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Author Topic: Bitcoin, the complete version of money  (Read 360 times)
Charles-Tim
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October 24, 2020, 07:40:06 AM
Last edit: October 25, 2020, 01:23:09 PM by Charles-Tim
Merited by Josefjix (2), 20kevin20 (1)
 #1


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Introduction
Bitcoin, being the first and the most successful cryptocurrency, has being well adopted in many countries of the world which has reflected through its increasing marketcap and price that also proved it to be a well known deflationary currency. Bitcoin has been increasingly and successfully adopted and proven to not be a ponzi or regulated in any way by any centralized authority, everything about bitcoin is open source and available to the public to the extent bitcoin community are even regarded as the founder of bitcoin, Satoshi Nakamoto. Although, officially, Satoshi Nakamoto is the creator of bitcoin in 2009.

What money is
Many people do not know what money is, like I ones thought money is the first which are acceptable as a means of payment in individual countries, but this is a misconception. Money is anything that has intrinsic value and that can be spent. Good examples of money are bitcoin, other cryptocurrencies  (altcoins), gold and fiats. Among them all, is a money called bitcoin, created in 2009 and has now being greatly accepted and adopted in the world due to its decentralized nature.

Money vulnerable to theft and depreciation until the onset of bitcoin
Before the onset of bitcoin, all types of money were either vulnerable to theft or depreciation, there was a time in the past when there was money but no bank, people will still think of a way to protect their money, but at the time, money were vulnerable to theft. So, later comes bank, to help individual to keep their money, fiats was adopted and was accepted by all countries of the world, and money centralized regulation evolved. Now, fiats are manipulated, the manipulations are from governments because fiats are centrally regulated and due to this, money owned by individuals are manipulated and making fiats to be a depreciative asset. 
Money like gold that are physical are more vulnerable to theft while fiats kept in banks are more vulnerable to governmental manipulations. All these do not make money characteristics to be completely fulfilled until the onset of bitcoin that created indirect bridge known as blockchain between fiats and cryptocurrencies. Now, people can hold bitcoin in a way to do away with theft and central (governmental) manipulations.

Fiat inflation vulnerability
Although, the central bodies (governments) may not be blamed at times for the reason they are manipulating the fiats, especially while devaluating it during inflation, and can be blamed when their is excess fiat creation and introduced into circulation. Fiats are manipulated/devalued for the benefit of the country but making citizens of the country to lose and make their worth depreciating. That is why fiats needs alternative, a kind of money that will be easy to spend like fiats and yet not vulnerable to governmental manipulations, bitcoin created the bridge to that part.

There are many strong fiats, while some are weak and more volatile, a good example of strong fiat currency is dollar, and can be used as a good example of bitcoin-to-fiat price trend comparison. For the past decade, bitcoin hodlers have more increase of 20% in bitcoin price not actually as a result of bitcoin instrinsic price increase, but due to dollar that is not immune to devaluation and gradaully depreciating over the past years.

This was taken when bitcoin was at a price slightly above $10800 in accordance to a crypto news.
A decade ago bitcoin price gain
Limited supply + marketcap = 80% in bitcoin price
USD deprecuation = 20%
(Limited supply + marketcap) + USD deprecuation = 100% butcoin price trend.


https://cointelegraph.com/news/fiat-inflation-has-cost-bitcoin-hodlers-20-over-the-past-decade/amp

If you check some other countries like African, where fiats are more vulnerable to depreciation, these would be the worst cases. This is one of the major reasons the need for bitcoin especially. Normally, fiats are depreciating assets by design, while physical money can still be vulnerable to theft, but with expert knowledge about bitcoin, bitcoin is not vulnerable to theft, and also not vulnerable to governmental regulations. Bitcoin has limited supply of 21 million, and this makes it a deflationary currency, the more people adopt it, the more people make use of it and the more it is getting stronger, and also increasing in marketcap and price. Although, the price of bitcoin may seem decreasing at times, but later, the price will increase unlike fiats that are constantly depreciating.

Centralized (governmental) bodies compromising bitcoin and crypto in general.
Nowadays, governments have now being trying to make bitcoin so centralized, many people are now using bitcoin do not even know what private key or seed phrase is and depending on third party while not knowing the third party are actually third party due to how fiats are working, they thought bitcoin and other crypto works that way, therefore not even knowing about privacy. These are all wrong because bitcoin is a privacy currency, people can hold it without depending on any third party which is the best way to go while dealing with bitcoin with the current settings, some people even knowing about this but because of trading flexibility, they still keep their bitcoin and other crypto using centralized party services, which makes them not to be the owner of the coin on blockchian while the third party are not safe and secure.

People do not need to keep bitcoin with third party, you can keep it yourself without anyone knowing, all you need to do it to make use of noncustodial wallets, generate your seed phrase and/or private key. Storing the seedphrase and/or the private key in a safe place that is safe from thieves and damages. If the seed phrase and/or private key is compromised, that means all your funds are lost.

Some approaches towards seed phrase/private keys protection
Bitcoin is digitally created, users should be digitally conscious, while privacy, security and safety should be maintained. Malicious actors are also trying their best to steal bitcoin from people having it. But, there are many approches to avoid hackers from stealing bitcoin, few of this is discussed below.

1. Avoiding custodial services
There are different custodial services, although they have helped in bitcoin adoption, but still must be avoided, they make use of hot wallets to hold customers assets, while hot wallets are prone to hackers activities, and they are targeted by hackers because the custodial party keeps thousands to millions of customers assets. Most custodial services are often hacked and many have resulted to lost of users funds and never recovered.

2. Avoid using hot wallets for high savings
Although, hot wallet can be good for saving low amount of bitcoin, while experienced users can still avoid hackers by avoiding malware on the device used, but for saving high amount of bitcoin, cold wallets are best, and for ease of use and for frequent transactions, hardware wallet is good as a type of cold wallet.

3. Use of Shamir's secret sharing to protect seedphrase/private key
Seedphrase or any other sensitive information like private key can be protected by the use of shamir's secret sharing, in a way the the seed phrase is converted into secrets, and the secrets are divided into parts for high protection.

4. The use of multisignature wallet
Multisig wallets are wallets that can be regarded as M of N wallet, in which the wallet can be generated for N users having their own private keys while M users among the N users will be able to sign transactions. This makes it difficult for hackers to penetrate, even if one private key is compromised. It can also help in a way another wallet can be created and the bitcoin in the previous wallet is sent to new wallet if any of the M or N users lost his/her private key, or if anything like malicious activity is suspected.

There are still many other approaches, like having more than one wallet. But  the approaches to be used should not be too tedious in a way wallet owner will not be able to recover back his/her wallet during wallet lost.

Conclusion
Bitcoin is money, the first successful decentralized digital currency, which was created as an alternative to centralized fiats and also altenative to money that are vulnerable to physical thefts, thereby, fulfilling what early days money can not fulfill.





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October 24, 2020, 08:27:50 AM
 #2

Bitcoin is money, the first successful decentralized currency, which was created as an alternative to centralized fiats and also altenative to money that are vulnerable to physical thefts like thereby fulfilling what early days money can not fulfill.
Bitcoin is a form of 'money' that's not vulnerable to physical thefts as we all know, it can't be of course, cause it's in a digital form, but it's pretty vulnerable to quite a lot of scams which results in theft/loss of Bitcoin, and many individuals wrongly believe that their funds are much better being vulnerable to govt manipulation and fiat inflation/depreciation, than taking up the responsibility of handling and controlling their funds that Bitcoin gives to them, and this misconception imo stems from the wrong presentation of Bitcoin in the news as an asset that can easily be stolen and lost to scammers.

I appreciate more topics such as this, that doesn't have as it's content a Bitcoin scam, a hardware wallet compromised, exchange hacked etc, let more users and newbies be aware of the fact that with just a little effort and responsibility to their privacy and protection, they can keep their btc without losing it, and avoid fiat Inflation and devaluation via that process.

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October 25, 2020, 12:37:21 AM
Last edit: October 25, 2020, 03:21:57 AM by KingsGambet19
 #3

Correct me if I am wrong,

We consider bitcoin as money because it can be used like what money could do like buying products, services and online payments. Its purpose is the same as with fiat currency and bitcoin has a value like a fiat had but it is more volatile than fiat currency.

Now, the only thing that bothers me a little bit is that if we are to base the real scenario of bitcoin is that it could have no value at all if we will not peg the bitcoin to fiat currency. The basis we have of this bitcoin is fiat currency. Why? These are some of my points about bitcoin.

* You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all.

* You need to buy bitcoin with fiat currency without fiat currency you can't have bitcoin

* when you buy bitcoin you have to pay services like in those banks and when you like to convert bitcoin to fiat and withdraw it to a banks then you will then again to pay the service of the bank. You need also to pay the bitcoin transaction fee. So fees are everywhere from those banks to bitcoin network deducted by the miners.

* bitcoin could stand alone without being paired by fiat currency but we should make it paired with fiat to get the bitcoin with value depending on the demand of the community.

* You can earn bitcoin investing in it but can take losses too depending on you. And this is why i think that many had said that they like bitcoin because they are earning but some that aren't. I feel sometimes bad about it you had your earnings coming from other people knowing that you had bought bitcoin cheaper price compared to the new comers with higher price of bitcoin

However, there are some of my points though of having bitcoin like the following,

* being anonymous in making a transaction or in a decentralized manner if bitcoin to bitcoin no third party services being used.

* p2p transactions and you do not need to worry the process of transaction for whenever there will be a new teansaction going to take place it will be broadcast to bitcoin network and will be confirm by a miner so no need for a third party service to take care of your transactions.

* bitcoin could be use to transfer money outside the country for a lesser expenses than bank or money transfer services.

* less hassle in bringing money to pocket but banks also offer digital money saving it or ready available through atm.

I agree that bitcoin is sort like a form of money but no way it could be the same as fiat currency because people trade their fiat to bitcoin which will then the price of bitcoin decided depending on the demand of the people wanting to have bitcoin.

Again, this is just my opinion because for me it seems that cryptocurrency has been exaggerated, over rated and fiat currency is being overkilled.
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October 25, 2020, 06:43:47 AM
 #4

I agree that bitcoin is sort like a form of money but no way it could be the same as fiat currency because people trade their fiat to bitcoin which will then the price of bitcoin decided depending on the demand of the people wanting to have bitcoin.

Again, this is just my opinion because for me it seems that cryptocurrency has been exaggerated, over rated and fiat currency is being overkilled.

That's your perspective and it's ok to think that way but do understand bitcoin isn't fighting for it to be like the fiat system. Bitcoin is totally different from that scam that the government have used to decieve the masses for years. You speak of people using their fiat to trade bitcoin so bitcoin can't be seen as a money from your perspective what about if the statement is turned around in the sense that people used their bitcoin to buy fiat because this also happens.

Currency are meant to be traded, if any currency can't be exchange for another then it means, it's not been valued. The euro is traded with the usd those that make them less of a currency? I doubt so.

Quote
You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all.

What gives a currency value? The value of any currency can been seen in its demand that's its ability to be exchange for goods and services which bitcoin does perfectly. Bitcoin would still be valued without it been paired the US dollars. There's a demand for bitcoin, which result from its unique features of decentralized, limited supply and digital mode of operations which is something the whole world is buying into.





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October 25, 2020, 12:46:41 PM
 #5

Quote
Use of Shamir's secret sharing to protect seedphrase/private key
Seedphrase or any other sensitive information like private key can be protected by the use of shamir's secret sharing, in a way the the seed phrase is converted into secrets, and the secrets are divided into parts for high protection.

I've never heard about this "Shamir's secret" and I think that all the division and conversion of the seed phrase into different parts sounds a little bit paranoid.
Anyways,It seems to me,that your text is probably some article,which is copy pasted from somewhere.Could you at least mention the author/source?

Quote
Conclusion
Bitcoin is money, the first successful decentralized currency, which was created as an alternative to centralized fiats and also altenative to money that are vulnerable to physical thefts like thereby fulfilling what early days money can not fulfill.

The first successful form of decentralized money were precious metals,before the time,when the kings and lords monopolized mining and coin production.There were many forms of decentralized money in the prehistoric times-for example some goods like salt were used as money.
Bitcoin is the first successful form of decentralized digital money.


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October 25, 2020, 01:18:28 PM
 #6

I've never heard about this "Shamir's secret" and I think that all the division and conversion of the seed phrase into different parts sounds a little bit paranoid.
Then, better do not use it, if you use what can get your seed phrase or priivaye key not to be remembered will not be good at all, using the type of security that will be effective enough to make your seed phrase accessible to you is better. Sharmir's secret sharing make use of shares and secrets, the secrets are what will be held by you, it can be n secrets, while the number of secrets required to reconstruct the secrets are the shares, it has its own application. For example, you have 4 children, you generate a bitcoin seedphrase offline, and store high amount of bitcoin on the wallet, you may not want to give the seed phrase to your children until certain time, then you can use shamir's secret sharing to create 5 secrets, having 3 shares, giving 4 secrets to your 4 children, and each of them will only have 1 secret given. If the father wants the seed phrase to be revealed, any of the 3 children can reconstruct the seed phrase, or the father having the fifth secret and any of the two children can reconstruct the seed phrase. Only 3 secret which are the shares are able to reconstruct the whole seed phrase.

Anyways,It seems to me,that your text is probably some article,which is copy pasted from somewhere.Could you at least mention the author/source?
I hope you can see me not as a newbie, and I know the rules of the forum, this topic is completely from my head, and according to what I have been learning since some months I know about bitcoin and other cryptocurrencies. See reference(s) where it should be included. Do not take me as a newbie.

The first successful form of decentralized money were precious metals,before the time,when the kings and lords monopolized mining and coin production.There were many forms of decentralized money in the prehistoric times-for example some goods like salt were used as money.
Bitcoin is the first successful form of decentralized digital money.
Thanks for the correction, you are right about that, I have corrected it.





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Fundamentals Of
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October 25, 2020, 02:03:50 PM
 #7

Bitcoin, being the first and the most successful cryptocurrency,

I think there were already a few experimental digital currencies in the past predating Bitcoin which are built using cryptography. So Bitcoin might not really be the first cryptocurrency. I guess it is the first decentralized cryptocurrency though. And the most successful definitely.

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Conclusion
Bitcoin is money, the first successful decentralized digital currency, which was created as an alternative to centralized fiats and also altenative to money that are vulnerable to physical thefts, thereby, fulfilling what early days money can not fulfill.

The problem is that with a digital currency resistant to physical theft, the thieves and robbers themselves have also evolved. They don't do the stealing inside houses or cars, on the streets, etc anymore. They do it online so Bitcoin is still susceptible to stealing even if it doesn't have a physical version.

It is almost impossible to imagine a thief-resistant currency.


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October 25, 2020, 03:12:18 PM
Last edit: October 25, 2020, 04:23:45 PM by pawanjain
 #8

* You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all.
It's the same thing with fiat currency too. If the global economy didn't give it it's value then it's just a piece of paper.
Bitcoin doesn't come under any centralized authority and that's why it is paired often with fiat to determine it's worth in fiat currency.

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* You need to buy bitcoin with fiat currency without fiat currency you can't have bitcoin
That's not true. You can sell your services and get bitcoin without actually buying it.
Again it's the same with fiat. You sell your services or do a job to earn fiat. Many people in the forum are doing the same thing and earning bitcoin without actually buying it.

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* when you buy bitcoin you have to pay services like in those banks and when you like to convert bitcoin to fiat and withdraw it to a banks then you will then again to pay the service of the bank. You need also to pay the bitcoin transaction fee. So fees are everywhere from those banks to bitcoin network deducted by the miners.
You just have to a pay a transaction fees if you are sending bitcoin to anybody.
When you buy some product with fiat you still have to pay the tax for the product.
When you do an exchange of currency (Eg: USD to EUR) you still have to pay the exchange fees.
When you buy gold you still have to pay the maker fees.
Yes fees are everywhere and there's no debate on that.

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* bitcoin could stand alone without being paired by fiat currency but we should make it paired with fiat to get the bitcoin with value depending on the demand of the community.
Gold can stand alone as well but we still pair it with fiat to determine it's value depending on the demand of the community.

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* You can earn bitcoin investing in it but can take losses too depending on you. And this is why i think that many had said that they like bitcoin because they are earning but some that aren't. I feel sometimes bad about it you had your earnings coming from other people knowing that you had bought bitcoin cheaper price compared to the new comers with higher price of bitcoin
Any investment that you make has a probability of winning and losing. Why do you think only bitcoin has a chance of dropping in price ?
There are millions of people who invest in many things and be happy/sad on baring profits/losses out of it.


P.S : Just realized that you copied this post from a thread you created earlier
https://bitcointalk.org/index.php?topic=5284280.0
You should avoid doing this as multiposting is discouraged on this forum.

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October 25, 2020, 03:31:51 PM
 #9

Bitcoin, being the first and the most successful cryptocurrency, has being well adopted in many countries of the world which has reflected through its increasing marketcap and price that also proved it to be a well known deflationary currency.

Saying that Bitcoin is well adopted is a bit too generous, considering that you can't just go outside and spend it, and you have to specifically look online for the closest places that accept Bitcoin, and then spend potentially a lot of time getting there. And even online it's hard to spend it, because big platforms like ebay or Steam don't accept it.

Now, people can hold bitcoin in a way to do away with theft and central (governmental) manipulations.

In no way does Bitcoin solve the problem of theft. Not only it can be stolen physically, if you have a paper wallet, a seed phrase, a digital medium with an unencrypted  wallet file, it can also be stolen digitally via hacks, phishing, malware, etc. For people with poor security practices, which is the majority of the population, Bitcoin theft is a far bigger threat than some bank theft.





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xZork
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October 25, 2020, 03:39:08 PM
 #10

Although bitcoin is very difficult to physically steal (in fact there are many cases of losing computers or bitcoin wallets), it is the victim of hackers. Besides bitcoin is quite slow and transaction fees are high, so saying bitcoin is the complete version of money is inaccurate.
At the moment bitcoin is a market where people invest and make a profit, it would be more correct to compare bitcoin to gold.


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October 25, 2020, 04:09:49 PM
 #11



* You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all.

* You need to buy bitcoin with fiat currency without fiat currency you can't have bitcoin

Just want to point out things. Ofcourse Bitcoin can be traded to fiat currency through exchanges. But in contrast, even if something do not have an equivalent value to fiat, it still has a value. One example is trading in the early years of the economies. They are trading goods to Gold, since there's no "definite" currency system before. And since there is already, fiat will always be the basis of something if it is about its value. Actually there's another way, which is through mining, bounty campaigns, and the likes in order to earn Bitcoin and other cryptos.
Bitcoin is a version of fiat currency based on its usefulness, function and value which are being done through fiat currency. But I doubt it is the complete version of fiat. Decentralized, volatile market value, scope of area wherein it is widely being used and likes.


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October 25, 2020, 04:14:47 PM
 #12

Bitcoin is highly volatile and manipulated in the hands of sharks, so the value of bitcoin changes very quickly in a short period of time. This makes it difficult for bitcoin to be a currency, bitcoin is suitable for transferring large sums of money at a long distance, but it is not suitable for paying small and short transactions.
Before bitcoin can deal with blemishes like transaction times and transaction fees, it's very unlikely to be a good currency.


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October 25, 2020, 05:35:53 PM
Last edit: October 26, 2020, 01:19:22 PM by (o)(o)ilikeboobs(o)(o)
 #13

The development of world currency has a history of many changes, we started by using objects in nature to gradually convert we have coins and paper money. We have virtual currencies of banks and they move across the internet, in our opinion valuable and the numbers displayed on the account are virtual. On a higher level, we have Bitcoin and cryptocurrencies. They are fraud-resistant thanks to blockchain technology and are limited in number to combat inflation.
Notice how money is built based on human achievements such as finding the iron, silver, gold, inventing paper, inventing the internet, inventing blockchain ... Bitcoin has blockchain technology and has a mining mechanism. and released to fight inflation. Bitcoin has value globally and everyone can safely own and trade Bitcoin.
Bitcoin lies between two areas: economics and technology.
They represent the progress of humanity up to this point. So they are a complete high-level currency for what people are aiming for.

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October 25, 2020, 07:54:11 PM
 #14

Although bitcoin is very difficult to physically steal (in fact there are many cases of losing computers or bitcoin wallets), it is the victim of hackers. Besides bitcoin is quite slow and transaction fees are high, so saying bitcoin is the complete version of money is inaccurate.
At the moment bitcoin is a market where people invest and make a profit, it would be more correct to compare bitcoin to gold.

I think I can say to your point here.
One important characteristics of money is that it is generally accepted by every one in the community or society but bitcoin is not yet known by all the people. Bitcoin is still struggling to go to people's accepting it, it is still very volatile and money isn't. I think that we can look bitcoin from area that it is digital currency purpose.

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October 26, 2020, 04:36:52 AM
 #15

Saying that Bitcoin is well adopted is a bit too generous, considering that you can't just go outside and spend it, and you have to specifically look online for the closest places that accept Bitcoin, and then spend potentially a lot of time getting there. And even online it's hard to spend it, because big platforms like ebay or Steam don't accept it.
With a marketcap of over $200 billion, why the reason PayPal want to included bitcoin as ones of the money they are accepting for payment why using their platform? I think that answer the question.

In no way does Bitcoin solve the problem of theft. Not only it can be stolen physically, if you have a paper wallet, a seed phrase, a digital medium with an unencrypted  wallet file, it can also be stolen digitally via hacks, phishing, malware, etc. For people with poor security practices, which is the majority of the population, Bitcoin theft is a far bigger threat than some bank theft.
That is why people should be security concerned, if someone is security concerned, it will be difficult or impossible for hackers to penetrate, there are many ways to avoid these, like generating your private key offline and also having strong security against hackers, and also learning how to avoid malware especially while using hot walletd, and well other wallets. Practically, you are right, that is why people need to be conscious digitally, most people are only conscious physically.

One important characteristics of money is that it is generally accepted by every one in the community or society but bitcoin is not yet known by all the people. Bitcoin is still struggling to go to people's accepting it, it is still very volatile and money isn't. I think that we can look bitcoin from area that it is digital currency purpose.
You are wrong, bitcoin is accpeted by people, that is why its realized cap is increasing, which society does not accept bitcoin when it is even used in countries that ban it, while most countries legalized it. Is it volatility that also matters or depression? Fiats are just depreciative assets while bitcoin is appreciative in nature. Bitcoin is a successful currency already.





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Josefjix
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October 26, 2020, 05:41:33 AM
 #16

Bitcoin is a good tool for making large transfer, the developers and miners need to decrease the transaction fee to a minimal level for everyone to be able afford the fees that comes with so as the adoption we all seek can be able to spread to everyone regardless of what your income is, your social status is and how conversant you are with the technology. Safety is a top priority in dealing with bitcoin, keeping your bitcoin safe should be one of the things you need to do when dealing bitcoin and hardware wallets are the safest.

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October 26, 2020, 06:26:54 AM
 #17

Safety is a top priority in dealing with bitcoin, keeping your bitcoin safe should be one of the things you need to do when dealing bitcoin and hardware wallets are the safest.
That is the issue people are facing while dealing with bitcoin, normally bitcoin is safe but people are ignorant and makes it not safe for themsleves because they ignorantly giving ways to hackers. But, if security are put in place and people avoiding hack, it will be difficult for hackers to get through. Also, some people are making use of services that are not suitable for protection, like using exchanges and custodial means, some people will give KYC to these services which can also lead to data breaches aside stealing of cryptocurrencies from such platforms. If people can use bitcoin ideally, by havimg their private key and also securimg their bitcoin, and bitcoin wallet will be good.

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October 26, 2020, 07:23:41 AM
 #18

I've never heard about this "Shamir's secret" and I think that all the division and conversion of the seed phrase into different parts sounds a little bit paranoid.
Then, better do not use it, if you use what can get your seed phrase or priivaye key not to be remembered will not be good at all, using the type of security that will be effective enough to make your seed phrase accessible to you is better. Sharmir's secret sharing make use of shares and secrets, the secrets are what will be held by you, it can be n secrets, while the number of secrets required to reconstruct the secrets are the shares, it has its own application. For example, you have 4 children, you generate a bitcoin seedphrase offline, and store high amount of bitcoin on the wallet, you may not want to give the seed phrase to your children until certain time, then you can use shamir's secret sharing to create 5 secrets, having 3 shares, giving 4 secrets to your 4 children, and each of them will only have 1 secret given. If the father wants the seed phrase to be revealed, any of the 3 children can reconstruct the seed phrase, or the father having the fifth secret and any of the two children can reconstruct the seed phrase. Only 3 secret which are the shares are able to reconstruct the whole seed phrase.

Shamir’s secret sharing for bitcoin is just multisig wallets. I had assumed you meant splitting the private key into N pieces, the following was intended as a response to that:



Splitting the private key is only effective if the N parts are split among N people. There is no point in keeping all of the parts yourself.

A private key split into N parts among M ( <N ) people is equivalent to splitting to M parts of a private key. If someone gets compromised, all of their parts are also compromised. It would be better to split the seed phrase words instead.

There is a whitepaper on the technical board that describes a way to split private keys like this, you should check it out: Resilient Custody of Crypto-Assets, and Threshold Multisignatures



For managing personal finances I would not make a multisig wallet with different people because then they will have some idea of how much money you have. It is better to store it by yourself.

And congratulations on achieving 500 merit, by the way.

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October 26, 2020, 08:38:45 AM
 #19

Safety is a top priority in dealing with bitcoin, keeping your bitcoin safe should be one of the things you need to do when dealing bitcoin and hardware wallets are the safest.
That is the issue people are facing while dealing with bitcoin, normally bitcoin is safe but people are ignorant and makes it not safe for themsleves because they ignorantly giving ways to hackers. But, if security are put in place and people avoiding hack, it will be difficult for hackers to get through. Also, some people are making use of services that are not suitable for protection, like using exchanges and custodial means, some people will give KYC to these services which can also lead to data breaches aside stealing of cryptocurrencies from such platforms. If people can use bitcoin ideally, by havimg their private key and also securimg their bitcoin, and bitcoin wallet will be good.

That's also the reason why bitcoin is not that achieving a fast mass adoption due to some rumors that bitcoin is a scam. They should know that bitcoin is safe once used and managed properly, and its safety depends on the holder. Keeping or storing your bitcoin in the right place and proper wallet will make you comfortable in handling it so it is your own decision if you will not help hackers to steal your coin. Always secure your bitcoin so that you will not regret anything from losing it. Bitcoin is not yet fully develop as a currency to replace fiat and become a complete version of money, but it has a lot of potential to become the best digital currency.

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October 26, 2020, 09:02:46 AM
 #20

Bitcoin is money, the first successful decentralized currency, which was created as an alternative to centralized fiats and also altenative to money that are vulnerable to physical thefts like thereby fulfilling what early days money can not fulfill.
Bitcoin is a form of 'money' that's not vulnerable to physical thefts as we all know, it can't be of course, cause it's in a digital form, but it's pretty vulnerable to quite a lot of scams which results in theft/loss of Bitcoin, and many individuals wrongly believe that their funds are much better being vulnerable to govt manipulation and fiat inflation/depreciation, than taking up the responsibility of handling and controlling their funds that Bitcoin gives to them, and this misconception imo stems from the wrong presentation of Bitcoin in the news as an asset that can easily be stolen and lost to scammers.

I appreciate more topics such as this, that doesn't have as it's content a Bitcoin scam, a hardware wallet compromised, exchange hacked etc, let more users and newbies be aware of the fact that with just a little effort and responsibility to their privacy and protection, they can keep their btc without losing it, and avoid fiat Inflation and devaluation via that process.
I totally agree with you on the vulnerability of bitcoin in the hands of scammers which have made so many users believed it better for they money to be manipulated by the government then in an anonymous blockchain because in the time of theft resulting from scam and hack no one to point to or trace your stolen found to.
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