Is digital currency powerful? - page 6.

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Quote from: coinremitter on May 29, 2023, 07:03:59 AM

Compared to fiat currency, Digital currencies are very powerful in-terms of control. You can control your own coin. There is no interference from the government, no one can rob it or counterfeit it. You can use it globally and expand your business internationally. I don't find anything more powerful than this! what is your thoughts on it !

How about the CBDC? Aren't they digital currency? And yet they are under the control of financial institutions and the government unlike what you stated that government can't interfere with it. And digital currency being unable to be robbed, there are lots of hacking incidents specifically in altcoin that were announced on news paper. Being digital doe not guarantee that it cannot be robbed. Just one wrong move in security, it can be hacked or robbed by people with ill intentions.

You could just be specific and say Bitcoin is a powerful currency that the government is unable to control and is unable to hack after the incident on its early years due to security getting stronger by day.

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Quote from: coinremitter on May 29, 2023, 07:03:59 AM

Compared to fiat currency, Digital currencies are very powerful in-terms of control. You can control your own coin. There is no interference from the government, no one can rob it or counterfeit it. You can use it globally and expand your business internationally. I don't find anything more powerful than this! what is your thoughts on it !

Most probably, you mean cryptocurrencies, not digital currencies, since nearly all fiats are digital too (all the banking systems operate with digital transactions). The main benefit of cryptocurrencies is data security, since cryptocurrencies are highly decentralised, its really a benefit, that's right!

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Quote from: coinremitter on May 29, 2023, 07:03:59 AM

Is digital currency powerful?

It depends on the type of digital currency.

Quote from: coinremitter on May 29, 2023, 07:03:59 AM

Compared to fiat currency, Digital currencies are very powerful in-terms of control. You can control your own coin. There is no interference from the government, no one can rob it or counterfeit it. You can use it globally and expand your business internationally. I don't find anything more powerful than this! what is your thoughts on it !

all of that is contained in Bitcoin as a crypto which is in the first place in the list of coins. The world recognizes that Bitcoin fulfills all the elements you mentioned.
Bitcoin gives everyone freedom to their own will.

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Quote from: umbara ardian on May 29, 2023, 02:01:06 PM

@OP must state the divergence of cryptocurrencies. Most of us know that bitcoin is known for its decentralized nature; however, not all altcoins adhere to the same principles as bitcoin. Some altcoins may have different consensus mechanisms, governance structures, or levels of centralization, which can affect their security, controllability, and sensitivity. So we need to look at the nature as well as learn about these issues so that we can access and appreciate the potential that the nature of these digital currencies brings.

Well I Would say its quite obvious the actual cryptocurrency the Op is trying to refer to and we all know he might be trying to refer to bitcoin in general but the confusing is just there when he said digital currency and this actual word covers a wide range of different asset as you have already mentioned. Well if it is bitcoin the op is talking about then what he is trying to preach is actually the die hard truth.

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Digital currencies, like cryptocurrencies, provide individuals with more control over their money, enhanced security, and global accessibility. They enable peer-to-peer transactions without intermediaries, offer robust encryption to prevent counterfeiting, and facilitate cross-border trade. However, challenges such as regulatory oversight, consumer protection, and scalability need to be addressed. While digital currencies have transformative potential, a balanced perspective is necessary, considering both the benefits and limitations to fully harness their power.

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@OP must state the divergence of cryptocurrencies. Most of us know that bitcoin is known for its decentralized nature; however, not all altcoins adhere to the same principles as bitcoin. Some altcoins may have different consensus mechanisms, governance structures, or levels of centralization, which can affect their security, controllability, and sensitivity. So we need to look at the nature as well as learn about these issues so that we can access and appreciate the potential that the nature of these digital currencies brings.

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Quote from: coinremitter on May 29, 2023, 07:03:59 AM

Compared to fiat currency, Digital currencies are very powerful in-terms of control. You can control your own coin. There is no interference from the government, no one can rob it or counterfeit it. You can use it globally and expand your business internationally. I don't find anything more powerful than this! what is your thoughts on it !

Cryptocurrency is not the same as digital currency, it's a subtype of digital currency. Fiat is a digital currency too.

There is no intereference on the protocol level, but governments can ban Bitcoin activities, like China did, and it affects the users.

And people absolutely can be robbed of their coins, by malware or phishing or scams. Counterfeiting is a rare problem these days, especially as more people pay with cards.

Visa, Mastercard and PayPal are already global payment methods that are far more popular among both customers and merchants, because they have stable fees and stable price of fiat currency. For doing business that's more important than controlling your own funds.

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Quote from: coinremitter on May 29, 2023, 07:03:59 AM

Compared to fiat currency, Digital currencies are very powerful in-terms of control. You can control your own coin. There is no interference from the government, no one can rob it or counterfeit it. You can use it globally and expand your business internationally. I don't find anything more powerful than this! what is your thoughts on it !

You can only have full control when it is a Bitcoin, and when you having the Bitcoin in your personal wallet, but if you have a Bitcoin and still keep it in a centralized exchange, you will not have full control over it.

In terms of control, I can consider altcoins to be the same as Fiat currencies because if Government can control fiat while other individual can control altcoin, I see them as the same.
Therefore, when referring to digital currency with powerful control, it is only Bitcoin that can be in that possession.

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Quote from: Doan9269 on May 29, 2023, 11:37:20 AM

Quote from: coinremitter on May 29, 2023, 07:03:59 AM

When you're talking about digital currency, you need to be more specific because altcoins are digital currencies, CBDC are also digital currency,

Good one pointing that out about digital currencies. Although, one might naturally assume all that is been said to refer to bitcoin but, a little more specification would be enough to clear doubt and properly distinguish one from the other like we have in online fiat currencies which are centralized and portrays every attribute of the normal fiat.

One thing I don't very much accept that is said here is,

Quote from: Doan9269 on May 29, 2023, 11:37:20 AM

but i will admit that the only most acceptable and decentralized digital currency that has no acceptability barrier is bitcoin,

In the eyes of acceptability where most users are yet to accept it for aeons of payment or use it in every day transaction, its hard to accept the statement in quote. Bitcoin at the time isn't generally acceptable and functions more as a store of value or asset than currency.

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Quote from: coinremitter on May 29, 2023, 07:03:59 AM

Compared to fiat currency, Digital currencies are very powerful in-terms of control. You can control your own coin. There is no interference from the government, no one can rob it or counterfeit it. You can use it globally and expand your business internationally. I don't find anything more powerful than this! what is your thoughts on it !

When you said Digital currencies, It includes most currencies that can be accessible digitally, including fiat. Now most banks have their apps where you can manage your funds. Mobile banking system makes it digital. Moreover, Your word included other currencies like shitcoins and centralized currencies. You don't have all access to your fund unless you use a decentralized coin like Bitcoin. If you use coins like Luna, You never know when your coin value will be zeroed.

Most of the shitcoins are centralized, and the developers can increase the supply to infinite, and your coins will lose value in a few minutes. You may use better words like Decentralized currencies or Bitcoin. That will make your OP perfect. I hope you already got what are my thoughts on it.

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If you are careless you can be robbed of your coin just like fiat currency, though no government interference. What baffles me are the bank charges they withdraw from your money every week, whether you use it or not money are been deducted from your fiat account which doesn't happen with digital currency.

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By digital currency, which one do you indicate? CBDC or cryptocurrency? What you described, only one thing will match to that. Which is Bitcoin. Everything else is centralized or could be manipulated at any time. CBDC or other digital currency is controlled by the government, and it is not immune to inflation. Because more could be created from thin air. And other alts are centralized too.
The only thing I can see as decentralized is Bitcoin. Developers are unknown, and no one has control over it. It is the only thing that screams freedom.

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Quote from: seoincorporation on May 29, 2023, 10:41:12 AM

Quote from: coinremitter on May 29, 2023, 07:03:59 AM

no one can rob it

This is false... your cryptos aren't 100% secure and they can be robbed. Let's say you have your private keys on your home in a paper wallet, and a thief joins to your house and steals those private keys, another example is, let's say you have your private keys in your computer, and you download some software with a malware, that way your keys can get rob. And a last example, let's say you work hard on security and no one can access to your private keys, but sadly a user finds your private key with brute force.

And here's where conscious and responsible holding comes into play. If you leave your car parked in a dark alley, chances are someone will steal it, but there can be many ways to minimize the possibility of theft like adding a hidden button that cuts off the ignition. It's the same with bitcoin. If you hold your private key or seed on a piece of paper or your computer it can be stolen, but if you memorize your seed, or put it on a metal plate and hide well, it's almost impossible that a thief will spot it and know what it is.

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Quote from: coinremitter on May 29, 2023, 07:03:59 AM

Compared to fiat currency, Digital currencies are very powerful in-terms of control. You can control your own coin. There is no interference from the government, no one can rob it or counterfeit it. You can use it globally and expand your business internationally. I don't find anything more powerful than this! what is your thoughts on it !

Not all digital currency has these values,it is only bitcoin that should be praised in this way because bitcoin is decentralized and uses p2p payment method without the interference of the government when you are using Dex for high level of privacy. The other altcoins are shitcoins and can be manipulated by government or the developers because it is centralized. You can wake up the next minutes and see that these so call shitcoins have gotten a 100% pump and in the next minutes its value will go back to zero. As for BNB,it is a centralized coin and is not safe for one to invest on it because it lacks no privacy and you don't have full control on your funds,which makes look as if your are gambling when you invest in any cryptocurrency that is not bitcoin

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Quote from: coinremitter on May 29, 2023, 07:03:59 AM

Compared to fiat currency, Digital currencies are very powerful in-terms of control. You can control your own coin. There is no interference from the government, no one can rob it or counterfeit it. You can use it globally and expand your business internationally. I don't find anything more powerful than this! what is your thoughts on it !

When you're talking about digital currency, you need to be more specific because altcoins are digital currencies, CBDC are also digital currency, but i will admit that the only most acceptable and decentralized digital currency that has no acceptability barrier is bitcoin, you can have it privately, spend it anywhere and anytime and earn it as well because it uses a p2p network well secured on the blockchain, bitcoin is the only coin one can desire to have, invest, hodl and make profitability irrespective of the country or location you find yourself.

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I mean. Since some years ago, the whole world is going through a process of going digital and currencies are not an exception. What you say it is true, but only for decentralized currencies and projects, like Bitcoin.

Government interference in finance and personal expenses is also something very powerful, which is the reason for the pushing towards CBDC adoption, they could want to give the facade of a free and global payment system but the censorship would be an option.

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I think we can say digital currencies are powerful in the sense that they are accessible to more users than a local currency which is limited by supply and user's ,not forgetting being controlled by the central bank. And with no regulatory body in the drivers seat when it comes to these digital currencies , this means the value can easily skyrocket in a blink of an eye making them potential the most valuable assets out there, which means the command the influence and this is where the power is!

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Quote from: coinremitter

There is no interference from the government, no one can rob it or counterfeit it.

If you expose your personal details in public, you can be rob by your enemy so in that aspect you need to be very careful the way you handle your BTC because it will be difficult for you to trace the person that done such evil.

Quote

You can use it globally and expand your business internationally.

Yes, you can use it to do business locally and internationally when it is well legal tender which is very good in profits making and many people has use it to grow their wealth to become a great men and women in the society. I have seen some people in my area who use BTC to create two standard company and the companies are producing products that is making the community happy by purchasing the products in a low price.

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Quote from: coinremitter on May 29, 2023, 07:03:59 AM

no one can rob it

This is false... your cryptos aren't 100% secure and they can be robbed. Let's say you have your private keys on your home in a paper wallet, and a thief joins to your house and steals those private keys, another example is, let's say you have your private keys in your computer, and you download some software with a malware, that way your keys can get rob. And a last example, let's say you work hard on security and no one can access to your private keys, but sadly a user finds your private key with brute force.

Quote from: coinremitter on May 29, 2023, 07:03:59 AM

You can use it globally and expand your business internationally

You can do this but would be done in an illegal way, because the government loves taxes, and if you close a deal without paying taxes then you will be doing something illegal for them.

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Quote from: Clark Anderson on May 29, 2023, 07:41:26 AM

I wouldn't quite agree with that, Bitcoin is the most well-known and widely recognized decentralized digital currencies, but it is not the only one. We have others like Ethereum, Litecoin and some others.

With bitcoin popularity in the crypto industry it has created a lot of branch of other alternative coins. Which means it doesn't have all the characteristics of Bitcoin carry. Bitcoin might be decentralized but some alternative coins might not be fully decentralized so in short, people may still rug those funds just like the government do where you funds are also not in your favor. Just do more research about in this industry, I think OP only have knowledge on the basic background of the crypto especially the popular one like Bitcoin.

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