Topic: Every Bitcoin Purchased is a Vote for Decentralization!! Poll (Read 155 times)

Many of us or some lucky people? The majority people that were able to hold bitcoin from it early days sold and have left, only few of them remain. The only people I can say they were able to buy Bitcoin cheap were the ones that bought when the price went down during the bear market.


Bitcoin is decentralized in the early days when there is no need to undergo KYC and others but today, the availability of centralized exchanges have added a pinch of salt of centralization into it, you cannot say bitcoin is fully decentralzed today except for people that still practise the old system where they don't use exchanges that require identity verification but it maybe tedious work to sell with caution.

All of you've said are correct but what if it goes like this?

Every bitcoin purchased is a vote of confidence to this technology and its future.

And that is because not everyone will just waste money these days to buy something that they have no confidence at all and as we know, there have been more people came to the market during the start of the pandemic and even now that there have been big investors in the form of financial institutions.

Because these financial institutions are for centralization and that's the system they're following on, does that mean that they're voting for decentralization? I guess not but they're buying it mainly for profits and that's a confident move for them like Microstrategy because they're very optimistic and trusting to its future.

No, that voting means the transactions not buying and holding. If everyone buys and holds bitcoin it will not full fill the purpose of bitcoin.
Bitcoin is for doing transactions, buying and selling other goods with bitcoin, though the majority of us don't have the opportunity to use Bitcoin in our everyday life.

Holding Bitcoin as a bitcoin enthusiast is very much different than holding bitcoin as an investor but the bitter truth is that we have people more concerned about the investment qualities of the bitcoin in their wallet than the actual decentralized qualities is can offer.

I won’t like I do want to make profit and it’s understandable to see Bitcoin as a good opportunity for investment, but failing to see bitcoin for its other qualities like fast transactions, no government interference, decentralization and so on then you know you not different from those against bitcoin regardless of if you own some yourself.

This would be true if Bitcoin works on the principle of proof of stack and the share you have is sufficient to vote, but in Bitcoin, buying Bitcoin is a guarantee of decentralization, but rather running a full node and thus checking everything that happens on your own.
In addition to that, operating mining equipment, so that mining is not centralized or one side can obtain mining power by 51%.
If you see all the big institutions when they buy bitcoin they run full nodes and verify the network themselves.

I don't think that every bitcoin purchase is automatically vote for decentralization because it is also important what you do with that bitcoin. If you just buy it and then leave it on centralized exchanges in order to resell in a few months or year then you didn't really do anything for decentralization.

If you buy Bitcoin, store it by yourself and use it whenever you can then this can be seen as a vote for decentralization.

If there is no one selling then the market will stagnate.  It will be more devastating than reducing the price of Bitcoin in the market.  Remember, there will be no active trading or market if there is no supply.  It is also the same as hoarding goods to make an artificial inflation of prices in the market.  So selling in market activity is normal and healthy, even the occasional dumping and price crash also helps the bitcoin market to let new investors and allow a window for re-entry.


One major reason why people convert Bitcoin to fiat because of the absence of Bitcoin merchants or store that accept Bitcoin.  You cannot pay a store that is not accepting Bitcoin with Bitcoin, can you?  It is a no brainer.



Many country had tagged Bitcoin as currency but many of them do not accept it as legal tender.  Others only accept Bitcoin as mode of payment where merchant can legally accept Bitcoin as payment.

Do you think most of countries in this world accepting Bitcoin as a currency? only 2 countries right now accepting Bitcoin as a currency, while most of them accepting Bitcoin as a commodity, some of them ban Bitcoin completely.

I don't know where you live, so we're weren't know does you're using Bitcoin as means as a currency by purchase daily needs or just hold it like most people did. If you're live in a country where it's accept Bitcoin as a currency, I suggest you to visit China and try to buy something with Bitcoin.

At first I got into bitcoin initially not realizing that it is truly decentralized. but after knowing that it is decentralized where I have true freedom from holding my own assets. different from when I hold fiat because actually it is controlled by the government or by the Central Bank. then my decision is unanimous to buy more bitcoin which also means supporting and choosing a decentralized system.

Your post is quite interesting because it is an honest opinion which hints the truth.
For everyone and business who invests in Bitcoin is a signal to all those who have its information to either act or advertise by word of mouth to others. This okays the use or adoption of a decentralized bank that is almost as stable as fiat.
It is a vote in a positive light.

I am very confuse with what you want to tell or share because as what I read in your replies to other forum members it doesn't make sense at all and complicate what you have posted. Just look at what I will quoted and check what you have replied to other forum members. I am sure you will explain this for us to understand what you are trying to express here in this forum about Bitcoin.

How will those people get their money to buy groceries, vegetables, meat when their country banned Bitcoin. Answer: To sell it. Right? And yet check your reply below
Not all country have supported or didn't ban Bitcoin and even use it as one of the payment method. In my case, how can I buy vegetables, meat in a public market where the vendors didn't even know about Bitcoin
 You can say that they are like farmers in mountain who doesn't know what Crypto is and they only accept fiat for whatever they sell in the market. One more thing, those people who are in a country where Bitcoin is banned must sell their Bitcoin and that's where other people bought if they want to buy more BTC. What will be the solution if selling have negative impact?.

And every Bitcoin purchased are sold by someone which means they are selling which as you have said have negative impact on Bitcoin. Are you proposing that we should hodl and never sell just as what Satoprincess asked?.

If selling Bitcoin has a negative impact then HOW THE HELL WILL BE ABLE TO BUY BITCOIN IF NO ONE SELL BITCOIN IF IT HAS A NEGATIVE IMPACT?. BITCOIN HAVE SOME FLAWS if you call it at that because not all people accept crypto and even made it as one of the payment method.

So you’re proposing we don’t sell our bitcoins and hodl till kingdom come? Where will you buy bitcoin from if no one sells? I just have two points;
1. Bitcoin is an investment, when you sell bitcoins for fiat, you’re not getting the same value you initially bought at but a higher value.
2. Bitcoin is a currency, we are supposed to use bitcoins as payment for transactions same way we do with fiat. If we all decide to hodl and stack more sats, isn’t that a vote against bitcoin adoption?

This information is not accurate, as most of the money is backed by dollars, and the dollar is backed by the US army, whose guarantee is greater than proof of work if we are talking at the national level and about huge investments.
The government's mismanagement of fiscal policies is the problem, some of which lead to inflation and lower prices, labor strikes and political instability.
Otherwise, countries have the best investment in cash and 1% in Bitcoin.
As for the individual, the options are better for you, and it is better to invest in bitcoin if inflation is excessive in your country.

Yes, and that only covers the first purchase in a completely decentralized manner. Only this is the only way that is not easy for someone to release their bitcoin back like most of the seekers of "profit" alone.
Then it will be deemed to have supported bitcoin in various financial missions including freedom.

More like for every move closer to Bitcoin, you are closer to freedom.

I rather think that for every new person convinced to invest and believe in Bitcoin, Bitcoin and Decentralization gains a new vote.  Purchasing every now and then does not do much to the network.  Convincing others about Bitcoin will.  The more we are, the less likely we fall.

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Regards,
PrivacyG

Every sale has a negative impact on Bitcoin, so why are you selling? To get back your fiat? Bitcoin can do everything that fiat can, so why are you selling instead of stacking more Satoshi?


Well and they failed- that just prove my point.


Read my post again.

Marathon Miners Have Started Censoring Bitcoin Transactions. There are efforts from Marathon to censor Bitcoin transactions but they failed. However, I am sure there will be more and bigger efforts in future.

I disagree.

Decentralization is on network hash rate distribution from ownership to geographical locations as well as bitcoin distributions in wallets. We can not identify what wallets belong to what people but we can have a tip of iceberg for decentralization by looking at wallet distribution.

I disagree with you because if I as a person makes 100 purchases and store my bitcoin in only one wallet, one address, it does not mean about decentralization much.

Top 100 richest Bitcoin addresses

Does that mean that every bitcoin sold is a vote against decentralization? And that the outcome of the vote is close to zero, because every purchased bitcoin is also sold?

I don't think that we should look at sales and purchases in this light. Bitcoin was at its peak at $69k, now it's less than half of that - does this mean that more bitcoiners voted against decentralization? When we all know that nothing fundamentally changed from 2 years ago with Bitcoin network or community.

Not only bought and hold but using it through its intended purpose, I'm sure 99% of us here are voting Bitcoin by doing this, just look at the market cap, the volume, daily transactions, and of course the number of platforms already using it, all big marketplace are accepting Bitcoin.
Bitcoin gets a huge number of votes daily and this will continue even after the last Bitcoin is mine.