Strength of Bitcoin

[RonF]

The reason bitcoin is so valuable to the world:

https://hackernoon.com/why-everyone-missed-the-most-mind-blowing-feature-of-cryptocurrency-860c3f25f1fb

[RonF]

Well I think the article show cases the strength of bitcoin over fiat currency very well.

[Jating]

Decentralization itself is the strength of bitcoin. It would be amazing if you're also going to give some points on what you think about the topic rather than leave the topic with few words without giving your opinion.

Decentralization is one key aspects of bitcoin that really gives its competitive edge on the altcoin market. And it is the first of its kind to truly take off and in the last 10 years, it was grow so much that many governments around the world treat bitcoin as a competitor and could disrupt the financial systems around the world.

And it gain notoriety when bitcoin was being used by underworld criminals, but that is the effect of decentralization in my opinion. No central head, no authority to answer, and it is us, crypto enthusiast who will continue to make bitcoin progress in the next coming 10 years.

[DoublerHunter]

~snip~
And it gain notoriety when bitcoin was being used by underworld criminals, but that is the effect of decentralization in my opinion. No central head, no authority to answer, and it is us, crypto enthusiast who will continue to make bitcoin progress in the next coming 10 years.

^ Definitely you were right, decentralization of bitcoin will make bitcoin strength because no one will get blaming on it even Satoshi is hiding by his name and remained anonymous. I like the whole concept of articles because all statements are true that centralized powers can not over control the decentralized currency and that is bitcoin. Nevertheless, this gives strength with bitcoin "The true power of cryptocurrencies is the power to print and distribute money without a central power."

[sunsilk]

Decentralization itself is the strength of bitcoin. It would be amazing if you're also going to give some points on what you think about the topic rather than leave the topic with few words without giving your opinion.

Decentralization is one key aspects of bitcoin that really gives its competitive edge on the altcoin market. And it is the first of its kind to truly take off and in the last 10 years, it was grow so much that many governments around the world treat bitcoin as a competitor and could disrupt the financial systems around the world.

And it gain notoriety when bitcoin was being used by underworld criminals, but that is the effect of decentralization in my opinion. No central head, no authority to answer, and it is us, crypto enthusiast who will continue to make bitcoin progress in the next coming 10 years.

No one was using it before except the notable pizza and that's people on the dark/deep web used it as a means of currency because it's in favor of them. But as time goes by, it's also applicable in mainstream usage like what we're doing right now.

While some people and even gov'ts think that bitcoin is just for that kind of use. But they don't want to analyze on how wide the use of bitcoin right now and its adoption keeps increasing because it's applicable as an alternative payment for digital transactions.

[btc_angela]

~snip~
And it gain notoriety when bitcoin was being used by underworld criminals, but that is the effect of decentralization in my opinion. No central head, no authority to answer, and it is us, crypto enthusiast who will continue to make bitcoin progress in the next coming 10 years.

^ Definitely you were right, decentralization of bitcoin will make bitcoin strength because no one will get blaming on it even Satoshi is hiding by his name and remained anonymous. I like the whole concept of articles because all statements are true that centralized powers can not over control the decentralized currency and that is bitcoin. Nevertheless, this gives strength with bitcoin "The true power of cryptocurrencies is the power to print and distribute money without a central power."

Right, we have control right now, we can do whatever we want with our crypto without the prying eyes of tax man around. However, the paradigm has shift, government around the world is clamping and putting the ban hammer, and yet after ten years we are still here. Evident that bitcoin will go strong in the future.

[Jating]

[..]

[..]

No one was using it before except the notable pizza and that's people on the dark/deep web used it as a means of currency because it's in favor of them. But as time goes by, it's also applicable in mainstream usage like what we're doing right now.

While some people and even gov'ts think that bitcoin is just for that kind of use. But they don't want to analyze on how wide the use of bitcoin right now and its adoption keeps increasing because it's applicable as an alternative payment for digital transactions.

Exactly, because on its early years, the pizza guy wanted to proved something. Remember that he was one of the earliest developer and have constant communication with Satoshi himself. But as time goes by bitcoin really evolved and became an alternative payments options but then again the question on fees and the speed of how it was confirmed by question. That's why LN was created and introduce to solved this one drawback.

So I'm still positive that in the next 10 years, bitcoin will continue to exist. There might be a lot of test and bumps along the way. But it has proved itself to be resilient to any negativity so I will not be surprised it will be globally adopted.

[sunsilk]

[..]

[..]

No one was using it before except the notable pizza and that's people on the dark/deep web used it as a means of currency because it's in favor of them. But as time goes by, it's also applicable in mainstream usage like what we're doing right now.

While some people and even gov'ts think that bitcoin is just for that kind of use. But they don't want to analyze on how wide the use of bitcoin right now and its adoption keeps increasing because it's applicable as an alternative payment for digital transactions.

Exactly, because on its early years, the pizza guy wanted to proved something. Remember that he was one of the earliest developer and have constant communication with Satoshi himself. But as time goes by bitcoin really evolved and became an alternative payments options but then again the question on fees and the speed of how it was confirmed by question. That's why LN was created and introduce to solved this one drawback.

So I'm still positive that in the next 10 years, bitcoin will continue to exist. There might be a lot of test and bumps along the way. But it has proved itself to be resilient to any negativity so I will not be surprised it will be globally adopted.

Is laszlo is one of the earliest developer that contacted satoshi? I didn't know about that though.

Those who questioned about the fees, where are they right now? they keep on crying about it but they can't pull down the greatness of bitcoin. It's strength is incomparable, it's an all in all system. You take the money, you take the payment scheme, as in all in.

Bitcoin is here to stay, it haven't reached many countries yet and those doubtfuls will recognize its strength.

[vian30]

many think this is wrong but more or less I strongly agree that no one can predict the market, fundamental analysis is needed because the market is influenced by many problems. therefore it is very important to analyze information and developments related to policy and progress. keep the spirit and keep fighting ...

[Zicadis]

Not sure what your idea of strength is when you are quoting that article.
But right now btc dominance is over 68%. I was surprised that in early july ethereum had about a 28% dominance. Which was strange and bitcoin dominance back then fell to below 40% for the first time in a long time.

[sunsilk]

many think this is wrong but more or less I strongly agree that no one can predict the market, fundamental analysis is needed because the market is influenced by many problems. therefore it is very important to analyze information and developments related to policy and progress. keep the spirit and keep fighting ...

Not problems but I say that many factors do affect and influence the whole bitcoin market. The current problems that many are complaining about it are starting to be solved and those complainants became quiet after seeing the progress of bitcoin.

Not sure what your idea of strength is when you are quoting that article.
But right now btc dominance is over 68%. I was surprised that in early july ethereum had about a 28% dominance. Which was strange and bitcoin dominance back then fell to below 40% for the first time in a long time.

Bitmex shorted with their longs, that's what I've heard why the market stumbled recently.

[Jating]

[..]

[..]

No one was using it before except the notable pizza and that's people on the dark/deep web used it as a means of currency because it's in favor of them. But as time goes by, it's also applicable in mainstream usage like what we're doing right now.

While some people and even gov'ts think that bitcoin is just for that kind of use. But they don't want to analyze on how wide the use of bitcoin right now and its adoption keeps increasing because it's applicable as an alternative payment for digital transactions.

Exactly, because on its early years, the pizza guy wanted to proved something. Remember that he was one of the earliest developer and have constant communication with Satoshi himself. But as time goes by bitcoin really evolved and became an alternative payments options but then again the question on fees and the speed of how it was confirmed by question. That's why LN was created and introduce to solved this one drawback.

So I'm still positive that in the next 10 years, bitcoin will continue to exist. There might be a lot of test and bumps along the way. But it has proved itself to be resilient to any negativity so I will not be surprised it will be globally adopted.

Is laszlo is one of the earliest developer that contacted satoshi? I didn't know about that though.

Those who questioned about the fees, where are they right now? they keep on crying about it but they can't pull down the greatness of bitcoin. It's strength is incomparable, it's an all in all system. You take the money, you take the payment scheme, as in all in.

Bitcoin is here to stay, it haven't reached many countries yet and those doubtfuls will recognize its strength.

Sorry for the late reply @sunsilk but yes, Laszlo has prior contact with Satoshi before he disappear. You can read it here: https://bitcoinist.com/discovering-satoshi-nakamoto-laszlo-hanyecz-says-bitcoin-creator-was-an-eccentric-character/

I thought bitcoin was awesome, and I wanted to be involved, but I had a regular developing job. Nakamoto would send me emails like ‘Hey, can you fix this bug?’ ‘Hey, can you do this?

He’d say, ‘Hey, the west side’s down,’ or ‘We have these bugs — we need to fix this.’ I’d be like, we? We’re not a team. I thought that it was approval from him, that maybe he accepted me as a member. But I didn’t want the responsibility. I didn’t really understand all of the forces that were going on at the time.

But its too late, bitcoin has gained so much in the last ten years that his name is synonymous to the "Pizza Guy" and part of the history already.

[pooya87]

Not sure what your idea of strength is when you are quoting that article.
But right now btc dominance is over 68%. I was surprised that in early july ethereum had about a 28% dominance. Which was strange and bitcoin dominance back then fell to below 40% for the first time in a long time.

that's not dominance my friend and it doesn't matter if big websites like coinmarketcap.com call it "dominance" it still doesn't make it so.
it is simply a number that shows the amount of supply each coin has. ETH has more than 100 million supply with about 70% of it premined and not in circulation. bitcoin in comparison has only about 18 million and with no premine whatsoever and everything that was created entered circulation.

in math when calculating (x*y) you increase "x" 5.5 times you can increase the result by a lot even if  your "y" is smaller.

[figmentofmyass]

Not sure what your idea of strength is when you are quoting that article.
But right now btc dominance is over 68%. I was surprised that in early july ethereum had about a 28% dominance. Which was strange and bitcoin dominance back then fell to below 40% for the first time in a long time.

that's not dominance my friend and it doesn't matter if big websites like coinmarketcap.com call it "dominance" it still doesn't make it so.
it is simply a number that shows the amount of supply each coin has.

in math when calculating (x*y) you increase "x" 5.5 times you can increase the result by a lot even if your "y" is smaller.

it's not merely showing coin supplies. you're correct that inflated supplies, pre-mines etc distort the dominance metric and make it less useful (if it has any use at all). but its long term trends do seem to reflect market cycles where money is flowing into or out of the altcoin market---"alt seasons" as it were.

i wish we had a better metric for watching this money flow phenomenon but this seems to be as good as it gets.

[omonuyak]

Generally, I think the strength of bitcoin is in it anonymous nature. Many people prefer bitcoin because of this. People this time want to be independent and bitcoin is more subtle with that.

Anoymous and privacy are some of the strength of bitcoin and to some extent the weakness also! The evils and scammers are hiding under this unregulated currency to laund money and steal people's funds and about 90℅ of them go free without being apprehended. To me, bitcoin best strength is it "decentralization and speed". Governments issuing currency are full of corruptions and having a system that is not centralized is one of the best ways to kill corruptions.

[RealMalatesta]

I feel like the strength of it is the ease of exchanging hands. I have been using bitcoin just one purpose and that's it, which is working at home as a freelancer and make money. Bitcoin made that super easy for me, not even paypal or anything else was as easy as bitcoin, right now I have been working at home for over 3 years and that has been the best years of my life. Do I not feel the dread of all of it ending one day? Sure, I do but that doesn't mean I will stop because I love bitcoin way too much.

I work for it and get paid with it and only cash out the parts I need and whatever is left I keep it in either bitcoin or just move it to some other altcoin I really love. Hence I think bitcoins best strength is the ability to bring payments worldwide like it was something so simple.

[AjithBtc]

Generally, I think the strength of bitcoin is in it anonymous nature. Many people prefers bitcoin because of this. People this time want to be independent and bitcoin is more subtle with that.

Anonymity is a big factor that strengthen the bitcoin. Beyond this we've the growth of bitcoin, no investment gives such a increased profit same as bitcoin. This too a big reason for bitcoin to be more stronger than other cryptocurrencies. There were more than 2000 altcoins with varied features, but everyone knew bitcoin has got good strength which is also due to its liquidity.

[andreibi]

It's not an article about Bitcoin. The author said crypto guys need to think big and also need to find a better way to distribute crypto coins to most people. If they succeed, it will change the whole dynamics of money.

[Questat]

It's not an article about Bitcoin. The author said crypto guys need to think big and also need to find a better way to distribute crypto coins to most people. If they succeed, it will change the whole dynamics of money.

But it takes many years to come. We appreciate it how crypto provides good benefits to us but some of us never see it beneficial instead they took it as a scam. We can't be in full usage of crypto if we all never like to adopt this new technology.

Thinking for a long journey of Bitcoin, we might experience struggles and difficulties but we have to believe it is a part of great success and not a way to baldy think that Bitcoin will bring us down in the future.

[sana54210]

Not sure what your idea of strength is when you are quoting that article.
But right now btc dominance is over 68%. I was surprised that in early july ethereum had about a 28% dominance. Which was strange and bitcoin dominance back then fell to below 40% for the first time in a long time.

Don't underestimate Ethereum just yet. There are still a lot of coins based of Ethereum, and that makes it a strong coin. I hope that it will replace that slow Bitcoin so that i can make faster transactions with Ethereum

Did you just read that article strength of bitcoin, if you had read it carefully, you will understand that there is nothing that can bit bitcoin because it has been designed to be unbeatable. Do you know since when Ethereum has been created? Rather than Ethereum gaining popularity, it has been having series of decline in price because most of the communities are beginning to shift their base from Ethereum to that slow system of bitcoin you said.

Bitcoin might be slow, but it is a necessary and wanted evil and it would be better we stick with the devil that you know that the angel that we don’t know. Bitcoin has been slow but I have near had any reason to really have a failed transaction, and I have been using it for payment since i got to know about it.