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Author Topic: Bitcoin is not perfect, and that's okay.  (Read 771 times)
TheUltraElite
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November 22, 2023, 05:17:34 PM
 #121

...it will be very difficult for us to believe in anything else because the benefits we get from Bitcoin are enough to help meet our needs.
The needs if are going against censorship and being decentralized then of course bitcoin is the best way to go instead of any other shitcoin. But you need both fiat and crypto to survive in the world where fiat came first and has become a part of people's lives.

So many coins have come trying to replicate what bitcoin has done but none of them have surpassed it. Even then we could cherry pick and say that bitcoin is having flaws and all, but I think they are manageable and none of them are life-threatening/too serious.

Like currently the fees are too high, this leads to FUD topics coming up and all. Just ignore them and wait it out.

R


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syedakhlaque
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November 22, 2023, 05:50:35 PM
 #122

Bitcoin trading ,mining and stalking is a good business and positive activity. It depend upon the user how he is using it negatively or positively. Althoug, Bicoin is not perfect and there is nothing perfect in this world. Everything and man۔There is room for improvement in every human being and everything in the universe. Only God is perfect. But I think that bitcoin is a very good business. There always remained desire for betterment and development in bitcoin. But it has good potential  and excellent force of progress in this business.

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Antotena
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November 22, 2023, 06:25:34 PM
 #123

Bitcoin is not perfect and so is every other innovation man has created.
Not perfect in the sense that it has pros and it also has cons.

"Bitcoin transaction is irreversible". I would have loved it to be, but there are reasons why it's not. Also, a transaction that was made from one bank account to another is irreversible too. So it's not new.

I prefer decentralization over centralization, there are many ways banks can reverse transaction and that is a big concern which is why I love bitcoin. It can never be reversed, not even a president of any country can oder for such thing, the highest they can do is to flag the receiving wallet address. However, banks can do whatever they like with any transaction, even the government can other banks to confiscate your money if they like which is very bad.

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"The bitcoin market is too volatile and unstable"
So are the forex market and stock exchange market.

"Bitcoin is used to commit crimes". (The lamest).
So does the Internet, phones, computers, guns, and all. Even harmless things like vehicles, boats, and ships are used to commit crimes.

Terrorism has always been funded with fiat currencies since before the inception of Bitcoin. You can walk into a bank and withdraw $10k cash from your account and you do not know if the money was deposited into the bank by a human trafficker.
I don't see anybody fighting fiat because it's used to fund terrorism.

Terrorism started not today because Osama Bin laden started war with  US since 1996 and where was he having guns and bombs from, the money came from fiat, bitcoin was never conceive that time and terrorism was everywhere but bitcoin that was born in 2009 is now there problem. I'm not sure if there has ever been terrorism like before than now that we much technology. Bitcoin is money and money attract bad people, including the US government because they also have bitcoin.

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Democracy and capitalism are not perfect, but we all want them. Why? Why don't we ditch democracy and practice a perfect system instead?
Every human being having and enjoying their human rights is not perfect so let's ditch that also.

As Bitcoiners, it's okay to accept that Bitcoin has flaws but those flaws do not in any way make it inferior. The fact that about 0.25% of all cryptocurrency activities are associated with illicit activities according to  Chainalysis doesn't make it the "tool for terrorism" as the governments want people to believe.

The government knows what they are doing and even the people know that democracy is a scam but how many of us are ready to change the democracy to another form of government without forming a parallel government. It will be difficult but it is possible.

Bitcoin is not meant to change all this but if it happens, it will clear things including the people that don't like it will like bitcoin, time will tell for sure.

R


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GbitG
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November 22, 2023, 09:53:12 PM
 #124

Like currently the fees are too high, this leads to FUD topics coming up and all. Just ignore them and wait it out.
Yes, no. I used to think that Bitcoin was a perfect thing that was perfect in all components, but now, due to some reasons, I am forced to think that there are actually some reasons that can reduce Bitcoin in the eyes of people and that there is a problem with fees. And when I monitor, there is a lack of concept in Bitcoin due to fees, and this is a big sensitive issue for Bitcoin enthusiasm, but this issue can present a hurdle to Bitcoin adoption in the world. Moreover, two weeks have passed since my signature payment, but the manager has not sent us his payment because of the fee. Which I think could be a big issue for Bitcoin.

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TheUltraElite
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November 28, 2023, 06:54:42 AM
 #125

Yes, no. I used to think that Bitcoin was a perfect thing that was perfect in all components, but now, due to some reasons, I am forced to think that there are actually some reasons that can reduce Bitcoin in the eyes of people and that there is a problem with fees. And when I monitor, there is a lack of concept in Bitcoin due to fees, and this is a big sensitive issue for Bitcoin enthusiasm, but this issue can present a hurdle to Bitcoin adoption in the world.
The fees problem was why SegWit and Lightning Network was conceived. You can start by reading about how the LN works and gradually start using it, although we have a lot of anti-LN voice in this forum too. Whether it can reduce the enthusiasm? I dont think so, because the fees are usually high when the price is rising and that increases enthusiasm as well. It was low when the market was bearish so fans should have bought at that time. Hence someone buying when the fees are high is also making a wrong move.

Another option is to use a different altcoin to tide over the high fees temporarily. In future we might get new features from the devs to solve this problem.

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Moreover, two weeks have passed since my signature payment, but the manager has not sent us his payment because of the fee. Which I think could be a big issue for Bitcoin.
Managers will decide how to solve this issue at present. Some have used LTC as payment if LN of BTC is not used by the participants.

R


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Ojima-ojo
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November 28, 2023, 07:50:18 AM
 #126

Like currently the fees are too high, this leads to FUD topics coming up and all. Just ignore them and wait it out.
Yes, no. I used to think that Bitcoin was a perfect thing that was perfect in all components, but now, due to some reasons, I am forced to think that there are actually some reasons that can reduce Bitcoin in the eyes of people and that there is a problem with fees. And when I monitor, there is a lack of concept in Bitcoin due to fees, and this is a big sensitive issue for Bitcoin enthusiasm, but this issue can present a hurdle to Bitcoin adoption in the world. Moreover, two weeks have passed since my signature payment, but the manager has not sent us his payment because of the fee. Which I think could be a big issue for Bitcoin.
Well, nothing made my man is completely perfect, and since bitcoin is also one of such man's creation, so it's bound to not be perfect, and I agree sincerely that, the fees is a big issue, it indeed can act as a stumbling block to bitcoin's global adoption, but the beauty of blockchain, which also is a great help for bitcoin, is that, we all don't have to only depend on bitcoin payments alone, anybody can still take any other altcoin as payment for his or her goods or services in times when the bitcoin fees are too high, atleast, using alternatives in times like this will also help decongest the mempool and help the fees come back down.

And also worthy of mention is that, the high fees are not permanent, it goes up or comes down, depending on the activity on the bitcoin. network.

R


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