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Author Topic: Bitcoin legit or not  (Read 1293 times)
Polo7
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October 14, 2020, 09:52:23 AM
 #1

Its time to hear if bitcoin is legit or not!!
Someone with good and legit reputation need say here if bitcoin is secure safe and legit!!


We Trust USA dollar because its Federal reserve are legit guys!!

So is bitcoin good or not?

Someone like donald Trump should if its legit
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Every time a block is mined, a certain amount of BTC (called the subsidy) is created out of thin air and given to the miner. The subsidy halves every four years and will reach 0 in about 130 years.
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October 14, 2020, 10:10:25 AM
 #2

I am not that too good about cryptocurrency but I can say that bitcoin is legit and secured as long as the wallet storing it is safe and legit, bitcoin is easy to be stolen by havkers and scammers but is hard to return but this can be prevented once you are using a safe wallet.

Bitcoin itself is legit, it was made year 2009, how can you say that it is fake if until now it is atill existing, bitcoin lives for 11 years as of now and it will live longer for the future.

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October 14, 2020, 10:22:04 AM
Last edit: October 14, 2020, 12:03:59 PM by mprep
 #3

I am not that too good about cryptocurrency but I can say that bitcoin is legit and secured as long as the wallet storing it is safe and legit, bitcoin is easy to be stolen by havkers and scammers but is hard to return but this can be prevented once you are using a safe wallet.

Bitcoin itself is legit, it was made year 2009, how can you say that it is fake if until now it is atill existing, bitcoin lives for 11 years as of now and it will live longer for the future.



I wait for donald Trump or Putin ,  Simonetta Sommaruga or pope of vatican opinion If btc is good or not!!





If bitcoin Don't get better I give maximum of 1 year more bitcoin to survive!

If things not get better with btc it will not last long

[moderator's note: consecutive posts merged]
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October 14, 2020, 10:33:39 AM
 #4

Its time to hear if bitcoin is legit or not!!
Yes, bitcoin is legit, so far you do not steal it, it is legit. So, the answer depends on what you think, if you think it is legit like fiat, then it is legit.

We Trust USA dollar because its Federal reserve are legit guys!!
So, that means scammers and thieves can not steal US dollar or any other fiat from you? No. Or, you mean US dollar and other fiats can not he used by scammers? No. Or, does that mean you are completely safe because you have fiat with you? No. If you think about it very well, you will realize bitcoin is legit, that thieves and scammers are the ones that are not legit but forbidden.

So is bitcoin good or not?
If fiats are used by scammers, and if scammers scam people and collect fiats from them, then is fiat legit? Governments will only be deceiving you people, but only people that have knowledge about bitcoin will know how legit bitcoin is. You do not have to depend on any person to hold your bitcoin for you, you can hold it yourself without anyone linking the funds to you, unlike fiats.

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October 14, 2020, 10:38:33 AM
 #5

If reputation was all it took for something to be real or not, then scientists, researchers, developers wouldn't even be needed. Actors, Artists, Politicians would be the only ones you'd actually need. Please, a simple definition of Bitcoin, add that with 10 years of it's existence should be more than enough for you to understand that Bitcoin is legit and safe. I'm amazed how you have the time to post in this forum asking questions that a simple lookup could answer ing 5-10 seconds.

Also, if you were to ask what Trump's stand on Bitcoin then here you go:
Quote
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
A year old, just looked it up and this is what popped up. Just goes to show that even if he said something like this about Bitcoin, those in the know would not simply abide or believe by whatever he says, and only the ignorant would.

Source:https://www.forbes.com/sites/youngjoseph/2020/06/10/donald-trump-said-bitcoin-is-based-on-thin-air-but-wall-street-is-buying-en-masse/#603f18d04d27

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October 14, 2020, 10:45:23 AM
 #6

Its time to hear if bitcoin is legit or not!!
Someone with good and legit reputation need say here if bitcoin is secure safe and legit!!


We Trust USA dollar because its Federal reserve are legit guys!!

So is bitcoin good or not?

Someone like donald Trump should if its legit
BTC is legit. As for it being secure, well that depends on how well prepared you are and where you do your transactions.

Trusting the US dollar at times like these is probably more risky than entrusting BTC and the reason for this is because the economic crises has lead to the US government like many others to print more money, plug these into the economy in the hope to temporarily make things better.

The fact that this was done by just printing more money is where the issue lies as all that newly printed money is no longer backed up by gold, as it would usually be so the value of the dollar is very low. In a way with no collateral to back up the newly printed money all these currencies are in effect no different from BTC
Gozie51
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October 14, 2020, 10:45:37 AM
 #7

I searched your topic on google and below is what I found

Quote
Because Bitcoin is on the internet, they are even easier to steal and much harder to return and trace. Bitcoin itself is secure, but bitcoins are only as secure as the wallet storing them. Investing in bitcoin is no joke, and securing your investment should be your top priority.

This is enough to tell you need to keep your hodlings safe to yourself. Bitcoin itself is legit and safe in whatever wallet it found itself. That means it could be safe in your wallet if you rightly keep it safe or safe in your neighbours wallet if you wrongly send it there. Grin. It is also safe in a hackers wallet. Safe wherever it founds itself. You can only trace it with the hash transaction but may not recover it.

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October 14, 2020, 10:46:15 AM
 #8

Bitcoin is unique.

Bitcoin is the digital gold.

Bitcoin total supply is limited at 21 million btc and many millions were lost.

Bitcoin is your bank. You can be the only boss of your bank

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October 14, 2020, 10:55:10 AM
 #9

If reputation was all it took for something to be real or not, then scientists, researchers, developers wouldn't even be needed. Actors, Artists, Politicians would be the only ones you'd actually need. Please, a simple definition of Bitcoin, add that with 10 years of it's existence should be more than enough for you to understand that Bitcoin is legit and safe. I'm amazed how you have the time to post in this forum asking questions that a simple lookup could answer ing 5-10 seconds.

Also, if you were to ask what Trump's stand on Bitcoin then here you go:
Quote
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
A year old, just looked it up and this is what popped up. Just goes to show that even if he said something like this about Bitcoin, those in the know would not simply abide or believe by whatever he says, and only the ignorant would.

Source:https://www.forbes.com/sites/youngjoseph/2020/06/10/donald-trump-said-bitcoin-is-based-on-thin-air-but-wall-street-is-buying-en-masse/#603f18d04d27


Thts a redflag all ready!!
Will there will be news that Trump will say btc is good?
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October 14, 2020, 11:10:56 AM
 #10

You do realize that you're on the Bitcointalk forum, right? What opinions were you even expecting? Heavy criticism? The reason were into bitcoin in the first place because a lot of us don't trust fiat money and central banks.

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October 14, 2020, 11:14:45 AM
 #11

bitcoin is still valid because it has its own society in it, why with Trump he is only the leader in America while bitcoin is legal for all countries, so why wait for Trump to legalize it, whether or not bitcoin in your eyes is your decision, learn more about bitcoin at least you might be able to know more

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October 14, 2020, 11:25:02 AM
 #12

There are already many other topics on the forum explaining what you asked here. But I'll repeat, Since bitcoin is not centralized and not getting controlled by any government, It's not possible to have a governmental or federal leveled negotiation to someone and announce it federally legit or not. Actually, that's a positive point of bitcoin. Otherwise, bitcoin would not be borderless and available in all other the world.

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October 14, 2020, 11:35:47 AM
 #13

There are already many other topics on the forum explaining what you asked here. But I'll repeat, Since bitcoin is not centralized and not getting controlled by any government, It's not possible to have a governmental or federal leveled negotiation to someone and announce it federally legit or not. Actually, that's a positive point of bitcoin. Otherwise, bitcoin would not be borderless and available in all other the world.


Can any good coders check btc code and approve that btc is good!
I mean how we know Satoshi Don't have some backdoor to steal our bitcoins?
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October 14, 2020, 11:37:23 AM
 #14

I have seen some of these questions far in time ago. Bitcoin is still here today trading and doing fine. I think some countries that try to make news about banning bitcoin are the reasons for this further question. Bitcoin is getting strong in value, use, worth and in every direction.
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October 14, 2020, 11:40:11 AM
 #15

of course it's legit, how many times I have made payments with bitcoin or exchanged it for FIAT.
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October 14, 2020, 11:41:28 AM
 #16

Can any good coders check btc code and approve that btc is good!
I mean how we know Satoshi Don't have some backdoor to steal our bitcoins?

Good point, Seems like you are not familiar enough with bitcoin project and kinda new.
To be short and simple, bitcoin project is completely open source and transparent and all the codes and updates are available on GitHub fro beginning to end. So, anyone can check the code and make sure if it's completely safe and secure or not. Actually, that's the reason of why many people can trust it otherwise anyone could places backdoor on it and take everything.

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October 14, 2020, 11:47:34 AM
 #17

You have been in this very forum for a year now, and have been talking about bitcoin here and there, and just now you're asking whether bitcoin is legit or not? Roll Eyes

Can any good coders check btc code and approve that btc is good!
I mean how we know Satoshi Don't have some backdoor to steal our bitcoins?

Let's add some layer of tin-foil to your hat: what if the 'good coders' are all conspiring to tell people that bitcoin is legit when in fact it isn't, and are being paid for their work to continue this on-going collaboration with all coders taking a look at bitcoin?  Cheesy

You see, bitcoin being open-source means it's open to any and every criticisms and code reviews. For the past 10 years, no one has found a backdoor of some sort to the code. If there is one, what good would it be when most of the coins are already disseminated, and the network is already big to revert unacceptable changes if one is to happen? You also have the concept of value already pinned down to bitcoin's core. Once people noticed that some shady event is happening within the protocol, bitcoin will immediately lose its value, rendering the efforts of satoshi installing a backdoor futile.

And besides, the dude probably has over 1 million bitcoins at his disposal. Why would he need to create a backdoor for future use if he can just tap his wallets for funds?

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Polo7
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October 14, 2020, 11:49:46 AM
 #18

Can any good coders check btc code and approve that btc is good!
I mean how we know Satoshi Don't have some backdoor to steal our bitcoins?

Good point, Seems like you are not familiar enough with bitcoin project and kinda new.
To be short and simple, bitcoin project is completely open source and transparent and all the codes and updates are available on GitHub fro beginning to end. So, anyone can check the code and make sure if it's completely safe and secure or not. Actually, that's the reason of why many people can trust it otherwise anyone could places backdoor on it and take everything.

All Right perhaps donald Trump might not the right person to give approval of Bitcoin since his not a coder... Lol but who knows maybe he knows about coding
Is ethereum also with Open source?
arcmetal
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October 14, 2020, 11:56:13 AM
 #19

Can any good coders check btc code and approve that btc is good!
I mean how we know Satoshi Don't have some backdoor to steal our bitcoins?

Good point, Seems like you are not familiar enough with bitcoin project and kinda new.
To be short and simple, bitcoin project is completely open source and transparent and all the codes and updates are available on GitHub fro beginning to end. So, anyone can check the code and make sure if it's completely safe and secure or not. Actually, that's the reason of why many people can trust it otherwise anyone could places backdoor on it and take everything.
I was about to answer this, and you beat me to it.  Tongue

The OP raises an important question, but it's rather silly at this point.  The bitcoin software has been freely available for anyone to read since the beginning.  Any C++ coder that has an interest in bitcoin may have probably gone through quite a bit if it (it is a fairly large piece of writing). And so far none have piped up about some "back door".  In fact many have contributed to the writing of the code.

So the point is moot at this time.
Leviathan.007
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October 14, 2020, 12:00:21 PM
 #20

Can any good coders check btc code and approve that btc is good!
I mean how we know Satoshi Don't have some backdoor to steal our bitcoins?

Good point, Seems like you are not familiar enough with bitcoin project and kinda new.
To be short and simple, bitcoin project is completely open source and transparent and all the codes and updates are available on GitHub fro beginning to end. So, anyone can check the code and make sure if it's completely safe and secure or not. Actually, that's the reason of why many people can trust it otherwise anyone could places backdoor on it and take everything.

All Right perhaps donald Trump might not the right person to give approval of Bitcoin since his not a coder... Lol but who knows maybe he knows about coding
Is ethereum also with Open source?

Yes, Ethereum project is another open source, blockchain based and decentralized project.

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