Questions I have about Bitcoin

[mk4]

he did want a rollback and he did try so hard to make it happen and he did fail.
he even contacted a lot of mining pools and miners trying to convince/bribe them into rolling back the blocks and reversing his embarrassment but he never succeeded. it is impossible to perform such a thing but his lack of success was not just because of impossibility but also because all those miners are also protecting their investment and are well aware that a rollback is practically end of bitcoin's immutability, not to mention the death of that mining pool since all miners would stop using it right away.
then he tried to save face by saying he "changed his mind" instead of saying "i failed miserably". that is why i refer to him as a clown

Precisely. Hence why we had a good amount of FUD that month, with heavily misinformed people thinking and saying that a big name such as CZ could roll-back the chain if he wanted to. One thing's for sure, the PoS(piece of s proof of stake) aficionados were euphoric LMAO.

[witcher_sense]

SHA-256 is hash algorithm, not encryption algorithm.

Thank you for correcting me. That is the field that I am yet to explore. Still, if quantum computers are strong enough to decode hashes, it will be urgent to implement some other hashing algorithm strong enough for succesfully resist against quantum attacks. I guess, this also applies to the possibility of deriving private keys from public keys. I am wondering what will happen to mining industry if there are quantum computers able to easily calculate the correct number i.e they will be doing proof of work much faster than other miners.

[kryptqnick]

Is bitcoin really viable as a peer-to-peer electronic cash?

Due to high transaction costs and slow transaction speeds, how can we ever use bitcoin to purchase, for example, a Sprite and a bag of potato chips at a gas station? If I want to send a micropayment, for example, of 1000 sats on-chain I can pretty much forget about it because miners can’t afford to and as a result the transaction hangs out in the memepool indefinitely. I had a lot of hope for lightning network, but I am now starting to have doubts about its long-term success. What happens when someone using lightning wants to settling a microtransaction on the bitcoin blockchain?

Can you use coins and paper notes to pay for an online order? No. Does that mean that coins and paper notes are not viable forms of cash? No. The fact that Bitcoin is not the best option for certain kinds of transactions does not mean that it is not viable.

I think this is too protective of Bitcoin. Any fiat allows buying something cheap as well as something expensive. Bitcoin also allows buying something cheap, but it can cost A LOT. And it seems to me that the majority of daily transactions are small. When I go to the supermarket, I spend $10-$30 but very rarely more than that. And paying about 7% in transaction fees in this situation is just ridiculous. I hope there will be a solution allowing to avoid high fees because otherwise Bitcoin will have quite a narrow use case as money, not something to buy groceries.

[aundroid]

SHA-256 is hash algorithm, not encryption algorithm.

Thank you for correcting me. That is the field that I am yet to explore. Still, if quantum computers are strong enough to decode hashes, it will be urgent to implement some other hashing algorithm strong enough for succesfully resist against quantum attacks. I guess, this also applies to the possibility of deriving private keys from public keys. I am wondering what will happen to mining industry if there are quantum computers able to easily calculate the correct number i.e they will be doing proof of work much faster than other miners.

Should it at some point be possible to use a quantum computer for mining and assuming it would solve hashing significantly faster, the difficulty would skyrocket after 2016 blocks (at the next diff adjustment).
After that, one would only be able to mine with this quantum computer - No ASIC would find a block anymore.
Similar as if you would want to mine with a GPU now.

[Sanugarid]

Can you use coins and paper notes to pay for an online order? No. Does that mean that coins and paper notes are not viable forms of cash? No. The fact that Bitcoin is not the best option for certain kinds of transactions does not mean that it is not viable.

I think this is too protective of Bitcoin. Any fiat allows buying something cheap as well as something expensive. Bitcoin also allows buying something cheap, but it can cost A LOT. And it seems to me that the majority of daily transactions are small. When I go to the supermarket, I spend $10-$30 but very rarely more than that. And paying about 7% in transaction fees in this situation is just ridiculous. I hope there will be a solution allowing to avoid high fees because otherwise Bitcoin will have quite a narrow use case as money, not something to buy groceries.

No it's not. If you consider bitcoin as a spendable then you'll always be bother by its price and you'll always be at loss whenever the bitcoin goes high which is not right for me. The fact that bitcoin is volatile, don't think about you could spend it like a fiat currency coz you'll literally spending its future value, you might regret at the end. Best to do when buying online is to have a digital payment processor like paypal or bitpay coz it will costs you less than getting it done with bitcoin, just add the fact that there are massive transactions with bitcoin right now that drives higher fees.

[ReiMomo]

All of your opinions are of the utmost importance.

But for me, the current state of bitcoins and entire cryptocurrency has been largely ignored and proposed by Satoshi Nakamoto's promises. Because bitcoin and whole cryptocurrency I would say is not stable at the moment. Because bitcoin is a decentralized type of financier and if it is used in a peer to peer electronic transaction like buying a bottle of soft drinks and a pack of potato chips at a gasoline station is not possible.

Because even I am beginning to doubt the long-term success of bitcoin and cryptocurrency because I can also say that it has not been stable until now. And in my opinion, it can't be used for peer to peer electronic cash and the only bitcoin can do.

[Assface16678]

Today one of the best transactions is with the use of the online payment and one of these is with the use of the bitcoin or cryptocurrency which is more efficient and reliable because of the transparency of the transactions of the payments or transferring of funds only. Many people today are choosing the bitcoin because of its security and avoid getting easily hacked by the person who aims to get immediate funds.
Most of the security features today are with the use of email verifications, mobile number verification requirements and the two-way authentication with KYC verifications to identify their new users' information and credentials to make it easier to locate the history of it.

All of your opinions are of the utmost importance.

But for me, the current state of bitcoins and entire cryptocurrency has been largely ignored and proposed by Satoshi Nakamoto's promises. Because bitcoin and whole cryptocurrency I would say is not stable at the moment. Because bitcoin is a decentralized type of financier and if it is used in a peer to peer electronic transaction like buying a bottle of soft drinks and a pack of potato chips at a gasoline station is not possible.

Because even I am beginning to doubt the long-term success of bitcoin and cryptocurrency because I can also say that it has not been stable until now. And in my opinion, it can't be used for peer to peer electronic cash and the only bitcoin can do.

The use of the bitcoin transaction today are widely accepting which is a good chance and many popular people now are using the crypto so it is looks like promoting the use of the crypto or bitcoin in some cases the bitcoin are rapidly increasing on it number of users which is a good time for adaptation.

[adzino]

All of your opinions are of the utmost importance.

But for me, the current state of bitcoins and entire cryptocurrency has been largely ignored and proposed by Satoshi Nakamoto's promises. Because bitcoin and whole cryptocurrency I would say is not stable at the moment. Because bitcoin is a decentralized type of financier and if it is used in a peer to peer electronic transaction like buying a bottle of soft drinks and a pack of potato chips at a gasoline station is not possible.

Because even I am beginning to doubt the long-term success of bitcoin and cryptocurrency because I can also say that it has not been stable until now. And in my opinion, it can't be used for peer to peer electronic cash and the only bitcoin can do.

Damn, you used a lot of "because" on your sentence.
Anyway, you can never expect bitcoin to have a stable price. Again, you are also wrong when you said crypto currency as a whole at the moment have no stable price. Did you forget about stable coins? They actually do have stable price!
If you are looking for stable price, go use those stable coins. And why isn't it possible to buy your "potato chips" with bitcoin?

[Swordsoffreedom]

Due to high transaction costs and slow transaction speeds, how can we ever use bitcoin to purchase, for example, a Sprite and a bag of potato chips at a gas station? If I want to send a micropayment, for example, of 1000 sats on-chain I can pretty much forget about it because miners can’t afford to and as a result the transaction hangs out in the memepool indefinitely. I had a lot of hope for lightning network, but I am now starting to have doubts about its long-term success. What happens when someone using lightning wants to settling a microtransaction on the bitcoin blockchain?

If the transactions are really started through crypto, then I think now lightning network is the only solution, cause the main purpose of creating lightning network is to make the transaction easier and faster. You know that lightning network are created to make quick payment but small payment. This is the only easy way to buy these kind of small grocery items and till now LN is in under development phase, If the use of BTC increases in daily life then it is confirmed that the use of LN will also increase in near future.

[hatshepsut93]

How secure is bitcoin really?

Remember when cz binance wanted to people to thank him for not ordering a re-org to recover lost funds? Isn't bitcoin mining dangerously centralized? What if in the future there is a terrorist attack by government or other criminal orgs that involve bombing or burning large bitcoin mining facilities?

It's not like all mining farms are located in one place, so it's impossible for a non-government group to deal a significant blow to mining. If a government, right now it would be China, would close down all mines in their country, it would be quite painful to the network, but it would stabilize after some time - new mines would open around the world due to the hashrate dropping, old mining equipment would become profitable again. Bitcoin mining is really resilient by design, the fact that after 10 years there was no successful attacks means a lot, during this time alts got attacked many times.

[Shasha80]

Very interesting question, basically bitcoin was created not because want to replace fiat in my opinion. So several small transactions
like buying a sprite and potato chips is better to use fiat actually. Therefore the ideal bitcoin as an alternative currency. Bitcoin security
related issues are quite safe in my opinion and what CZ are worried about bitcoin, until now it has not been proven about the transaction
rollback. And do not be confused between the security of bitcoin with the security of online wallets, because they are two different things.

[Utoy101]

Is bitcoin really viable as a peer-to-peer electronic cash?


These are concerns I have for the long-term viability and intrinsic value of bitcoin.

Thanks for bringing this up as they are questions i do imagine within myself msot of the time.  Everything you pointed out is one point and i strongly believe that the current usage of bitcoin is entirely different from the concert behind it. Bitcoin was created to offer a decentralized currency to serve as a competitor with the Fiat currencies but Alas, bitcoin os currently use for speculative purposes majorly to make profit

[witcher_sense]

Governments want us to live in a cashless society so that they could  have full control over transactions. After such a system is developed, we will no longer be able to make peer-to-peer deals without surveillance. Bitcoin is a way to opt-out from cashless future. Bitcoin is a better version if what we have had before. It's better than gold, cash and, more importantly, it gives us a freedom to trade on a free market. We can't do free markets nowadays since money has become a state property. Bitcoin gives people a choice.

[milesfull]

Bitcoin is more store of value than electronic cash. At least, without layer 2. Conformation take to much time and fees are still high. But its important for the industry as indicator and main enter point into it

[witcher_sense]

Bitcoin is more store of value than electronic cash. At least, without layer 2. Conformation take to much time and fees are still high. But its important for the industry as indicator and main enter point into it

Undoubtedly, bitcoin as electronic cash has some drawbacks, for example, transactions are not instant like it is happening during physical cash transactions. We don't pay fees to miners upon transfering our cash. However, most of the "drawbacks"  bitcoin has were implemented on purpose. In order for bitcoin to be digitally scarce asset with the level of network security we have never seen before, it needs to have incentives for miners that support the network and make it almost impossible to double spend our non-physical asset. It is impossible for electronic cash to be digitally scarce, secure, dis-intermediated, decentralized without some concessions made by developers and community.

[fiulpro]

We Should answer this question by addressing how secure the blockchain is.

The security of blockchain runs on many levels:
• Interrelated Blocks
• Generation of a strong Hash
• Processing time of each block
• Proof of Work
• Consensus

At the same time :


• anyone with the block can verify it making it very secure , they can proof read it anytime , at the same time this tackles corruption.

Now , people are scared about the Hyper Over Quantum computers. Reason for that :

One can use this 10 minute processing time to find out the exact hash and then replace it skillfully.

But at the same time :
1. Not everyone can afford
2. Targeting People needs sources , so keep changing your address if you are holding a lot .
3. Use a strong secure network , follow the security procedures like making sure you don't have any softwares which is from unidentified sources , there is like a whole different topic about what you can do .
4. Privacy :')

More or so I would like to extend this to say that :

If you are using any bank account and keeping funds in it , it's more secure than that . Blockchain is something of the future , undoubtedly we need more improvements but *right now I do think it's the next best thing*

Thus :

It's super secure if used wisely.

_________________________________________________________

Fun fact about Blockchain:

It was actually invented way before Mr. Satoshi implemented it .
The idea dates back to the 1990's where people were thinking of using it for notary and stuff.

But the idea got recognition only by Mr. Satoshi , who made it known to the world.

[Betwrong]

~

How secure is bitcoin really?

about 51% attack Andreas Antonopolous made great video explaining this, in short this is not viable attack in many terms, mostly money and things you can actually achieve by this attack (not much)
so this is least of my worries in terms of Bitcoin security

I believe Andreas Antonopoulos explained it several times in various videos, but my personal fav is the following:

https://youtu.be/ncPyMUfNyVM

Within just 2 minutes he explains that 51% attack can not be done with Bitcoin any more(and the video was uploaded in 2015! Much less it is possible with the current Bitcoin's hashrate).

In short, what the attackers could achieve would be creation of an alternative blockchain, which no one except them would join. "And we'll carry on with our coin(BTC), and they can go mine whatever the hell they want on their alternative blockchain"(c)

[BIT-BENDER]

 Question 1
That is a problem, but for me I use bitcoin to by products that are online - if the shopping site accepts it- but in places like store, stall,mall. I already will convert bitcoin before going I don't know but can more bitcoin ATM help in this problem?

   Question 2
Your safety is measured by what you do
+ What you do to protect yourself
+ How you go by with social media
+ Careful characteristics
+ Read -even down to terms and conditions of things-. Generally speaking you are your safety

[yazher]

So far, bitcoin is behind in its slow transaction speed and high transaction fees. than Ripple and Tron but these coins are behind regarding Bitcoin's popularity among the investors. there are lots of attempts of these coins to promote themselves to get popularity from the investors but no luck at all. these only indicated that Bitcoin is hard to overcome by those new coins that have both the speed and lower transaction fees. we also have the lightning network technology ongoing development and we are still in its early stage. Right now, all eyes are on BTC price and everyone is not bothered by its slow transaction speed.

[peter0425]

So far, bitcoin is behind in its slow transaction speed and high transaction fees. than Ripple and Tron but these coins are behind regarding Bitcoin's popularity among the investors. there are lots of attempts of these coins to promote themselves to get popularity from the investors but no luck at all. these only indicated that Bitcoin is hard to overcome by those new coins that have both the speed and lower transaction fees. we also have the lightning network technology ongoing development and we are still in its early stage. Right now, all eyes are on BTC price and everyone is not bothered by its slow transaction speed.

I think everything is fine no and already back to normal not like last week when the Fees are really Grow high and it is harder to withdraw a small crypto because your money will just go with the Transaction fee.

Very interesting question, basically bitcoin was created not because want to replace fiat in my opinion. So several small transactions
like buying a sprite and potato chips is better to use fiat actually. Therefore the ideal bitcoin as an alternative currency. Bitcoin security
related issues are quite safe in my opinion and what CZ are worried about bitcoin, until now it has not been proven about the transaction
rollback. And do not be confused between the security of bitcoin with the security of online wallets, because they are two different things.

No i disagree,yeah Bitcoin is not created to replace Fiat but buying Soda and Chips?lol in japan you can do that so why not avail if Crypto is offering us to use such transaction?