Simplest Facts about Bitcoin

[Italian Panic]

What Bitcoin is best use for

Digital Gold
Store of value.
Beating inflation.
Decentralisation ( total control )

Best use is decentralization, this is the real power of Bitcoin, the real value, the elimination of the third parts. Your money in your hands and no affected by 2% of fractional reserve by the bank system, where this system can easily create inflaction and destroy your savings.

What Bitcoin is not best use for

Privacy ( Public Blockchain from scratch)

The most popular lies about Bitcoin

Bitcoin is best tool for criminals.

In these last two points: the first one on privacy is 50% real, if you are connected to your addresses they can follow you forever, instead if you can stay disconnected from it you maintain a certain type of privacy. In the second point, on the criminal instrument, I think that since the last 100 years drugs and the irregular market have been paid for in dollars and no one has ever said anything.

[KiaKia]

Sigh! I don't know which part of your post to quote, these are not fact about Bitcoin but fact about you knowing nothing about Bitcoin.

Can you mention one of his assertions that is false? From all I can see, it is one hundred percent.

That's long hours already and if Bitcoin drops 10% between this hours it will affect the business owner, $300 deal can turn to $260 in those waiting hours.

$300 to $260 is $40 loss, that's too much exaggeration, that's 13% in an hour? That's not accurate unless on special weeks when there is FUD. Can't remember when we had 10% on average day not to mentioned he said in an hour, volatility is low right now and transaction fees are at sub 1 sats. Few cents will get your transaction comfirm as quick as possible. Base layer isn't that worst for daily payment, some companies will gladly accept Bitcoin payment over Usdt or ethereum and I don't think those companies will settle for 10% loss on average transaction.

I can't even remember the last time we had transaction congestion, ordinals inscriptions are not selling like before, the network is sharp for transactions more than before.

Bitcoin is good for privacy but that depend what he meant by privacy. If OP is not Kyc with any address and not doing any illegal , there is much privacy one can achieved with Bitcoin and no chain surveillance will ever trace back transactions with their heuristic tools. Bitcoin privacy depend on how the user understand the use of Bitcoin transaction.

I don't think this is true, because business has to keep running, when congestion will be a thing remains unknown, you won't even see it coming, FUD isn't the only reason why Bitcoin dumps.

If Bitcoin topped nothing can say otherwise, when Bitcoin get to 126k it made a U-turn while many people were still predicting and expecting higher price, a business owner doesn't care about that.

Right now Bitcoin fell under 70k after reaching 75k and I believe that we are going way down than what we are seeing right now, there is no FUD what is happening is just bear market retracement.

People put blame on stupid things when Bitcoin starts to fall, like the war on Iran and others but chart is going to do what it has been gearing up to do since the past months anyway.

[Richbased]

Who said Bitcoin is not anonymous?

Yes, bitcoin is not anonymous. You need to understand the difference between privacy and anonymity.

Bitcoin is good for privacy but that depend what he meant by privacy. If OP is not Kyc with any address and not doing any illegal , there is much privacy one can achieved with Bitcoin and no chain surveillance will ever trace back transactions with their heuristic tools. Bitcoin privacy depend on how the user understand the use of Bitcoin transaction.

You are correct, we know that transactions are still traceable in the bitcoin network but how someone will find out that you made a transaction is dependent on you. If you do not expose your addresses or transaction harsh, no one will ever know that you performed a transaction which is where privacy comes in.

[The Cryptovator]

While some will argue here is my own pin points
You can walk into a store and have to wait for 30 minutes because the Bitcoin transaction you did isn't confirmed yet, why? There is sometimes delay on the bitcoin network if there is high busy on the network.
Congestion is still a thing, you can wait for few hours more if there is congestion.
That's long hours already and if Bitcoin drops 10% between this hours it will affect the business owner, $300 deal can turn to $260 in those waiting hours.

I won't argue here for daily shopping with Bitcoin payment; it's not worth it and hard to find Bitcoin-accepted stores. But for the big payment, it's possible through Bitcoin payment. For example, if you are buying a home or car, then it's possible to make a Bitcoin payment if the seller accepts Bitcoin payment. All we need to do is use a non-custodial wallet and use higher transaction fees to confirm the transaction faster.

More than a payment solution, people start considering Bitcoin as an investment asset. Unless lightning network transaction, we have to wait quite a long time to confirm the transaction, and the fees are pretty high. If you purchase a small amount of goods, then the fees would sometimes be more than the payment amount. Hope we will find some faster Bitcoin payment solution.

[Marvelockg]

Trying to counter all the point you've made will only look like we are assuming that bitcoin is one perfect invention that's void of some minor limitations or lapses. For every invention, there's always the positives of it which drags enthusiast closer to it and the part that's not so perfect which is where Anti such system tend to always point at to lay claims as to why they are they feel that some of the alternative to bitcoin is better than bitcoin.

In some context, bitcoin might not be too fast for certain transaction and for a smaller kind of transaction, it might be more convenient using the fiat over using bitcoin and that's what makes it clear that bitcoin isn't created to completely displace fiat. If we are looking at the limitation of fiat, then we can easily find a lot of it far more than the positives of it but yet, we still make use of it for our day to day to day transaction.

It's just best to know that no invention of man is 💯 perfect. If I had not known bitcoin, I will think doing international Transactions involve one hectic processes that an ordinary person will find deficult going about it. But with Bitcoin we've seen how those kind of things are easily sorted out. In knowing fact about bitcoin, you have to know the benefit of bitcoin because that's what's actually useful for you.

[Nheer]

Well you're right about confirmation delays and mempool congestion issues, they can affect business sales but it is only a problem on base layer only. That is exactly why the later 2 lightning network was introduced, it fixes this problem of delays. Its now mostly use by businesses that accept Bitcoin for almost instant transactions so no more waiting around.

Your list is good but just refine the payment part a bit and add lightening network for faster transactions, it's what makes everyday transaction possible now. And also maybe you should add some more common lies like
Bitcoin is just a Ponzi scheme, it has no real value.
Government will ban it soon and the price will go to zero soon. LOL. All these lies mostly come from  people who don't know much about the coin.

[serjent05]

You can walk into a store and have to wait for 30 minutes because the Bitcoin transaction you did isn't confirmed yet, why? There is sometimes delay on the bitcoin network if there is high busy on the network.

There are many businesses that have been accepting payments in bitcoin lightning network and it is working good on such a way that there is not delay and the fee is low or it has no fee.

Aside from  the Lightning Network, there are also apps that enable a transaction to be executed in a matter of seconds.  Yes, 1st layer transaction indeed needs some time, but integration of Bitcoin to services enables fast transactions through internal transfers within applications.

Congestion is still a thing, you can wait for few hours more if there is congestion.
That's long hours already and if Bitcoin drops 10% between this hours it will affect the business owner, $300 deal can turn to $260 in those waiting hours.

Also there is lightning network that you can use during mempool congestion.

In-app transfer also saves us from the problem of mempool congestion. Using an application to make an internal transfer within the apps constitutes a centralized service, but it solves most of the problems the 1st layer transactions have in reference to time confirmation.

[beerlover]

Trying to counter all the point you've made will only look like we are assuming that bitcoin is one perfect invention that's void of some minor limitations or lapses. For every invention, there's always the positives of it which drags enthusiast closer to it and the part that's not so perfect which is where Anti such system tend to always point at to lay claims as to why they are they feel that some of the alternative to bitcoin is better than bitcoin.

In some context, bitcoin might not be too fast for certain transaction and for a smaller kind of transaction, it might be more convenient using the fiat over using bitcoin and that's what makes it clear that bitcoin isn't created to completely displace fiat. If we are looking at the limitation of fiat, then we can easily find a lot of it far more than the positives of it but yet, we still make use of it for our day to day to day transaction.

It's just best to know that no invention of man is 💯 perfect. If I had not known bitcoin, I will think doing international Transactions involve one hectic processes that an ordinary person will find deficult going about it. But with Bitcoin we've seen how those kind of things are easily sorted out. In knowing fact about bitcoin, you have to know the benefit of bitcoin because that's what's actually useful for you.

Of course there are situations where we need to see how things could change, of course we are seeing how bitcoin has mistakes too, like how miners are not making a lot and yet they are putting in so much effort to protect it and yet we are paying a ton for their service. This should not be happening, we can't be paying a lot and yet they do not make a lot for the investment required to protect bitcoin. That's just one thing, 51% is another, why 51% is beyond me, we should had that higher.

Basically there are tons of things that we can judge, hell the whole energy thing for bitcoin mining is a big talking point for over a decade. But that doesn't mean it is not the "best", the best doesn't mean perfect, it just means it's better than all others.

[Obim34]

What Bitcoin is best use for

Digital Gold
Store of value.
Beating inflation.
Decentralisation ( total control )

I'm not going to start counting points on what is wrong and which is not wrong, my only contribution is why didn't you acknowledge Bitcoin as one of the best form of digital investment. We have the larger population of individuals holding Bitcoin, basically because it is well established as a means of generating returns on investment, this is an aspect which more people tend to join the market.

[aylabadia05]

The most popular lies about Bitcoin

Bitcoin supply can't reach us all, it's too thinny
Bitcoin mining is not healthy for the environment.
Bitcoin is best tool for criminals.
Satoshi Nakamoto real identity is known.

Are there any other points besides these? Let’s make sure everyone understands the facts from the perspective of those with a more rational mindset.
In my view, those who claim Bitcoin is the best tool for criminals are the ones misusing Bitcoin. To me, fiat currency is nothing more than a tool for those who print vast amounts of money to fund the arms trade and wars.

Bitcoin is not anonymous, I repeat, Bitcoin is not anonymous in anyways, everything is transparent on the public Blockchain, mixers exists for that reason, more private transactions, the only anonymous thing about Bitcoin is the Creator who chose to stay hidden.

Everyone can track the activities that have been carried out. I can confirm that.

[Mahiyammahi]

Brother, most of what you said is correct, but I think it needs a little balance in some places. Bitcoin is seen by many as digital gold or a store of value, and it is working well in the long term. But there is a real problem with its slow payments or increasing fees every day. Although the Lightning Network is trying to reduce all these things on the other hand.

There is also a lot of misconception about privacy, even though the blockchain is public, the user ID is not always directly visible. Also, criminals do not only use Bitcoin, they also use Cash. Bitcoin has both strengths and weaknesses and it depends on the use cases around the world.

[Faisal2202]

In-app transfer also saves us from the problem of mempool congestion. Using an application to make an internal transfer within the apps constitutes a centralized service, but it solves most of the problems the 1st layer transactions have in reference to time confirmation.

You mean the transfers in centralized exchanges? I have only seen in-app transfers in such exchanges and it can only be made in the same kind of app. Are you talking about something else? If yes, can you shed some more details. Thanks.

Although I would also love to use off chain transation if possible but never seen anyone taking off-chain payment like in apps. Even stores don't provide us such options but maybe physical stores can have qr codes for famous exchanges like coinbase or Binance, depending on the region because in my country coinbase is not famous as Binance is.

[Byebyebtc]

You can walk into a store and have to wait for 30 minutes because the Bitcoin transaction you did isn't confirmed yet, why? There is sometimes delay on the bitcoin network if there is high busy on the network.

There are many businesses that have been accepting payments in bitcoin lightning network and it is working good on such a way that there is not delay and the fee is low or it has no fee.

I personally feel that using Bitcoin for payment is not an ideal way of making payments yet...
Except you are doing cross border transactions

Because I have personally done it before and it was so slow, and because of its instability as well I don't think it's totally ready for our every day transactions.

[ZAINmalik75]

While some will argue here is my own pin points
You can walk into a store and have to wait for 30 minutes because the Bitcoin transaction you did isn't confirmed yet, why? There is sometimes delay on the bitcoin network if there is high busy on the network.
Congestion is still a thing, you can wait for few hours more if there is congestion.
That's long hours already and if Bitcoin drops 10% between this hours it will affect the business owner, $300 deal can turn to $260 in those waiting hours.


Satoshi Nakamoto real identity is known.

Paying bitcoin as payment offline is one thing and online is another because most of the time, the countdown is capped to 15 minutes to 1 hour and if you have made transaction in bitcoin and network is congested then you start to pray that the transaction gets confirm sooner, you look at the blockchain it says the eta is 10 minutes and then it could increase but these days it won't. Point is, things become a bit serious when paying online so you have to raise a flag to report what has happened, although never has happened with me.

I never heard anyone lying about Nakamoto's Identity we all know, he is unkown to all of us, even those who have talked with him via emails, can't tell where he was from, who he could be. Maybe newbies are saying or those who know nothing about bitcoin are spreading this lie.

[tabas]

The most popular lies about Bitcoin

Bitcoin supply can't reach us all, it's too thinny
Bitcoin mining is not healthy for the environment.
Bitcoin is best tool for criminals.
Satoshi Nakamoto real identity is known.

Add to it these;

• Bitcoin is dead and it was dead for 400+ times.
• Bitcoin is a ponzi.
• If you are going to buy bitcoin, you need to buy a whole of it.

These might be sound crazy but, I am sure that everyone who's able to encounter these lies before can say that there were people who actually believed into these lies. And that's made them discouraged for not buying it but, that's the mistake that they have done and believed for.

[GeorgeJohn]

What Bitcoin is not best use for

Making payments everyday ( no fast settlement)
Covering tracks( staying anonymous is not so simple)
Privacy ( Public Blockchain from scratch)

It's the way you understand bitcoin will make you to give explanations of bitcoin, it's obvious that you dont understand bitcoin very well...you need to make research of Bitcoin properly before you Publish your opinions to the public..

Let me throw more lights in bitcoin transactions, should in case you're not aware...bitcoin is the fastest and easiest means of making intercontinental transactions without much processes or delay..saying that no Privacy in bitcoin...that's a misconception of understanding Bitcoin and it's technology..

[IjawMan]

Covering tracks( staying anonymous is not so simple)

i would argue that covering tracks and staying anonymous are quite different. obviously you can never cover tracks because the bitcoin blockchain is transparent. there is no covering tracks that exist. you can't hide a transaction but you can hide your identity through bitcoin since you do not need to sign up on anything to buy bitcoin unless you buy from an exchange.

Covering of tracks as usually done with fiat transactions where the data base can be mutilated and have some sensitive transactions deleted without any noticing.

But the bitcoin Blockchain is fucking transparent and can't be mutilated by any one, there's no covering of tracks with bitcoin, you can only stay anonymous being privately private with your identity unknown but just an address connection with transaction, not identity as it's done with fiat transactions.

[Ndabagi01]

Personally I prefer my bitcoin as an alternative currency for payment and love to use it for cross boarder transactions but for payment of things like groceries I use fiat and I think it’s what OP was on about

To be honest, due to the large transaction fees that the Bitcoin networks gets to, it doesn’t seems to look as a very more suitable and sustainable means to use the currency to pay for groceries. Bitcoin is more suitable for some larger transactions and cross border payments. We are clamoring for adoption everyday and to the best of my knowledge, their have been an increase to that so far but what is making it not visible and worldly accepted more is the fact that people see it more as another means of investment more than them seeing it as an alternative to the fiat currency.

[macson]

I couldn't agree more with what you said, as it accurately states the facts about Bitcoin in general.

While there are some other views that suggest you could use the Lightning network for faster settlement, but we're talking about "Bitcoin" here, so what we're aiming for is the base layer, and using that would obviously take longer to settle, coupled with fees, which is why most people avoid it for everyday payments.

[Hamza2424]

Hmm, these are some of the important facts that you have mentioned and still, I am sure, without even looking at some of the posts, that people argue on the privacy point you made, that it is not that simple. Because they don't understand the main difference here. Anyway, I am not going to shed any light on it but I am sure of it haha.

Anyway, on your list of popular lies, the criminality point is so true. Chain analysis consistently shows that illicit transactions represent less than 1% of total bitcoin volume, while cash has always remained the dominant tool for such activity globally.