What made people trust Bitcoin enough to keep using it for 17 years?

[The funny mimi]

I have been asking myself this question: What made people trust Bitcoin enough to keep using it for 17 years? The more I learn about Bitcoin the more I begin to understand why people have continued to believe in it and use it over such a long period.

One thing I have learned is that no single person company or government controls the Bitcoin network .The transactions and rules of the network can be publicly verified which makes the system more transparent. I also learned that mining and cryptography help secure the network and make it extremely difficult for someone to change past transactions or manipulate the system.

As a beginner this is one of the things I find most interesting about Bitcoin. People are not simply trusting one individual; they are trusting a system that is built around technology mathematics transparency and a large network of participants. I still have a lot to learn, but understanding these basic principles is helping me see why Bitcoin has survived for so many years and why people continue to use it today.

[Dr.Bitcoin_Strange]

People trust it because of its decentralized nature and the vision that it will let the common man and woman have full control of their money without needing the permission of third parties. With Bitcoin, you can hold a huge amount of money just in numbers but great value and no body will know that this money belongs to you because your identity is not tied to it but in the traditional financial system, a third party already knows your name and also have your picture and your fingers prints recorded in their system, so any amount of money you are keeping in your account, they know who owns it and can deny you access to it if there's any issue. Bitcoin does not bend to inflation and it's also one reason people have keep using it as a safe heaven to protect their money.

[kingstep]

I have been asking myself this question: What made people trust Bitcoin enough to keep using it for 17 years? The more I learn about Bitcoin the more I begin to understand why people have continued to believe in it and use it over such a long period.

Uniqueness will make you stand out such that years will pass and it will only look like nothing has changed so far and that is what bitcoin stands for. If bitcoin were like the other random project that came about not for the sake of solving users problem but just to take advantage of users, bitcoin would have ceased to be relevant by this time but bitcoin is what it is and will still stand stronger because it existence is more towards helping the needs of users than it is gaining popularity through users.

There are other inventions that have stayed above bitcoin and what made it possible is solely because each of them stands out and are reputable even after many years. if there is anything that affects bitcoins reputation, the way people views it will change and it will just be a matter of time before people starts to question the use case of bitcoin.

[Abu-Naim]

As a beginner this is one of the things I find most interesting about Bitcoin. People are not simply trusting one individual; they are trusting a system that is built around technology mathematics transparency and a large network of participants. I still have a lot to learn, but understanding these basic principles is helping me see why Bitcoin has survived for so many years and why people continue to use it today.

That’s true, Bitcoin being decentralized is the reason why it is still in existence and still strong with its value, if it was being controlled by some set of individuals or group of people, it would have been compromised or lost its value for long because it came as an alternative to fiat currencies and came to give financial freedom; the government of so many countries didn’t accept it and it keeps going up due to its uniqueness and the fact that it is an investment that stores value.

The years Bitcoin had been into existence and how far it has gone is enough to justify everything about Bitcoin despite the criticism from different people and companies; now they are investing in Bitcoin because they regret missing out on the early stage.

[BIT-BENDER]

I have been asking myself this question: What made people trust Bitcoin enough to keep using it for 17 years? The more I learn about Bitcoin the more I begin to understand why people have continued to believe in it and use it over such a long period.

I honestly want you to understand something because I see you have made that mistake, not everyone trusted Bitcoin for 17years, infact the smallest percentage of people who are currently into Bitcoin right now did not start from seventeen years ago.
Some people joined in after five years, ten years or how ever it is, some that had been there very early had left and later joined in again so not everyone has been here since for that long and to those who have they have seen the value and a Happy about their decision.

[Gost ms]

Every person wants their financial security and financial control and Bitcoin is one of the greatest tools for that financial security and control. Over time, we can see how much inflation is increasing and how much banks are cheating everyone. Every person wants their money to be with them and no one has control over it, that is why Bitcoin exists.

Through Bitcoin, we are easily able to maintain our privacy and no one knows how much we have holdings or Bitcoins and we can easily maintain our privacy. The supply of Bitcoin is very low and once Bitcoin mining is finished, it is never possible to mine another Bitcoin and if ever the development of technology becomes a threat to Bitcoin, then it is easy to make the Bitcoin network stronger. Everything has taken Bitcoin to one of the most important levels and has gained trust among everyone.

[Creeper0]

Transparency was originally the main factor of people's trust, when Bitcoin was first used, it was not a store of value. At that time, transparency, freedom and the use of advanced technology attracted people to Bitcoin. Over time, Bitcoin security became stronger, and transactions became safer as the number of miners increased. Basically, continuous improvement and transparency are the main reasons for the increase in the number of Bitcoin users.

Since Bitcoin has now become a store of value, this is considered the main reason for Bitcoin to survive, and the improvement in privacy and security has increased trust in Bitcoin. People may have different purposes for using Bitcoin, but the main purpose was to gain privacy and profit.

[hmbdofficial]

Yes, the important point here is that bitcoin replaced the need to trust a central authority with rules that can just be verified. You don’t have to trust satoshi him self, any banks or any government authorities to decide whether a Transaction is valid. The nodes will independently check transactions and blocks against the bitcoin’s consensus rule.

Yes, mining is really playing that important role also, because it makes rewriting confirmed history increasingly expensive. And cryptography also helps to prove that coin can only be spent with only the required keys. However bitcoin cannot be regarded  as risk free, but its 17 years of continuous operation should be a prove that the combination of open rules, independent verification, cryptography and economic incentives can actually work at a global scale.

[Btcdeybodi]

I don't know if you saw the topic that was created in the Bitcoin Discussion section before you created this one but if you did then it is wrong to create what seems like a duplicate copy even though that the contents are not the same.

If you want to bring a topic that has been created in the general board to the local board, let it be written in the Nigerian pidgin English so that it won't look like a duplicate.

Bitcoin Is 17 years Old. What surprises you most?

[Sim_card]

Trust and transparency has made bitcoin survived since creation. The code is open source and anyone can look into it and see things for itself that the network cannot be manipulated and Satoshi didn't create it out of selfishness but for the benefit of others and safe them from government fiat entrapment.

[Sammye3]

The main trust people have for bitcoin is because its within their control, there is no central authority that controls bitcoin unlike the banks. This has enabled it to remain consistent and transparent over the years and has kept a strong stance despite criticism and other external constraints. It's the first and oldest digital asset, so that should be enough reason to trust its system no matter the manipulation by whales.

It has also brought ease to international transactions, with no necessary need for prolonged verification and authorization by a central authority while keeping the privacy of users intact.

[Joy- maker]

I have been asking myself this question: What made people trust Bitcoin enough to keep using it for 17 years? The more I learn about Bitcoin the more I begin to understand why people have continued to believe in it and use it over such a long period.

One thing I have learned is that no single person company or government controls the Bitcoin network .The transactions and rules of the network can be publicly verified which makes the system more transparent. I also learned that mining and cryptography help secure the network and make it extremely difficult for someone to change past transactions or manipulate the system.

As a beginner this is one of the things I find most interesting about Bitcoin. People are not simply trusting one individual; they are trusting a system that is built around technology mathematics transparency and a large network of participants. I still have a lot to learn, but understanding these basic principles is helping me see why Bitcoin has survived for so many years and why people continue to use it today.

There are several reasons apart from the ones you mentioned why people trust Bitcoin so such, which is why they have continue to use it for their daily spending and other transactions.  As for me, the reason why I trust Bitcoin so much is best known to me, and there several reasons why I'm still using Bitcoin till this day.

I'm still using Bitcoin till today because of global access, it can be sent across borders 24/7 without the delay of any bank, I'm also using Bitcoin because of its censorship resistance, with Bitcoin people can send and receive money without needing permission from a bank.  Although there are other reasons but this two should be enough for now.

[Anayochukwu]

Over the years many people have trusted Bitcoin because of its uniqueness, transparency and its decentralized nature, everyone wants to be in control of their finances without any third parties and Bitcoin has given them that and more. It can not be manipulated and it can not be monitored by anyone and its security system is stronger than our local banks. People trust Bitcoin because no one is in charge of your account but you only can have access to it.

[Amphenomenon]

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There are other inventions that have stayed above bitcoin and what made it possible is solely because each of them stands out and are reputable even after many years. if there is anything that affects bitcoins reputation, the way people views it will change and it will just be a matter of time before people starts to question the use case of bitcoin.

One thing that have kept this reputation for Bitcoin and any other is their reliability,  we know for a fact that even in this past 17years there have been number of things even cryptocurrency and assets that have be compared or rated ahead Bitcoin and then there times when some of them were the more reputable but now not anymore and one of the main reason for this is reliability which is among core for success and longevity.

[Tetu100]

One thing we must understand is that Bitcoin didn't just get to this very point just like that, it has gone through the test of time in past years and in it, it's has proven beyond reasonable doubt to be very reliable, transparence, very fast in transactions, privacy guaranteed, decentralized nature etc. Perhaps that's what has sustained it even till this very moment.

People trust it because of its decentralized nature and the vision that it will let the common man and woman have full control of their money without needing the permission of third parties. With Bitcoin, you can hold a huge amount of money just in numbers but great value and no body will know that this money belongs to you because your identity is not tied to it

This very part of Bitcoin is what captured me the most, it decentralized nature. And I believe this very part of Bitcoin is where the government find it very challenging. Because they has zero or no knowledge on how Bitcoin holder's go about their financial dealings. However, sometimes you see someone being pushed around for his own money ( does using our local currency understand better when you are in the bank) but ever since Bitcoin stepped into the scene, dudes for once has also realized they has a say to their own money and that is a big goal to all Bitcoin enthusiast.

[Donneski]

For 17 years, Bitcoin has not only survived but has become extremely useful to people around the globe who value decentralization, all these happened even when it been heavily criticized,  that's enough reason for to trust it.
One of the major reasons people trust Bitcoin is because of the track record it has been able to maintain over the years. It's not possible to maintain such consistency in a long period not get trusted.

[fredericktaylor]

I have been asking myself this question: What made people trust Bitcoin enough to keep using it for 17 years? The more I learn about Bitcoin the more I begin to understand why people have continued to believe in it and use it over such a long period.

One thing I have learned is that no single person company or government controls the Bitcoin network .The transactions and rules of the network can be publicly verified which makes the system more transparent. I also learned that mining and cryptography help secure the network and make it extremely difficult for someone to change past transactions or manipulate the system.

As a beginner this is one of the things I find most interesting about Bitcoin. People are not simply trusting one individual; they are trusting a system that is built around technology mathematics transparency and a large network of participants. I still have a lot to learn, but understanding these basic principles is helping me see why Bitcoin has survived for so many years and why people continue to use it today.

There are many reasons to trust Bitcoin, people buy Bitcoin and hold it for years. One of the reasons why people trust Bitcoin is its strong network, which plays a big role in increasing people's trust or confidence.

Financial freedom, Bitcoin has brought people complete financial freedom through which people can keep their money under their own control, without the government or anyone else interfering, a person can completely freedom buy, hold and exchange Bitcoin with others and can confidently hold Bitcoin for a long time.

Decentralized, as Bitcoin is not able to be controlled by a specific person, which makes investors more confident in buy Bitcoin and more motivated to hold it for a long time.

Inflation, in the present times, inflation has become a big problem which has increased the suffering of the common people, therefore, by investing consistently and holding it for a long time with confidence, it protects the investor's valuable money from inflation in the future.

There is an opportunity to make big money, every investment has risks and there are risks with Bitcoin investment, but by investing consistently with a long-term plan and holding it for a long time with confidence, if the price of Bitcoin increases in the future, there is an opportunity to make big money. If we look at the past history, we will see that the price of Bitcoin has increased gradually, which has benefited investors, so consistency and patience play a big role here.

[BluebloodCXVI]

Bitcoin has proved itself worthy over the years so i don’t thinks it’s legitimacy should still be up for debate anymore.

Many of the critics who had once said that bitcoin was a scam and that it won’t amount to anything have been proven wrong on the core survival thesis many times, so i believe the asset has earned the right to be taken seriously.
Although it has not yet eliminated every open question about its long term role or limitations and i acknowledge this fact but it still doesn’t undermine all the achievements that bitcoin has made, it just avoids treating a successful technology and asset as something that has already answered every relevant future questions and this distinction is more of useful one than a problematic one IMO.

[Cryptomultiplier]

For 17 years, Bitcoin has not only survived but has become extremely useful to people around the globe who value decentralization, all these happened even when it been heavily criticized,  that's enough reason for to trust it.
One of the major reasons people trust Bitcoin is because of the track record it has been able to maintain over the years. It's not possible to maintain such consistency in a long period not get trusted.

I would take my stand with Bitcoin as it in recent times has become a hybrid alternative with the spot ETF making it more open and adopted for large pocket institutional holders, while it also has become an adopted country reserve currency in some instances and most companies hold Bitcoin on their balance sheet too because of this reputation Bitcoin has built over the years.

It's only when an innovation like Bitcoin gets trusted that all these can be possible and when we come down to our local scene, the government know they can't control it, but has implemented taxes for Bitcoin holdings and trading just to get a cut and be a participant.

[PremiumcryptoHub]

People trust Bitcoin because of its decentralization, security and transparency and I believe that this currency was created by Satoshi to protect all investors from the trap of fiat currencies in their country. Many are also using Bitcoin for daily transactions because Bitcoin is able to give everyone financial freedom as evidenced by the fact that we can transact from anywhere and keep this currency in our wallet without the intervention of a third party.

In fact due to its popularity worldwide, institutional adoption and acting as a hedge against inflation, many investors in our country, Nigeria, consider it as a store of value and patiently hold Bitcoin for the long term in the hope of earning large profits.