Bitcoin and it's Relationship With Time

[Zaka1221]

Bitcoin has given people a new way to measure financial certainty by changing their time. It is true that in traditional banks many times you often have to wait 2-3 business days, but in Bitcoin I think depending on our needs wait 1 confirmation but 5 for more security and transfer assets very quickly. However, it does not depend on the calendar but on the consensus of the network. Also, Bitcoin has created a new ecosystem in the world economy where transactions can be made from different parts of the world in a very short time without any hassle. It creates a block every 10 minutes on average and a block can come in 1 minute or it can take 30-60 minutes or even longer.

Bitcoin is a game changer for millions who were looking for freedom because before these things were never under the control of common people due to restrictions and many other hurdles that were making their lives problematic. Having Bitcoin brings security, flexibility, and control of their money without having any outdoor activity.
It's not all about just confirmation; it's also about many other things, especially now that people can go beyond borders, which was just a dream for many, or people who do not have enough funds to complete red carpet procedures. The introduction of bitcoin and crypto makes life easier and also allows people to complete their dreams because before this, banks and their systems were the biggest problem.
Now, just click and have enough millions. Millions of people are now living life, which was not possible because people were not able to provide or take services that are not changing their lives and also give them enough economic independence.

[LUCKMCFLY]

To express further, in 2021 bitcoin lowest was around $29,000 and it 2024 bitcoin lowest was around $40,000. We have only used the lowest between both years as an example.

When you realize that Bitcoin is one of the most solid investment options available, you quickly see the benefits. BTC operates on a completely different scale than traditional stock markets or the classic strategies used by legendary investors like Warren Buffett, whose plans were created long before BTC even existed.

In traditional finance, investors had to wait a decade or more to see returns. With Bitcoin, if you maintain a disciplined accumulation strategy and HODL (hold your position), the long-term results, say over about eight years, historically outperform almost any traditional market index.

Looking at the historical lows over the years, as you mentioned, from its inception to the 2021-2024 cycles, makes everything much clearer. It's never too late to start accumulating BTC, even starting today. A long-term perspective will likely yield far superior results than relying on the growth of the traditional stock market over the same period.

[davis196]

People talk about Bitcoin as digital money, gold or asset but almost no body talk about that "Bitcoin created its own Clock"
Normal finance like banks , stock market , loans, payment and salaries runs on " human time" likewise Monday to Friday traditional working from 9-5, payment take 2-3 business days and if it's holiday you have to wait.

If you ever receive a salary in BTC, I'm sure that you will have to receive it "Monday to Friday".
Some transactions are automatic, while others require human interaction. Debit/credit card transactions don't require human interaction and you don't have to wait for a business day(Monday to Friday) to make a card transaction. The thing you are describing isn't such a big deal and it doesn't represent a revolutionary advantage for BTC over fiat. When it comes to the stock market, I'm sure that the stock markets are going to move to a 24/7 model, mostly due to AI trading bots starting to dominate day trading. A human, who needs to sleep and rest cannot compete with an AI bot, which can operate 24/7. The only problem is AI bots not being accurate enough.

[Obiavelliii]

People talk about Bitcoin as digital money, gold or asset but almost no body talk about that "Bitcoin created its own Clock"
Normal finance like banks , stock market , loans, payment and salaries runs on " human time" likewise Monday to Friday traditional working from 9-5, payment take 2-3 business days and if it's holiday you have to wait.

While the Bitcoin network creates one new block every 10 minutes 24/7 and 365 days a year. No weekends, no holidays and no manager needed. It seems like the heartbeat of global financial system now a days.

This actually means that instead of saying that your payment will arrive in 3 days, the people related to Bitcoin says " wait for six confirmations". So time is now measured in blocks not days.

Seriously speaking I've not thought about this,  and I think a lot of people are the same boat with me, but this actually one of the best attributes of Bitcoin the fact that it's a system that those not take breaks no matter the date or time, this is an attribute that gives Bitcoin a big egbe over fiat.

[SuperBitMan]

While the Bitcoin network creates one new block every 10 minutes 24/7 and 365 days a year. No weekends, no holidays and no manager needed. It seems like the heartbeat of global financial system now a days.

Bitcoin was created for total freedom, without depending on a third party to use your money, you are totally in charge of how you transact and when you do so, the only exception to this rule are those who still use custodial services, since access to their coins can be blocked by exchanges for one reason or the other.

Yeah you are right, the freedom that bitcoin gives is the major reason why a lot of people are interested in bitcoin and again for the fact that even the government has no control over it. If you are using bitcoin you have no business with government decision, your bitcoin is always safe and even when there’s war or inflation in your country your bitcoin is always safe and secured.
Those who are using exchange to hold their bitcoin are making a very big mistake. I saw someone posting, how an exchanged closed down and his or her bitcoin is gone.
Exchange should not be where we should hold our bitcoin because you don’t have total control of it, the people that have total control of it is the exchange, they are the one holding your bitcoin for you, you are not the one holding it.

[hd49728]

Those who are using exchange to hold their bitcoin are making a very big mistake. I saw someone posting, how an exchanged closed down and his or her bitcoin is gone.
Exchange should not be where we should hold our bitcoin because you don’t have total control of it, the people that have total control of it is the exchange, they are the one holding your bitcoin for you, you are not the one holding it.

There are enough, even abundant reminders about centralized exchanges, how scam they are and how risky they are as places for fund storage especially during a long time. Unfortunately people mostly ignore such reminders, stay with their bad security and safety habits so that they will have to experience and learn own painful loss lessons before they can actually understand about risk and change their practice.

Reminder: do not keep your money in online accounts.
Events made you scare about custodial wallets, centralized exchanges.
[INFO] Updated Summary of malpractices and abuses of exchanges.
The long list of dead exchanges can help some people feel enough to be fearful.
https://www.cryptowisser.com/exchange-graveyard/

[avp2306]

Those who are using exchange to hold their bitcoin are making a very big mistake. I saw someone posting, how an exchanged closed down and his or her bitcoin is gone.
Exchange should not be where we should hold our bitcoin because you don’t have total control of it, the people that have total control of it is the exchange, they are the one holding your bitcoin for you, you are not the one holding it.

There are enough, even abundant reminders about centralized exchanges, how scam they are and how risky they are as places for fund storage especially during a long time. Unfortunately people mostly ignore such reminders, stay with their bad security and safety habits so that they will have to experience and learn own painful loss lessons before they can actually understand about risk and change their practice.

Reminder: do not keep your money in online accounts.
Events made you scare about custodial wallets, centralized exchanges.
[INFO] Updated Summary of malpractices and abuses of exchanges.
The long list of dead exchanges can help some people feel enough to be fearful.
https://www.cryptowisser.com/exchange-graveyard/

That scams and other hacking incident happened on exchanges shows that we should not trust those exchange to much.

Lots of learnings to get if people visit on those links you provided.

Also its sad to see that lots of people see those centralized exchange as safe platform to use, then realize later on that they made a mistake once they see that exchange collapsed and their funds got stuck there.

This is why its important for people to realize early that online platform is not good place to hide their Bitcoin. They better move it on self custody wallets, so they can hide their funds safely and they are away for repeating same mistakes with those exchange.

[SuperBitMan]

Those who are using exchange to hold their bitcoin are making a very big mistake. I saw someone posting, how an exchanged closed down and his or her bitcoin is gone.
Exchange should not be where we should hold our bitcoin because you don’t have total control of it, the people that have total control of it is the exchange, they are the one holding your bitcoin for you, you are not the one holding it.

Unfortunately people mostly ignore such reminders, stay with their bad security and safety habits so that they will have to experience and learn own painful loss lessons before they can actually understand about risk and change their practice.

I have a friend that use exchange to hold bitcoin, and I have advised him several times to stop using exchange to hold bitcoin but he refused. From the discussion I have had with him. I discovered that, one of the reasons why people are constantly using exchange to hold bitcoin for longer period of time is because of the fear of losing their wallet seed phrase and the convenience that comes with using exchange, they don’t have to manage seed phrases or private keys themselves.
So no matter the news, they hear about exchange scamming their users they will still prefer exchange more.
However, I believe when they get scammed by this exchanges or they face one problem or the other, they will understand that exchange is not the best place to hold bitcoin especially for long term.

[hd49728]

This is why its important for people to realize early that online platform is not good place to hide their Bitcoin. They better move it on self custody wallets, so they can hide their funds safely and they are away for repeating same mistakes with those exchange.

Hide their funds, what do you actually mean?

It's like storing their funds on centralized exchanges in risky and unsafe ways but it's unlikely hiding their funds. Centralized exchanges are very possibly KYC, even mandatory and will become more popularly mandatory in the future with MiCA and stricter regulations in the USA and other nations with time. If people want to store their funds privately, and if they want to hide their funds, they must do it in non custodial wallets, and best on air gapped devices.

So no matter the news, they hear about exchange scamming their users they will still prefer exchange more.

It's because most people don't hold but they would like to trade, and in order to trade actively, they must store their funds on centralized exchanges. When they change from trading to holding, they will have less need of storing fund on exchanges.

[tread93]

People talk about Bitcoin as digital money, gold or asset but almost no body talk about that "Bitcoin created its own Clock"
Normal finance like banks , stock market , loans, payment and salaries runs on " human time" likewise Monday to Friday traditional working from 9-5, payment take 2-3 business days and if it's holiday you have to wait.

While the Bitcoin network creates one new block every 10 minutes 24/7 and 365 days a year. No weekends, no holidays and no manager needed. It seems like the heartbeat of global financial system now a days.

This actually means that instead of saying that your payment will arrive in 3 days, the people related to Bitcoin says " wait for six confirmations". So time is now measured in blocks not days.

The big idea and the conclusion is that human civilization ran on sun time , then clock time and then business hours. Bitcoin on the other hand introduced "block time", a financial system that doesn't care if you are asleep or if it's a festival Eid, Christmas or Diwali or if the banks are closed. so Bitcoin isn't just changing money but also changing how we measure time in finance.

Share your views.

I love this post. It really embodies the true intent of what Bitcoin was created for. To have no bounds and nothing to tie it down or control it. Bitcoin is its own beast and it can not be controlled or harnessed because its power is in numbers, energy, and uptime. There is also a full team of developers and now a full on Bitcoin economy basically from all of the ways people use bitcoin to transact, create value, utilize to generate wealth through mining and electricity and through so many other different areas. Bitcoin is truly its own kind of animal and it will continue to become more prominent as time goes on.

[MinoRaiola]

Bitcoin was created for total freedom, without depending on a third party to use your money, you are totally in charge of how you transact and when you do so, the only exception to this rule are those who still use custodial services, since access to their coins can be blocked by exchanges for one reason or the other.

I agree. One more thing = independence. With Bitcoin you are free to make your own decisions. No one else can stop you. So you should keep your coins yourself, and that gives you total control over yourself, your money, and the freedom to do what you want. No third parties, it is just brilliant. No bank show into your account and asking questions.

[demonica]

I understand your point and it makes sense to me as well. However, I think it's too much to say that Bitcoin created its own clock. Just like what others said here, Bitcoin didn't create its own time. Rather, it gives more opportunities and convenience to make transactions any time without any holiday or day offs compared to traditional over the counter banking process.

But we also have to take note that traditional banks don't only rely on OTC transactions anymore. They already adopted technology with online banking where people can transfer money or make transactions anytime as well. However, even if banks nowadays can also offer this convenience, what makes Bitcoin even better is that it gives us more freedom without needing a third party to control over it.

[Dunamisx]

One of the things you can never do without achieving with your bitcoin investment is the relevance of time, this ultimately determines how profitable you are when you invest in Bitcoin, every investor should have the understanding of why they needed to hold more when the market is still yet profitable over their investment in Bitcoin, this is why to be a successful investor we need to take our time while holding.