Banks get trusted becus of their physical presence, is this benefitting Bitcoin?

[Progress101]

It is a well known knowledge that alot of people trust banks because it has physical offices. Now at the same time I have seen alot of people pay attention to Satoshi's wallet and I know his wallet are being watched 24/7. Is it possible that just like the bank has a physical office that people trust, it is the same with Satoshi's wallet, that alot of people trust and hold Bitcoin because Satoshi's wallet has not been touched in a very long time.

So me and guys been dey reason this discussion some days ago and I say make I bring am here make we fit discuss am together. My guy dey believe say the moment Satoshi's wallet move with any transactions say alot of people go panic and dey go wan follow redraw Thier bitcoin believing say maybe as Satoshi don touch him wallet then maybe something bad go wan happen to market too. Normally in the past when old wallet address move bitcoin from their wallet, we dey see am affect the market, so now imagine if Satoshi's wallet come change, just like if we hear for news say Tony Elumelu move  large amount of money from him UBA account, you wer get UBA account go fear the worse.

So basically, I want to know if just like how we trust banks because of their physical building, is it the same with people trusting Bitcoin because of Satoshi's wallet address which acts as a physical building to them? I understand that there are different reasons why people trust Bitcoin but could this be one of them?

[ColdLava40]

Not really, but be rest assured that if someone is able to sign a message from any of satoshi known wallet and moves those coins, it will have a very strong impact on the market.

satoshi only holds 5% of total bitcoin supply, so even if his coins are touched it will affect the market but bitcoin will surly regain it's strength over time. The only problem is that a lot of investors out of fear would hurriedly sell off to avoid getting caught in surprise..

People want something to believe in, that's why many people still trust bank over bitcoin because they somehow feel like they can have someone to hold responsible for their loss..

with bitcoin you are responsible for everything that happens to your coins and many are too lazy for such huge responsibility..

[Bishop Victor]

It is a well known knowledge that alot of people trust banks because it has physical offices. Now at the same time I have seen alot of people pay attention to Satoshi's wallet and I know his wallet are being watched 24/7. Is it possible that just like the bank has a physical office that people trust, it is the same with Satoshi's wallet, that alot of people trust and hold Bitcoin because Satoshi's wallet has not been touched in a very long time.

So me and guys been dey reason this discussion some days ago and I say make I bring am here make we fit discuss am together. My guy dey believe say the moment Satoshi's wallet move with any transactions say alot of people go panic and dey go wan follow redraw Thier bitcoin believing say maybe as Satoshi don touch him wallet then maybe something bad go wan happen to market too. Normally in the past when old wallet address move bitcoin from their wallet, we dey see am affect the market, so now imagine if Satoshi's wallet come change, just like if we hear for news say Tony Elumelu move  large amount of money from him UBA account, you wer get UBA account go fear the worse.

So basically, I want to know if just like how we trust banks because of their physical building, is it the same with people trusting Bitcoin because of Satoshi's wallet address which acts as a physical building to them? I understand that there are different reasons why people trust Bitcoin but could this be one of them?

bank buildings make people feel safe, Satoshi’s untouched wallet may psychologically make people trust Bitcoin—and if that wallet ever moves, it could cause panic in the market.

[goldkingcoiner]

It is a well known knowledge that alot of people trust banks because it has physical offices. Now at the same time I have seen alot of people pay attention to Satoshi's wallet and I know his wallet are being watched 24/7. Is it possible that just like the bank has a physical office that people trust, it is the same with Satoshi's wallet, that alot of people trust and hold Bitcoin because Satoshi's wallet has not been touched in a very long time.

So me and guys been dey reason this discussion some days ago and I say make I bring am here make we fit discuss am together. My guy dey believe say the moment Satoshi's wallet move with any transactions say alot of people go panic and dey go wan follow redraw Thier bitcoin believing say maybe as Satoshi don touch him wallet then maybe something bad go wan happen to market too. Normally in the past when old wallet address move bitcoin from their wallet, we dey see am affect the market, so now imagine if Satoshi's wallet come change, just like if we hear for news say Tony Elumelu move  large amount of money from him UBA account, you wer get UBA account go fear the worse.

So basically, I want to know if just like how we trust banks because of their physical building, is it the same with people trusting Bitcoin because of Satoshi's wallet address which acts as a physical building to them? I understand that there are different reasons why people trust Bitcoin but could this be one of them?

There is more of a psychological element when it comes to physical things, I can agree with you on that.

Like when paying with paper money vs paying with a bank transfer by simply placing your card on the card machine. You can feel the physical loss of money, which makes you spend less paper money. With a bank payment, you do not really "feel" the money going away so it detaches you from the actual loss of value. This can cause overspending. The study used to be in some psychology paper I read once but I cannot remember the name.

[Shadiq]

Bitcoin did not become a store of value based on Satoshi's wallet. If money is transferred from his wallet, it may have some impact on the market, but it will not completely lose trust.

The biggest reasons for Bitcoin becoming a store of value are decentralized financial system, P2P transaction system, blockchain technology, etc. Even the regular decrease in supply against demand makes investors more attracted to Bitcoin. Naturally, when there is a big sale, its impact can be felt in the market, the same thing will happen in the Satoshi field, but Bitcoin will not completely stop.

Since Bitcoin has no center, Satoshi's wallet does not work like a physical structure. I have not researched Satoshi's wallet yet, I have only read about his wallet.

[Joy- maker]

It is a well known knowledge that alot of people trust banks because it has physical offices. Now at the same time I have seen alot of people pay attention to Satoshi's wallet and I know his wallet are being watched 24/7. Is it possible that just like the bank has a physical office that people trust, it is the same with Satoshi's wallet, that alot of people trust and hold Bitcoin because Satoshi's wallet has not been touched in a very long time.

OP I have to disagree with you on those bold words, because People are not trusting Bitcoin because the Bitcoin's in Satoshi Nakamoto's wallet has not moved. People trust Bitcoin mainly because of how it works, and not because the Bitcoin's in Satoshi Nakamoto's wallet hasn't moved, so correct that impression before you start misleading people. Although eyes might be in Satoshi Nakamoto's wallet 24/7 just as you said, and those who have their eyes on Satoshi Nakamoto's wallet have reasons for that act. But trust me people are paying less attention to Satoshi Nakamoto's wallet, See OP if Bitcoin requires trust from Satoshi Nakamoto, then Satoshi Nakamoto leaving could have killed it long ago. Instead Bitcoin grows, security increased and adoption continued till today.

[Progress101]

OP I have to disagree with you on those bold words, because People are not trusting Bitcoin because the Bitcoin's in Satoshi Nakamoto's wallet has not moved. People trust Bitcoin mainly because of how it works, and not because the Bitcoin's in Satoshi Nakamoto's wallet hasn't moved, so correct that impression before you start misleading people.

Well now my intention wasnt to say people depends solely on Satoshi wallet to trust Bitcoin, the point of the discussion was that, we humans always look for something physical to hold on to especially when it comes to trusting things. Now I like said a lot of the OG wallets in the past when they move Bitcoin, it usually affects the market so what then would happen if Satoshi suddenly moves Bitcoin from his know wallet.  Technically alot of people dont know things about bitcoin but they buy Bitcoin because it has become obvious to not miss out on an opportunity like Bitcoin.

[Joy_learns_crypto]

Mmm had a physical office and some people trusted them but they ended up scamming people just because you trust them doesn’t mean they are safe, and if you have any awareness of bitcoin you would know it is decentralized who are you expecting to open the office and run it for bitcoin.
There are Bitcoin vendors who has offices but that’s their bitcoin business.

[Jegileman]

So basically, I want to know if just like how we trust banks because of their physical building, is it the same with people trusting Bitcoin because of Satoshi's wallet address which acts as a physical building to them? I understand that there are different reasons why people trust Bitcoin but could this be one of them?

Not so many people even know about the Satoshi wallet and the most people that know about it don’t even look at it from time to time. The whales that hold large amount of bitcoin pay more attention to the wallet and are always on watch to see any movement around it. Your panic in the market that’s holding few amount of bitcoin won’t show any effect in the market, only those of whales will move the market. So it is their reaction when bitcoin is being moved from Satoshi’s main wallet that will have effect in the market. Small holders are not strong holders, so in a case of market drawdown, they’ll immediately move their funds from the market and cause more decline in the market.

[Ambatman]

So basically, I want to know if just like how we trust banks because of their physical building, is it the same with people trusting Bitcoin because of Satoshi's wallet address which acts as a physical building to them? I understand that there are different reasons why people trust Bitcoin but could this be one of them?

One of the reasons some do but not a major reason
People trusted Bitcoin in the past because of the vision
They wanted it to work and saw a reason it was needed
As time went by people started trusting because it has survived longer than many expected
It been without an head and the creator being mysterious is also another bonus



If Satoshi moves his coins it would affect Bitcoin price but it would recover with time
But such action would affect Satoshi more especially if it implicates his identity.

[Cryptoprincess101]

So basically, I want to know if just like how we trust banks because of their physical building, is it the same with people trusting Bitcoin because of Satoshi's wallet address which acts as a physical building to them? I understand that there are different reasons why people trust Bitcoin but could this be one of them?

This is an archaic and outdated mentality that feeling the presence of a bank building make people to trust the bank. Banks have different branches so if peradventure the branch that you opened your account closes; you can still go to another branch and withdraw your cash so there's no big deal in feeling that your money is secured since you are seeing the people that is holding your money which is the bank.
      Satoshi's wallet address is not what made people to trust bitcoin but the feelings of having your money within your own custody is what makes people trust bitcoin because even if Satoshi Nakamoto wakes up today and decide to withdraw the bitcoins in his wallets, there are people who will also be very fast to also withdraw their own bitcoins too.

Edit:

That is not my quote. You quoted the wrong person.

Sorry goldkingcoiner, have been corrected now.

[Cryptomultiplier]

Traditional commercial banking is built on social trust, whereas, Bitcoin as a crypto currency is built on trusting maths or algorithms and this stresses on how we humans perceive value in banking.

While the traditional commercial banking is limited and keeps getting more limited due to the rising adoption of Bitcoin, people really want to keep their funds closer and have more control in the form of a decentralized alternative which Bitcoin and cryptocurrencies stand to offer.

[goldkingcoiner]

So basically, I want to know if just like how we trust banks because of their physical building, is it the same with people trusting Bitcoin because of Satoshi's wallet address which acts as a physical building to them? I understand that there are different reasons why people trust Bitcoin but could this be one of them?

This is an archaic and outdated mentality that feeling the presence of a bank building make people to trust the bank. Banks have different branches so if peradventure the branch that you opened your account closes; you can still go to another branch and withdraw your cash so there's no big deal in feeling that your money is secured since you are seeing the people that is holding your money which is the bank.
      Satoshi's wallet address is not what made people to trust bitcoin but the feelings of having your money within your own custody is what makes people trust bitcoin because even if Satoshi Nakamoto wakes up today and decide to withdraw the bitcoins in his wallets, there are people who will also be very fast to also withdraw their own bitcoins too.

That is not my quote. You quoted the wrong person.

Had you quoted the right person, you might find a more interesting and compelling argument as to why people think that physical things have a safer feel to them, from a more psychological, subjective viewpoint.
 
There are different ways to "feel" money. Not all these feelings are the same.

[Y3shot]

The reason why people trust bank is that if anything happens they can run to the nearest bank, so they think this is what safety is all about . But they forget the money that is in banks, they steal it from time to time all in the name of charges and maintainance. This is one of the way bank is making money from customers.  The banks benefit more, because keeping money in the bank they generate money constantly from you, while the owner of the money inflation is reducing the value of the money. In bitcoin you can get everything,  you can get security and you can get a good value from your money.

[Franctoshi]

Not really, but be rest assured that if someone is able to sign a message from any of satoshi known wallet and moves those coins, it will have a very strong impact on the market.

satoshi only holds 5% of total bitcoin supply, so even if his coins are touched it will affect the market but bitcoin will surly regain it's strength over time. The only problem is that a lot of investors out of fear would hurriedly sell off to avoid getting caught in surprise..

People want something to believe in, that's why many people still trust bank over bitcoin because they somehow feel like they can have someone to hold responsible for their loss..

with bitcoin you are responsible for everything that happens to your coins and many are too lazy for such huge responsibility..

I doubted if Satoshi will ever come back for that amount of Bitcoin ( 1.1m, 5.2% ) because to me, it seems those BTC are used for some experimental purposes, that's to see if anyone will be able to hack into the wallet address and move those Bitcoin to either prove
(1)  how Vulnerable Bitcoin may be,
(2) And how secure that the network is, and I doubt that's the only amount of Bitcoin in his holding, I guess that's the amount he wants to keep for public viewings, while having other wallet he holds some percentage too, or may have been mining ⛏️ Bitcoin all these years.