Topic: Bitcoin is very safe coin because of good developers (Read 392 times)
Cool
In the virtual world, Bitcoin is the most dominant and dependent reliant one. As far as I can tell, no other coin is or will ever be as dependent as Bitcoin. due to the pumps that most investors are aware of, some altcoins have thankfully made some investors fortunes. however, due to the extreme volatility of these altcoins, some people have also become impoverished and bankrupt. However, unlike other crypto currency, bitcoin is dependent on the market and will not vanish, even in a down market.
Bitcoin is the most popular coin in the cryptocurrency market and even the largest Bitcoin by market and capitalization. Comparing Bitcoin to other altcoins is nothing but foolish. People only compare bitcoin to altcoins I never want to compare bitcoin to altcoins. Because I know the price of bitcoin depends on the price of alt coins ie when the price of bitcoin increases, the price of alt coins increases. Only the lucky ones have benefited from investing in alt coins. Moreover, those who invest in altcoins other than Bitcoin have faced losses.
In the virtual world, Bitcoin is the most dominant and dependent reliant one. As far as I can tell, no other coin is or will ever be as dependent as Bitcoin. due to the pumps that most investors are aware of, some altcoins have thankfully made some investors fortunes. however, due to the extreme volatility of these altcoins, some people have also become impoverished and bankrupt. However, unlike other crypto currency, bitcoin is dependent on the market and will not vanish, even in a down market.
One good reason BTC stands out as safe and and a better choice for developers is due to the originality of its idea.
Many other shitcoins I believe, gained their knowledge from understudying how the BTC technology functions and in a bid to replicate it, they launch whatever shitcoins they can as experiment or fraud scheme or just to see how well they can sustain the idea with their own borrowed or bought out developers.
I would say the developers many at times are dedicated to duty as much as the salary can carry, else one has to be more passionate than the original BTC developers who have been instrumental in many of its initiative and compliance with its mandate and vision.
Bitcoin is the most popular cryptocurrency and the largest by market capitalization. The original intent of Blockchain was to disrupt the traditional global payment networks by enabling peer-to-peer digital payments that do not require a trusted third party, such as a financial institution. The value of bitcoin or any given cryptocurrency remains highly uncertain, and they have all exhibited significant price fluctuations.Many other shitcoins I believe, gained their knowledge from understudying how the BTC technology functions and in a bid to replicate it, they launch whatever shitcoins they can as experiment or fraud scheme or just to see how well they can sustain the idea with their own borrowed or bought out developers.
I would say the developers many at times are dedicated to duty as much as the salary can carry, else one has to be more passionate than the original BTC developers who have been instrumental in many of its initiative and compliance with its mandate and vision.
Bitcoin technology has built a very solid foundation for their self other altcoin are full dependent of bitcoin, that means they move when Bitcoin also move. And I don’t see Bitcoin Leaving anytime soon, this is he fate of Bitcoin, the fate of Bitcoin is to be the new currency of the world, which is already looking like it. We shouldn’t be troubled or over thinking if Bitcoin will stay or not. The answer to that lies in our hands. Until the masses decide not to do anything concerning Bitcoin which is never going to happen. So I am 100 percent backing the Bitcoin blockchain, its is set his place in the market.
if you care more about core devs than you do about the network. you already lost
I don't care about core devs, I care about results of core devs and Bitcoin's result is a consistent history of good code and good work made by core devs to reject stupid decisions. In comparison, all forks have failed miserably.
I am currently considering maybe I would start my own mining maybe I would also benefit from the huge fee collected by miners. Looking at the current situation and the congestion, something need to be done as quickly as possible because this alone can affect the bull market dominance.
if you care more about core devs than you do about the network. you already lost
I don't care about core devs, I care about results of core devs and Bitcoin's result is a consistent history of good code and good work made by core devs to reject stupid decisions. In comparison, all forks have failed miserably.
guess you have not noticed the ordinals exploit caused by softening consensus rules and allowing junky/funky transactions without network readiness..
guess you have not noticed how core devs have avoided fixing bitcoin exploits and instead motivated people to use other networks.
guess you have no noticed the fee estimation and bumpfee code that has caused fees to increment faster/higher..
seems you are over utopianising bitcoin core devs like gods which then opens up more risks to bitcoin by clouding over the issues that should be highlighted
good security is not ass kissing devs and saying everything they done is a perfect dream. but instead holding core devs responsible and scrutinising them to ensure they dont get away with too many issues.
holding them accountable helps the network. holding their butt cheek in a loving grasp does not help the network
I'm not a coder but so far, Bitcoin core developers have always delivered a very successful crypto currency.
I'm just giving credit to Bitcoin core developers where credit is due.
if you care more about core devs than you do about the network. you already lost
I don't care about core devs, I care about results of core devs and Bitcoin's result is a consistent history of good code and good work made by core devs to reject stupid decisions. In comparison, all forks have failed miserably.
guess you have not noticed the ordinals exploit caused by softening consensus rules and allowing junky/funky transactions without network readiness..
guess you have not noticed how core devs have avoided fixing bitcoin exploits and instead motivated people to use other networks.
guess you have no noticed the fee estimation and bumpfee code that has caused fees to increment faster/higher..
seems you are over utopianising bitcoin core devs like gods which then opens up more risks to bitcoin by clouding over the issues that should be highlighted
good security is not ass kissing devs and saying everything they done is a perfect dream. but instead holding core devs responsible and scrutinising them to ensure they dont get away with too many issues.
holding them accountable helps the network. holding their butt cheek in a loving grasp does not help the network
altcoins fail because no one cares..
however holding core devs to some godlike dream is also a method of not caring. letting them have a free pass will also not help bitcoin stay strong
if you care more about core devs than you do about the network. you already lost
I don't care about core devs, I care about results of core devs and Bitcoin's result is a consistent history of good code and good work made by core devs to reject stupid decisions. In comparison, all forks have failed miserably.
Security is a very important topic in Blockchain applications and Bitcoin has proven to be reliable here, while many Altcoins have struggled to do so. For us, when our money is at stake, we need to do our research how a Coin is different, advantages, disadvantages to prevent a loss due to education.
Here's a list after my research.
Reasons why Bitcoin is so good:
1. Bitcoin is well reviewed
When Bitcoin was invented, it was set up to be a big security. Hacks should be impossible and get prevented by good code. Bitcoin attracted and still has a very large community of really educated developers.
Bitcoin has a very reliable coder community, where flaws will be detected early before implementation and no risks are being taken. Many much smaller coins have a very flawed code review process.
A large and educated coder community reviewing code during testing times is an important advantage for Bitcoin.
And luckily, it saves us from possible hacks, when hackers are prevented from detecting flaws faster because all flaws are removed before implementation.
We have seen so many hacks, where a flawed code was exploited and people lost money, like for Altcoin cross chain bridges recently or when Terra Luna failed.
Still, people are buying coins from unreliable coders like Tron from Justin Sun or even weaker DeFi coins like Acala Stablecoin from Polkadot’s supplier Web 3.
Unfortunately, some people will only learn after a loss.
Some coins are very centralized and have a single point of failure like Solana, when it was down several times or devs have much power like in Binance Coin or Tron.
And DeFi coins can easily print some more coins / tokens into existence.
Bitcoin is having a big advantage here.
2. Bitcoin has PoW
It is big controversy for a long time, if a coin makes PoW or PoS, like it was for Ethereum [ETH]. Not for Bitcoin because Bitcoin developers have decided PoW is best because of security. From what Experts have said so far, PoW is very hard or almost impossible to compromise instead of PoS, where more attack vectors can be found. Like Corona, we should trust mayority of experts who have education and experience in an issue. Satoshi implemented PoW not PoS because Satoshi knew. He was very experienced and called it right.
PoS can be abused by rich stakers and makes a project centralized in many ways like premined coins and devs can create much influence by staking a large amount of PoS coins. PoW is not having such issues.
3. Security is Bitcoin’s priority
As for a safe cryptocurrency, security standards are very important. First point, we need security standards and Satoshi implemented it right himself, when he developed Bitcoin. Early Bitcoin developers added more security standards. Second point is after some time, to NOT remove such security standards. First point and especially second point are relevant to many Altcoins, which is a big issue for Altcoins.
Many Altcoins don’t offer anymore to create private and public keys to prove ownership of funds and access it. It is very concerning and seems mind blowing to many experienced coders.
For example, when creating a Solana wallet or similar new Altcoins. Altcoin developers are not focussing on security.
Or even MEW is bitching around more and more every time going away by implementing insecure patches. We need to have our private key offline.
Many Altcoins are leaving people vulnerable which is very concerning.
Bitcoin is better like Electrum for example. Its design is not so nice but Electrum is good tech and recommended by many experts.
Bitcoin is still having very high security standards today because of Bitcoin does not want to build a hype coin, Bitcoin wants to build a safe coin.
It is our duty to select a safe coin instead of an unsafe hype coin.
Here's a list after my research.
Reasons why Bitcoin is so good:
1. Bitcoin is well reviewed
When Bitcoin was invented, it was set up to be a big security. Hacks should be impossible and get prevented by good code. Bitcoin attracted and still has a very large community of really educated developers.
Bitcoin has a very reliable coder community, where flaws will be detected early before implementation and no risks are being taken. Many much smaller coins have a very flawed code review process.
A large and educated coder community reviewing code during testing times is an important advantage for Bitcoin.
And luckily, it saves us from possible hacks, when hackers are prevented from detecting flaws faster because all flaws are removed before implementation.
We have seen so many hacks, where a flawed code was exploited and people lost money, like for Altcoin cross chain bridges recently or when Terra Luna failed.
Still, people are buying coins from unreliable coders like Tron from Justin Sun or even weaker DeFi coins like Acala Stablecoin from Polkadot’s supplier Web 3.
Unfortunately, some people will only learn after a loss.
Some coins are very centralized and have a single point of failure like Solana, when it was down several times or devs have much power like in Binance Coin or Tron.
And DeFi coins can easily print some more coins / tokens into existence.
Bitcoin is having a big advantage here.
2. Bitcoin has PoW
It is big controversy for a long time, if a coin makes PoW or PoS, like it was for Ethereum [ETH]. Not for Bitcoin because Bitcoin developers have decided PoW is best because of security. From what Experts have said so far, PoW is very hard or almost impossible to compromise instead of PoS, where more attack vectors can be found. Like Corona, we should trust mayority of experts who have education and experience in an issue. Satoshi implemented PoW not PoS because Satoshi knew. He was very experienced and called it right.
PoS can be abused by rich stakers and makes a project centralized in many ways like premined coins and devs can create much influence by staking a large amount of PoS coins. PoW is not having such issues.
3. Security is Bitcoin’s priority
As for a safe cryptocurrency, security standards are very important. First point, we need security standards and Satoshi implemented it right himself, when he developed Bitcoin. Early Bitcoin developers added more security standards. Second point is after some time, to NOT remove such security standards. First point and especially second point are relevant to many Altcoins, which is a big issue for Altcoins.
Many Altcoins don’t offer anymore to create private and public keys to prove ownership of funds and access it. It is very concerning and seems mind blowing to many experienced coders.
For example, when creating a Solana wallet or similar new Altcoins. Altcoin developers are not focussing on security.
Or even MEW is bitching around more and more every time going away by implementing insecure patches. We need to have our private key offline.
Many Altcoins are leaving people vulnerable which is very concerning.
Bitcoin is better like Electrum for example. Its design is not so nice but Electrum is good tech and recommended by many experts.
Bitcoin is still having very high security standards today because of Bitcoin does not want to build a hype coin, Bitcoin wants to build a safe coin.
It is our duty to select a safe coin instead of an unsafe hype coin.
Bitcoin is the the major center of attraction when it comes to cryptocurrency, its level of security is also one of the reasons why it’s more appreciated within the crypto space. Though we need to understand that when you’re trying to build your portfolio and make investments, exchange tokens are very important as they symbolize a share with the company. As for me invest in Bitcoin as well as BGB a native token of Bitget exchange.
i see alot of suck ups that would rather kiss core ass when they do wrong, rather then call them out on issues they cause
the fastest way to ruin a network is to not make devs responsible for their actions and instead let them make mistakes and still treat them like gods even when they refuse to fix their mistakes
there is no point reviewing code, scrutinising code, if no one dares call devs out when mistakes are made
being a suck up wont help the network.
..
i feel sorry for idiots that would rather defend core devs when they do wrong, instead of defending the network when devs do wrong
if you care more about core devs than you do about the network. you already lost
the fastest way to ruin a network is to not make devs responsible for their actions and instead let them make mistakes and still treat them like gods even when they refuse to fix their mistakes
there is no point reviewing code, scrutinising code, if no one dares call devs out when mistakes are made
being a suck up wont help the network.
..
i feel sorry for idiots that would rather defend core devs when they do wrong, instead of defending the network when devs do wrong
if you care more about core devs than you do about the network. you already lost
One good reason BTC stands out as safe and and a better choice for developers is due to the originality of its idea.
Many other shitcoins I believe, gained their knowledge from understudying how the BTC technology functions and in a bid to replicate it, they launch whatever shitcoins they can as experiment or fraud scheme or just to see how well they can sustain the idea with their own borrowed or bought out developers.
I would say the developers many at times are dedicated to duty as much as the salary can carry, else one has to be more passionate than the original BTC developers who have been instrumental in many of its initiative and compliance with its mandate and vision.
Many other shitcoins I believe, gained their knowledge from understudying how the BTC technology functions and in a bid to replicate it, they launch whatever shitcoins they can as experiment or fraud scheme or just to see how well they can sustain the idea with their own borrowed or bought out developers.
I would say the developers many at times are dedicated to duty as much as the salary can carry, else one has to be more passionate than the original BTC developers who have been instrumental in many of its initiative and compliance with its mandate and vision.
I mean you cannot do any exploit on Bitcoin Network itself as if you can compare it to other shitcoins on the market that gets the whole blockchain attacked every few weeks.
Most likely, it's always an insider job where the lead developer or the founder himself is involved because they can make more money by scamming their own blockchain instead of running it.
Most likely, it's always an insider job where the lead developer or the founder himself is involved because they can make more money by scamming their own blockchain instead of running it.
Bitcoin is on top of everyone in the virtual world and Bitcoin is a dependent coin. No other coin is or I think ever will be as dependent as Bitcoin. Some altcoins have fortunately made some investors millionaires because of the pumps known to most of them, the same altcoins have also made some people poor and bankrupt because of how much most of these altcoins can dump. But bitcoin will never disappear from the market it is a dependent coin no matter how bad the market is it will not disappear like other altcoins.
Now there are so many altcoins, but they cannot still become better than Bitcoin
You are right. It is really a big fact how all Altcoins have never achieved to surpass Bitcoin. Bitcoin is still number one despite so many new Altcoins launched, despite so much money spent to develop and to promote a "better" coin.
It is a big proof how good Bitcoin's developers, how good Bitcoin's technology and fundamentals really are.
Right from when Bitcoin began to surprise people in terms of price spike, being a safe investment with a season that is preferably for buying and also another season to sell and make profit, some other developers saw a reason to channel their ideology to building the same thing as Bitcoin, which happens to be the altcoins. Now there are so many altcoins, but they cannot still become better than Bitcoin, although some altcoins have luckily made some investors millionaires because of the pump that most of them are known for, while the same altcoins have also made some people poor and have made them go bankrupt because of how greatly most of those altcoins can dump. While talking about Bitcoin, if you hold it until the bill market closes, you will surely make a profit.
Bitcoin network is truly decentralized but I disagree that the Bitcoin technology does not depend upon developer. The fact that Bitcoin's innovations and development relies on the developer, it is clear enough that Bitcoin relies on the developer to continue to evolve.
Bitcoin's fundamental is decentralized blockchain and we should be at least thankful to the developer that they keep it that way though some thinks that it does not hold the truth 100% especially during the argument of blocksize.
About Bitcoin being unhackable, it is an overstatement, Bitcoin is a technology and it als has its own flaws. It was exploited on its early years but after that incident, the Bitcoin security had never been breached.
As in the 51% attack which is a Majority Computing attack which occurs when an entity or group controls more than half of the network's computing power. That way, anyone who has majority control can manipulate transactions, block transactions, double expenses, etc. But this attack requires enormous computing power and high costs. Therefore, this 51% attack is the only attack on Bitcoin.Bitcoin's fundamental is decentralized blockchain and we should be at least thankful to the developer that they keep it that way though some thinks that it does not hold the truth 100% especially during the argument of blocksize.
About Bitcoin being unhackable, it is an overstatement, Bitcoin is a technology and it als has its own flaws. It was exploited on its early years but after that incident, the Bitcoin security had never been breached.
No technology is perfect, especially Bitcoin will certainly have its loopholes. But we can see that currently Bitcoin is the axis of the crypto space.
Bitcoin network is truly decentralized but I disagree that the Bitcoin technology does not depend upon developer. The fact that Bitcoin's innovations and development relies on the developer, it is clear enough that Bitcoin relies on the developer to continue to evolve.
Bitcoin's fundamental is decentralized blockchain and we should be at least thankful to the developer that they keep it that way though some thinks that it does not hold the truth 100% especially during the argument of blocksize.
About Bitcoin being unhackable, it is an overstatement, Bitcoin is a technology and it als has its own flaws. It was exploited on its early years but after that incident, the Bitcoin security had never been breached.
The clear message will be bitcoin doesn’t depends on a specific developer that without the developer nothing will happen like how centralized bodies or protocols are. It is rather a technology that remains open that just any one can contrite
Also on the issue of hack bitcoin is almost unhackable most of the breaches found today are not direct but rather it is the platforms used for it, like wallet or exchanges are easily hacked
You are right; the most important factor that distinguishes between good and bad developers is that good developers show some devotion and love towards the technology they are working on, but the bad ones don't do that. Instead, they are just after money, and all they want is money; they don't care what reputation they will get; they don't care what the purpose of the project is. They don't care that this project is going to scam others. All they care about is how much they are going to get paid.
But in BTC, developers show devotion, as after the release of BTC by its founder, Satoshi Nakamoto. Developers started to increase the development of the BTC blockchain by introducing new technologies like the Lightning network and the Taproot network. These 2 terms are so little and easy to pronounce, but one who has a slight knowledge of them can tell how important these 2 improvements are and where they took the BTC adoption from.
But in BTC, developers show devotion, as after the release of BTC by its founder, Satoshi Nakamoto. Developers started to increase the development of the BTC blockchain by introducing new technologies like the Lightning network and the Taproot network. These 2 terms are so little and easy to pronounce, but one who has a slight knowledge of them can tell how important these 2 improvements are and where they took the BTC adoption from.
Good points by the way OP.
I believe there are simple things about Bitcoin that makes it a good coin.
1. The developer really cares about Decentralization.
2. He understand what true decentralization feels like.
3. He knew that the only way to maintain true decentralization is to become unknown.
I support your points because it is really impressive to see, how Bitcoin is technically a very good coin. Many coins have tried to be better or made a Bitcoin copy but not a single one has been close to Bitcoin. It's impressive achievement from Bitcoin. I believe there are simple things about Bitcoin that makes it a good coin.
1. The developer really cares about Decentralization.
2. He understand what true decentralization feels like.
3. He knew that the only way to maintain true decentralization is to become unknown.
Satoshi Nakamoto is more than just a builder, He is a Revolutionist.
Well said, Satoshi Nakamoto is a true Revolutionist because he created Bitcoin as a first Blockchain. It is still most famous coin today and will likely be for a vey long time.
Security is a very important topic in Blockchain applications and Bitcoin has proven to be reliable here, while many Altcoins have struggled to do so. For us, when our money is at stake, we need to do our research how a Coin is different, advantages, disadvantages to prevent a loss due to education.
Here's a list after my research.
Reasons why Bitcoin is so good:
3. Security is Bitcoin’s priority
As for a safe cryptocurrency, security standards are very important. First point, we need security standards and Satoshi implemented it right himself, when he developed Bitcoin. Early Bitcoin developers added more security standards.
new Altcoins. Altcoin developers are not focussing on security.
Many Altcoins are leaving people vulnerable which is very concerning.
Bitcoin is still having very high security standards today because of Bitcoin does not want to build a hype coin, Bitcoin wants to build a safe coin.
It is our duty to select a safe coin instead of an unsafe hype coin.
Here's a list after my research.
Reasons why Bitcoin is so good:
3. Security is Bitcoin’s priority
As for a safe cryptocurrency, security standards are very important. First point, we need security standards and Satoshi implemented it right himself, when he developed Bitcoin. Early Bitcoin developers added more security standards.
new Altcoins. Altcoin developers are not focussing on security.
Many Altcoins are leaving people vulnerable which is very concerning.
Bitcoin is still having very high security standards today because of Bitcoin does not want to build a hype coin, Bitcoin wants to build a safe coin.
It is our duty to select a safe coin instead of an unsafe hype coin.
Crypto currency market is a risky market so choosing a good and safe coin is very important while investing here. In terms of security among all crypto currencies, Bitcoin is the only crypto currency with the best and most reliable security standards. You are right that many altcoin developers do not pay enough attention to security when creating new coins, even though security is very important.
Of course, Bitcoin security standard is also excellent. I think more people invest in Bitcoin because it has good security and people think that their capital is safe. If we talk about other coins in the market, the investment there is less than Bitcoin, because investing there is very risky. Obviously, it is not a good decision to invest where your capital is exposed to risks. Of course, it is the duty of all of us to choose a safe coin for investment, and to inform other people to always choose safe coins, so that we do not face loss instead of profit.
Jump to: