Topic: How Magical Is The Magic Money ? - Bitcoin (Read 323 times)
I would try to avoid the reference to Bitcoin as something magical though I understand that maybe from the perspective of people who are mesmerized of the things that BTC can do then maybe there is certain in it that constitute beyond what we can imagine and experience...just like the story of maybe Cinderella who lost her shoe. Anyway, there is some truth that with Bitcoin you can somehow be your own bank but for now we still lack some infrastructures and some players for us to conclude that this is so true though in the future this can be so possible.
The topic title and the post are conflicting. I can't see anything magical about the topic. Rather, you mention it's your own bank, which is true. However, to claim your own bank, the first concern is how you store your cryptocurrency. You owning Bitcoin doesn't mean you become your own bank; there's nothing magical here. You should have a secure, non-custodial wallet to be your own bank. When you are storing funds in a central wallet or exchange, you can't claim your own bank. I believe you got everything from the above discussions.
I think it steam from the what the critics have been saying about Bitcoin, it's a magical money, just consists of numbers and with leading zeroes. So it's like getting it out of thin air with this cryptographic and what not. But we all know that it's very simple, although it could be complex for the majority. But if you look closely and read the whitepaper, everything is explain there.
And yeah, when we talk of traditional banking, we don't have control of money, even technically it's ours in the first place. And there are a lot of example that you can't withdraw your money in the bank. But with bitcoin, you hold the key, mnemonic phrase and there's no need for a middle man. Transactions are transparent in the blockchain and once it's record, it cannot be change.
The main point as for me that your coins are really yours. No one can block your account if you are holding your sats in non custodial wallets
That's true, this is one of the strongest reasons for the creation of bitcoin which the people have always hold unto in other to receive the best performance with bitcoin being a digital currency, it's such a reliable and consistent cryptocurrency that does not create sentiment over anyone, it's made available for everyone use if adopted, bitcoin is just like a seasonal film in the eye of governments, they can't finish watching it.
As we put it this way, we are our own bank holding our coins or any cryptocurrencies. We don't need to bother others if we know how to manage and secure our assets.
This is why if you put your coins in other third party apps or trading platforms, it is not considered yours because you have no full control of it.
There's no magic in here but it teaches people to be responsible with their assets. And it is your fault if you fall to click baits, traps or fraudsters.
And the best thing here is that everyone can own any amount, at their own convenience, without being known to anybody. It is all on you if you want to disclose your holdings to others.
Satoshi Nakamoto wisely broke traditional banking. Bitcoin gives people authority mainstream financial institutions have denied them. Operating internationally, defying limitations, and self-validating transactions are liberties many now cherish. But, with great power comes great responsibility. Being your own bank is more than just a title; it gives you power and responsibility.
Price increases can tempt both experienced and novice investors. In contrast, price drops are accumulation windows. However, crypto booms and busts are essential. The appeal of self-banking and financial freedom is strong, but are we ready for the challenges, highs, and lows of this newfound independence? Bitcoin's true art is balancing magic with metrics.
Price increases can tempt both experienced and novice investors. In contrast, price drops are accumulation windows. However, crypto booms and busts are essential. The appeal of self-banking and financial freedom is strong, but are we ready for the challenges, highs, and lows of this newfound independence? Bitcoin's true art is balancing magic with metrics.
The main point as for me that your coins are really yours. No one can block your account if you are holding your sats in non custodial wallets
That's true, this is one of the strongest reasons for the creation of bitcoin which the people have always hold unto in other to receive the best performance with bitcoin being a digital currency, it's such a reliable and consistent cryptocurrency that does not create sentiment over anyone, it's made available for everyone use if adopted, bitcoin is just like a seasonal film in the eye of governments, they can't finish watching it.
The topic title and the post are conflicting. I can't see anything magical about the topic. Rather, you mention it's your own bank, which is true. However, to claim your own bank, the first concern is how you store your cryptocurrency. You owning Bitcoin doesn't mean you become your own bank; there's nothing magical here. You should have a secure, non-custodial wallet to be your own bank. When you are storing funds in a central wallet or exchange, you can't claim your own bank. I believe you got everything from the above discussions.
It is good that people have "financial" emotions and that translates into a popular conversation, but in a simple sense exaggerations can end in misunderstandings, as you can read some previous thoughts (post), some a little exaggerated, even putting bitcoin as" it is nothing more than... such a thing", perhaps falling into your thoughts.
People have always had the opportunity to be their own bank and such a thing still exists for many today, there are people who do not use a bank, some literally keep it under their "bed," others simply use safes, and in general People from remote region using cash payments for everything, when they have to send money very far they use things like Western Union, or something as simple as sending money with family member.
And to be honest, there may be more users doing that, yeah, so old-fashioned ("old-tecn") than there are people using bitcoin. If you don't believe me I can bet 1 satoshi.
In general, you do the "magic," not the money. Finally, I like the phrase more; money* makes dreams come true.
*BTC
People have always had the opportunity to be their own bank and such a thing still exists for many today, there are people who do not use a bank, some literally keep it under their "bed," others simply use safes, and in general People from remote region using cash payments for everything, when they have to send money very far they use things like Western Union, or something as simple as sending money with family member.
And to be honest, there may be more users doing that, yeah, so old-fashioned ("old-tecn") than there are people using bitcoin. If you don't believe me I can bet 1 satoshi.
In general, you do the "magic," not the money. Finally, I like the phrase more; money* makes dreams come true.
*BTC
What more can be magical than this ?.
Bitcoin is magic since you can carry your coins as much as you can in everywhere without losing it, lightweight and can be used everywhere through DEX,
not like carrying gold or cash that's heavy if you hold a lot money.
Well, this is the point to further elaborate and discuss what you mentioned. Bitcoin can be carried everywhere without any effort, and it is very light. And under this problem we don't like fait currency just like if we carry 1 million dollars of cash somewhere, its weight is approximately 20 kg, and it becomes difficult to carry this cash anywhere as compared to Bitcoin, and it also requires more security for such a big thing as cash and Gold. While Bitcoin as a digital currency can be carried in a small hardware wallet without any major security or fear, And this is the quality that makes Bitcoin superior to other things. not like carrying gold or cash that's heavy if you hold a lot money.
Becoming your own bank wouldn't have been possible, until Satoshi Nakamoto can up with a brilliant idea. Third party interference has been a major issue affecting those who are not part of the governmental system, making them feel almost less important especially when it comes to accessing their own deposits.
Been your own banks literally gives you the same authority that financial institutions (banks) posses, such as:
1. Sending money to anyone around the world with out intercountry restrictions.
2. Sending any amount unlike banks that gives limit
3. Acting as a third party in approving your own transactions, etc.
The volatile nature of this form of money makes it a suitable investment option for those that believes in it. Interestingly, price increase and price decrease are both different opportunities that favors it's users. When the price goes up, those in possession makes decent profit for themselves depending on how much they bought and how many they've acquired. When the price drops, people sees it as an opportunity to accumulate more. I would say that Bitcoin is indeed a marvelous piece of art.
Is there anything more interesting than becoming your own bank, approving your own transactions and also enjoying both the positive and the negative price aspect of the currency ?. What more can be magical than this ?.
Been your own banks literally gives you the same authority that financial institutions (banks) posses, such as:
1. Sending money to anyone around the world with out intercountry restrictions.
2. Sending any amount unlike banks that gives limit
3. Acting as a third party in approving your own transactions, etc.
The volatile nature of this form of money makes it a suitable investment option for those that believes in it. Interestingly, price increase and price decrease are both different opportunities that favors it's users. When the price goes up, those in possession makes decent profit for themselves depending on how much they bought and how many they've acquired. When the price drops, people sees it as an opportunity to accumulate more. I would say that Bitcoin is indeed a marvelous piece of art.
Is there anything more interesting than becoming your own bank, approving your own transactions and also enjoying both the positive and the negative price aspect of the currency ?. What more can be magical than this ?.
Bitcoin can be considered an ivestment tool only in case of long-term personal hodling, in general investors prefer fiat money, so the crypto investments into fiat projects are limited, and usualy require crypto to fiat transfer, which makes btc dependent on fiat banks, since fiat banks establish exchange prices. As for personal bank... I think that its much easier to create a personal crypto bank, than a personal fiat bank, but there is still a problem with collecting enough money to consider yourself a bank
These type of topics makes me chuckle, I mean why are we trying to praise or bash bitcoin, why can't we just act normal and just carry on with our life. Why is it that we must see something as either the very best or the worst? Is there really a reason for that at all? I do not see the point of it to be fair and I think it has to be something that will change a lot on the long run. I get that it may not be all that great for the time being, but the current situation shows that we are going to end up with something that will not be all that big.
I hope that we could get to a point where we could maybe see things change, and for that to happen we need to approve the situation to a point where it could end up with a better result eventually. If we can help it get better that would be lovely but that doesn't mean that we have to have an opinion that is so one sided, we can enjoy something without trying to praise it or bash it forever, that would not help anything.
I hope that we could get to a point where we could maybe see things change, and for that to happen we need to approve the situation to a point where it could end up with a better result eventually. If we can help it get better that would be lovely but that doesn't mean that we have to have an opinion that is so one sided, we can enjoy something without trying to praise it or bash it forever, that would not help anything.
Is there anything more interesting than becoming your own bank, approving your own transactions and also enjoying both the positive and the negative price aspect of the currency ?. What more can be magical than this ?.
The charm of the “magic” will quickly evaporate as soon as you “experience” the downside of these benefits for yourself.- Once you lose access to “your own bank” (bitcoin wallet) or have your bitcoin stolen, you stop enjoying being “your own bank.”
- If transactions get stuck for a couple of days due to the mem pool being overloaded, and the recipient demands to send payment right away, or if you make a mistake with the amount of the transaction fee and overpay by a lot, then this “magic” will seem like a “curse” to you.
- Will you enjoy "the negative price aspect of the currency", if this leads to your losses, another question.
There is no need to idealize bitcoin - in inept hands, the advantages of a bitcoin turn into disadvantages.
Because before you decide to self custody your own bitcoins or any other crypto you need to learn about the security in safekeeping your money safe. There are cold storage services and hardware wallets. You can even just keep it on an exchange as long as your practise basic safety protocols like not reusing passwords, using 2fa not sms, whitelist addresses, etc.
The mempool rarely gets attacked these days. Even during the 2021 bull run the fees werent that expensive unless it was ETH. Plus lightning network is going more and more on stream.
Is there anything more interesting than becoming your own bank, approving your own transactions and also enjoying both the positive and the negative price aspect of the currency ?. What more can be magical than this ?.
The charm of the “magic” will quickly evaporate as soon as you “experience” the downside of these benefits for yourself.- Once you lose access to “your own bank” (bitcoin wallet) or have your bitcoin stolen, you stop enjoying being “your own bank.”
- If transactions get stuck for a couple of days due to the mem pool being overloaded, and the recipient demands to send payment right away, or if you make a mistake with the amount of the transaction fee and overpay by a lot, then this “magic” will seem like a “curse” to you.
- Will you enjoy "the negative price aspect of the currency", if this leads to your losses, another question.
There is no need to idealize bitcoin - in inept hands, the advantages of a bitcoin turn into disadvantages.
Since the creation of Bitcoin, those who believe in it know that we can be like a bank or even more. Even though we didn't put out any capital to have our own bank, We were able to do this because of the decentralized system that exists in Bitcoin and the blockchain technology that comes with it.
More than the current banking system. Decentralized Bitcoin provides transparency for all transactions made whereas banks will not provide this. We who own the asset then we will be responsible for managing it, to maintain its security.
Blockchain is a ledger technology that is the supporting technology for Bitcoin or crypto, so it is a revolutionary future technology.
This is just one of the things that attracted investors as to why there are even other big companies that have invested in Bitcoin. Recently, the Honda and Ferrari companies have invested in it, and they even accepted part of their business as an option payment for their products.
The correct news is not investing in crypto or bitcoin, Honda only provides an option for crypto payments using FCF Pay and does not make direct payments in crypto to Honda. The partnership between Honda and FCF Pay, as well as other important collaborations,
represents a significant step toward cryptocurrency adoption and blockchain integration.
FCF Pay is only available to US citizens, but will be expanded to other countries in the future.
https://cointelegraph.com/news/honda-denies-accepting-crypto-payment
Since the creation of Bitcoin, those who believe in it know that we can be like a bank or even more. Even though we didn't put out any capital to have our own bank, We were able to do this because of the decentralized system that exists in Bitcoin and the blockchain technology that comes with it.
This is just one of the things that attracted investors as to why there are even other big companies that have invested in Bitcoin. Recently, the Honda and Ferrari companies have invested in it, and they even accepted part of their business as an option payment for their products.
This is just one of the things that attracted investors as to why there are even other big companies that have invested in Bitcoin. Recently, the Honda and Ferrari companies have invested in it, and they even accepted part of their business as an option payment for their products.
The volatile nature of this form of money makes it a suitable investment option for those that believes in it. Interestingly, price increase and price decrease are both different opportunities that favors it's users. When the price goes up, those in possession makes decent profit for themselves depending on how much they bought and how many they've acquired. When the price drops, people sees it as an opportunity to accumulate more. I would say that Bitcoin is indeed a marvelous piece of art.
Suitable is relative though, you enjoy the good side of volatility if you have bitcoin on your hands and it pump upward but there is nothing good in watching your investment crash in just a matter of hours. Take it or leave it, it hurt feelings of diamond hands that are longing their investment for future.
However, the good side of it is that, as investors are going, more are also coming to buy opening opportunities for others that couldn't buy in those cheap prices. Subsequently, if it grows back in value, they can equally sell or continue to hold the bag for future purposes.
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Is there anything more interesting than becoming your own bank, approving your own transactions and also enjoying both the positive and the negative price aspect of the currency ?. What more can be magical than this ?.
Bank and Bitcoin are two different entity's, one is control by monetary policy govern by central banks while the other is govern by absolutely nobody because it run on the protocol that was designed by Satoshi. You can't blame the banks actually, commercial and micro finances to be precise, they work on the instructions of the CBN, going against that implemened monetary policy means they are out of the business for good, so don't blame them to with the sick rules of fiat. Bitcoin still need safe hands for people to get into bitcoin and that's what the banks do, that's why we need the banks to get that adoption for people that didn't get into bitcoin in the early days.
I think OP’s definition of magical is very relative in here. Maybe because decades and decades ago, no one imagined that BTC would exist? And now that it is happening, it feels surreal. But for me, it isnt magic magic. Magic when it comes to bitcoin is a negative connotation for some people that’s why some think that it is a scam. But yeah, Bitcoin still has a long way to go and I think it will open more things in the future that we aren’t thinking of today.
Aside from decentralization, I'd say Bitcoin is magic since you can carry your coins as much as you can in everywhere without losing it, lightweight and can be used everywhere through DEX, not like carrying gold or cash that's heavy if you hold a lot money.
2. Sending any amount unlike banks that gives limit
Most of people in this world are low-middle class people, there's no chance for them to reach the limit when they're only send small amount of money, you're just exaggerating the situations.
What I like most about BTC is that banks and governments don't know how much Bitcoin/crypto I own. They don't know how much income I get, there are many ways to withdraw BTC/crypto and spend it, now there are many platforms that accept BTC payments. Crypto/BTC exempts me from income tax 😅. I hate taxes, when our hard work is demanded by a corrupt government, I don't want to. I'd better donate it directly to someone who needs it.
The main point as for me that your coins are really yours. No one can block your account if you are holding your sats in non custodial wallets
Such a level of freedom was indeed hard to come by before Bitcoin emerged. We owe our gratitude to Satoshi for initiating and demonstrating to the world that a fair alternative to the conventional banking industry truly exists. I've also come to realize that traditional banks aren't as pristine as they seemed, at least not until I learned about Bitcoin. I concur that there are numerous advantages to the presence of Bitcoin.
However, I'm not quite ready to part ways with some of the services offered by conventional banks at this point. Yes, BTC is a digital currency, but I can't yet use it directly for all my needs. When I contemplate abandoning traditional banks, I reconsider because I still rely on them to exchange BTC for FIAT.
In my country, BTC and traditional banks have become complementary financial elements due to government regulations that do not fully open the door to the adoption of Bitcoin.
However, I'm not quite ready to part ways with some of the services offered by conventional banks at this point. Yes, BTC is a digital currency, but I can't yet use it directly for all my needs. When I contemplate abandoning traditional banks, I reconsider because I still rely on them to exchange BTC for FIAT.
In my country, BTC and traditional banks have become complementary financial elements due to government regulations that do not fully open the door to the adoption of Bitcoin.
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