The mystery called Bitcoin

[OsaiEmma]

Speaking from my own limited knowledge, the whole idea of btc is still a mystery to me till this day, with it's first Blockchain mining in 2009, it's amusing how this journey has gone thus far. In 2008 when traditional financial institution have low trust, the founder (Nakamoto Satoshi) came up with a way to carry out financial transactions not based on trust, that is to say, eliminating a trusted third party, thus coming up with a per-to-per kind of transaction based on proof-of-work so as to create a safe and secure transaction without the involvement of a third party.
It all started like a joke and then it evolved to what we have today, I remember the pizza incident 2010, although, it marked the first significant use of BTC for commercial purposes but it also shows how far this wonderful gem has come.
Built on a Blockchain by a mysterious individual who isn't exactly doxed, today alot of us has acquired wealth from it, gained financial freedom and even retired thanks to it, BTC is really to me a wonder and a mystery.

[Reatim]

Speaking from my own limited knowledge, the whole idea of btc is still a mystery to me till this day

why is it a mystery? i don’t think bitcoin is a mystery simply because it’s probably the most transparent system you will ever encounter in this world it operates under mathematics and codes and if you dedicate more of your time into understanding bitcoin it will not be a mystery anymore

Built on a Blockchain by a mysterious individual who isn't exactly doxed, today alot of us has acquired wealth from it, gained financial freedom and even retired thanks to it, BTC is really to me a wonder and a mystery.

if there is anything mysterious about bitcoin it is only on satoshi nakamoto you do not know if he “retired” in fact we know almost nothing to what happened to him but bitcoin? no mystery just smart technology that is changing the global financial landscape

[HajiBagi]

Speaking from my own limited knowledge, the whole idea of btc is still a mystery to me till this day, with it's first Blockchain mining in 2009, it's amusing how this journey has gone thus far. In 2008 when traditional financial institution have low trust, the founder (Nakamoto Satoshi) came up with a way to carry out financial transactions not based on trust, that is to say, eliminating a trusted third party, thus coming up with a per-to-per kind of transaction based on proof-of-work so as to create a safe and secure transaction without the involvement of a third party.
It all started like a joke and then it evolved to what we have today, I remember the pizza incident 2010, although, it marked the first significant use of BTC for commercial purposes but it also shows how far this wonderful gem has come.
Built on a Blockchain by a mysterious individual who isn't exactly doxed, today alot of us has acquired wealth from it, gained financial freedom and even retired thanks to it, BTC is really to me a wonder and a mystery.

Everything starts for a reason and in life, something must have a beginning before becoming very important and valuable to people when Bitcoin was introduced many people didn't understand what cryptocurrency was, some people didn't even have technology knowledge, even some of us know about cryptocurrency and Bitcoin never has a phone by then, those people that did not believe in bitcoin then are the one that is holding bitcoin these days.

Bitcoin has changed many people's lives because of the trust they have for it, many people don't depend on the government or hands-on work and still survive today because of Bitcoin, Bitcoin has made many people believe that patience is the best way to succeed in life because some people don't have patient but when it comes to crypto you have to be patient to achieve your goals.

[avikz]

There's no mystery about Bitcoin at all. The mystery is only limited to the identity of its creator which should remain as a mystery. Bitcoin was created with very specific goals in mind to empower you to break free from the traditional financial institutions. Bitcoin has reached to a stage where even the countries like US can't ignore it anymore. It was one of the agendas for Trump to win the presidential battle.

Everything has a purpose and Bitcoin has been constantly deliverying on its purposes.

[OsaiEmma]

Speaking from my own limited knowledge, the whole idea of btc is still a mystery to me till this day

why is it a mystery? i don’t think bitcoin is a mystery simply because it’s probably the most transparent system you will ever encounter in this world it operates under mathematics and codes and if you dedicate more of your time into understanding bitcoin it will not be a mystery anymore

Built on a Blockchain by a mysterious individual who isn't exactly doxed, today alot of us has acquired wealth from it, gained financial freedom and even retired thanks to it, BTC is really to me a wonder and a mystery.

if there is anything mysterious about bitcoin it is only on satoshi nakamoto you do not know if he “retired” in fact we know almost nothing to what happened to him but bitcoin? no mystery just smart technology that is changing the global financial landscape

Well, before the advent of Bitcoin, there have not been a technology similar or close to it, so, they way it was accepted and continued to grow is something of awe, I'm not trying to be religious here but, it reminds me of a bible story, where they tried to shut up the apostles of Christ and someone came up and said, if what they preach is false, it will naturally fade away with time, but seeing it's still something that exists till now, guess those words are right.

Same thing here, I mean, yeah fr the whitepaper, he is actually trying to solve a real life problem, but I'm just amused as to how this tech was easily accepted and grew the way it did, how people bought into the idea and it became something of this much value, like that's a mystery to me

[BIT-BENDER]

The urge to just beautify basic post about Bitcoin is now becoming very alarming and unnecessary. Really you made a post about something this basic and did not even pass any new information on it.
I will advice if you don't have anything to post yet you can go on carrying out research and understand more about Bitcoin to increase your knowledge before you post. And no I don't think Bitcoin is a mystery.

[headingnorth]

The only big mystery to me is...why do the shitcoins still exist?

Bitcoin is the only crypto that I can understand its value and reason for existence. It can be easily explained and understood as a digital gold and store of value.
If you understand the value of gold then you can realize bitcoin is simply a digital version of gold.

If you ask the average altcoin investor the purpose of their particular shitcoin they either don't know or can't give you a straight answer.

[moneystery]

bitcoin itself is not a mystery, the things you said are real and you can learn it directly on the bitcoin website and various other sources. the only mystery of bitcoin is who satoshi is, and that's all I think. the thing that makes bitcoin as big as it is today is because bitcoin is considered by people as something revolutionary and it has a clear purpose, and it attracts people's attention to be able to invest and use it in their transactions.

[JaanusRaim]

The only big mystery to me is...why do the shitcoins still exist?

Bitcoin is the only crypto that I can understand its value and reason for existence. It can be easily explained and understood as a digital gold and store of value.
If you understand the value of gold then you can realize bitcoin is simply a digital version of gold.

If you ask the average altcoin investor the purpose of their particular shitcoin they either don't know or can't give you a straight answer.

Gold is not the only precious metal - there are others too.

Why silver exist?

[apogio]

Built on a Blockchain by a mysterious individual who isn't exactly doxed

What does this mean? Satoshi hasn't appeared publicly and it's unlikely they ever will.
So Satoshi is the exact opposite from "doxxed".

[headingnorth]

The only big mystery to me is...why do the shitcoins still exist?

Bitcoin is the only crypto that I can understand its value and reason for existence. It can be easily explained and understood as a digital gold and store of value.
If you understand the value of gold then you can realize bitcoin is simply a digital version of gold.

If you ask the average altcoin investor the purpose of their particular shitcoin they either don't know or can't give you a straight answer.

Gold is not the only precious metal - there are others too.

Why silver exist?

Silver is also easily understood as a store of value just like gold.
But I don't know anyone who considers ethereum, or any other altcoin to be a store of value.

So what are they? Memecoins and NFTs appears to be how altcoins derive their primary "value."
In other words a bunch of stupid nonsense that gives crypto a bad name.

[serjent05]

The only big mystery to me is...why do the shitcoins still exist?

This isn't a mystery at all.  Any cryptocurrency created wanted to follow the footsteps of Bitcoin or scam people.  It is either the developer who wanted to be popular by creating innovations, improvements and more about cryptocurrency, or wanted to money grab.  I believe it is either of these why shitcoins still exist

If you ask the average altcoin investor the purpose of their particular shitcoin they either don't know or can't give you a straight answer.

Have you tried asking?  Even if these people are into get rich quick thing, they still read the white paper or ask the developer about the purpose of this shitcoins.  After all they won't invest anything if they don't know what the investment is all about.

[apogio]

Have you tried asking?  Even if these people are into get rich quick thing, they still read the white paper or ask the developer about the purpose of this shitcoins.  After all they won't invest anything if they don't know what the investment is all about.

Sorry but I 'll agree with headingnorth.

The great majority of people who buy altcoins don't even know that they own them.

I 've seen multiple occasions where people buy an altcoin based on a Twitter meme, and then forget they even had it.

Especially this statement

"After all they won't invest anything if they don't know what the investment is all about. "

is the exact opposite from what really happens, unfortunately.

I 've never hidden that I 've been in the altcoins market before I turned bitcoin only.

My post is based on personal experience, so I can't provide proof, but I am very serious about it.


So, if you read the whitepapers etc, really congrats, because you are among the very very few.

[headingnorth]

The only big mystery to me is...why do the shitcoins still exist?

This isn't a mystery at all.  Any cryptocurrency created wanted to follow the footsteps of Bitcoin or scam people.  It is either the developer who wanted to be popular by creating innovations, improvements and more about cryptocurrency, or wanted to money grab.  I believe it is either of these why shitcoins still exist

If you ask the average altcoin investor the purpose of their particular shitcoin they either don't know or can't give you a straight answer.

Have you tried asking?  Even if these people are into get rich quick thing, they still read the white paper or ask the developer about the purpose of this shitcoins.  After all they won't invest anything if they don't know what the investment is all about.

Do ethereum investors know that the biggest shitcoin of them all is positioned by the founders to be the blockchain for government CBDCs?

If you love CBDCs and Big Brother controlled digital currency then I guess you should invest in ethereum.

[Samlucky O]

Speaking from my own limited knowledge, the whole idea of btc is still a mystery to me till this day, with it's first Blockchain mining in 2009, it's amusing how this journey has gone thus far. In 2008 when traditional financial institution have low trust, the founder (Nakamoto Satoshi) came up with a way to carry out financial transactions not based on trust, that is to say, eliminating a trusted third party, thus coming up with a per-to-per kind of transaction based on proof-of-work so as to create a safe and secure transaction without the involvement of a third party.
It all started like a joke and then it evolved to what we have today, I remember the pizza incident 2010, although, it marked the first significant use of BTC for commercial purposes but it also shows how far this wonderful gem has come.
Built on a Blockchain by a mysterious individual who isn't exactly doxed, today alot of us has acquired wealth from it, gained financial freedom and even retired thanks to it, BTC is really to me a wonder and a mystery.

Bitcoin is indeed mysterious starting from the creator Satoshi Nakamoto who has been anonymous for some private reasons which make it more mysterious. But guess what? The anonymity of Bitcoin and how it's module operandi  has captivated humanity an increase the number of investors. Though Bitcoin may be a speculative asset but yet it is more profitable than many other physical asset.. indeed Bitcoin is a mystery.

[livingfree]

Mystery in a sense on how high it had been and the global recognition that it is getting right now. Left and right financial institutions are dropping some percentage of their portfolio on it and even countries.

We're on a race, this is the digital gold rush race that whoever gets to claim the most of it will be the most influential and that's why I think Trump is going for it.

Those that are asking why OP said Bitcoin is a mystery for him, it's the narrative and figure of speech.

[Darker45]

I think the only mystery about Bitcoin is the identity or identities behind the name Satoshi Nakamoto. Other than that, it's about technology. There's nothing mysterious with technology; it's hard science.

Bitcoin is 40 years in the making. It's a misleading story if you want to make it appear as if Satoshi was one day reading the news about the 2008 financial crisis and he/she/they suddenly thought of creating Bitcoin as a sort of a solution to fiat's fundamental flaws.

[reagansimms]

There is no need to look at it from a complicated perspective, everything has been presented perfectly and you just have to enjoy it. These brilliant ideas can only cross the minds of geniuses, Satoshi tried to make the latest breakthrough in financial transactions because of his distrust of banks. Yes, at first it looked like a joke, many people considered Bitcoin a scam, a Ponzi scheme or something. But, now what is happening, Bitcoin is getting more recognition as a store of value amidst inflation and a very profitable investment instrument.
Donald Trump has also felt the positive impact of the power of the Bitcoin community, he was elected as US president because he carried Bitcoin while campaigning.

[GreatArkansas]

Speaking from my own limited knowledge, the whole idea of btc is still a mystery to me till this day

why is it a mystery? i don’t think bitcoin is a mystery simply because it’s probably the most transparent system you will ever encounter in this world it operates under mathematics and codes and if you dedicate more of your time into understanding bitcoin it will not be a mystery anymore

Mystery for OP for sure because he/she still has not yet dived deeply into Bitcoin and based on the post it's just most of the core or history of Bitcoin like how it was started, so as new to these things, I could also say it is a mystery.

Still, it's good start to introduced in Bitcoin and could lead to more knowledge and learning about Bitcoin.

[tbct_mt2]

Speaking from my own limited knowledge, the whole idea of btc is still a mystery to me till this day, with it's first Blockchain mining in 2009, it's amusing how this journey has gone thus far. In 2008 when traditional financial institution have low trust, the founder (Nakamoto Satoshi) came up with a way to carry out financial transactions not based on trust, that is to say, eliminating a trusted third party, thus coming up with a per-to-per kind of transaction based on proof-of-work so as to create a safe and secure transaction without the involvement of a third party.

It was initiated by many ideas, developments before 2008, with things called as "Bitcoin prehistory" that you need to learn about.

Cryptography, Elliptic Curve, and more technical developments as well as some failed projects before we had Bitcoin in 2009.
Previously there are Digicash (1989), CyberCash (1994), E-Gold (1996), BitGold (1998), B-Money (1998), BitTorrent (2001).
Bitcoin prehistory. (Saylor Academy).

It all started like a joke

It did not start as a joke, seriously man!