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Author Topic: Am I the Only One Who Forget The Innovation of Bitcoin ?  (Read 224 times)
BITCOIN4X
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October 29, 2019, 08:22:36 PM
Merited by Ten98 (4), n0ne (1), ryzaadit (1), DU18 (1), YOSHIE (1)
 #1

INNOVATION BITCOIN

Intro

Welcome all the bitcointalk.org community.

I deliberately published this thread to be known and always remembered by everyone, especially me as one of the forum users who is still very far from the perfect word for knowledge and insight about bitcoin.

Innovation is be interpreted as a process and/ or result of developing the utilization/ mobilization of knowledge, skills (including technological skills) and experience to create or enhance new products (goods and/ or services), processes, and/ or systems, which provide meaningful value or significant (especially economic and social). [1]

Innovation in Payment Systems
Bitcoin isnt just about sending money. It has many features and opens many possibilities that the community is still exploring. Here are some of the technologies currently being researched, and in some cases, being turned into real products and services. The most interesting uses of Bitcoin are probably still to be discovered.




Index:




Control against fraud
An unprecedented level of security is possible with Bitcoin. The network provides users with protection against most prevalent types of fraud like chargebacks or unwanted charges, and bitcoins are impossible to counterfeit. Users can backup or encrypt their wallets. Hardware wallets make it very difficult to steal or lose money. Bitcoin is designed to allow its users to have complete control over their money.

Global accessibility
With Bitcoin, all payments in the world can be fully interoperable. Bitcoin allows any bank, business or individual to securely send and receive payments anywhere at any time, with or without a bank account. Bitcoin is available in a large number of countries that still remain out of reach for most payment systems due to their own limitations. Bitcoin increases global access to commerce and it can help international trades to flourish.

Cost efficiency
With the use of cryptography, secure payments are possible without slow and costly middlemen. A Bitcoin transaction can be much cheaper than its alternatives and be completed in a short time. This means Bitcoin holds some potential to become a common way to transfer any currency in the future. Bitcoin could also play a role in reducing poverty in many countries by cutting high transaction fees on workers salary.

Tips and donations
Bitcoin has been a particularly efficient solution for tips and donations. Sending a payment only requires one click and receiving donations can be as simple as displaying a QR code. Donations can be visible for the public, giving increased transparency for non-profit organizations. In cases of emergencies such as natural disasters, Bitcoin donations could contribute to a faster international response.

Crowdfunding
Bitcoin can be used to run Kickstarter-like crowdfunding campaigns, in which individuals pledge money to a project that is taken from them only if enough pledges are received to meet the target. Such assurance contracts are processed by the Bitcoin protocol, which prevents a transaction from taking place until all conditions have been met. Learn more about the technology behind crowdfunding.

Micro payments
Imagine listening to Internet radio paid by the second, viewing web pages with a small tip for each ad not shown, or buying bandwidth from a WiFi hotspot by the kilobyte. Bitcoin is efficient enough to make all of these ideas possible. Learn more about the technology behind Bitcoin micropayments or about future upgrades currently being designed and implemented to make micropayments more accessible.

Dispute mediation
Bitcoin can be used to develop innovative dispute mediation services using multiple signatures. Such services could make it possible for a third party to approve or reject a transaction in case of disagreement between the other parties without having control of their money. Since these services would be compatible with any user and merchant using Bitcoin, this would likely lead to free competition and higher quality standards.

Multi-signature accounts
Multiple signatures allow a transaction to be accepted by the network only if a certain number of a defined group of persons agree to sign the transaction. This could be used by a board of directors to prevent any member to spend parts of their treasury without other members' consent. This can also be used by banks to prevent theft by blocking payments above a threshold if the user does not provide additional credentials.

Trust and integrity
Bitcoin offers solutions to many of the trust problems that plague banks. With selective accounting transparency, digital contracts, and irreversible transactions, Bitcoin can be used as a ground to restore trust and agreement. Crooked banks cannot cheat the system to make a profit at the expense of other banks or the public. A future in which major banks would support Bitcoin could help to reinstate integrity and trust in financial institutions.

Resilience and decentralization
By way of decentralization, Bitcoin created a different type of payment network with an increased level of resilience and redundancy. Bitcoin can handle millions of dollars in trades without requiring military protection. With no central point of failure such as a data center, attacking the network is difficult. Bitcoin could represent an interesting step forward in securing local and global financial systems.

Flexible transparency
All Bitcoin transactions are public and transparent and the identity of the people behind transactions are private by default. This allows individuals and organizations to work with flexible transparency rules. For instance, a business can choose to reveal certain transactions and balances only to certain employees just like a non-profit organization is free to allow the public to see how much they receive in daily and monthly donations.

Automated solutions
Automated services usually have to deal with costs and limitations of cash, or credit card payments. This includes all kinds of vending machines, from train tickets to soda machines. Bitcoin is suited to be used in a new generation of automated services to cut their operating costs. Imagine self-driving taxis or a store where you can pay for your purchases without waiting in line. Many ideas are possible.




Closing

Without diminishing my respect for the bitcointalk.org community, the article above is not the OP is ideas and thoughts and that is the result of my reading from the reading source. We must know and always remember that the existence of bitcoin in the world today is very useful and I think people should always know that there is innovation in bitcoin.

Source

[1] https://id.wikipedia.org/wiki/Reka_baru
[2] https://en.wikipedia.org/wiki/Innovation
[3] https://bitcoin.org/en/innovation

Thank you to all

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October 30, 2019, 10:37:24 AM
 #2

Many people remember this and use the innovative features of bitcoin.
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October 30, 2019, 02:04:44 PM
 #3

Quote

Cost efficiency
With the use of cryptography, secure payments are possible without slow and costly middlemen. A Bitcoin transaction can be much cheaper than its alternatives and be completed in a short time. This means Bitcoin holds some potential to become a common way to transfer any currency in the future. Bitcoin could also play a role in reducing poverty in many countries by cutting high transaction fees on workers salary.


I am hoping that soon all of us will wake up to see that Bitcoin has already realized this feature and that it can already compete with flying colors with the traditional payment infrastructure already existing in the world today. As of now, there is a big problem with scalability and though there are already solutions being proposed and tested, it remains to be seen which can be adopted and be popular especially in the business community. We would really like Bitcoin to be able to reach its potential as a currency many people are preferring to use everyday and not just a store of value that people look as an investment that can grow 2x or 5x in the coming months. In addition, Bitcoin can be getting into the mainstream if companies can adopt the coin to be the currency their people are paid but this idea is not gaining traction for now.

 
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October 31, 2019, 03:53:43 AM
 #4

I don't think people forgot the innovation of Bitcoin. They know it's supposed to be a p2p system, should be used for micro payments. However, you should also understand that it has evolved as well. Enthusiast are now more on what will be the price, when lambo? when moon? concept. I'm not saying it's bad, however as the price continue to increase and expected to spike even further in the 6 digits or even $1 million prediction, maybe some newbie in the market will not understand that the initial concept of Bitcoin as developed by Satoshi.

 
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October 31, 2019, 04:28:07 AM
 #5

Great post - really good read and definetly looks like you put a lot of time into it, although I do disagree with some of your points.

Crowdfunding - don't see how this is a valid point, you could really crowdfund with anything and Bitcoin doesn't really bring anything new to the table here. I'd actually prefer for most of the ICOs and IEO's to be fiat - will be much easier to track then.

Other then that, I agree with you regarding the last couple of features, great structuring.

 
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October 31, 2019, 06:06:34 AM
 #6

Great post - really good read and definetly looks like you put a lot of time into it, although I do disagree with some of your points.

Crowdfunding - don't see how this is a valid point, you could really crowdfund with anything and Bitcoin doesn't really bring anything new to the table here. I'd actually prefer for most of the ICOs and IEO's to be fiat - will be much easier to track then.

Other then that, I agree with you regarding the last couple of features, great structuring.

I do not think it is his/her own work, because he quoted the source.  Wink

The thing is, the demographic of the Bitcoin community changed a lot after the 2017 spike in the price. A lot of speculators took notice of the spike in the price and how much profits could be made and they entered the scene. These speculators could care less about the innovation, because they just want to make a quick profit.  Angry

The early investors are the people who recognize the innovation and they are the people who are building and improving the ecosystem that surrounds it.  Wink

 
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October 31, 2019, 06:30:42 AM
 #7

Innovation of bitcoin is realized by very few during the early days of its existence into the global market. By that time it wasn't expected to make such a big noise in the market. As days passed the growth made the people who missed the opportunity to invest at the lowest price. Apart from the same governments started to show opposition through bans and other regulations. Now people have realized well, but now it has served to be affordable for the richest as a whole. Hope the small denomination turns valuable over the years as incoming growth is predicted to be big.

Though Op has made the quote from various sources, the effort is truly appreciable.

 
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November 01, 2019, 04:26:23 PM
 #8

Many people remember this and use the innovative features of bitcoin.
Used, but may not realize that what is used is part of bitcoin innovation. Wink

~
We would really like Bitcoin to be able to reach its potential as a currency many people are preferring to use everyday and not just a store of value that people look as an investment that can grow 2x or 5x in the coming months.~
Maybe it is not just you and me who want the same thing, but developers and hundreds or even thousands of other people also want bitcoin to reach its potential so they try to increase adoption.

I don't think people forgot the innovation of Bitcoin. They know it's supposed to be a p2p system, should be used for micro payments. However, you should also understand that it has evolved as well. Enthusiast are now more on what will be the price, when lambo? when moon? concept. I'm not saying it's bad, however as the price continue to increase and expected to spike even further in the 6 digits or even $1 million prediction, maybe some newbie in the market will not understand that the initial concept of Bitcoin as developed by Satoshi.
Yes, maybe you are right. People will not forget this innovation from bitcoin but do not realize that most of them have turned to very profitable trading. This is a factor that today many people have forgotten about this innovation, including me, because the use of bitcoin is mostly for storing value and trading, so they may forget about existing innovations.

Great post - really good read and definetly looks like you put a lot of time into it, although I do disagree with some of your points.
No, this is not my work and thought, because I took it from reference. But I just set it up so that this article is easy to read in the thread.
I do not think it is his/her own work, because he quoted the source.  Wink
~
Though Op has made the quote from various sources, the effort is truly appreciable.
Thanks, Good motivation. Wink


The assumption of OP, innovation is that development and development should not be stopped if it is good in the future. Bitcoin innovation must be increased so that its potential is reached as a suitable currency and is used by people around the world. Trading, storage of values ​​are two quite popular uses used by bitcoin users, but my hope in the future of bitcoin innovation must be increased so that bitcoin is worthy of being called a global currency.

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November 01, 2019, 04:41:08 PM
 #9

I really can't agree with some of these points, if you listen to them, it looks like Bitcoin is flawless and beats old money in every use case.

Control against fraud
An unprecedented level of security is possible with Bitcoin. The network provides users with protection against most prevalent types of fraud like chargebacks or unwanted charges, and bitcoins are impossible to counterfeit. Users can backup or encrypt their wallets. Hardware wallets make it very difficult to steal or lose money. Bitcoin is designed to allow its users to have complete control over their money.

It's a double-edged sword, when you get scammed/robbed in Bitcoin, there's zero chance you'll get your money back. With banks and payment companies you have at least some chance to return your money, especially if it's a large sum. We still need and use third-party escrows in Bitcoin when we deal with strangers.

Cost efficiency
With the use of cryptography, secure payments are possible without slow and costly middlemen. A Bitcoin transaction can be much cheaper than its alternatives and be completed in a short time. This means Bitcoin holds some potential to become a common way to transfer any currency in the future. Bitcoin could also play a role in reducing poverty in many countries by cutting high transaction fees on workers salary.

Maybe it's all true if you compare it with some outdated American banks, but in the rest of the world payments are nearly instant. Bitcoin transactions are quite cheap today, but we all know what happens when demand rises.

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November 02, 2019, 09:17:42 AM
 #10

I really can't agree with some of these points, if you listen to them, it looks like Bitcoin is flawless and beats old money in every use case.
Relax, you have the right to express your opinion. Without intending to offend.  Wink

It's a double-edged sword, when you get scammed/robbed in Bitcoin, there's zero chance you'll get your money back. With banks and payment companies you have at least some chance to return your money, especially if it's a large sum.
I think you just want to say that banks provide a higher level of security than the bitcoin network, right ?
Do those who hold large amounts of bitcoin now think the same as you, do they also fear being robbed, have their wallets hacked, or do they get a high sense of security because they keep their money on the one right thing that is bitcoin ?

Indeed you still doubt the ability of the bitcoin network to provide security and full control to users. In my opinion, bitcoin has given full security and control to users, it is clear that we know that no matter what happens, bitcoin cannot be falsified. You will feel safe if you store it in a hardware wallet that many people use.
Quote
We still need and use third-party escrows in Bitcoin when we deal with strangers.
Do you also need escrow as a third party if you are dealing with strangers when using conventional money ?


Maybe it's all true if you compare it with some outdated American banks, but in the rest of the world payments are nearly instant. Bitcoin transactions are quite cheap today, but we all know what happens when demand rises.
You have the right to refuse to make a transaction if you consider that the transaction fee is expensive, and you can also use other alternatives. But I think the high efficiency of this network is better than the others. The proof is that many banks and other payment services are interested in adopting this network.

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November 02, 2019, 03:49:39 PM
 #11

I think you just want to say that banks provide a higher level of security than the bitcoin network, right ?
Do those who hold large amounts of bitcoin now think the same as you, do they also fear being robbed, have their wallets hacked, or do they get a high sense of security because they keep their money on the one right thing that is bitcoin ?

Security is a complex topic, because there are so many kinds of attacks. You can't easily say that banks or Bitcoin are always more secure than the other. The difference is that in Bitcoin security is responsibility of a user, while banks provide many mechanisms that help users correct their mistakes and accidents or just prevent them. And the truth is, average people are incredibly bad at cybersecurity, so they are very likely to lose their Bitcoins to dangers like malware and phishing.

Indeed you still doubt the ability of the bitcoin network to provide security and full control to users. In my opinion, bitcoin has given full security and control to users, it is clear that we know that no matter what happens, bitcoin cannot be falsified. You will feel safe if you store it in a hardware wallet that many people use.

You are twisting my words, I never said I doubt Bitcoin's ability to provide full control to users.

Do you also need escrow as a third party if you are dealing with strangers when using conventional money ?

Yes.

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November 02, 2019, 05:47:21 PM
 #12

I think most of us are well aware of the reason behind innovation of bitcoin and still it's widely used as peer to peer transaction but there are other alternatives I mean altcoin which provides much faster transactions and it still takes hours to do the same in bitcoin and now bitcoin has become more of an investment scheme instead of p2p platform.

 
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November 02, 2019, 06:15:46 PM
 #13

I don't think people forgot the innovation of Bitcoin. They know it's supposed to be a p2p system, should be used for micro payments. However, you should also understand that it has evolved as well. Enthusiast are now more on what will be the price, when lambo? when moon? concept. I'm not saying it's bad, however as the price continue to increase and expected to spike even further in the 6 digits or even $1 million prediction, maybe some newbie in the market will not understand that the initial concept of Bitcoin as developed by Satoshi.
Well, I bet there are people who don't really know and are not interested in what Bitcoin is really about, even though they use it. These people are profit-oriented, they come from other areas where they traded something they did not care about and focused on how much money they can get is they sell now and buy then. And this is unfair because Bitcoin is so much more than that. I used to not care about the price myself, Bitcoin truly was new form of money for me. Then I started saving up in BTC, and this is how I got to care and even focus on the price. Considering this, I appreciate that the op is reminding us that it's not the purpose of it. Although Bitcoin is not doing very well when it comes to mass adoption and real possibility of being used in places like grocery stores, so it's natural that people are turning to its other aspect.

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November 02, 2019, 06:25:57 PM
 #14

Bitcoin really brought with it so many innovations to us. It's good that people are gradually waking up to embrace the fact that Bitcoin has more advantage to it that the purported bad sides they put up all the time. As time goes by, we will get to see Bitcoin beyond just trading it and begin to use the real value it brings.

 
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November 02, 2019, 06:35:25 PM
 #15

There are people that always remember and never forgets that Bitcoin is innovation and aside from other cryptocurrencies this technology was first introduced and not many have already embraced it until the first increase of its price the all-time high and people start to notice its potential, Well innovation is not possible without the given knowledge, that is why there are still people that are criticizing and are very skeptic about it because of lack of knowledge and they didn't know its true purpose I think the Innovation of Bitcoin is always there, many people are just blinded to not see what great technology bitcoin is.

 
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November 03, 2019, 01:12:49 AM
 #16

If course we all recognize its innovation. Everyday improvements counts as we always use it to transact and do our daily trading etc. Many had already use it as part of their platform to make new coins and create their own. Numerous users had really improve their livelihood and as time goes by more users are coming. It just show how it really help and give significance to our lives now.

 
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November 03, 2019, 02:21:35 AM
 #17

To be honest lately I have forgotten the innovation of bitcoin, because of busy trading and a lot of business in the real world.
After opening this thread and reading on the OP I am reminded again of innovation of bitcoin, thank you for sharing in this
forum. A lot of people believe that bitcoin is the future, because with the presence of bitcoin in life bring a lot of innovation to
mankind. So everyone should understand that there is innovation in bitcoin.

 
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November 03, 2019, 02:40:16 AM
 #18

Hasn't this still been pretty true, even right now? Bitcoin was built to be a safe and transparent payment method that offered decent anoymity to the users (not XMR level though) and most of the statements make sense so far to this date.

I will say some aspects have changed though, mostly due to the big money that has come in and is still coming into Bitcoin, and how much adoption it's faced throughout the years, a lot of people's opinion on Bitcoin and crypto-currencies is that it's a method where they can make money, not a payment method, not a storage of value, just a quick way to get a couple bucks.

 
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Kyraishi
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November 03, 2019, 03:36:37 AM
 #19

Great post - really good read and definetly looks like you put a lot of time into it, although I do disagree with some of your points.

Crowdfunding - don't see how this is a valid point, you could really crowdfund with anything and Bitcoin doesn't really bring anything new to the table here. I'd actually prefer for most of the ICOs and IEO's to be fiat - will be much easier to track then.

Other then that, I agree with you regarding the last couple of features, great structuring.

I do not think it is his/her own work, because he quoted the source.  Wink
Oops - I missed that, still looks like a pretty good job formatting and making everything organized, so props to OP for doint that.

The thing is, the demographic of the Bitcoin community changed a lot after the 2017 spike in the price. A lot of speculators took notice of the spike in the price and how much profits could be made and they entered the scene. These speculators could care less about the innovation, because they just want to make a quick profit.  Angry

The early investors are the people who recognize the innovation and they are the people who are building and improving the ecosystem that surrounds it.  Wink
You could argue that with a lot of things though, whenever something goes up in price, or a lot of money gets involved, people start getting greedy and are more attracted to the monetary side of things, but I still believe bitcoin's true core and the way the coin is designed and is operated to this day, mostly remains true to itself.

 
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