Pioneering a new perfect Bitcoin

[Bravut]

Emergence from the ashes of predates

[/b]

I am only getting to learn more about Bitcoin lately as my confidence and interest about the system begins to grow.
It made me think to myself, how could something so new be almost perfected upon its first attempt and creation. Surely there should be some trier and error face before the emergence of what we have as Bitcoin today. So where was these triers been done?
Could it be that other digital currency existed before Bitcoin, well the answer is yes!
There were attempts to create digital assets as far back as the the 90s. Can you imagine, over the 80s, this technology have been forming and up till today, we are still getting to know and learn about it.

Well, it makes it rather interesting to most persons within my category as beginners in this space to learn that, Bitcoin wasn’t the first cryptocurrency. Bitcoin emerged out of the ashes of these pre-dated (2008/9) digital assets. There failures became what was perfected in Bitcoin and have been able to have a stronghold from its technological advances.

Some of the pre-date (2008/9) digital assets were:
1. eCash by David Chaum in the 80s. This guy conceptualized the digital money and from there, it was developed on by several developers until we got to the stage we are today. A striking fact I can relate to this name Chaum is that, it’s sounds Asian. So is the name of the Bitcoin pioneer, Satoshi Nakamoto.

2. HashCash which became largely one of the most successful cryptocurrency from its time until was hit by problems although, some of its technologies was adopted in our today cryptocurrencies.

3. E-Gold was another one and this was a gold pegged cryptocurrency at its time and became a means for transfer of value using the tech of its time but, eventually came by money laundering problems amongst others which lead to its fall.

These were just about the 3 that stood out although, there was yet another one called B-Money that came up with some good concept as well. You can source for some more information here: https://www.investopedia.com/tech/were-there-cryptocurrencies-bitcoin/#:~:text=Key%20Takeaways,very%20influential%20in%20Bitcoin's%20creation.

Problems encountered by these pre-dated (2008/9) cryptocurrencies where:
The issue of centralization as most of these currencies had a focal point of which, when it created problems for the government, it was easily attacked and brought down.
It experienced problems of a large or growing network of which, when not properly contained, it led to it crumbling behind the weight of wide coverage and growing popularity.
This is just a few of what I could provide but, coming to the contemporary,

Bitcoin and other cryptocurrency asset still encounters problems don’t they?

What are some of these problems and isn’t there a need to be concerned?

How are these issues contained to not erupt the existing system as pre-dated (2008/9) cryptocurrency assets.

[1714465808]

1714465808

[serjent05]

Bitcoin and other cryptocurrency asset still encounters problems don’t they?

What are some of these problems and isn’t there a need to be concerned?

How are these issues contained to not erupt the existing system as pre-dated (2008/9) cryptocurrency assets.

Here is a good article that can possibly answer your question: https://www.shrm.org/topics-tools/news/technology/cryptocurrency-opportunities-problems-potential

It is a given fact that cryptocurrency's challenges are its volatility, scalability, and government regulation. Cryptocurrency price is not moderated by any party and is dictated by the market supply and demand reason for its high volatility.  Another problem cryptocurrency especially Bitcoin faces is the scalability. When a surge in users happens, the blockchain often gets congested and the transaction confirmation becomes so expensive that those who are not able to afford to pay for high fees have to queue for a time being depending on how long the network becomes uncongested.  This is very counter-productive to businesses or merchants.

Even though cryptocurrency is known as a decentralized entity, it needs regulation from the government so that it can be used by the masses without any hassle from the regulatory boards.  Although some governments are cryptocurrency-friendly, many countries are still hostile to it so it affects the propagation of the cryptocurrency to a huge extent.

Scams and frauds using cryptocurrency is also one of the major concerns that the cryptocurrency industry is facing.

[JiiBs]

Even though cryptocurrency is known as a decentralized entity, it needs regulation from the government so that it can be used by the masses without any hassle from the regulatory boards.  Although some governments are cryptocurrency-friendly, many countries are still hostile to it so it affects the propagation of the cryptocurrency to a huge extent.

Scams and frauds using cryptocurrency is also one of the major concerns that the cryptocurrency industry is facing.

Isn’t the decentralized nature of Bitcoin that makes people love it so much, an unregulated digital currency which depends on the people for its legitimacy and continued existence.
Once there is some form of regulation to it, wouldn’t that be a base for an attack… for me, regulation means control and control translates to centralization. What then becomes of the decentralized nature of it.

I don’t see a word without scams as, humans would continue to be dubious, always after what someone else have got, using illegal means. Eventually, scammers do get what they deserve and the authorities in various locality are getting there investigations up. Also, increasing awareness for investors are on the rise and these awarenesses always helps.

[serjent05]

Even though cryptocurrency is known as a decentralized entity, it needs regulation from the government so that it can be used by the masses without any hassle from the regulatory boards.  Although some governments are cryptocurrency-friendly, many countries are still hostile to it so it affects the propagation of the cryptocurrency to a huge extent.

Scams and frauds using cryptocurrency is also one of the major concerns that the cryptocurrency industry is facing.

Isn’t the decentralized nature of Bitcoin that makes people love it so much, an unregulated digital currency which depends on the people for its legitimacy and continued existence.

It isn't decentralization but the profit they can get from Bitcoin investment why many people love Bitcoin so much.  Generalizing that people love decentralization is somehow an exaggeration IMO.  If people love decentralization then why does there are still lots of people who doubt Bitcoin?  Why do the majority of people still prefer an entity that is approved by their government?  I think people who prefer privacy, freedom of transaction, and anarchism are among those who love to have an entity that is not governed by a government.  

Once there is some form of regulation to it, wouldn’t that be a base for an attack… for me, regulation means control and control translates to centralization.

There is nothing we can do here if Bitcoin wanted to be mass-adopted, the company that wanted to take advantage of Bitcoin would have to follow the government regulation or else they can setup services and products that revolves around cryptocurrency legally.

What then becomes of the decentralized nature of it.

We all know that Bitcoin's core system (blockchain) is decentralized, the nature of Bitcoin as a decentralized entity does not change, what is centralized is the services that are integrated on top of the Bitcoin blockchain.

[BlackBoss_]

Three topics with more information to support your thread.
Bitcoin Prehistory (Saylor Academy)
Bitcoin Prehistory.
Bitcoin Prehistory Tree.

[Dunamisx]

Well, it makes it rather interesting to most persons within my category as beginners in this space to learn that, Bitcoin wasn’t the first cryptocurrency. Bitcoin emerged out of the ashes of these pre-dated (2008/9) digital assets. There failures became what was perfected in Bitcoin and have been able to have a stronghold from its technological advances.

People don't celebrate attempts, what they want is achievement, many have attempted to make discoveries about the use of a digital network or currency, but they lack the finishing aspect that concludes their work a successful approach, but here with bitcoin, we have got the very best and perfect solution that address the most important needs of the people in their financial economy by having an alternative to a traditional fiat currency with a digital decentralized one named bitcoin.

[Millinillion]

E-gold wasn't a cryptocurrency. It was more like a hyip-friendly version of Paypal, and that's why the site went down.

[teamsherry]

Even though cryptocurrency is known as a decentralized entity, it needs regulation from the government so that it can be used by the masses without any hassle from the regulatory boards.  Although some governments are cryptocurrency-friendly, many countries are still hostile to it so it affects the propagation of the cryptocurrency to a huge extent.

Scams and frauds using cryptocurrency is also one of the major concerns that the cryptocurrency industry is facing.

Isn’t the decentralized nature of Bitcoin that makes people love it so much, an unregulated digital currency which depends on the people for its legitimacy and continued existence.
Once there is some form of regulation to it, wouldn’t that be a base for an attack… for me, regulation means control and control translates to centralization. What then becomes of the decentralized nature of it.

I don’t see a word without scams as, humans would continue to be dubious, always after what someone else have got, using illegal means. Eventually, scammers do get what they deserve and the authorities in various locality are getting there investigations up. Also, increasing awareness for investors are on the rise and these awarenesses always helps.

Do you think 90% of bitcoin investor care shit about if its decentralized or not, they are all here cause of the profits they can get from it, to prove this centralized exchanges and bitcoin etfs has more bitcoin under their control than even other bitcoin enthusiast, why because people Don't even know their is something like keeping you assets by yourself, they just go to Binance or any exchange they use buy bitcoin and keep it their, even with all the news of exchanges getting hacked people don't give shit they just follow suite, I don't think the world is ready for the empowerment of decentralization cause they continue to depend on trusted parties, they can't do without someone to help them with their security.

[cryptoaddictchie]

The issue of centralization as most of these currencies had a focal point of which, when it created problems for the government, it was easily attacked and brought down.
It experienced problems of a large or growing network of which, when not properly contained, it led to it crumbling behind the weight of wide coverage and growing popularity.
This is just a few of what I could provide but, coming to the contemporary,

Well if bitcoin is a problem for them would they remove it from where? I doubt they can stop it already only those people who uses it. They can ban users from using it but that would be hard cause even they restrict it there are ways on how users can able to login or accesd their account somehow. Plus why stop it I never seen blockchain or bitcoin pose a threat to anyone maybe to tgem cause its a major key role to a transparent governance.

[SilverCryptoBullet]

Well if bitcoin is a problem for them would they remove it from where? I doubt they can stop it already only those people who uses it. They can ban users from using it but that would be hard cause even they restrict it there are ways on how users can able to login or accesd their account somehow. Plus why stop it I never seen blockchain or bitcoin pose a threat to anyone maybe to tgem cause its a major key role to a transparent governance.

They can not stop Bitcoin because they can not stop people to have access to Internet and use it for downloading Bitcoin wallets like Bitcoin Core and run Bitcoin full nodes, prune nodes to relay transactions. I am also very doubtful that they will be able to prohibit their citizens to mine bitcoins.

Like they can not bock Internet access with Internet Firewall, Great wall and darknets, they will not be able to stop Bitcoin. It's very hard to stop a decentralized community, Bitcoin network.

We are witnessing the opposite. From calling Bitcoin is a fraud, now some nations make Bitcoin legal tender, some countries approve Bitcoin Spot ETFs and by that we can see Bitcoin has been adopted more and invaded more into traditional markets.

[cryptoaddictchie]

They can not stop Bitcoin because they can not stop people to have access to Internet and use it for downloading Bitcoin wallets like Bitcoin Core and run Bitcoin full nodes, prune nodes to relay transactions. I am also very doubtful that they will be able to prohibit their citizens to mine bitcoins.

Yeah I believe so too. Well the only thing that might stop this if internet fade all over the world or end of the world right? But does bitcoin can be able to be access even without internet or does it always need to bw connected just to run it or access it? This is the only thing I can see which is quite impossible. People cant live without internet these days.

[pooya87]

Bitcoin and other cryptocurrency asset still encounters problems don’t they?

What are some of these problems and isn’t there a need to be concerned?

Bitcoin has solved those issues which is why it works and it has succeeded. Other projects, the alternative cryptocurrencies aka altcoins, on the other hand have faced all those issues all over again, specially centralization.

In my opinion, the biggest problem in  the altcoin scene is lack of innovation. Basically they started seeing Bitcoin and its success (price wise) and were only interested in the profit aspect of things so they started creating garbage, most of which are copied from Bitcoin with little changes in the protocol that introduced vulnerabilities. That way they made a ton of money and went away.

[BlackBoss_]

Bitcoin has solved those issues which is why it works and it has succeeded. Other projects, the alternative cryptocurrencies aka altcoins, on the other hand have faced all those issues all over again, specially centralization.

In my opinion, the biggest problem in  the altcoin scene is lack of innovation. Basically they started seeing Bitcoin and its success (price wise) and were only interested in the profit aspect of things so they started creating garbage, most of which are copied from Bitcoin with little changes in the protocol that introduced vulnerabilities. That way they made a ton of money and went away.

Altcoins were created by developers and teams who wanted to shill their coins as Bitcoin killers, innovative cryptocurrencies. Very unfortunately, most of altcoins died and developers did not lose money but investors lost money to those incapable alternate cryptocurrencies.

Even those alternate cryptocurrencies don't die, many of them had hacks, compromised, depegs and again investors lost money, not developers who already got their fortunes from big allocations of those alternate cryptocurrencies' tokenomics and token distributions.

Dead Coins: Over 50% of Cryptocurrencies Have Failed.

This article is dramatically softer than the fact as dead altcoins account for more than 50%.

[hugeblack]

Wow, I didn't know that HashCash has been around since 1997.
The infographic above made me want to read more about the pre-Bitcoin era, so I'll bookmarked it.

Bitcoin did not fail due to continuous development. In the early days, the code needed many modifications, but the efforts of the developers to make it something worth investing in until 2013 is what earned it all this value.