Bitcoin is not perfect, and that's okay. - page 3.

Webetcoins

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Quote from: Shishir99 on November 12, 2023, 09:35:26 AM

The explanation from the central bank is Bitcoin and all other cryptocurrency are banned here because criminals use these currencies for money laundering and their crimes.

This is the lamest excuse the authorities and governments make when they want to ban or stop Bitcoin from spreading within the country because they know if that happens, they are slowly going to lose control over their people, their finances, and financial activities and they can't afford to let that happen. When they say that Bitcoin and cryptocurrencies are used by criminals to fund their crimes, they ignore the fact that criminals have been using fiat currencies for centuries for the same thing, but we never saw anyone saying that fiat currencies should be banned for this because they know it's them who are in total control of the money.

If they say that Bitcoin and cryptocurrencies are not traceable and that is the reason why they are against them and think they are easily usable for criminals, even cash that is used by criminals doesn't leave any traces for them to catch the criminals, if a criminal is using a specific currency for any crime, the money is then mixed in the economy and they can't find the criminals based on that.

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Quote from: Shishir99 on November 13, 2023, 08:56:21 AM

Quote from: YUriy1991 on November 12, 2023, 09:56:14 AM

I think the government is only reading the negative implications of a part of society that doesn't yet understand this technology and what is most felt is that the use of cash and its circulation is decreasing rapidly and a lot. Why is this because the creator of BTC does not want to submit to financial institutions that like policy monopolies and centralized governments that try to control all aspects of their money supply? I think they just limit the market. But, whether they like it or not, many people want to be exposed to bitcoin.

It's not like they don't know about the positivity of Bitcoin. They just pretend like there is no good or positive side to Bitcoin. But we all know why they don't want to legalize Bitcoin. They are scared of Bitcoin. They know they will lose revenue if they approve Bitcoin as legal tender. People will use Bitcoin freely and the government won't make any money from Bitcoin use.

As long as they have the authority to legalize anything and declare anything illegal. So, why miss the opportunity to make some money from people's transactions? They are unlikely to legalize Bitcoin until people pressure them about it.

The government understands bitcoin better than we do and that's why they don't want to accept it. It's naive to see them ban or dislike bitcoin, meaning they have no knowledge about it. If they don't have knowledge about it then how will they know that it will harm them more than it will benefit them? The government is not as stupid as we think, if they were stupid they would not become our leaders. Furthermore, I think they are the ones spreading negative things about bitcoin, not anyone else.

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Quote from: YUriy1991 on November 12, 2023, 09:56:14 AM

I think the government is only reading the negative implications of a part of society that doesn't yet understand this technology and what is most felt is that the use of cash and its circulation is decreasing rapidly and a lot. Why is this because the creator of BTC does not want to submit to financial institutions that like policy monopolies and centralized governments that try to control all aspects of their money supply? I think they just limit the market. But, whether they like it or not, many people want to be exposed to bitcoin.

It's not like they don't know about the positivity of Bitcoin. They just pretend like there is no good or positive side to Bitcoin. But we all know why they don't want to legalize Bitcoin. They are scared of Bitcoin. They know they will lose revenue if they approve Bitcoin as legal tender. People will use Bitcoin freely and the government won't make any money from Bitcoin use.

As long as they have the authority to legalize anything and declare anything illegal. So, why miss the opportunity to make some money from people's transactions? They are unlikely to legalize Bitcoin until people pressure them about it.

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Quote from: pooya87 on November 08, 2023, 09:45:27 AM

Quote from: Alpha Marine on November 08, 2023, 09:27:09 AM

doesn't make it the "tool for terrorism" as the governments want people to believe.

Is this really a thing that governments are discussing these days? Because the other day I saw another topic around the same subject here and despite the FUD about illicit usage being old it makes me wonder whether they are starting it up again?

I think the government is only reading the negative implications of a part of society that doesn't yet understand this technology and what is most felt is that the use of cash and its circulation is decreasing rapidly and a lot. Why is this because the creator of BTC does not want to submit to financial institutions that like policy monopolies and centralized governments that try to control all aspects of their money supply. I think they just limit the market. But, whether they like it or not, many people want to be exposed to bitcoin.

Shishir99

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Quote from: pooya87 on November 08, 2023, 09:45:27 AM

Quote from: Alpha Marine on November 08, 2023, 09:27:09 AM

doesn't make it the "tool for terrorism" as the governments want people to believe.

Is this really a thing that governments are discussing these days? Because the other day I saw another topic around the same subject here and despite the FUD about illicit usage being old it makes me wonder whether they are starting it up again?

I don't know about other countries pooya87, but I know about my country. The explanation from the central bank is Bitcoin and all other cryptocurrency are banned here because criminals use these currencies for money laundering and their crimes. The government agrees with the central bank and there is no one who can explain to them the good side of Bitcoin.

There is one minister who thinks it's just a currency nothing else. If someone wants to do money loundering, they can still do it by using skrill, Payoneer, or perfect money which is available here. The problem is, all most everyone in the government is outdated people (Old age).

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Quote from: Alpha Marine on November 08, 2023, 09:27:09 AM

~

Yes bitcoin also has advantages and disadvantages but that doesn't mean it is not perfect. It transactions are irreversible because it is a decentralized cryptocurrency blockchain nobody control but if the recipient is a good person and you discuss with him or her, you the coins can be send back to you therefore it has been reversed .

The volatile and unstable Market price make bitcoin more interesting because when the price is low anybody who has money at that time can buy it and hodle it for the next bull market.

Remove that particular clause that says "bitcoin is used for crime". Bitcoin is a newbie in the world and crime has been on this Earth centuries before even bitcoin come to this world so bitcoin has nothing to do with crime. It is crime that comes to it and not bitcoin that looks for crime. People use it to commit crime and that doesn't mean bitcoin is a crime invention.

I only like democracy and not capitalism. I am not a pro capitalist but a strong believer of socialism. And I might only adopt the mix economic system. Yes I agree with you on the saying that, the flaws of bitcoin is not it weak point either they are making it more stronger.

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Quote from: Ben Barubal on November 11, 2023, 06:30:28 PM

Nothing is perfect in anything, so whether it is perfect or not, the important thing is that Bitcoin has helped a lot of people during its 14 years of existence in this industry field.

Doubts about Bitcoin will not go away, and this is normal in my opinion, because the more negative that is said heropinionsure, it is impossible that there is no positive that is also given to anyone who trusts and believes in Bitcoin as well.

That much time has actually been enough for everyone to see the evidence clearly on Bitcoin, which means there is no longer any need to doubt it because there are many people who have experienced extraordinary profits through Bitcoin from time to time. And the people who are still skeptical about Bitcoin are the ones who will ultimately regret having had an opportunity that they didn't take advantage of for themselves. So just forget about people like that now.

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Quote from: Webetcoins on November 09, 2023, 02:10:50 PM

I thought the "Bitcoin is a criminal" was a very old thing and both people and governments have gone passed that thing already, but if they are still dragging it and trying to make Bitcoin look negative in this manner, I think those who believe this thing will only regret doing so in the future just like the ones who are regretting today for believing the words of mainstream media back in the day when they were making Bitcoin look bad by calling it different names one of them being "a criminal currency".

I still remember the time when people wouldn't even listen a word about Bitcoin and start talking rubbish about it just because they have heard all the negative things about it from either mainstream media or government official and even from social media influencers who doesn't even know a thing.

The question is where are those people now that have thrown rubbish words to bitcoin? Aren't they surprised why bitcoin has flourished more and become more hyped despite of their negative criticism? This just proves that not all people say against bitcoin are certainly true and correct. The reason why we should not easily believe on whatever people say, otherwise we should learn to validate them through doing personal research.

Bitcoin may has its own flaws and so is fiat and the rest of people's innovations, but for bitcoin who is known for high volatility and decentralized, I don't think we should consider them as barriers but definitely the greatest factors of bitcoin that made it unique from other currency and the reasons why bitcoin has reached its current place and position despite of its flaws.

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Quote from: bitmover on November 08, 2023, 10:36:21 AM

Bank transactions are not irreversible. Have you never received a refund?

A bank can revert your transactions. They can also retain it until they verify if it is "clean" or not. They can revert and even give you a negative balance. Those things are not possible with bitcoin.

In my account, if I want to send money to an account I've never sent money to before my bank will give me a pop-up message telling me to make sure the details are correct because the transaction cannot be reversed.
I've only ever received a refund when there was a failed transaction. If I make a transfer and the beneficiary account didn't receive the money sent, but I was debited then I can receive a refund, but once that money has been successfully transferred to the beneficiary account you can't get a refund.

I don't know how things are where you're from but where I'm from if you mistakingly send money to the wrong account, you can't get it back unless the owner of the account transfers it back. I have not heard of any case where somebody reports this kind of case to the bank and the bank just withdraws the money and sends it back without the consent of the owner of the account.
Most times people return these kinds of money because they'll be easy to track since the bank has all your information.

Quote from: oktana on November 12, 2023, 06:59:24 AM

It depends on who. What is not perfect to you may be perfect to someone else. Irreversibility can be a feature, you may not see this until you can relate how it favored you.

If a thing was perfect then it would be perfect for everybody and in all areas. It would have no disadvantages or weaknesses of any form. It is based on this that I say there is nothing that is completely perfect in this life.

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Quote from: Alpha Marine on November 08, 2023, 09:27:09 AM

Bitcoin is not perfect and so is every other innovation man has created.
Not perfect in the sense that it has pros and it also has cons.

"Bitcoin transaction is irreversible". I would have loved it to be, but there are reasons why it's not. Also, a transaction that was made from one bank account to another is irreversible too. So it's not new.

It depends on who. What is not perfect to you may be perfect to someone else. Irreversibility can be a feature, you may not see this until you can relate how it favored you.

Quote from: Alpha Marine on November 08, 2023, 09:27:09 AM

"Bitcoin is used to commit crimes". (The lamest).
So does the Internet, phones, computers, guns, and all. Even harmless things like vehicles, boats, and ships are used to commit crimes.

Terrorism has always been funded with fiat currencies since before the inception of Bitcoin. You can walk into a bank and withdraw $10k cash from your account and you do not know if the money was deposited into the bank by a human trafficker.
I don't see anybody fighting fiat because it's used to fund terrorism.

Exactly! I do not see why you mention this too because it isn't tied to Bitcoin. As you said, these evil acts existed before the creation of Bitcoin, hence it isn't about Bitcoin but about us humans. And considering that anyone can use Bitcoin, we expect that different people with different opinions and intentions will use it differently, like anyone can use a penknife for good or for bad.

Patrol69

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You will find not only positive side of anything but also negative side of everything. We use mobile phones but these mobile phones are harmful to us and our environment but still we use these mobile phones for the good aspects of mobile phones. If we try to find the negative side and positive side of Bitcoin, then I think that the positive side will be much more than the negative side of Bitcoin, so we have to use Bitcoin carefully by thinking about the negative side. Not everything is positive for you, some things have to be positive. If you start thinking negatively about something before using it, then you will never be able to use that thing properly. Acknowledging that there are some negatives, you have to give more weight to the positives, only then will you feel more comfortable using the item.

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I think the important thing to remember is that Rome wasn’t built over night. We all know this saying. This certainly applies to anything out there , as great things most often take time to iron out, so to speak. The great thing about Bitcoin and its blockchain is that they are programmable, therefore they will forever be made better, more up to date, etc.

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It’s not just about it being a very flawed and at times clunky invention, it’s about how so many people puts bitcoin at its extremes without understanding how it actually could ruin the reputation of this cryptocurrency. We see people on one end of the spectrum, fanaticizing bitcoin, acting as if it’s the second coming of Jesus Christ when it has been nothing but a good store of value and a payment/remittance system for millions of people. This paints the impression that bitcoin is great and there’s no downsides to it, which fools unwitting newbies into investing despite the risks and drawbacks.

On the other hand we see people supposing bitcoin as yet another ponzi scheme whwn it has proven itself time and time again that it was not. They spread FUD and negativity all cause they couldn’t land a sweet deal in the crypto world lol. These types of people are those that really affect bitcoin for the worst in my opinion. Not thebhigh fees, not the inherent flaws that come with this currency, not anything.

Ben Barubal

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Nothing is perfect in anything, so whether it is perfect or not, the important thing is that Bitcoin has helped a lot of people during its 14 years of existence in this industry field.

Doubts about Bitcoin will not go away, and this is normal in my opinion, because the more negative that is said heropinionsure, it is impossible that there is no positive that is also given to anyone who trusts and believes in Bitcoin as well.

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Quote from: Blitzboy on November 11, 2023, 08:47:23 AM

Bitcoin's perfection - or lack thereof - is intriguing. However, 'perfection' is subjective, especially in financial instruments. Bitcoin's value is defying norms and changing currency value, not perfection. Bitcoin's flaws are often criticized due to ignorance or fear. Missing the forest for the trees. Bitcoin's volatility, decentralization, and developing technology are its strengths. These are traits that challenge financial system status quo, not weaknesses.

Sceptical and cautious observers are missing a fundamental shift in value and exchange perception. Bitcoin represents a movement toward financial democratization and against centralized authority. Not seeing Bitcoin's influence beyond profit and loss will be regrettable. The evolution of Bitcoin is about financial sovereignty, not just price appreciation.

To begin with there is no such thing as perfection as if we were to ask people about what their perfect currency will look like we will find conflicting answers, bitcoin has a set of characteristics that makes it especially suitable for the objectives Satoshi wanted to accomplish, however since governments and banks have other objectives on mind, it should be obvious they find flaws in bitcoin for what they want to achieve, and they want to regulate it so people have to comply with their rules.

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Quote from: michellee on November 11, 2023, 03:35:17 AM

Quote from: bettercrypto on November 10, 2023, 06:29:41 PM

Even though Bitcoin is not perfect, it still helped many people who believed in what it could do in terms of financial solutions in every human life around the world to open their minds to this field of industry.

But even though they think Bitcoin is no longer good, the percentage continues to increase, making it popular and a reason for investors around the world to trust it even more. Why is that? That's because they can't prove that Bitcoin is bad in the reality that is happening now every time it comes to us.

Nothing is perfect if it is man-made, as with Bitcoin. But so far, Bitcoin has been perfect for me because Bitcoin has provided many benefits for me and other people. All of us who have known Bitcoin for a long time have already benefited from that.

We can also accept that Bitcoin is not perfect. And those who think Bitcoin is imperfect will probably regret it when they see Bitcoin will become more and more popular in the future. They will not be able to follow Bitcoin's journey, especially if they still think negatively about Bitcoin.

They should try to accept Bitcoin as it is. And they can also take advantage of the benefits that Bitcoin brings to them. After they get the benefits from Bitcoin, they can judge whether Bitcoin is imperfect or whether Bitcoin is perfect after they get the benefits from Bitcoin.

Bitcoin's perfection - or lack thereof - is intriguing. However, 'perfection' is subjective, especially in financial instruments. Bitcoin's value is defying norms and changing currency value, not perfection. Bitcoin's flaws are often criticized due to ignorance or fear. Missing the forest for the trees. Bitcoin's volatility, decentralization, and developing technology are its strengths. These are traits that challenge financial system status quo, not weaknesses.

Sceptical and cautious observers are missing a fundamental shift in value and exchange perception. Bitcoin represents a movement toward financial democratization and against centralized authority. Not seeing Bitcoin's influence beyond profit and loss will be regrettable. The evolution of Bitcoin is about financial sovereignty, not just price appreciation.

bayu7adi

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dont be greedy

Comparing Bitcoin's shortcomings to many things is not the best way to invite people to accept Bitcoin, especially when you bring up democracy and capitalism, which makes it even less sensible.

Accept Bitcoin as a simple digital asset... there's no need to overcomplicate it to get the attention of many. Just prove that Bitcoin is good for privacy or that it adopts the best blockchain technology, and that's promising enough for those who understand technology. Looking for solutions to Bitcoin's shortcomings isn't a promising approach. Instead, we can accept those shortcomings as part of the package.

As of now, I still hold Bitcoin because it represents freedom to me. Like a young, free, spirited, and up to date .

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Quote from: yudi09 on November 10, 2023, 08:10:20 AM

Quote from: DanWalker on November 09, 2023, 11:32:03 PM

And not everyone has the same thoughts and needs, so it's not surprising that many people don't like bitcoin. Bitcoin cannot please everyone.

Do they have such thoughts? I think they don't have a healthy mind about Bitcoin.

As we also said, bitcoin is not perfect, besides the advantages there are also disadvantages. Therefore, it is very normal that there will be some people who have unhealthy thoughts about bitcoin or even hate it. I think we don't need to worry about that because it has nothing to do with us and it also doesn't reduce the appeal of bitcoin. Furthermore, I think more positively, as bitcoin becomes more popular and widely accepted, one day people who hate bitcoin will use it. But at that time, they had to buy at a higher price than now and they deserved it.

Promocodeudo

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Nothing created by man is perfect, it is only God creature that's perfect, most times humans argue it, the innovation called bitcoin is not perfect, that's why it experiences fluctuations, meaning price instability, is just like every day we here that the world needs peace since I was born I always hear world unity, this ain't coming, that's tell us that any intuitive by humans can ever be perfect, for example robots, robot malfunctioning has caused so many death, mainly in developed world where these robots are used to carry out different functions, the recent network high fee alone should tell us that bitcoin is not perfect, it is just an innovation that's is undergoing gradual advancement and review.

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Quote from: Alpha Marine on November 08, 2023, 09:27:09 AM

Democracy and capitalism are not perfect, but we all want them. Why? Why don't we ditch democracy and practice a perfect system instead?

I'm gonna disagree on this one.

Democracy is definitely societal gang rape but capitalism is objectively prefect. It is neither good nor bad. Capitalism just is ...and Bitcoin itself is the closest the world has ever come to achieving actual capitalism.

Topic: Bitcoin is not perfect, and that's okay. - page 3. (Read 1223 times)