Topic: Bitcoin is not perfect, and that's okay. - page 6. (Read 1223 times)

Bank transactions arent irreversible? I dont think so.
Volatility? Its normal.
Commit crimes? Fiat had been used for a long time.
Terrorism? Same goes for fiat

I dont see these things to be flaws but rather these are issues been thrown out commonly into those someone who do hate up Bitcoin but if we do look up throughly
in regarding into its benefits not only just into its utility but also in money making opportunity then we could really be having that win-win situation.
Those issues above arent really that truly an issue, it is really just that false media on which government had been doing all this even up to this time.

They wont really be getting tired on trying to destroy the image of Bitcoin considering that it is gradually getting that kind of attention on which
government would really be that not shocking they will really be trying out to destory its image so that people wouldnt really be tending to engage out.

Nothing we ever experience in this life was ever made perfect, and same goes to the invention of Bitcoin, as it had got its own flaws "negative & positive" sides, but yet still stands out to be the very best asset currently to invest in it for the future. Because we all know that the light bulb we enjoy today, took its inventor @ Mr. Thomas Edison 999 failed experiment before finally coming up with the light bulb, and likewise who knows that's how Satoshi might gone through after series of failed project, who later ended successful.

This is such an important thing that we need to keep reminding people, its really not the point of bitcoin to be perfect, it is just "better". It is an asset and a currency, how many things are out there that you can both invest to get richer AND use it as a currency? Not many, and even if you considered just fiat, something like dollar, is bitcoin better than dollar? I believe it is much better and that is enough. Just because it is better than dollar doesn't mean that it is perfect, of course there are plenty of things that are wrong with bitcoin too, but at the very least we can say that its the best we have in our hands. That is why it is important to make sure that it is doing fine on the long run.

Bitcoin has its own flaws that makes its disadvantages but we can only say that because we always compare bitcoin to fiat. And anything that bitcoin lacks wherein fiat has it already is considered its disadvantages. We fail to realize that bitcoin is different from fiat in nature. So we don't need to compare it from fiat because if we analyze it closely, bitcoin is way more useful and helpful for the people not just in the form of a good currency but a good and profitable investment as well.

However, it's a good thing that the people have become more open-minded these days and they come to understand bitcoin more than fiat. But I must say when it comes to the government, I can still see that they are still doubtful with bitcoin. They have always believed and came to protect fiat from whatever its anomalies being involved, but they can never accept bitcoin because they have always treated it to be a threat to their own government and to their own fiat currency.

All things that are created not only bitcoin are not perfect and there must be updates again and again in each period as time goes by so when looking for the perfect in this world obviously there will be nothing like that.
As for bitcoin and their perfection is also not perfect but even so I don't think it's a big problem because in the end we already feel confident in what we are doing and I personally am in bitcoin not wanting perfection but as an investment that I think will be profitable if I continue to be here.
My view was proven right after a few years I got more profit than before and now I am restarting investment and waiting for my momentum to return to harvest the results of the investment I made.

"bitcoin is volatile.." no its not. it operates with known factors, like 2016 blocks a fortnight with (currently) 6.25 coin reward a block, halving 210,000 blocks after the last halving.. the variability tolerance is actually very low

however .. markets that use the dollar as a base exchange comparison which then affects people around the world with different living costs currency exchange rates causes the USD market to be volatile

if bitcoin was instead measured as for instance 2300 minimum wage hours, incrementing/decrementing in minutes/hours instead of dollars .. where each country can buy at their native countries minimum wage rate multiples. it would be a internationally fairer market.. the price would be more stable because each persons native living costs and thus ability to buy coin would be more equal

yes this would cause IE americans to buy on forex exchanges the currency of third world countries to then buy bitcoin, causing the FOREX market to become volatile whilst the arbitrage occurs of taking advantage of this. and we all know those in US wall street wont want their favoured FOREX to do that...
but the honest truth is bitcoin is not to blame. the USD exchange side and the controls/dominance of the USD on other countries is to blame, not bitcoin.

because bitcoin is an international asset currency it means different people with different living costs end up speculating at different prices due to the USD element.

if however you look outside the USD price and find the underlying base value no one ON THE PLANET wants to sell below. that value amount moves more stable, because its based on the most efficient cost on the planet to acquire bitcoin. not so much based on USD dominance

It is actually happening in many countries.  As a matter of fact, Bangladesh banned Bitcoin through different conjectures that do not hold any substance. India too was not too friendly with Bitcoin for various poor reasons, I don't know if that have changed now.  Terrorism is usually the major point they use and even form the second core basis for KYC by the CEX after money laundering.

They may not be bringing that up, because it remains as a fact to them so is to the general public. That's always been one of the main points that the governments are using to justify their stance against cryptocurrencies. Fiat is also used in these illicit purchases, though they are not really highlighting that at all. I guess, it's part of the beauty of bitcoin. You have this negative tag that follows it no matter where you go.

As for OP, no system is perfect. All has its flaws that another imperfect system might patch up. It's just the way it is. The growing demands of Man will always render a 'perfect' system obsolete or imperfect in time.

That's not fair; they should not have imposed an extra tax on the holdings, which would make someone lose their holdings. Banks are the backbone of the country, and if there will be no money in them, then how can they run the country's business at a small level? But many small banks tried to play out of their league and got bankrupt due to a lack of money and big hopes and ended up losing their customers' money too.

Banks are not sincere with their customers. A few days ago, I watched a video of a local of our country who was sharing how he was scammed by the biggest bank, HBL, of our country in the case of insurance. His father had insurance for 10 years, and the money they will make you is 2x or 3x, but when the time of the claim came, they started to make claims that the manager from whom you took the advice is not here anymore, etc.

This is just the most recent one I have seen; on a daily basis, many other cases are occurring. Banks are also not perfect, which has existed for hundreds of years; how can BTC be perfect, which is not 18 years old yet?

It is imperfect just as what the fees are right now. There are alts that have free transactions and even those are fast but will cost less. But this imperfection of Bitcoin leads to more adoption and stronger appeal to the community because that's how it should be. This imperfection only shows that despite with that, people is still choosing and it will continue to dominate the crypto market because it is what the people like.

This is right. Those that have lesser fees and quicker transactions might be better on that term. But if we're going to take a look the entire picture, Bitcoin is better than them maybe a hundred times because it's still decentralized on its nature unlike them, very centralized or semi.

Someone is spitting out facts here, some true, cruel, hard-to-accept facts about BTC, and believe me, the points you have mentioned here are basically the main points that most of the governments that reject BTC use against it. The slogan has now become that it supports terrorist groups. And one other thing is that the country that talks a lot about it is the one that puts them in a position where they can have a big influence on the market and on the market's customers, like us and that country is the US.

They are the ones who have most of the BTC owned by their citizens in a country where BTC is accepted as legal tender (El Salvador).

The point is that BTC is decentralized and provides freedom of finance and freedom of speech too. And that is not acceptable to the connected world's governments or the banking sector. If people stop holding their funds in local currency in banks, then banks cannot use those funds to make further investments. Our money is not at rest in banks, while the numbers in our accounts are. They use our funds from all kinds of work, and then at the end, they have to arrange funds for us if we exceed their expectations for the withdrawals.

It might not be perfect, but at least is better than the current system

Nothing is perfect, not a single one, and to me Bitcoin works as intended, it exists to be a digital currency and also a decentralized project for those who really need decentralization, I don't see any flaws in this two utilities, so for this, I will say because is a perfect decentralized digital currency.

There are many digital currencies that can't backed the decentralized part of their projects and with the fear of the regulators and others, they lied about been decentralized in the first place and slowly move into a centralized space easily.

Nothing is indeed perfect like OP said, but Bitcoin is perfect for what its been created to fix in the world today, and I am with Bitcoin as a strong supporter because of what its fixing in the world, how is this not perfect for me?

There is nothing in the world today that's not been used in crimes before, anything that's created to safe lives or fix problems can also be used for criminal activities.

I don't think there's anything perfect in reality, apart from, perhaps, parts of Maths, such as perfect geometric forms like a circle, and some numbers, but even those barely count because they aren't real in a sense that things are real.
Of course, it's totally fine that everything has its upsides and downsides.
Bitcoin transactions being irreversible can be an issue when someone made a mistake, but it's also a good thing because you know that once the first confirmation went through, the money won't disappear.
As for volatility, it can be bad for retailers because it's inconvenient for pricing, but it's an opportunity for traders.

I think this is what makes bitcoin the proper alternative to fiat.

Basically these are emotional contexts to determine what is perfect and that is preferred because the other one is a mathematical explanation and that would prove bitcoin as perfect but few here would understand its beauty (myself excluded as well). I am a simple person and I understand the potential of bitcoin and having patiently observed it for the last few years while collecting it, I have only admired it more for its properties like censorship-resistance and decentralization.

Dont let the FUD get to you, see the charts, they speak a lot.

I think it’s depends on the exchanger where you trade your coin. Platform like the Binance you can report any malicious transactions as long as you have the proof and every evidence of the transaction. Once you report the transaction your money will be returned to you if proven correct. The exchangers are working progress, it’s us certain that those in charge are looking for better ways to satisfy their customers. Same applies to the bank, when you make wrong transactions, they will ask you bring a police report and transaction receipt of the transaction before they can look into you case and this might take days and months before they refund your money.
  Just like every other investment, none is perfect, in everything in life there have to be advantages and disadvantages it  brings  balance to life.  It is okay not to be perfect, but with constantly evolving and growing it will be better than ever.

Bitcoin is not perfect or flawless. It is a fact. But the advantages that the bitcoin gives are enough for me. This is already a lot, because nothing else could offer me something similar or close. This is the uniqueness of the bitcoin.

I like bitcoin  because of the new possibilities it opens up.

In fact, there are no bad tools. Just need to know how to use it. In the right hands, all the shortcomings of the bitcoin are leveled out.

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.

I don't think bitcoin is perfect for everything  either, however it works veery well to accomplish its goals.

Excessive misperception. I think people who think Bitcoin is too negative didn't read the Bitcoin whitepaper written by Satoshi as the creator of BTC.

Bitcoin is a peer to peer electronic cash system. The whitepaper explains in detail starting from the introduction, transactions, timestamp server, proof-of-work, network, incentive, reclaiming disk space, simplified payment verification, combining and splitting value, privacy, calculations to the conclusion about the Bitcoin system.

I use Bitcoin for investment which is my choice. Meanwhile, for other users who want to use Bitcoin as money in transactions, it is their right. There is not a single sentence of explanation written in a number of parts of the Bitcoin whitepaper that Bitcoin is a system designed for crimes such as funding terrorist groups and for other prohibited things.

Nothing is perfect, man! Everything has its limitations and shortcomings although some limitations are negligible and could be managed while others are awful and if there is a chance of doing away with it, should be made to go into extinction. This is the reason why you see people that believe in the prospect of Bitcoin advocating and hoping it gains acceptance by the majority of society because the fiat currency that is controlled by a central authority and is so much regulated by the government has worse off imperfections than what you just mentioned here.

Recently in my country, the government imposed an automatic deduction of a certain amount from all account holders and you don't even have a say regarding thos decision because they could make this withdrawal from there own end before you even notice it. What do you call that? Near perfection right?