The Failure of Exchnages can never be that of Bitcoin.

[Plaguedeath]

It is hard to imagine if the exchange does not exist. Perhaps Bitcoin will simply become a transaction tool. Perhaps Bitcoin will not have the value it is today and they will not develop into a commodity.

If you say like that, then Satoshi vision is already achieved since he's think Bitcoin is used as a transaction tool or currency rather than a commodity. Most people prefer to use Bitcoin as a commodity since Bitcoin has high volatility and the price is constantly increase during the 4 year cycle.

I would say Bitcoin wouldn't become a currency if there's no exchange accept Bitcoin, because Bitcoin is still not get controlled by one party and due to low adoption, I don't think people will want to use it as a currency since they worried if Bitcoin has no value.

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[BALIK]

It is hard to imagine if the exchange does not exist. Perhaps Bitcoin will simply become a transaction tool. Perhaps Bitcoin will not have the value it is today and they will not develop into a commodity.

If you say like that, then Satoshi vision is already achieved since he's think Bitcoin is used as a transaction tool or currency rather than a commodity. Most people prefer to use Bitcoin as a commodity since Bitcoin has high volatility and the price is constantly increase during the 4 year cycle.

I would say Bitcoin wouldn't become a currency if there's no exchange accept Bitcoin, because Bitcoin is still not get controlled by one party and due to low adoption, I don't think people will want to use it as a currency since they worried if Bitcoin has no value.

Expecting bitcoin to become a currency can be said to be increasingly remote because most of us are looking at it as a commodity, an investment to make a profit. I'm pretty sure people will be disappointed and lose interest in it if it stops being volatile. What we want is not a decentralized, anonymous currency, what we want is bitcoin profits.

What the OP said is not wrong, the failure of the exchanges would never have caused bitcoin to failure, but Luzin is not wrong, bitcoin would not have reached the high value it is today without exchanges. Like it or not, exchange is essential for the market.

[so98nn]

Ahh, we don’t combine these two and should not even care about it. Considering the fact that we lost billions of dollars from the exchangers, we should keep that matter as it is and to the door steps of exchangers. It’s just making the bitcoin look worse because whenever some Hack happens, they will say bitcoin were stolen, this much worth bitcoin lost, this much worth bitcoins are in the possession etc etc. These are the statements we would hear in the negative way and make it go down. Hope so we don’t make it obvious to connect the two all the time.

[harapan]

Re: The Failure of Exchanges can never be that of Bitcoin.

This statement is valid and has been repeated multiple times on the forum. Repeating it one more time doesn't make it more valid.
It's true that the crypto exchanges exist mostly because of the altcoins, not because of Bitcoin. The original purpose of the crypto exchanges was to be some sort of "financial casinos", where the traders by and sell various "shiny objects", like altcoins, shitcoins, tokens, etc.
The crypto market was crazy speculative and the traders were expecting insane profits out of pump&dump schemes or they were waiting for some altcoin to become "the new Bitcoin".
I'm still a Bitcoin maximalist and I still think that the crypto world doesn't need altcoins and crypto exchanges.
 

It's good to get you all corrections, the learning continues it's just that people are a bit stubborn and most of this needs to be raised once in a while. For longer visions and for long term holding of Bitcoin, using exchanges will be the biggest mistake one should take.

Your correct, bitcoin main aim is all for self custody and not to be runned by exchanges especially when they are big amount of bitcoins.

Wonderful to see that your bullish on bitcoin, it's all little while we stay discipline and expect the next bull

[Wiwo]

Re: The Failure of Exchanges can never be that of Bitcoin.

This statement is valid and has been repeated multiple times on the forum. Repeating it one more time doesn't make it more valid.
It's true that the crypto exchanges exist mostly because of the altcoins, not because of Bitcoin. The original purpose of the crypto exchanges was to be some sort of "financial casinos", where the traders by and sell various "shiny objects", like altcoins, shitcoins, tokens, etc.
The crypto market was crazy speculative and the traders were expecting insane profits out of pump&dump schemes or they were waiting for some altcoin to become "the new Bitcoin".
I'm still a Bitcoin maximalist and I still think that the crypto world doesn't need altcoins and crypto exchanges.
 

It's good to get you all corrections, the learning continues it's just that people are a bit stubborn and most of this needs to be raised once in a while. For longer visions and for long term holding of Bitcoin, using exchanges will be the biggest mistake one should take.

Your correct, bitcoin main aim is all for self custody and not to be runned by exchanges especially when they are big amount of bitcoins.

Wonderful to see that your bullish on bitcoin, it's all little while we stay discipline and expect the next bull

Exchange to a certain extent provides a very essential service as it relate to the exchange of coins, and a marketplace for cryptocurrencies to be exchanged from one to the other and also a linkage between buyer and seller so the exchange is not only important for altcoin but also important for bitcoin also. Bitcoin could not have gotten the level of exposure and easy access if exchanges are not in operation and at least exchanges make purchases of bitcoin and other altcoins very simple and easy for newbies.  But the bad aspect will be when the exchange is used as storage for your funds because you can lose everything since you don't have control over the assets.

[Falconer]

It's good to get you all corrections, the learning continues it's just that people are a bit stubborn and most of this needs to be raised once in a while. For longer visions and for long term holding of Bitcoin, using exchanges will be the biggest mistake one should take.

Your correct, bitcoin main aim is all for self custody and not to be runned by exchanges especially when they are big amount of bitcoins.

Exchanges are just intermediary who are actually backing bitcoin to get high buying interest so far. Without a highly reputable exchange, one would not easily spend $1 million buying bitcoin without any escorts or anything to make transactions secure. Then the exchange acts as a bridge between the buyer and the seller, used only as necessary if it is not allowed to be used as a storage.

Fund security in the long term is the responsibility of each fund owner, even though we exclaim here about how the best security solution is, we are always defeated by their inability to realize and understand the risks.

[Fivestar4everMVP]

The bottom line of this all is that the failure of Centralized Exchnages can never be that of Bitcoin which after every bear market has been tested, the cycle continues, gather sats around and be patient for the bull.

You are absolutely correct mate, the failure of exchanges is not the failure of bitcoin, unfortunately, not many people know this, most especially the newbies, we have so many of them in the space currently, who are naïve, ready to believe any negative things told them about bitcoin relating to failed exchanges, i its misconception we all must fight where ever we see it.

Before this exchanges emerged, Bitcoin has been standing and was doing well in its growth and adoption, and even when all the centralized exchanged are no more, Bitcoin will still be standing, I really wonder when I see or hear people call Bitcoin scam because an exchange collapsed and they lost their money,  really naïve way of thinking.

[Luzin]

If you say like that, then Satoshi vision is already achieved since he's think Bitcoin is used as a transaction tool or currency rather than a commodity. Most people prefer to use Bitcoin as a commodity since Bitcoin has high volatility and the price is constantly increase during the 4 year cycle.

If it is only used as a transaction tool? What about the value, the determination of the value will not work if there is no exchange. Where does bitcoin have value from? Imagine if at the moment 10,000 bitcoins are just the same as the price of 1 pizza.

Perhaps its adoption as a currency will also be increasingly difficult because there is no trust. So far, I as a crypto supporter have certainly been happy. It is not banned and recognized as an asset it is already remarkable. If it becomes a currency and its value is stable, perhaps it will also reduce interest in Bitcoin. So I think that during this time Bitcoin can develop is the existence of an exchange market, a rise in confidence.

[wxa7115]

It's good to get you all corrections, the learning continues it's just that people are a bit stubborn and most of this needs to be raised once in a while. For longer visions and for long term holding of Bitcoin, using exchanges will be the biggest mistake one should take.

Your correct, bitcoin main aim is all for self custody and not to be runned by exchanges especially when they are big amount of bitcoins.

Exchanges are just intermediary who are actually backing bitcoin to get high buying interest so far. Without a highly reputable exchange, one would not easily spend $1 million buying bitcoin without any escorts or anything to make transactions secure. Then the exchange acts as a bridge between the buyer and the seller, used only as necessary if it is not allowed to be used as a storage.

Fund security in the long term is the responsibility of each fund owner, even though we exclaim here about how the best security solution is, we are always defeated by their inability to realize and understand the risks.

That is the main problem we have with the people making use of exchanges, while exchanging bitcoin directly for products and services requires no middleman, exchanging bitcoin for fiat will without a doubt require one.

However instead of just using exchanges as the middleman necessary to perform the conversion of our coins or our fiat, people are using exchanges as wallets, making them no different than banks, and we have seen many examples through history of banks collapsing and taking their customers with them, so it is not surprising the same is happening here.

[CryptoBuds]

Re: The Failure of Exchanges can never be that of Bitcoin.

This statement is valid and has been repeated multiple times on the forum. Repeating it one more time doesn't make it more valid.
It's true that the crypto exchanges exist mostly because of the altcoins, not because of Bitcoin. The original purpose of the crypto exchanges was to be some sort of "financial casinos", where the traders by and sell various "shiny objects", like altcoins, shitcoins, tokens, etc.
The crypto market was crazy speculative and the traders were expecting insane profits out of pump&dump schemes or they were waiting for some altcoin to become "the new Bitcoin".
I'm still a Bitcoin maximalist and I still think that the crypto world doesn't need altcoins and crypto exchanges.
 

It's good to get you all corrections, the learning continues it's just that people are a bit stubborn and most of this needs to be raised once in a while. For longer visions and for long term holding of Bitcoin, using exchanges will be the biggest mistake one should take.

Your correct, bitcoin main aim is all for self custody and not to be runned by exchanges especially when they are big amount of bitcoins.

Wonderful to see that your bullish on bitcoin, it's all little while we stay discipline and expect the next bull

Exchange to a certain extent provides a very essential service as it relate to the exchange of coins, and a marketplace for cryptocurrencies to be exchanged from one to the other and also a linkage between buyer and seller so the exchange is not only important for altcoin but also important for bitcoin also. Bitcoin could not have gotten the level of exposure and easy access if exchanges are not in operation and at least exchanges make purchases of bitcoin and other altcoins very simple and easy for newbies.  But the bad aspect will be when the exchange is used as storage for your funds because you can lose everything since you don't have control over the assets.

As long as bitcoin is not the world currency, then exchange will always be necessary for us, exchange plays an important role in the development of bitcoin. We should not deny the benefits of exchanges just because some are misbehaving.
We will not have any problems as long as we use exchanges wisely and don't abuse them. If we only use them to exchange between bitcoin and altcoin, bitcoin and fiat, and absolutely do not use the exchange to store assets. I believe everything will be fine.