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Author Topic: Bitcoin, the complete version of money  (Read 360 times)
20kevin20
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October 26, 2020, 12:37:13 PM
 #21

Only one thing I'd like to mention: although Bitcoin cannot be manipulated in the same way fiat can, a time will come when you'll see Bitcoin heavily manipulated by them as well. Even today, if you take a quick look over the graphs, you'd see that institutional investments turned BTC into a pattern more similar to stocks than commodities.

With big investors pumping hundreds of millions into BTC investments, there'll be a time when corporations such as Google will own the majority of coins. Unfortunately, while Bitcoin solves the trust issues, it cannot solve the wealth inequality - at least not yet.

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October 26, 2020, 02:10:31 PM
 #22

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.
It is legal to more countries than in countries wherein it is not. But the fact that majority of the countries are "neutral" into it, meaning, are not in full support, he has quite a point. Comparing fiat and cryptocurrency, ofcourse fiat is more widely used because it is generated by each government to serve as a mode of payment. Bitcoin is appreciative in nature, indeed, but is not having consistencies regarding its market price due to its volatile market value. I do agree with Bitcoin's success as a currency among its competitors in this industry but it still needs further development. Coexistence is more likely to happen than Bitcoin alone in the future, IMO.
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October 26, 2020, 04:27:09 PM
 #23

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.

It's been the case so far. We also know that the whale is playing with the bitcoin price, we can only see it. For long distance transactions, it really helps me because I often do this with different countries. But I hope that later bitcoin can become a legitimate currency, even though it sounds difficult, but we must be optimistic.
Everyone is hoping that when bitcoin becomes a legal currency, the price of bitcoin will inevitably go up very high.
Yes, bitcoin is susceptible to price manipulation by whales and news, bitcoin lacks the stability to become a currency. People often use bitcoin to send money to different countries but it is rarely used to pay retail bills.


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J1mb0
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October 26, 2020, 04:32:37 PM
 #24

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.
I think the people who know bitcoin are quite popular and during the pandemic when people were at home and exposed to the internet more and more, bitcoin became more popular.
The main reason to keep people from turning to bitcoin is that governments don't like bitcoin and they often defame it. Besides, some of bitcoin's shortcomings also make it difficult to become a currency (a lot of people say that bitcoin is slow and transaction fees are high).


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MCDev
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October 26, 2020, 04:40:16 PM
 #25

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.
I think it's not correct to say that bitcoin is not well known, even bitcoin is a pretty famous currency. However, people often know bitcoin as an investment method rather than a currency, and it is very difficult to change people's perception.
The crypto market has only been around for the past few years, it will take a very long time before we can convince people to accept bitcoin.


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Charles-Tim
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October 26, 2020, 06:42:59 PM
 #26

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:
I did not mean multisig, I later also included multisig also. Shamir's secret sharing can even be used to create secrets of any words, numbers or characters. So, its cryptographic algorithm has an advantage beyond only private keys or seed phrase. It is completely different from multisig. And only one private key or see phrase will be used in this case in a way that will generate the secrets user wants.

About your link above, I think it is an introduction to (2,3)-threshold multisignature, not yet implemented, but will also run off the blockchain, there were people reacting to it that the purpose of the protocol could be useless if BIP340-BIP342 are implemented when multisig transaction will be indistinguishable from normal single wallet payment in which multisig  transaction fees will be low as well like single payment wallets.

And congratulations on achieving 500 merit, by the way.
I sincerely appreciate, I see you really posting quality posts on this forum, you are good and I respect you, especially when you do give answers to technical questions I do not even have any idea about. You may no know, you have been one of my encouragement and following your unique ways of posting.





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October 26, 2020, 06:46:08 PM
 #27

Not convincing in my own perspective.

Bitcoin isn't yet a complete version of money because there isn't a worldwide acceptance. But if you will tell me that bitcoin is a global valuable asset that most likely crypto enthusiasts hold bitcoin for a good value someday. As I see now, bitcoin is just like digital gold, they accumulate and store in a safe place.

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Shasha80
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October 26, 2020, 08:21:56 PM
 #28

It is true that Bitcoin is a currency but in digital form, and Bitcoin can be used as payment just like money. And since the beginning,
it was created by Satoshi Nakamoto Bitcoin was planned to replace fiat. But the reality is different, Bitcoin prices are volatile and it
makes it difficult to make Bitcoin a payment. After all, not all countries accept Bitcoin as payment, so until now Bitcoin is still not fully
a currency. Bitcoin is currently only used as a digital asset by a large number of people.

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October 26, 2020, 09:02:05 PM
 #29

The price of Bitcoin was able to decrease as it happened recently when the pandemic started. In all parts of the world uncertainty began to be felt but as time passed and humanity realized that it could survive with the virus. Bitcoin began to recover its price because more people have been interested in investing in Bitcoin to protect their capital from the smallest investor to the most reputable.

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October 26, 2020, 09:02:50 PM
 #30


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.

First, we defined money as anything generally accepted as a means of exchanges of goods and service, so it's obvious that their is know differentiation or difference between money and bitcoin, because cryptocurrencies especially popularly known as bitcoin is example of money and money is an examples of bitcoin because as money been circulated across the world bitcoin has dominates the world, so therefore both of them are in statistic equilibrium due what ever money purchased bitcoin can equally purchase it more better from my perspective.

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October 27, 2020, 12:10:50 AM
 #31

And since the beginning, it was created by Satoshi Nakamoto Bitcoin was planned to replace fiat. But the reality is different, Bitcoin prices are volatile and it
makes it difficult to make Bitcoin a payment. After all, not all countries accept Bitcoin as payment, so until now Bitcoin is still not fully
a currency. Bitcoin is currently only used as a digital asset by a large number of people.
I do not think bitcoin was planned to replace fiat, bitcoin was only created to be a decentralized currency that was to be an alternative to fiats and other form of money like gold. With what I see now, fiats can not be replaced by cryptocurrencies, but cryptocurrencies can only be an alternative. It will be people that will decide which one to take take, but with what I noticed about bitcoin and fiats, I can not think twice before I will choose bitcoin as a safe haven.
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October 27, 2020, 02:21:51 PM
 #32

I have some hesitation in labeling it the complete version of money. Because Bitcoin is not recognized all over the world still. Nonetheless, it is a popular currency and is marketed. It is a flammable currency and its transaction expenditures are very elevated. And if the transaction is good, there are many dividends. There are many strategies to attain from Bitcoin. A better amount is accessible if those ways can be utilized appropriately. From this point of impression, Bitcoin is the complete version of Money. So there is no one-sided thinking or judgment.

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October 27, 2020, 04:14:51 PM
 #33

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.
That's exactly what I mean. Bitcoin is an intersection of economics and technology. With the strong development of science and technology, especially computer science being successfully applied in the leading economic branches. Let's see how the computer and the internet have changed the face of the world economy since they appeared. The explosion of the Internet has been predicted since 1050 by the CANADA philosopher Marshall McLuhan (https://en.wikipedia.org/wiki/Marshall_McLuhan) with his writings. The content of works refers to the impact of technology on society.

Bitcoin and Cryptocurrencies are products of humans, products of evolution. Currently, financial companies and banks have acknowledged the existence of Bitcoin. We need to accept that this is a trend that will play out in the future.





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October 28, 2020, 09:45:33 AM
 #34

Bitcoin turned 11 years old today depending upon how you count its birth. On January 3rd 2009, a few months after publication of the original whitepaper, the first lines of code were committed to the bitcoin blockchain. the individual or individuals referred to as santoshi nakamoto are credited with these lines of code, known as the "genesis block"

Nakamoto sent 10 bitcoins to hal finney on January 12th, and a new counterculture of finance was born. At this point, the value of bitcoin was insignificant. essentially, users ave each other bitcoins as prizes for positive forum comments. On may 22nd, 2010, the first 'actual' transaction took place. laszlo hanyecz purchased two pizzas for 10,000 bitcoins, or around $30. ( 10,000 bitcoin will be worth $38 Million at current prices. I hope it was Delicious for pizza.)
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