Topic: Bitcoin is very safe coin because of good developers - page 2. (Read 392 times)

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.

Nothing is safe. The only good point of Bitcoin is that its decentralized. It doesn't depend upon the developers, it is only on the innovation of Blockchain which Satoshi led. Nothing a current Bitcoin Core Developer did to make it "very safe". They surely implement features which makes the already "safe" Blockchain much more efficient and reliable. Every asset has a risk attached to it, I would say anything which can be bought with money has some sort of risk attached.

The most important factor to contribute for Bitcoin value is its decentralization. With decentralized network, it is hardly or impossible to be attacked so transactions on Bitcoin blockchain won't be rolled back like Ethereum. Bitcoin has a decentralized developer team too so it has very powerful development resource.

With decentralization, no abrupt shut down or corruption by a founder, core team members like altcoin projects.

Bitcoin also has been tested by many years in the market, fud, and it is a strongest cryptocurrency.

Bitcoin is safe an secure, but I believe it's not due to the current developers; rather, it's because of the underlying technology that has remained unchanged for nearly 15 years. The Bitcoin network, with its PoW blockchain technology, is arguably the most secure payment network in existence. Sure, developers continue to enhance the technology and introduce new features, but the core foundations were established by Satoshi back in 2009.

Most of the people are not very eager to learn and adopt the BTC Technology. As, most of the people are interested in BTC just because they know that BTC is a hedge against inflation and they can store their money/assets in BTC for a long period of time and by holding these they can make money too while if they hold their assets in fiat then they will lose their money. Besides this fact, most of the people are coming to trading to change their life.

Many people are tired of their 9 to 5 jobs and want to perform something that will pay them within 24 hours. And they should be their own bosses, working only when they choose to. This means that they can either do it or ignore it.

There are hundreds of other reasons to explain why people wanted to adopt BTC but believe me very few people are interested in the technology that BTC brings (use cases it brings).

Bitcoin hack wasn't impossible when it was new, the longer Bitcoin breaths the stronger it gets, the fear was someone rich or some group of people can have access to the 52 percent of all Bitcoin hashrate, which can make them carry out some attack, or maybe call it manipulation on the blockchain by tampering with transactions.

Like what Investopedia is saying here

https://www.investopedia.com/terms/1/51-attack.asp

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.

To make a decentralized coin survive in a centralized planet, there will be so many hate and war ahead, he got it all figured out, he built Bitcoin without waiting to claim the glory, he became a nameless person for the sake of Bitcoin and it's future.

Today many developers don't think before building, they just build because they have something that can work.

Satoshi Nakamoto is more than just a builder, He is a Revolutionist.

I have not said it is final conclusion of hack but developers are making a good work to make it as safe as possible.

Yes, it is very safe coin.


You are wrong on so many occasions. Calling it "poorly constructed", when it's not true but your reply here is "poorly constructed" and you just want to stirr shit in my topic, you should be really embarrassed by yourself to leave such a belitteling reply.
It is not allowed to share common knowledge in Bitcointalk, according to you it is not allowed and if we do so, we will get accusation? One member found my topic helpful, too. It is already proving you wrong.
If you only point is to belittle my topic, it's really poor move from you.


Hello, bro  
It's very nice too see my topic is educative for you.  
And yes, it took some research but I also believe, research is very important because Bitcoin is very complicated.

Your point is very important, too.
I agree to your points.  

Bitcoin's network is tight and strong but there's no 100% that's safe but at least it's strong and hackers that would like to do an attack will have a hard time doing it. And about hacking, we're on our own and that's why we need to check ourselves if we're doing the right thing in keeping our bitcoin.

You can't stop people from investing in different altcoins as that's what their conscience is telling them. They'll learn the hard way and those losses that they'll make is going to be their enrolment to become better.

Wallets can be hacked and the Bitcoins in the wallet would be stolen, but the Bitcoin network cannot be hacked because there is no single point of failure (with thousands of nodes/miners around the world), anyway, the Bitcoin network can be attacked, and an "attack" is different from a "hack". This biggest possible attack would be a 51% attack, but the cost of that somewhat rules it out.

BTW, i don't know what's the point of this thread, it is a poorly constructed topic and whatever OP intended to say is already common knowledge in this forum.

And it's the prime mover of crypto, it was well designed by Satoshi that he says he can leave and it safe in the hands of the devs and that's what really happens.
That's why I don't understand why people thinks that there are altcoins that are going to challenge BTC on top.
Still not to late to invest on them and accumulate and then wait for the bull-run, that's it.
As compare to altcoins wherein there are a lot of them are just for pure pump-and-dump scheme and every one is trying to manipulate the project itself, to the point that even the devs are involved.

I quite agree with you on this. Developers aren't responsible for the creation of Bitcoin but you wouldn't blame the op for using that word because for some, due to the fact that it's uses a decentralized Blockchain technology most will easily mistakely attribute the creation of Bitcoin to developers but in another angle, Satoshi nakamoto could be a developer. 
Much credit needs to go to Satoshi for his foresight to have been able to create a coin that can safely serve as an alternative to fiat and also act as a hedge against inflation.

Developers aren't the ones that creates bitcoin, Satoshi did, also know that the developers also form the bitcoin network community which comprises alot of people including miners, developers, researcher, investors, coders, cryptographers and many more blockchain developers, this makes me think that your title doesn't carry the same weight of thoughts from the content of your post, but nevertheless, we can still discuss these broadly, that bitcoin is every solution people wants to see come through in their lives and that's why they are eager to learn and adopt bitcoin.

"Very safe" is an understatement, it's literally the safest coin and the gap between Bitcoin and altcoins is enormous. Bitcoin has hundreds of contributors, while altcoins have just a few or a small team. Another big difference is motivation - Bitcoin devs work on Bitcoin because they are enthusiastic about it, altcoin devs just launch a coin to sell their premine or are hired by someone who will do the same. So Bitcoin is in the same league as large open-source projects like Linux, while altcoins are closer to penny stocks scams.

You have done a quick preview of the features of bitcoin, but let me remind you of one thing: nothing in this world that consists of code is unhackable. Bitcoin has good and experienced developers who are maintaining the network, which is absolutely fine, and they have been doing so well with the help of a large community and support, which bitcoin also has. But just because it has not been hacked yet does not mean it's not hackable. Let's just be a little guided and don't give it our all in the aspect of feeling reluctant. No one is praying for it to be hacked, but it's not completely immune from being hacked.

OP must have done a lot of research
I found it educative
There are something's I would like to add
They are personal opinion's though
1. Bitcoin hacking is not impossible but so hard that some consider it impossible
2. Bitcoin target was decentralization before security, so POW was used not just for security but since it works better in a decentralized blockchain
3.Bitcoin isn't safe because of developers, Every user of Bitcoin play a role in its security and trust, The miners have their roles, full Nodes, even normal users usage and belief in Bitcoin makes it safe.

These are the few I could think of currently.
Thank you.

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.



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.