Topic: My thoughts and wonders on Bitcoin (Read 365 times)

All these bitcoin potentials which you've wondered about Op are realities and Satoshi Nakamoto are an initiative and creative developer of bitcoin has long in time thought about how the World could alternate to operate on a different financial system and there he arrived an invention bitcoin.
He didn't just invented bitcoin to be a normalized currency but he thought of being unique in digitality since the world is also advancing in digitalizations.
So he implemented and also thought we much as you do. So since he's not one of the government authority neither was it a government initiative to create bitcoin, he had to program it to be a decentralized and a digital currency of a non custodial system in a blockchain. And dir this sake, the transactions is programed on a P2P to maintain non centralization statusco transactions.
Informally, it's to serve as alternative source of payment while the fiat is not expected to be eliminated. In further to his creativeness towards the development to bitcoin, the Coin has also served for source of incomes which means it could attract Investors to buy, trades and holds it not just as a currency but also as potential values for investment.

My wonder is how much creative Satoshi Nakamoto has really come with this great technology invent to had made this a success to reality. It's actually imaginable but there he made possibilities out of unimaginables.
My greatest wonder is if it'd be ever possible for the world to experience better financial development than bitcoin? I'm not on the comparison in the AltCoins because nomatter how good they'd be, they all imitated from the bitcoin system.

Na true sha, assuming say people know the value of Bitcoin before or know say Bitcoin na better investment people for rush am self and people for even borrow just to invest and by now almost everybody for done make am but nothing spoil sha, time still dey to invest but before we go involved ourselves for crypto wey go first know the risks involved, no be only the benefits because no be everytime Bitcoin dey rise, at times e dey fall like mad n dat time, if person no dey careful person go get a big loss except say na long term investment person do, so mk we consider the things involve because as Bitcoin dey sweet na so e dey bitter too.

Everything about Bitcoin is is worrisome due to the founders anonymities postures and how the digital currency Bitcoin has been a decentralized currency but a self custodian per individual Bitcoin holders and yet the exchange goes smoothly and it is so wonderful with its potential to creating wealths and offers riches. Indeed I am worried and wondered about how amazing Bitcoin is.

From the history of bitcoin and it's progress there have been several attack launched to hind the growth of bitcoin especially government tried all possible that is why you see them attacking exchange and some altcoin we may know even go to an extent attacking people who keeps promoting those altcoin on their media pages.

So this shows that for Satoshi to remain anonymous gives it a better bracement to kill the dreams of government to break into bitcoin to control it the way they wanted, now talking of billionaire, yes there are into bitcoin investment even some of those government agencies fighting against bitcoin has in one the other filled up their wallets to make sure their investment are secured since they can't control the flow of bitcoin then it's better they join the trends.

People will always accept whatsoever invention that attends to their needs, addresses and brings solution to their challenges. Anybody could have invented bitcoin and still get the rate of adoption it's receiving today, it's not about the inventors influence but the invention being capable of solving and providing solutions to people's financial problems.

People are in dare search of what could give them financial freedom and privacy in their daily business life and this is one of many other solutions that bitcoin offers to it users.

The oppressive measures and policies of the central authorities in controlling, monitoring and directing the financial flow of citizens has been a challenge to many people and bitcoin as decentralized technology giving anonymity, privacy, financial freedom etc to it users all these made people from divers countries to adopt it even when they have their own local currency.

Senior man I thank you very much as you take time explain this thing. I don learn new thing today. Honestly speaking I never understand it this way but because of your explanation I don grab am now. Na my first time to hear the word pseudonymous and this is what they said that learning never ends. E good as una they guild us like this for this place.

Some common thoughts and wonders about Bitcoin include:
- Is it a bubble? Some people worry that the price of Bitcoin is driven by speculation, and could crash at any moment.
- Will it replace traditional currencies? Some people believe that Bitcoin could eventually replace traditional forms of money, such as the US dollar.
- Is it secure? Some people worry about the security of Bitcoin, and whether it could be hacked or stolen.
- Is it energy efficient? Some people are concerned about the amount of energy used to mine Bitcoin.
- Is it accessible? Some people worry that Bitcoin is too complicated for most people to use.

Bitcoin isn't anonymous neither is the transactions anonymous, you can see everything happening on the Bitcoin blockchain openly. Bitcoin is pseudonymous which gives you privacy (dem no fit link your transaction to you because no personal information dey attached to your Bitcoin address) but if you go dey do anyhow like post your identity (like KYC) linked with your address then dem go fit trace am to you. Bitcoin guarantee privacy and to increase am more you fit make use of mixers to increase your anonymity so person no for track transaction to use but make the mixers be correct ones wey no dey save logs of device wey use their service or how dem do the mixing (which address dem send from or receive).


Na better truth you talk here, which dey self Israel ban Bitcoin and e no get anything to do with Bitcoin but because dem observe say their enemies wey dem dey fight dey get reinforcement through financial backing with the help of Bitcoin. E good as Bitcoin no dey connected to anybody wey go come connect to a particular country, religion or anything wey dey divide people. More country go ban Bitcoin if e dey link to a founder from country wey dem no like. Satoshi is a very smart person or a wise set of people (assuming dem be group) because all the decisions wey dem take make sense. Making Bitcoin a community project and not a personal project was the best decision. See BNB coin, just because people hate Cz, dem dun hate the project. If Satoshi no do wetin dem do na so e for dey for Bitcoin too, so you make better sense.

I think it's already too late for that. If anyone come up today and say he/she or any entity comes up today and say am Satoshi Nakamoto do you think anybody will believe them? If anybody tries it others will rise up and claim same identity and this might lead to unnecessary chaos which is not needed. Also I believe Satoshi Nakamoto chooses to be anonymous, because bitcoin transaction should be anonymous. And Satoshi is showing that example. There are so many reasons why Satoshi Nakamoto should remain anonymous which I can't mention all here. But I think for his/her or their safety which is paramount it should remain this way.
 
The confidence of people in bitcoin is already high and this has nothing to do with the anonymous of Satoshi. Every year people all over the world keep adopting bitcoin and centralized exchanges keeps recording new users creating accounts. On a contrary if Satoshi reveals it's identity it might even lead to some decline in the use of bitcoin for some reasons. Imagine If Satoshi reveals it's identity and it happens to be a Russian and with the ongoing war between Russia and Ukrain, do you think that the people of Ukrain will confidently use bitcoin? I think the government of Ukrain will place a total ban on bitcoin trading and also Ukrain allies will do so and this will hinder bitcoin users in such countries. Same thing goes to Isreal and Hamas war in Palestine. So I don't think that the identity of Satioshi being revealed will boast any form of confidence or whatsoever.

 I think you are mistaking one thing here, bitcoin was built on trust and not physicality. Physicality has to do with fiat system of money and not bitcoin. Satoshi revealing his identity how does that add money to our pocket. What exactly can happen to bitcoin if I may ask? Crash, I don't think so and that is never happening till the end of time. Anything that has lasted more than a decade is successfully pass the trust test and bitcoin has done that despite all the attack. I have never seen any technology that has suffered the amount of attacks and propagandas that bitcoin faced over the past 14 years and survived. Yet bitcoin is still soaring higher. Moreover there are no facts to support your claims that billionaires around the world are not investing in bitcoin because Satoshi has remained anonymous.

Yea, Bitcoin technology's existence and dominance in space is what someone can sometimes actually wonder about, but then again, if you want to relate the whole thing to the traditional monetary system we have today, the question would be: how did people just get to believe that money holds a particular value? Why are people accepting money in exchange for goods? Meanwhile, this money we are talking about is just ordinary paper made off; some color was added, and the number was written on it (like, $1, $2, $5, $100).

Let me tell you one comparison I made with Bitcoin and normal fiat money. It's said that "it doesn't actually matter who started first, but what matters is who is going to win."

In the time when money first got introduced, it was valued, and people as well valued the money, but look at what that same money has turned out to be today. The fiat currency has totally lost a lot of value compared to when it was first created, and also, back then, when it was created, it was a bit limited compared to the volume of printed cash we have today.

But just take a look at Bitcoin. Right from when it was created, its total supply has not increased; it has just remained what it is from day one, and I believe that's also one major reason why people are frequently adopting Bitcoin. Despite the fact that there are thousands of individuals worldwide who are in demand of having 1 or 2 pieces of Bitcoin, it seems impossible for them because the price is high for them, but Bitcoin doesn't care about its limited supply because it knows that it's the limited supply that will make the price hike and value with be high.

Even me too, imagine say I put better money when Bitcoin price been they very small how much person for done make, but although waiting worry me that time be say I never really sabi crypto and besides people been they reason online investment as investment way them fit scam people and that time 20k na big money to risk ooh because I been they fear say my money fit go.

But see how the price done reach now and everybody way been see am when in they cheap they wish say them for buy so perhaps that's why without risk e go they very hard for person to make am for this life.

My brother no be small, because I believe that if Satoshi identity were to be know till this date , the whole scene surrounding would be different because the massive lash out by some government on Bitcoin would have been taken to the core creation which will be satoshi, which obviously they might have jailed him or even make him their puppet so that it can be influenced just like the way some power men pump and dump some altcoins whenever they feel necessary @elon . Satoshi remaining anonymous was the best strategy taken for the true adoption of Bitcoin.

Bitcoin has been a revolution in the world today and thanks to Satoshi the massive now feel they have a say in the control and financial freedom concerning the money system that the world has bent everyone on believing and this time around it's the government who are at the back end of the scare game as they say if you can't them you join them. El Salvador has joined more will follow in recent time coming.

OP, demand and supply is what have made bitcoin to be at this present price, this is because as time passes on more people are adopting butcoin and therefore, the value keep increasing.

Satoshi identity is not important because bitcoin network is an open source where people are welcome to contribute and help improve the blockchain development, and that is currently going on. So I don't see how anyone can offer help to Satoshi. Whatever information that you want to get on bitcoin, you can use google or ask here in the forum as Satoshi was here way back answering questions that was been asked. It is better to remain anonymous than to be dead by now or been thrown to jail or allow the government to destroy what you have created to help man stay financial free from the government.

I pray Satoshi continues to remain anonymous. Because if this government officials get a trace of him or his offspring they will find all possible means to control the system he has built all these years. It takes a lot of discipline to maintain anonymous, this is because humans like the feeling of ownership and fame. If some persons were giving the opportunity to be the owner of Bitcoin they would make sure all the world knows and brag about their achievements, just the way Elon musk does.

I won't be surprised that some well known technological CEO have some hidden deal with the government's which they use as a strategy to control how the technology is been used in the country. For instance Facebook can save your personal data and sell it to other companies and this is only authorized by the Nigerian government. Any day the government decides to stop access to users data then Facebook will lose a lot of users. But they cannot stop it because they are benefiting from

E no been dey easy as e dey today, wetin make people come full the industry na because Bitcoin dun get history and a pattern and people dun see am say e dey profitable and e no crash for all these years so people come dey believe in am, come dey Invest. When Bitcoin ben start, e been hard to convince people's to believe in Bitcoin as many economist predict say Bitcoin go crash. Plenty article dey online wey dun declare Bitcoin dead many times but e still dey stand strong. Bitcoin convince people no be Satoshi because nobody even sabi the man. Bitcoin is backed mathematical and those wey be understand maths that time believe Bitcoin go succeed and started mining Bitcoin. The early miners are those wey we go appreciate because without them, Bitcoin for fail, they were basically mining Bitcoin for free like dem no been dey profit back then.


Power of demand and supply, although the circulating supply was lesser back then but there was no demand. Nobody been dey reason Bitcoin as e never proof himself for people but after the demand begin to increase due to Bitcoin getting more popular and the circulation supply keep reducing (that's the supply available for trading due to miners block reward reducing, people Hodling off exchange and Bitcoin getting lost), all this things contribute for the increase in price.


The community, no centralized body dey in control of the price but dem dey get some kind indirect control like when dem do something wey go influence buyers to buy more or sellers to panic come dey sell. Nobody dey in control and na one of wetin make Bitcoin a decentralized project be dat.


Bitcoin was created with a mindset of combating inflation and that's why it has a fixed supply and not unlimited supply like all fiats. Bitcoin is actually backed by maths but the fiats isn't backed by anything. This na the reason why the fiats no dey appealing to use as a store of value but Bitcoin is and this na why Bitcoin dey advanced as a better option than fiats to use as a currency and an asset. Bitcoin can't be duplicated, can't be clone as anything wey wan happen like dat will just be another altcoins like dem Bitcoin cash, gold and won't be verifiable on the Bitcoin blockchain.


Reduction in fees (scalability problems): This na only the place wey Bitcoin still get issues if you ask me. The solution wey dem dun introduced never do the job well, the use of Segwit address still never help matters. The use of lightning network isn't a permanent solution because lightning network na layer 2 solution wey many people never still support and that's why it isn't getting accepted rapidly. The developers need to find way to make fees no dey get issues as we dey get now wey network fees just high anyhow.

The solidity of bitcoin and the secrets for bitcoin to wax greatly was the reason for his disappearance come to think of this the government are after Satoshi Nakamoto to have full control of bitcoin, let say if the government have him and forced him to reveal the principle and hand over everything to them bitcoin mission could have failed by now and you know what? What ever that involves government has a central authority meaning government are to decides about the prices and total supply maybe there wouldn't had been any halving by now who knows. So just keep it at the back of your mind that the reason for bitcoin to have this popularity was as a reason for him to remains anonymous otherwise government could have forces him to destroy the mission and vision of bitcoin, and remember bitcoin was create as an alternative means of payments and to ease payment where there seems to be no network issues bitcoin will be used as easy gateway for online payment.

Why can't he reveal his identity you asked? Well it's up to him whether to reveal or not.he knows best why he chose to be anonymous. Who knows if he chooses to show up maybe people who have questions to how possible bitcoin would be, or how it would look like and government would have seen him as a threat to produce a digital asset like bitcoin to devalue or eliminate fiat, or produce something with a monetary value in thin air. They would have probably kill his dream of achieving Bitcoin. So far as I am concerned there is no nessesary need to appear because the project is already a success. It was a risk to him to produce something like that. Satoshi nakamoto has a bright future for the masses and see bitcoin as the only way to eliminate poverty. Just look at us now, how we are always happy about Bitcoin and most currupt government officials are angry about bitcoin, how successful it has become. Up till date most country has ban/prohibited crypto currency. that is a sign that if Satoshi nakamoto appears in air, they might even jail him or accuse him of some unesesary charges.

You talked about helping him on idea of improving the authenticity of bitcoin? If I may ask did bitcoin lack authenticity? If anything is lacking I think is human that is lacking to understand the future of bitcoin and not to take part in it before they regret more later. If bitcoin was not that authentic I think I wouldn't have lasted the way it did. Even altcoin that were produce after Bitcoin has no match for bitcoin even the founders of altcoins are still woundering how powerful Bitcoin is. So I think you should just buy bitcoin and hold and stop thinking for the masses.

I see no reason to worry about bitcoin, if bitcoin was to fall it would have did that long time ago. Whoever Satoshi nakamoto is or the plan he has I think it's for good he said bitcoin is common man or for orinay people
Behind any reasonable doubt I find it to be true he is worthy of emulation and such genius like him are not 2 in this world. If anything happens to bitcoin today which I don't even think so, many people will still testify about the goodness of bitcoin because it has lifted men expecialy those that believe in his dream and mine it people like Half For and many others. I think I have answered your question correctly.

The only thing me still dey wonder na why I no put better money for Bitcoin the time I hear about am because that time, the price dey very low. The thing dey shock me say I no hold big bag of Bitcoin unto say I been see money wey person for fit put inside Bitcoin and by now person for done retire for work and focus on building his dream empire while enjoying life to the fullest. My brother, this matter dey pain me wella... Bitcoin was a good opportunity for poor man piking to take meet up for life.

I no doubt Bitcoin one day. Ever since I realized how good and sweet Bitcoin make life become, I accepted it with my full chest. Even when people dey talk say Bitcoin go crash, I always dey tell them make e crash untop my head. Even till now I stoll get colleagues wey still dey wait make Bitcoin crash and I dey laugh them dey go.


Well, now no be the time to wonder again, Bitcoin don survive plenty fud and media propaganda, the technology dey very strong and reliable, the security dey kajad so no need make we continue to wonder. If we must wonder, it should be how to buy enough Bitcoin now as we dey prepare for the next bull run.  E good make we join the crowd now so we go fit do dorime like our mates them come 2024/2025.

If bitcoin was centralized, government would have taken it down. It has limited supply and behave like assets. As people are buying, the price is increasing. That is enough to make people to adopt bitcoin.

Although, mempool congestion may not be said to be an error, but it would have been better if bitcoin transaction scalability is fast.

What I am most surprised about is how Satoshi Nakamoto came up with blockchain technology which is one of what that are most unique about bitcoin.