Bitcoin creates bond and trust among its users

[Ebede]

Bitcoin is a digital currency that is not tangible, but people transact on it on daily bases,how is it possible ???it is only possible because bitcoin build trust among saler and buyer of the currency.it takes trust to send money to someone's wallet and wait to receive the bitcoin in exchange ...what do you think

[fiulpro]

Bitcoin is a digital currency that is not tangible, but people transact on it on daily bases,how is it possible ???it is only possible because bitcoin build trust among saler and buyer of the currency.it takes trust to send money to someone's wallet and wait to receive the bitcoin in exchange ...what do you think

Hi

I do think that you are talking about how the process of buying and selling works in the business of bitcoins. People have to wait and how does it go by ? Well if you are asking this then I do believe that you have heard about the lightning network. It takes on the buying and selling transactions from shops , etc  even some grocery stores have it now. But this network is not entirely safe thus is rather in a scope of an improvement.

Other than that there are things like : transactions getting confirmed after just one confirmations which is exceptionally very helpful in gambling. But then again people did create something to track back the transaction but that will only work if you would have the password.

Then again you can use segwit and set the transaction to be urgent you will pay more but it will take less time and both parties can decide to pay half.

People even use escrow sometimes or some good services.

[BlackHatCoiner]

Bitcoin is a digital currency that is not tangible, but people transact on it on daily bases,how is it possible ?

What does it have to do with being tangible? The balance shown on your Paypal account is also intangible, but people transact with it daily. After the invention of internet, lots of things are valuable and intangible at the same time. Bitcoin is, by design, created for this purpose.

it takes trust to send money to someone's wallet and wait to receive the bitcoin in exchange ...what do you think

And it doesn't with fiat? If you ever deal with someone hand-to-hand, there's no guarantee. This is why people use online escrow services.

You shouldn't be confusing humans' trust with Bitcoin's technology.

[YOSHIE]

blockchain technology is the basic foundation for users to make transactions / transfer Bitcoin directly by users online, which is called peer-to-peer doing individually.

What this means: It's not Bitcoin that creates trust, it's the people who trade crypto that create trust in Bitcoin.
Many people here make transactions with Bitcoin, without having to know each other, Bitcoin never creates trust, people who created all of that, so we dare and believe in making transactions with other users.

[Iranus]

Bitcoin is a digital currency that is not tangible, but people transact on it on daily bases,how is it possible ???it is only possible because bitcoin build trust among saler and buyer of the currency.it takes trust to send money to someone's wallet and wait to receive the bitcoin in exchange ...what do you think

I totally agree with you, a lot of people lost faith when Bitcoin was dumped in 2017, then when Bitcoin crossed the previous ATH with huge market capitalization in just next three years, it got a huge response in the corporation sector, resulting in world class Companies like Grayscale, TESLA have been forced to think about investing in Bitcoin. Bitcoin is now able to gain the trust of people from all walks of life and revolutionize digital transactions.

[hatshepsut93]

The "non-tangible" part isn't that important, after all we've had digital money for many years, and people had no trouble with money existing purely as a number on the Internet. Bitcoin is different because there's no intermediaries and confirmed transactions are final, but with banks it's also not always possible to reverse a transaction, and there's a lot of scammers who use bank cards to receive money from their victims, so when it comes to p2p trading, Bitcoin and fiat payment methods aren't that different. Reputation has always been the most important part of p2p trade.

[DarkDays]

What this means: It's not Bitcoin that creates trust, it's the people who trade crypto that create trust in Bitcoin.
Many people here make transactions with Bitcoin, without having to know each other, Bitcoin never creates trust, people who created all of that, so we dare and believe in making transactions with other users.

I agree. With crypto, it is not in the coin that cause trust to built between people but the technology itself which makes every transaction signed to the blockchain trustless.

Having a trustless system is one of the major advantages provided by the blockchain technology (i.e. smart contracts) that powers the crypto industry. This is why this monetary system (which is growing rapidly) is preferred over the current method.

[TribalBob]

Bitcoin is a digital currency that is not tangible, but people transact on it on daily bases,how is it possible ???it is only possible because bitcoin build trust among saler and buyer of the currency.it takes trust to send money to someone's wallet and wait to receive the bitcoin in exchange ...what do you think

trust between users is usually done in p2p trading, not for exchange trading, because blockchain technology is the basic foundation for users to make transactions online

that's just my opinion

[Swopon]

It can be considered as the most used digital currency which is easily transferrable to others via peer to peer transaction through using blockchain technology. People are continuously supporting and using it to get faster service and getting other facilities too. That makes trust to its user. It doesn't make trust by itself.

[Blitzboy]

I somehow agree with your point. However, in my country, people always try to steal others money on the internet. The percentage is about 20%. It is extremely big. Thus, I hardly believe anyone unless they have a long transaction history proving that they are clean

Third party app for escrow is considerable. If there is a blockchain creating its own escrow, it will definitely be used by many people

[iTradeChips]

Come imagine that a lot of people got affected in 2017 when Bitcoin experienced an all-time high and the crashed after a month or two. This made people lost any trust with Bitcoin at that time and some never went back to invest in cryptocurrency. But during the last year, when Bitcoin crossed the previous all-time high and then went way more up, people started to get their curiosities back and now wants to get back to the action, but this time they purchased other alts since it was cheaper. But the rush propels Bitcoin to move up further, especially when billionaires and corporate celebrities went to endorse.

[so98nn]

Bitcoin is actually ocean of profits if you play it well. It is driving everyone crazy with the cost you need to pay for buying single bitcoin. All that energetic surge of the bitcoin since few years has driven people around the world around it and made the investors of same. Bitcoin slowly tells the investors how they can earn big if they play with it responsibly. No body ever knew we will see tech like blockchain in our lifetime and also earn from the same over public ledger. These are unimaginable things which has driven people to create non ending bonds with the bitcoin.

The quest continues and it won't stop yet. Who knows different developments might just put everyone more startled in the future and we could see bitcoin as the primary asset in the future (even over fiat). 

[sheenshane]

I think I got your point and if I really got it correctly, you mean that users have trust in their co-users which most of the time they would simply send their Bitcoins to the other user’s wallet without any hesitation.

We actually have the same experience but we have to take note that there are still possibilities that you might get scammed or something will go wrong with the transaction if you’re only gonna base it on trust.  If you want to transact at a higher cost, I would suggest for you to seek assistance with an escrow service provider so you can still secure the deal.  Trust isn’t enough especially nowadays, you still have to at least put one layer of security after assessment.

Remember, Bitcoin transaction is irreversible, you should wait for at least 3 confirmations from the network or much better use escrow service as I mentioned above for the smooth deal to others.

[pinggoki]

I feel that when I start on bitcoin I gain also some trusts from my buyer whenever I am selling some cryptocurrency and the trust of them that I am gaining but also take not and always remember that there are also people who will be able to get use of your being trustworthy in order to scam so always take note to be more careful also whenever you are making such transactions however, I am pretty sure that there are also users who are worth of our trust on making those transactions.

[tranthidung]

Bitcoin is a digital currency that is not tangible, but people transact on it on daily bases,how is it possible ???it is only possible because bitcoin build trust among saler and buyer of the currency.it takes trust to send money to someone's wallet and wait to receive the bitcoin in exchange ...what do you think

Trust and go first for trades, without Escrow is very vulnerable to scam.

• You can trust anyone but if you trust a wrong trade partner, you will lose your money.
• On the online space, the one is talking and making trade with you can be a hacker, not a real person you trust.
• Make sure to verify the person you are trading with is the real person you trust. You can require a signed message.
• The safest method is Escrow service from trusted Escrow provider

Bitcoin transactions are irreversible, please always remember it when you are on trades.

[(o)(o)ilikeboobs(o)(o)]

Bitcoin creates the habit of P2P transactions for us, but there must be an intermediary to ensure. The relationships between depositors and receivers strengthen over time that create a trust that can bypass the middleman.
Scams in the crypto space are happening more often since Bitcoin increases in value and other projects develop. I have found that human nature is always the same in all markets. We are trusting the system in technology rather than trusting each other.

[GeorgeJohn]

Bitcoin is a digital currency that is not tangible, but people transact on it on daily bases,how is it possible ???it is only possible because bitcoin build trust among saler and buyer of the currency.it takes trust to send money to someone's wallet and wait to receive the bitcoin in exchange ...what do you think

I Stand to correct the error of tangible, because tangible is specifically meant something that is good or something that yield positively, automatically saying that bitcoin is a digital currency that is not tangible that Means from my understanding bitcoin is not useful for you and is not worthy to be emulate following your concept.

[Kayum10029]

Bitcoin has brought a big change in the current world.  Many rich Raghob bowlers are currently investing in Bitcoin.  Bitcoin has spread among people in such a way that no one can cross this boundary if they want to.  Bitcoin has spread with fidelity among the people.

[Darker45]

Being "a digital currency that is not tangible" is not a reason why people won't trust it. As a matter of fact, it is worth more trusting than a piece of paper you are not certain to be genuine and which supposed to hold a certain value. People all over the world have been making transactions with centralized digital systems built on fiat systems, both of which could be manipulated and tampered, something which you cannot do to an immutable system which is Bitcoin.

[cryptomaniac_xxx]

Bitcoin is a digital currency that is not tangible, but people transact on it on daily bases,how is it possible

It's possible because we have exchanges that are open 24x7. So I don't know why you ask this simply question.

it is only possible because bitcoin build trust among saler and buyer of the currency.it takes trust to send money to someone's wallet and wait to receive the bitcoin in exchange ...what do you think

It has nothing to do with trust, for every seller there is a buyer. And that buyer doesn't recognize who the seller is, so there is no trust in there. It just so happen that when you trade, there's always someone on the opposite side willing to deal with you.