Topic: Bitcoin creates bond and trust among its users (Read 293 times)

Bitcoin makes you trust the other party but it also makes you vulnerable because that person can use various tricks to gain your trust knowing that once you pay there's going to be no turning back.

I'm a fair person and when someone pays me I feel obliged to fulfill my part of the agreement but many people are thieving bastards so do your research and play it safe.

It's interesting how bitcoin being this new high tech form of money goes back to the the principles of barter that people used to transact with long time ago.

I think you shouldn't let your guards down and trust every random stranger with your cash. There's a reason escrows are used for online transactions such as cryptocurrency. If you've been indulging blind trust, kindly desist from it so you don't get scammed. There are several safe escrow services offered here in this forum. You may want to try using any of them.

Pointedly, the reason Bitcoin has survived the onslaught of media and government backlash right from its inception till now is the community's ability to stay united and supportive to the course.


Yes, it has generally changed the way the world looks at business transactions because of the blockchain tech which Satoshi blessed the world with.

Trust can be the cause of someone's downfall if not handled to others with proper assessment. Even though bitcoin unites us to trust other users, it doesn't mean we should be careless on giving trust to others. Also, one of the main reason why bitcoin is continuously being transacted each day is because of the benefit it gives to the users as it keeps on moving from peer-to-peer. Enhancing you're suspicion over other people whenever making a transaction is never a bad thing, you are just being precautious of the risks they impose towards you which is the possibility that they are frauds who are baiting you.

BTC is just a digital currency used for the transaction in blockchain technology and it has nothing to do with what you so-called "trust" when doing a transaction with other people. If you wanna buy/sell something in the crypto world, you need BTC as a form of payment and it's not like you won't get scammed by other people while using it. It is all possible because of peer-to-peer technology since everything is done by the computer.

you just said it was a digital / currency  . just because its not tangible doesnt mean that it has no use , digital currency and online payment methods are the future of money .

trust is needed but not enough , what important is that there is value on the thing that you are trading . it takes guts too if your going to transact in p2p platforms because btc transaction are not reversible once you send it  .

In all forms of trading trust is a must or else we will be needing escrow that also needs Trust built.

I don't know what comes to your mind and what's the purpose of this Post but what i see is nonsense .

Bitcoin took more than 5 years before finally receives  valuable trust and may say that has really a Market circulation  meaning People did trust after a years of building and not just overnight.

Bitcoin users have trust in the value of Bitcoin.Bitcoin users don't always trust each other.That's why we use escrows,when buying/selling goods and services online,in exchange for Bitcoins.
In conclusion,NO,Bitcoin doesn't create bond and trust among it's users.
The Bitcoin users have to be cautious,in order to avoid BTC scammers and cheaters.
Op,your post seems kinda ignorant.Are you a complete newbie or something?

I am quite confused what you're pointing in here, OP.
If you meant by trusting to send one's money to another, then you could just use escrow so that trust issues will be out of the table.
About the exchanges, well that would depend on how much the exchange is being recognized. You might not like that your funds will be frozen by some unknown exchange you had deposited your money at.

In bitcoin, there are connections which are being developed through giving advices and lessons in crypto world.

I met a lot of people when I'm just starting in bitcoin investment especially that there are a lot of experience investors out there.

Trust issues are very common nowadays particularly when there's a money involved.

In terms of legality, go ahead with your piece of paper; it's warranted by the government itself. Your bill is a legal tender, your land title is a legal piece of proof of ownership, and so on. If your trust is based on what is legal, then trust all of them.

As for me, a string of numbers which, together, makes a system which is next to impossible to tamper is more worth trusting than a piece of paper which is only valuable because the legal powers say so.

Trust on pieces of paper has always been broken and betrayed. On the other hand, you cannot cheat against hard-coded numbers.

I would generally trust a piece of paper more than a string of numbers and letters associated with an otherwise anonymous cryptocurrency transaction. Why? Because a judge in a courtroom in my jurisdiction would also trust that piece of paper more than a complicated series of hash values. Capisce?

Consider that the imagined "piece of paper" will include information which identifies your purported counterparty. Just like your identity is established in the blockchain when you... oh wait, no it's not. So by default, you are in a more legally favorable position as compared with a seller when the transaction is recorded on the blockchain. Given this asymmetry, any rational seller will charge a premium in exchange for your anonymity (as any rational economist would agree), and in recognition of the non-reversible nature of your trade. In accordance with this, the seller will endeavor to limit your rights as much as possible given the risks associated with trading with an anonymous actor on a given blockchain. Your ability to contest such limitations is contingent on your ability to legally contradict representations made by the seller. The seller is not legally required to affirmatively explain to you in full detail any rights which may or may not accrue to you in the event of a sale.

The piece of paper, on the other hand, is a bona fide legal instrument which grants its holder specific rights which do not require any special adjudication. The entailed rights and responsibilities are by definition explained within the "piece of paper".

Note that while you may claim that the piece of paper described above is not confirmably geniune, you must similarly acknowledge that the concordant NFT you hold may not be genuine. (If you are not aware that NFTs may be forged, then you should immediately stop trading NFTs until you have acquired a genuine understanding of the mechanisms which underlie NFTs). You should similarly note that the "store of value" you appear to believe to be inherent in a given instrument is in fact not present, except in the eyes of a prospective buyer. Consider that this buyer might be aware of the controlling dynamics described herein and may be more interested in the "piece of paper" than the less legally secure NFT.

It's possible because we have exchanges that are open 24x7. So I don't know why you ask this simply question.

It has nothing to do with trust, for every seller there is a buyer. And that buyer doesn't recognize who the seller is, so there is no trust in there. It just so happen that when you trade, there's always someone on the opposite side willing to deal with you.

Being "a digital currency that is not tangible" is not a reason why people won't trust it. As a matter of fact, it is worth more trusting than a piece of paper you are not certain to be genuine and which supposed to hold a certain value. People all over the world have been making transactions with centralized digital systems built on fiat systems, both of which could be manipulated and tampered, something which you cannot do to an immutable system which is Bitcoin.

Bitcoin has brought a big change in the current world.  Many rich Raghob bowlers are currently investing in Bitcoin.  Bitcoin has spread among people in such a way that no one can cross this boundary if they want to.  Bitcoin has spread with fidelity among the people.

I Stand to correct the error of tangible, because tangible is specifically meant something that is good or something that yield positively, automatically saying that bitcoin is a digital currency that is not tangible that Means from my understanding bitcoin is not useful for you and is not worthy to be emulate following your concept.

Bitcoin creates the habit of P2P transactions for us, but there must be an intermediary to ensure. The relationships between depositors and receivers strengthen over time that create a trust that can bypass the middleman.
Scams in the crypto space are happening more often since Bitcoin increases in value and other projects develop. I have found that human nature is always the same in all markets. We are trusting the system in technology rather than trusting each other.

Trust and go first for trades, without Escrow is very vulnerable to scam.

• You can trust anyone but if you trust a wrong trade partner, you will lose your money.
• On the online space, the one is talking and making trade with you can be a hacker, not a real person you trust.
• Make sure to verify the person you are trading with is the real person you trust. You can require a signed message.
• The safest method is Escrow service from trusted Escrow provider

Bitcoin transactions are irreversible, please always remember it when you are on trades.

I feel that when I start on bitcoin I gain also some trusts from my buyer whenever I am selling some cryptocurrency and the trust of them that I am gaining but also take not and always remember that there are also people who will be able to get use of your being trustworthy in order to scam so always take note to be more careful also whenever you are making such transactions however, I am pretty sure that there are also users who are worth of our trust on making those transactions.

I think I got your point and if I really got it correctly, you mean that users have trust in their co-users which most of the time they would simply send their Bitcoins to the other user’s wallet without any hesitation.

We actually have the same experience but we have to take note that there are still possibilities that you might get scammed or something will go wrong with the transaction if you’re only gonna base it on trust.  If you want to transact at a higher cost, I would suggest for you to seek assistance with an escrow service provider so you can still secure the deal.  Trust isn’t enough especially nowadays, you still have to at least put one layer of security after assessment.

Remember, Bitcoin transaction is irreversible, you should wait for at least 3 confirmations from the network or much better use escrow service as I mentioned above for the smooth deal to others.

Bitcoin is actually ocean of profits if you play it well. It is driving everyone crazy with the cost you need to pay for buying single bitcoin. All that energetic surge of the bitcoin since few years has driven people around the world around it and made the investors of same. Bitcoin slowly tells the investors how they can earn big if they play with it responsibly. No body ever knew we will see tech like blockchain in our lifetime and also earn from the same over public ledger. These are unimaginable things which has driven people to create non ending bonds with the bitcoin.

The quest continues and it won't stop yet. Who knows different developments might just put everyone more startled in the future and we could see bitcoin as the primary asset in the future (even over fiat). 

Come imagine that a lot of people got affected in 2017 when Bitcoin experienced an all-time high and the crashed after a month or two. This made people lost any trust with Bitcoin at that time and some never went back to invest in cryptocurrency. But during the last year, when Bitcoin crossed the previous all-time high and then went way more up, people started to get their curiosities back and now wants to get back to the action, but this time they purchased other alts since it was cheaper. But the rush propels Bitcoin to move up further, especially when billionaires and corporate celebrities went to endorse.

I somehow agree with your point. However, in my country, people always try to steal others money on the internet. The percentage is about 20%. It is extremely big. Thus, I hardly believe anyone unless they have a long transaction history proving that they are clean

Third party app for escrow is considerable. If there is a blockchain creating its own escrow, it will definitely be used by many people

It can be considered as the most used digital currency which is easily transferrable to others via peer to peer transaction through using blockchain technology. People are continuously supporting and using it to get faster service and getting other facilities too. That makes trust to its user. It doesn't make trust by itself.

trust between users is usually done in p2p trading, not for exchange trading, because blockchain technology is the basic foundation for users to make transactions online

that's just my opinion

I agree. With crypto, it is not in the coin that cause trust to built between people but the technology itself which makes every transaction signed to the blockchain trustless.

Having a trustless system is one of the major advantages provided by the blockchain technology (i.e. smart contracts) that powers the crypto industry. This is why this monetary system (which is growing rapidly) is preferred over the current method.

The "non-tangible" part isn't that important, after all we've had digital money for many years, and people had no trouble with money existing purely as a number on the Internet. Bitcoin is different because there's no intermediaries and confirmed transactions are final, but with banks it's also not always possible to reverse a transaction, and there's a lot of scammers who use bank cards to receive money from their victims, so when it comes to p2p trading, Bitcoin and fiat payment methods aren't that different. Reputation has always been the most important part of p2p trade.

I totally agree with you, a lot of people lost faith when Bitcoin was dumped in 2017, then when Bitcoin crossed the previous ATH with huge market capitalization in just next three years, it got a huge response in the corporation sector, resulting in world class Companies like Grayscale, TESLA have been forced to think about investing in Bitcoin. Bitcoin is now able to gain the trust of people from all walks of life and revolutionize digital transactions.

blockchain technology is the basic foundation for users to make transactions / transfer Bitcoin directly by users online, which is called peer-to-peer doing individually.

What this means: It's not Bitcoin that creates trust, it's the people who trade crypto that create trust in Bitcoin.
Many people here make transactions with Bitcoin, without having to know each other, Bitcoin never creates trust, people who created all of that, so we dare and believe in making transactions with other users.

What does it have to do with being tangible? The balance shown on your Paypal account is also intangible, but people transact with it daily. After the invention of internet, lots of things are valuable and intangible at the same time. Bitcoin is, by design, created for this purpose.

And it doesn't with fiat? If you ever deal with someone hand-to-hand, there's no guarantee. This is why people use online escrow services.

You shouldn't be confusing humans' trust with Bitcoin's technology.

Hi

I do think that you are talking about how the process of buying and selling works in the business of bitcoins. People have to wait and how does it go by ? Well if you are asking this then I do believe that you have heard about the lightning network. It takes on the buying and selling transactions from shops , etc  even some grocery stores have it now. But this network is not entirely safe thus is rather in a scope of an improvement.

Other than that there are things like : transactions getting confirmed after just one confirmations which is exceptionally very helpful in gambling. But then again people did create something to track back the transaction but that will only work if you would have the password.

Then again you can use segwit and set the transaction to be urgent you will pay more but it will take less time and both parties can decide to pay half.

People even use escrow sometimes or some good services.

Bitcoin is a digital currency that is not tangible, but people transact on it on daily bases,how is it possible ???it is only possible because bitcoin build trust among saler and buyer of the currency.it takes trust to send money to someone's wallet and wait to receive the bitcoin in exchange ...what do you think