Trust Factors in Bitcoin

[Ilegendph]

The hype of Bitcoin attracted people from a wide range of backgrounds around the world. What makes all those people trust Bitcoin? Trust is needed when there is an exchange in cooperative relationship with the existing of uncertainty and vulnerability^*. This situation is valid in Bitcoin exchange.


What are the factors that influence trust in Bitcoin system? If we would like to measure trustworthiness in Bitcoin, what are the attributes that contribute to the variability of this measure? Why people trust in Bitcoin?

I would like to hear from the folks in Bitcoin community, your responses are much appreciated. 

* Hoff, K. A., & Bashir, M. (2015). Trust in automation: Integrating empirical evidence on factors that influence trust. Human Factors, 57(3), 407-434.

When it comes to trust, bitcoin is surely earned this and we can see it now by looking at the price despite the fact that no tangible things that backed the technology behind it. I believe that one of the most important factor is government rules and regulations because an ordinary citizen can easily go into crypto but if the government says that its illegal then he has to follow it to remain is freedom.

[carter34]

Going through the responses , I think for me one of the trust and most important is the blockchain technology and if not that this technology has been seen to be nice in other areas of social structure , maybe bitcoin would have collapsed with all the bubble stories from the economists. So the blockchain trust comes first for me.

[richman3451]

bitcoin is the most reliable mantle gives me confidence that many people billionaires invest in it their money is not small I think they know what they are doing

[dohh]

Going through the responses , I think for me one of the trust and most important is the blockchain technology and if not that this technology has been seen to be nice in other areas of social structure , maybe bitcoin would have collapsed with all the bubble stories from the economists. So the blockchain trust comes first for me.

Good. Now give an hour into deeper study. What is blockchain and how it is linked with cyptocurrencies. Then You will find out, what is the problem with using blockchain in cryptocurrencies and You will also find mant different promises, that it will be OK eventually. If You arrive there and leave out even a slight option, that those promises just might be empty, then congrads! You have seen more of the other side of BTC than 95% of people here.

[Ezenwanyi1]

The trust factor in the developmental strides of the blockchain technology is one of the major reaons why investors believe strongly in bitcoin.

[ambisyon]

In my views, people do trust in btc mainly because of it's secured and hard to be hacked, it is transparent for whatever transactions has been made and lastly, btc is decentralized. Moreover btc is run by the people and not by government and it provides more control of your investment.

[kiansantan]

investors trust bitcoin because its ability to be the biggest asset that investors can store in the near future, factors can be evaluated through exchange when you trade bitcoin into other crypto.
We have this problem back a few years ago that bitcoin and some other crypto will be the same as bubbles, reaching altitude but will appear and disappear, with its ability, we finally believe in bitcoin again.

[AristoteI]

The hype of Bitcoin attracted people from a wide range of backgrounds around the world. What makes all those people trust Bitcoin? Trust is needed when there is an exchange in cooperative relationship with the existing of uncertainty and vulnerability^*. This situation is valid in Bitcoin exchange.


What are the factors that influence trust in Bitcoin system? If we would like to measure trustworthiness in Bitcoin, what are the attributes that contribute to the variability of this measure? Why people trust in Bitcoin?

I would like to hear from the folks in Bitcoin community, your responses are much appreciated. 

* Hoff, K. A., & Bashir, M. (2015). Trust in automation: Integrating empirical evidence on factors that influence trust. Human Factors, 57(3), 407-434.

The most basic factor is that anyone who tries to enter this system sees that millions of people around the world are involved in it and therefore begins to think that if millions and millions are engaged in this, that means for certain something very good. I would call this factor one word - an imitation of the behavior of the herd.

[maminelly]

bitcoin is usefulness of the technology is one key that will build trust from investors has already proven so many things few years back.the endless FUD about bitcoin, it remained strong because of the support of the community the most trustworthy crypto today is bitcoin so if you want to invest in crypto you won't take your chances...

[BeeRoach]

There is almost nothing changing with Bitcoin itself, it's price however always came back up after major drops so that is in my opinion a big trust factor.

[pugi2]

Knowledge about the usefulness of the technology is one key that will build trust from investors. Bitcoin has already proven so many things few years back. Despite the endless FUD about bitcoin, it remained strong because of the support of the community. For me the most trustworthy crypto today is bitcoin so if you want to invest in crypto you won't take your chances on shitcoins.

Bitcoin is the strongest cryptocurrency untill now because it takes the control of the most price in cryptocurrency. This make bitcoin can attrach people to trust to it. Another thing is bitcoin is already has the best time when it proves that it has strong community and makes people get rich because of bitcoin.

[Kris34]

Bitcoin can bring a lot of changes in our economy in a positive way.  Now I can earn several times more than before and hope bitcoin will increase in price even more.

[h2o_code]

Thank you for your contribution to this post. Let me summarize what has been mentioned so far by community members regarding trust factors in Bitcoin:

• time
• innovation
• transparency and speed
• support of the community
• knowledge about the technology
• potential profit
• trust the technicality (blockchain technology)
• secured and hard to be hacked
• bitcoin value
• decentralization
• anonymity
• provides more control of your investment
• price always come back up after major drops

I would like to hear more about your thoughts regarding TRUST in Bitcoin and Blockchain technolog[y.

[BitGunner]

To my mind, you should choose btc because it is the best way to earn a living. To my mind, it is the best way to ge profit and entertain yourself. To my mind, you should consider this variant and believe btc is reliable

[RisingSun25]

This is the major factor and without trust we can not deal with this or can't survive in the world of crypto because it is totally a virtual world.

[h2o_code]

Let me rephrase my question, what make you trust Bitcoin? what are the reasons for your belief and trust in Bitcoin?

[Crypto Girl]

I am not sure if I have understood it correctly! "uncertainty" is what made crypto market a speculator's heaven but can you please explain about "vulnerability" please? I know the meaning of "vulnerability" but unable to understand the context here!

Consider vulnerability as a risk in this context, if there is a risk, why people will trust Bitcoin

Simply because people has seen enough to trust bitcoin, from its ups and downs and how it struggle throughout the fuds thus they see bitcoin's potential to grow. We've seen how it grows from scratch to being valued as a gold and undoubtedly it can grow more.

what made this level of trust to develop over time? and do you think transparency and speed are some of the factors that influence trust in Bitcoin?

Yes because we're so fed up in banks and government on how they hide records to the public in which the people needs transparency. So yeah bitcoin as being decentralized change everything that we thought can't happen and on one point this is enough to trust bitcoin.

[Fretcy]

            The trust factors in Bitcoin is the blockchain technology this is the major reason why investors trust in Bitcoin . Bitcoin is decentralized and is not governed by any central authority and it is transparent in all transactions we have made .Mostly people trust in Bitcoin because it is secured and hard to hack . Bitcoin can bring several changes in the economy in a positive way and it is the strongest currency and hope Bitcoin price will increase its price more than we expect .

[admosfir]

I think trust in bitcoin is caused by a decentralized and transparent system, so investors believe that bitcoin is difficult to manipulate and there is little chance of a monopoly

[A Feeder]

You need to trust in bitcoin because it will source of our money to our financial. Bitcoin have proven to be an innovative fintech with  incomparable transparency and speed so you don't need to worry and because of bitcoin our knowledge will improve.