The world and bitcoins: the matter of global acceptance

[Forever101]

Bitcoins has become a global currency and  topic discussed in every corner of the world. There has been many school of taught regarding bitcoins, however, bitcoins remain unique in itself and it’s usecases. With the global awareness on bitcoins via many medium, there is still fear in the heart of many, stopping them from joining the bitcoins space. That Bitcoin is the king of all Cryptocurrency and it is full of transparency is an undoubted truth.

The fear associated with bitcoins is from other Cryptocurrencies. The issue of scam has become a major threat to those who are new to the system. Many curious and profit driven persons have fallen for scammers with the hope to making it big. Due to this occurrence , many person have classified all cryptocurrency as the same.

Scam Cryptocurrency project, fake project promises has slow down the global acceptance of bitcoins.

Since bitcoins is unique with a clean track record, I will suggest that:

•   There should be an institution set up by core Bitcoin Blockchain and other chain Developers that will oversea and audit new Crypto project.

•   After auditing, they will also be responsible for the announcement of the genuineness of the project.

•   They will also help track down project owner if it happens that  there is any form of scam.

•   They will help investors get their funds in the case of scam.

•   This single institutions will have their branches across the world to make it easier for them.

•   They should also work with social media to curb the spread fake project by verifying every crypto project on their social media.

•   They will also be on the lookout to fight and bring down every scam project with immediate effect.

I don’t think the multiple auditing companies we have is helping matters.
This are just my suggestion to fighting for bitcoins reputation before the novice.


what are your thought on this, is this possible or it's already in place

[mendace]

Over the years, many cryptocurrencies have been born (if we want to call them that way) that pretended to be revolutionary that would have changed the technology by improving it and that would have been the only ones, in reality the only thing they did was to enrich their wallet.  No I don't think there is an institution that controls these scammers but I don't think it is necessary to create one, it will always be enough just to believe in Bitcoin.

[Ojima-ojo]

Even though I struggle so hard not to accept the fact that this is not an AI-generated text, the fact that all the outline points are both the limitations and features of cryptocurrencies and Bitcoin is at the centre of that, Bitcoin has suffered a lot of set back due to the many negative factors and characteristics of some the other cryptocurrencies projects that have failed in meeting the expectations of the investors.

But to note one fact and that is, we still have some few news and developments that bring out the true features and potential of Bitcoin and we already have some countries who are making Bitcoin a legal currency in their regions and that goes a long way to prove how the narratives are changing about Bitcoin and blockchain technology incorporating the world economy into digital ledgers system.

[serjent05]

Remember Altcoins is not Bitcoin, although they are both cryptocurrencies.  Why give the responsibility to the Bitcoin developers when they have nothing to do with these new projects called shitcoins.  Bitcoin developer should only be focused on developing Bitcoin to maximize their time in establishing and developing Bitcoin tech and economics.

Censorship and regulation is the responsibility of the Authority.  Even audits of new project should be done by the government institution to ensure that the project has real people behind them and has the budget to run the initial stage of the project.

what are your thought on this, is this possible or it's already in place

I think it won't make any changes.  There is a more effective approach than what you have listed.  Let the government do the audit, regulation, and filtering.  They have the authority to do these kinds of stuff.

[AmoreJaz]

Remember Altcoins is not Bitcoin, although they are both cryptocurrencies.  Why give the responsibility to the Bitcoin developers when they have nothing to do with these new projects called shitcoins.  Bitcoin developer should only be focused on developing Bitcoin to maximize their time in establishing and developing Bitcoin tech and economics.

Censorship and regulation is the responsibility of the Authority.  Even audits of new project should be done by the government institution to ensure that the project has real people behind them and has the budget to run the initial stage of the project.

what are your thought on this, is this possible or it's already in place

I think it won't make any changes.  There is a more effective approach than what you have listed.  Let the government do the audit, regulation, and filtering.  They have the authority to do these kinds of stuff.

that is true. it is not in any way responsibility of btc developers to overlook the alts market. and also it is very hard to have a regulating body for alts itself. at the end of the day, the responsibility of checking each project is on the user himself. you can't stop a scam project to be launched because in this business, it is free for everyone to introduce their platform. the filtering up until now is on the user.

[Dunamisx]

Scam Cryptocurrency project, fake project promises has slow down the global acceptance of bitcoins.

Scam is what has been in existence right before the introduction of bitcoin im cryptocurrency, am mot arguing that other cryptocurrencies does not have scam attempt but bitcoin is not a scam currency, those that will adopt bitcoin will do so with or without scam and majority of what we call scam were as a result of our vulnerability in securing our bitcoin through our own negligence or when we rely on exchanges to have in custody our entire investment with them.

•   There should be an institution set up by core Bitcoin Blockchain and other chain Developers that will oversea and audit new Crypto project.

This may not be possible because we are talking about a decentralized network here and everyone has the right to choose what to invest, invent or where to hold his investment, if you think third party crypto projects aren't good enough, stay away, if you think holding bitcoin on exchanges is risky, then have your cold storage and keep your keys safe or get a hardware wallet, you can also download the bitcoin node software bitcoincore and run a node transaction for maximum security.

•   After auditing, they will also be responsible for the announcement of the genuineness of the project.

This also is not possible as everyone will be responsible for his or her own project, those projects are centralized while bitcoin decentralized.

[darkangel11]

I feel like OP is trying to make bitcoin more centralized. If we start getting institutions to chose what they will allow and what they won't, audit projects, fight scams and FUD, we're basically getting a company to represent us, just like Ripple does for XRP, with the difference that they actually hold a lot of XRP and keep dumping it on the market to make some money out of the project. How is this bitcoin institution going to be financed? You don't expect these people to work pro bono, right?

[decodx]

Bitcoin and many other cryptocurrencies are meant to be decentralized, meaning that no single authority controls them. That's what makes them so unique and trustworthy. Introducing a centralized institution to oversee new projects could be seen as going against that principle. Any solutions to address scams and fake projects should be done in a way that doesn't compromise the security and integrity of Bitcoin.

[BIT-BENDER]

Bitcoin and many other cryptocurrencies are meant to be decentralized, meaning that no single authority controls them. That's what makes them so unique and trustworthy. Introducing a centralized institution to oversee new projects could be seen as going against that principle. Any solutions to address scams and fake projects should be done in a way that doesn't compromise the security and integrity of Bitcoin.

The system is already getting compromised, as we know now that there are many centralized exchanges and those  centralized exchanges has huge amounts of users.

The issues is not about an entity Trying to make bitcoin centralized the real issue is that the centralized is already taking place right in front of us.

We need to face many problems and try to educate those that are ignorant about the dangers of using a centralized exchange and try to suggest to the a better decentralized option.

[lionheart78]

Bitcoin and many other cryptocurrencies are meant to be decentralized, meaning that no single authority controls them. That's what makes them so unique and trustworthy. Introducing a centralized institution to oversee new projects could be seen as going against that principle. Any solutions to address scams and fake projects should be done in a way that doesn't compromise the security and integrity of Bitcoin.

I think the developer has a choice to whether implement their blockchain as decentralized like Bitcoin or create it as centralized as XRP.  Remember blockchain isn't limited to being decentralized only.  And we can see it from the many cryptocurrency projects that have been sprouting almost every day.

There should be an institution set up by core Bitcoin Blockchain and other chain Developers that will oversea and audit new Crypto project.

I agree that in cryptocurrency specifically in the altcoin industry, we need heavy regulation to filter scam projects that had been preying on unsuspecting investors. I do not think the Bitcoin core should take responsibility for the entire cryptocurrency industry by creating a service that will review and filter upcoming projects.  It will hinder the growth of Bitcoin development since their attention will be focused on the filtering of incoming projects.  So I don't think making the Bitcoin core do the filtering is a wise decision.

After auditing, they will also be responsible for the announcement of the genuineness of the project.

It is obvious that whoever does the audit should do the announcement themselves.

They will also help track down the project owner if it happens that there is any form of scam.

Lol, from auditing to an announcement to tracking people who conduct scam why it should be the Bitcoin core? 

I can only say, let the government do their jobs of protecting their citizen from any form of scam.

[Mate2237]

Bitcoins has become a global currency and  topic discussed in every corner of the world.

Oga Op Bitcoin is not yet a global currency. But people might use as a discussion point to know about the coin in their various locations. The adoption of bitcoin is still low. But in the year 2022 to 2023 the adoption has increase but not yet a global currency.

There has been many school of taught regarding bitcoins,

As what? You statement there is incomplete so please you can complete your sentence for people to under what you were trying to say. If there are school of thoughts on bitcoin then we have to hear what they say about bitcoin.

however, bitcoins remain unique in itself and it’s usecases. With the global awareness on bitcoins via many medium, there is still fear in the heart of many, stopping them from joining the bitcoins space. That Bitcoin is the king of all Cryptocurrency and it is full of transparency is an undoubted truth.

Yes bitcoin is unique and that's make peculiar among others. Those who are afraid of bitcoin will join bitcoin with a massive turn up. And they will regret in future that why would they join now. They should remove fear from their heart and join now.

The fear associated with bitcoins is from other Cryptocurrencies. The issue of scam has become a major threat to those who are new to the system. Many curious and profit driven persons have fallen for scammers with the hope to making it big. Due to this occurrence , many person have classified all cryptocurrency as the same.

The way I even look at the whole issue is that the other cryptocurrencies were created to destabilize bitcoin but the forces of bitcoin is too stabilized that they can't do any thing.

Since bitcoins is unique with a clean track record, I will suggest that:

•   There should be an institution set up by core Bitcoin Blockchain and other chain Developers that will oversea and audit new Crypto project.

•   After auditing, they will also be responsible for the announcement of the genuineness of the project.

•   They will also help track down project owner if it happens that  there is any form of scam.

•   They will help investors get their funds in the case of scam.

•   This single institutions will have their branches across the world to make it easier for them.

•   They should also work with social media to curb the spread fake project by verifying every crypto project on their social media.

•   They will also be on the lookout to fight and bring down every scam project with immediate effect.

I don’t think the multiple auditing companies we have is helping matters.
This are just my suggestion to fighting for bitcoins reputation before the novice.


what are your thought on this, is this possible or it's already in place

[/left]

I don't think these your suggestions can work at all. If bitcoin becomes a centralized system then bitcoin is already dead. Because national politics will kill bitcoin befote it implementation stage. For others are not also possible but some are already working.

[Ojima-ojo]

Remember never to use Bitcoin vs cryptocurrency interchangeably because the two represent different things even though one of them can be referred to as the general world, but then just as you have said, the presence of many scam altcoins projects and companies have given the cryptocurrency market bad name since most of those that lack the adequate knowledge lack the know whether to differentiate between scam and realities.

So at this point, Bitcoin is the only cryptocurrency that could easily be studied even though Bitcoin have it on technicalities but at least it's better since Bitcoin is less risky if you just buy and hold.

Bitcoins has become a global currency and  topic discussed in every corner of the world. There has been many school of taught regarding bitcoins, however, bitcoins remain unique in itself and it’s usecases. With the global awareness on bitcoins via many medium, there is still fear in the heart of many, stopping them from joining the bitcoins space. That Bitcoin is the king of all Cryptocurrency and it is full of transparency is an undoubted truth.

[Stalker22]

I do not think we should be relying on any institutions to regulate the crypto industry. That goes against the very nature of Bitcoin and other cryptocurrencies. Instead, we should let the market sort out the scams and fake projects. If people do their own research and invest wisely, they can avoid falling victim to fraud. Plus, if we start introducing institutions, who is to say they won't be corrupt themselves? We could end up with a situation worse than what we have now.

I think the real issue here is education. A lot of people still do not understand how cryptocurrencies work and the risks involved. We need to do a better job of educating people about the dangers of scams and fake projects. That way, they can make informed decisions about what to invest in and avoid falling victim to fraud.

[Myleschetty]

There should be an institution set up by core Bitcoin Blockchain and other chain Developers that will oversea and audit new Crypto project.

There's no reason for this, Bitcoin is Bitcoin and it does not have a direct or indirect thing to do with any other scam crypto project. Besides, projects are not BTC projects they are altcoins and it will be unfair to make the cleaning bad thing done by scam dev the duty of Bitcoin dev.
Regarding auditing, there are already some private companies that handle it.

[Forever101]

Even though I struggle so hard not to accept the fact that this is not an AI-generated text, the fact that all the outline points are both the limitations and features of cryptocurrencies and Bitcoin is at the centre of that, Bitcoin has suffered a lot of set back due to the many negative factors and characteristics of some the other cryptocurrencies projects that have failed in meeting the expectations of the investors.

But to note one fact and that is, we still have some few news and developments that bring out the true features and potential of Bitcoin and we already have some countries who are making Bitcoin a legal currency in their regions and that goes a long way to prove how the narratives are changing about Bitcoin and blockchain technology incorporating the world economy into digital ledgers system.

Please I am human, I wrote that with my hands, moreover, I have I never use AI generated text.

I have mentioned in my statement that all the major Developers in all Blockchain, not only Bitcoin developers , should take this responsibility even if they will not be in charge but can assign this to a trusted body.

The regulation is just about true project or untrue. Wherever bitcoins is accepted is an open door to other altcoins to function, this is just the reality

Some person suggested that the government should do that, well that will make it more centralized than what anyone thinks.

I know most person have said something base on their relationship with bitcoins for years but the fact remains that many people still use this things interchangeably. It took me many years before I could even understand the system and what altcoins are. We should not forget that the numbers of users are still very small compare to the world population.

Global currency in my statement simply means , there is no place where it has no been used at one point or the other.

[davis196]

•   There should be an institution set up by core Bitcoin Blockchain and other chain Developers that will oversea and audit new Crypto project.

•   After auditing, they will also be responsible for the announcement of the genuineness of the project.

•   They will also help track down project owner if it happens that  there is any form of scam.

•   They will help investors get their funds in the case of scam.

•   This single institutions will have their branches across the world to make it easier for them.

•   They should also work with social media to curb the spread fake project by verifying every crypto project on their social media.

•   They will also be on the lookout to fight and bring down every scam project with immediate effect.

Bitcoin is NOT a company nor some kind of central bank or organization. The Bitcoin ecosystem has nothing to do with the so called "crypto projects". Some of them might be using BTC as a currency, but that doesn't mean that they are Bitcoin projects.
The crypto companies must be treated like regular companies and they must be audited and regulated by the government authorities.
What you are proposing is simply to create yet another form of bureaucracy, that will be very expensive to maintain. The governments already have their own bureaucracy, so there's no point of creating a centralized crypto bureaucracy.
The best way to protect the people from scams is to educate them about the potential risks of sending money to a centralized entity.

[Sayeds56]

what are your thought on this, is this possible or it's already in place

Your proposal to establish an institution to oversee genuineness of new projects and monitor their overall operations and conducting regular audits globally is a commendable suggestion. Such an institution will certainly enhance the  transparency and credibility of crypto projects, while safeguarding the investments of stakeholders. It would be beneficial for crypto communities , if  US authorities take lead in this intiative , where institution to monitor financial operations are well established and credible.

[Jawhead999]

•   There should be an institution set up by core Bitcoin Blockchain and other chain Developers that will oversea and audit new Crypto project.

•   After auditing, they will also be responsible for the announcement of the genuineness of the project.

•   They will also help track down project owner if it happens that  there is any form of scam.

•   They will help investors get their funds in the case of scam.

•   This single institutions will have their branches across the world to make it easier for them.

•   They should also work with social media to curb the spread fake project by verifying every crypto project on their social media.

•   They will also be on the lookout to fight and bring down every scam project with immediate effect.

I think many members are misunderstood your post, based on my understanding you're ask to create a single institution to audit every of crypto project, not to audit Bitcoin. But your proposal will not work 100% because we're know if government or a centralized institutions could play dirty and accept a bribe. Any project which listed on a centralized exchange should be submitting their KYC, but we're still see many projects turn become scam and the government didn't do anything to the owner.

So rather than trusting a centralized institution, just remove all the shitcoins.

[maydna]

A third party may do everything to check the new project with nothing to do with Bitcoin. And apparently, many auditing institutions are already tasked with inspecting every project that will be launched. But meaningful investment requires everyone's vigilance in choosing their project, and they must check the project to invest safely. That's what everyone who wants to invest in crypto should do because with more and more projects being launched, fraudulent projects will also be launched.

People must choose their projects carefully to avoid becoming the next scam target. Those new projects are not Bitcoin and have nothing to do with Bitcoin. That's what people have to realize. If they only focus on investing in Bitcoin, they will be satisfied because Bitcoin has provided proof.

[OcTradism]

•   After auditing, they will also be responsible for the announcement of the genuineness of the project.

Audit is a tool for scammers to make their altcoin projects look to be more valuable and investors will be more ready to invest in those projects. They simply think if that project is audited by Certik or other security audit companies, that project is good in quality and security.

They are very inexperience if they think so. Audited projects can be hacked too and being audited does not mean that project has good products at the project launch or in future.

In the past, project listed on Coinmarketcap looked to be good but many of them died. Now people believed the same with audited projects but see many projects died too.

Dead Coins: How Many Cryptocurrencies have Failed?