why You answer me giving me proof of what You are saying, written other people, like You? Would be the same, if I sent You article from web page bitcoinisfraud.com instead of reuters. I know, what enthusiasts have to say.

And whats the point of Your last sentence? We have already electronic payment, based on strong cryptography, if needed almost anonymous too. And absece of third party? That wont be granted with bitcoin too. Or how else You would call blockchainers?

[BitcoinHodler]

when the price drops, newbies like OP rush to sell their bitcoins but being a newbie means they sell too late at the bottom. i am willing to bet OP sold at $5700 yesterday.
that means they are now kicking themselves in the butt

being a newbie means they think if they start up topics like this, they can somehow get that lower price back again so that they can buy back what they sold at that same price so that they can fix their mistakes.

[carlisle1]

It's not only about Bitcoin but also about many different assets. People tend to buy Bitcoin even though they don't understand cryptocurrenncies or they don't even bother to read about them. People panic right now because its price is constantly decreasing without any particular reason. Don't focus on the price, focus on the technology.

And this is why bitcoin price continuously dropping,because of those people that only enters this community to make profit even if they have no idea what this is all about,what does the reason of creating this and the technology behind this

Now that the price continues to fall these people are afraid of losing and withdrawn their investmens so the demand getting lower and lower every week

[TheQuin]

Maybe I used bad English, bitcoin hasnt promised. Bitcoin IS a promise. A promise, that blockchain technology can be used for creating cryptocurrency. There problem lays here:

Bitcoin isn't a promise. I'm not sure if it is a language barrier or whether you just don't get that it is an open source project. It is the will of the people that use it, not a 'they' or a promise.

while Im bad in English, my math is very good. Producing coins like this with the reasoning of creating independent anonymous, yet traceble currency, is not reasonable. If I have time tomorrow, I may give it a try and calculate for You, what is REAL production cost, that is made for producing one coin.

It has no relevance to anything. Calling 100,000,000 satoshis a coin is completely arbitrary. The cost of mining 1 satoshi is simply driven by the current market price of Bitcoin, not the other way around.

Why You send me links from nakamotoinstitute? I was very polite to pick 3rd party sources, why You answer me giving me proof of what You are saying, written other people, like You? Would be the same, if I sent You article from web page bitcoinisfraud.com instead of reuters. I know, what enthusiasts have to say.

Because that quote in the white paper is the most lucent description of what Bitcoin is about. It wasn't about those sites not being trustworthy. They report news, they are not the mouthpiece of the Bitcoin community.

And whats the point of Your last sentence? We have already electronic payment, based on strong cryptography, if needed almost anonymous too. And absece of third party? That wont be granted with bitcoin too. Or how else You would call blockchainers?

No, it means a third party like a bank that holds your money and has the power to confiscate it or reverse transactions. The blockchain is not a trusted 3rd party that can do that.

[ritsel02]

To judge if bitcoin is worth to invest in, you may consider this universal monetary rule:

There is NO good, easy, risk free money, that is available for everyone.

If the money good and risk free, it is called a heritage and it is not available for everyone.
If the money is good and available for everyone, its is called an entrepreneurship and its not risk free nor usually easy.
If the money is risk free and available for anyone, it is called a salary, but that is usually not very good.

If anyone claims, that money is good, easy, risk free and anyone can get their share of it, it is essentially a scam. Doesnt matter if You are being scammed with money, electricity or just waste of time. It also doesnt matter if there are several people who get scammed big time at once or millions, that are scammed bit by bit, it is still a scam. Any deal, where people are attracted with false promises and where the nature of their investment is kept hidden by purpose, is a scam. Bitcoin is not what promised and that fact is being disguised now.

This happened because many people are abusing bitcoin and many are using it as a scamming scheme which destroy the reputation of bitcoin.

[FreddyFox]

I once read an article about the somewhat different value of digital currencies. The most important advantage of the crypto currency is the withdrawal from the state, as a monopoly on the creation of monetary assets. Do not look at the crypto as a short-term investment, the cryptocurrency has just been born, wait until it becomes strong and pushes out all other money. Then we will talk about the true price of bitcoin and what to whom when promised. By the way, what did bitcoin-boy promise you?

[stompix]

while Im bad in English, my math is very good. Producing coins like this with the reasoning of creating independent anonymous, yet traceble currency, is not reasonable. If I have time tomorrow, I may give it a try and calculate for You, what is REAL production cost, that is made for producing one coin.

It has no relevance to anything. Calling 100,000,000 satoshis a coin is completely arbitrary. The cost of mining 1 satoshi is simply driven by the current market price of Bitcoin, not the other way around.

You've just fed the troll with this one
He will go and start saying that miners decide the price of BTC, I can feel it coming...

https://www.ccn.com/only-another-four-million-bitcoin-will-be-mined-heres-why/
https://www.reuters.com/article/us-markets-bitcoin-factbox/factbox-things-you-might-not-know-about-ballistic-bitcoin-idUSKBN1E12RE

Is CCN trustworthy enough? Reuters? or You know more, because You just are a believer?

Or You want to tell, that there is NO set limit of 21 million coins?

Bro, make up your mind....
What do you want to prove here, that there are more than 21 millions bitcoins or that there will be only 21 million bitcoins?

And whats the point of Your last sentence? We have already electronic payment, based on strong cryptography, if needed almost anonymous too. And absece of third party? That wont be granted with bitcoin too. Or how else You would call blockchainers?

Oh, we're already at the next stage, denying reality.
So you claim that p2p payments can't be done with BTC, or what?

[Sealis]

Investing in bitcoin is basically just like investing in a certain market or product. You take risks in it and you can never be a 100% sure that you can and will earn with it. Nothing in this world is "Risk - free". It just depends on yourself.

[Lamisa asfiya]

Bitcoin is a digital assest or currency. It is also true that bitcoin works as a real money and help to man for success. The biggest truth is that bitcoin can make anyone rich and develop country economy. Bitcoin is constantly making progress.

[Wexnident]

To judge if bitcoin is worth to invest in, you may consider this universal monetary rule:

There is NO good, easy, risk free money, that is available for everyone.

If the money good and risk free, it is called a heritage and it is not available for everyone.
If the money is good and available for everyone, its is called an entrepreneurship and its not risk free nor usually easy.
If the money is risk free and available for anyone, it is called a salary, but that is usually not very good.

If anyone claims, that money is good, easy, risk free and anyone can get their share of it, it is essentially a scam. Doesnt matter if You are being scammed with money, electricity or just waste of time. It also doesnt matter if there are several people who get scammed big time at once or millions, that are scammed bit by bit, it is still a scam. Any deal, where people are attracted with false promises and where the nature of their investment is kept hidden by purpose, is a scam. Bitcoin is not what promised and that fact is being disguised now.

If the money good, easy, risk free that available for everyone - it doesn't have any value at all.

Yes, I think you're right. If the money are easy to have , good and not risky maybe it making sense that it will be not so important or possibly no value at all because it can have by all of us without hastle and risks. Just remember that nothing is this world is not easy to have but it will becoming easy when we are really striving for it and working on it just to have it. Thus, involving in bitcoin and it's system is not easy to do because it has a full of risk that we need to conquered therefore we can reached our success in the future.

[dohh]

while Im bad in English, my math is very good. Producing coins like this with the reasoning of creating independent anonymous, yet traceble currency, is not reasonable. If I have time tomorrow, I may give it a try and calculate for You, what is REAL production cost, that is made for producing one coin.

It has no relevance to anything. Calling 100,000,000 satoshis a coin is completely arbitrary. The cost of mining 1 satoshi is simply driven by the current market price of Bitcoin, not the other way around.

You've just fed the troll with this one
He will go and start saying that miners decide the price of BTC, I can feel it coming...

https://www.ccn.com/only-another-four-million-bitcoin-will-be-mined-heres-why/
https://www.reuters.com/article/us-markets-bitcoin-factbox/factbox-things-you-might-not-know-about-ballistic-bitcoin-idUSKBN1E12RE

Is CCN trustworthy enough? Reuters? or You know more, because You just are a believer?

Or You want to tell, that there is NO set limit of 21 million coins?

Bro, make up your mind....
What do you want to prove here, that there are more than 21 millions bitcoins or that there will be only 21 million bitcoins?

And whats the point of Your last sentence? We have already electronic payment, based on strong cryptography, if needed almost anonymous too. And absece of third party? That wont be granted with bitcoin too. Or how else You would call blockchainers?

Oh, we're already at the next stage, denying reality.
So you claim that p2p payments can't be done with BTC, or what?

You again attack just rather my language, than arguments.
I never said, that there will be less or more bitcoins eventually, I just asked a question: "Why is number of bitcoins limited with 21 millions?" Then You guys started to ask me to tell where I take it from. I then found several articles from decent sites, that backed it up. That 21 millions on the other hand, came as an answer to empty argument, that Bitcoin hasnt promised anything. It has. Or its creator. Whatever. Keeping number of Bitcoins at 21 millions is a promise.

I also never said, miners are creating price. Miners are gamblers, who invest more, that coin is worth into digging one. That is of course an average, same as buying a lottery ticket.

And last, I definitely didnt say, p2p cant be done. I told, that they are existing already, Bitcoin has nothing to add, that has a value. Definitely not so large, that it would be reasoned, why their mining is so expensive.

Overall: this discussion here reminds me very well one other situation, when I helped to expose KairosPlanet on different site. Those enthusiasts too always attacked language (Im agree, its not the best, English is my 3rd language) and refused to face the reality:

1) Why was number of coins limited with 21 millions?
2) why is getting coins so expensive, so its above all normalities? (collective usage of power to mine them)
3) what has bitcoin to offer additional to, say PayPal, that makes it so expensive?

Cryptocurrency is nothing else, than playing on crowd's average stupidity, just like KairosPlanet. In latter case people didint understand, why its not reasonable rent hard disc at ridiculous cost, doesnt matter if it was in cloud or was divided into countless of fragments and therefore perfectly safe. which was bullsh*t obviously. You too have understood some few concepts of currency and crypto, and keep coming back to them in every answer. In reality its a monetary scheme.

[Lorna111]

Thats not a correct statement. Bitcoin promised, there will be no more than 21 million coins. I suppose You do understand the meaning of this?

They also have made many promises on their product´s characteristics.

Care to link us to the post/article where this Bitcoin guy promised there will be no more than 21 million coins?
Also can you please show us some proofs that there are more than 21 million bitcoins?  
What more promises has this Bitcoin made?

New account and you're already in a single day at 17 FUD posts. Nice...NOT!

All investments are risky you can lose all your superannuation you have accumulated from work Bitcoin is no different but you make a choice DO NOT INVEST WHAT YOU CANT AFFORD TOO LOSE take a $1 and build an empire

it is true any form of investment has risks. for bitcoin is an investment that has the greatest risk, but it will also be very profitable. behind all existing investments, for digital currency especially bitcoin is a good investment in the future because it is very promising.

How about you stop looking at Bitcoin as an "investment" for a second?

Im not gonna stop for long on my 17 posts, lets just say, Im ill at home and this topic is interesting for me?

21 million coins, sorry for my bad English, I did not argue it. Im not going to prove, there can be more than 21 million coins. I asked: WHY IT IS SO?

But what I did like a lot, was Your last suggestion. OK, I stop looking at bitcoin as an investment. I want to buy something decentralized. Where I get coin for that? Whats the price of coin? Will I get 5000 eur worth car for 1 Bitcoin?

Investment is risky, the truth about Bitcoin, it is the most stable crypto among all the ALT coins posted. Yes, the price value may goes up and goes down dependent on the volume of investment put in for Bitcoin at any given time during the market trading, Bitcoin has been proven to have good fundamentals, support system in placed. The growing interest on Bitcoin now goes to the roof, Forbes, social media and broadcast media, news about Bitcoin is aLL OVER.

[ajoygb]

The  about the bitcoin is that  it is doing good in the market for its value is better than cash.

[stompix]

1) Why was number of coins limited with 21 millions?

Because Satoshi thought so ;P
The only things that decide the number of coins are the 50 BTC initial reward and the halving every 210 000 blocks.
If he would have chosen 56 million you would be asking the same thing:P

2) why is getting coins so expensive, so its above all normalities? (collective usage of power to mine them)

Demand and offer, the basic principle of a free market.

3) what has bitcoin to offer additional to, say PayPal, that makes it so expensive? [/b]

Paypal can block my funds, Paypal can close my account, Paypal might prevent me from creating an account.
Nobody can touch my Bitcoins, nobody can restrict me from spending them how I want where I want.

[RodeoX]

I see some of your point. But bitcoin is just fine. People are attracted to false claims about gold all the time. It has nothing to do with gold if you are foolish enough to to buy paper gold or whatever. If you just buy bitcoin and use it as a currency then you have no risk. It is only when you get distracted by alts, ICOs or any of the hundreds of scams involving crypto. But ignore all that and just keep it simple,

[bitcoinskyrocket09]

To judge if bitcoin is worth to invest in, you may consider this universal monetary rule:

There is NO good, easy, risk free money, that is available for everyone.

If the money good and risk free, it is called a heritage and it is not available for everyone.
If the money is good and available for everyone, its is called an entrepreneurship and its not risk free nor usually easy.
If the money is risk free and available for anyone, it is called a salary, but that is usually not very good.

If anyone claims, that money is good, easy, risk free and anyone can get their share of it, it is essentially a scam. Doesnt matter if You are being scammed with money, electricity or just waste of time. It also doesnt matter if there are several people who get scammed big time at once or millions, that are scammed bit by bit, it is still a scam. Any deal, where people are attracted with false promises and where the nature of their investment is kept hidden by purpose, is a scam. Bitcoin is not what promised and that fact is being disguised now.

The truth about Bitcoin is that as of now, it is the most stable cryptocurrency that is being used among all the ALT coins that are posted. And yes, the price value of btc may goes up and goes down. It only depende on the volume of investment that are being put in the bitcoin at any given time during the market trading. And also, the bitcoin was been proved to have a good support system in placed.