The digital perfection of Bitcoin | Bitcointalksearch.org

TheUltraElite

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Quote from: NoorulHuda on March 10, 2022, 03:02:27 AM

There is no problem in transaction of Bitcoin. If we go to the Ethereum we can see that there is too much gas fee which can't be afford.

Like I said above, transaction fee is a transient thing. You will make a wrong choice if you invest money in those coins that have lower fees. But if your choice is only for transacting money not investment then it might matter. Most of the users here do both with more emphasis on investing. But if your focus is gambling and needing quick transactions on a cheap network fee, then you should go with what you feel is better on your pocket.

Quote from: Blended@ on March 09, 2022, 10:20:11 AM

l don't understand this concept,if we want to talk about digital perfection in bitcoin we believe that is not an easy to go by,however innovations is the great thing in life,if bitcoin have come through the use of digital platform is a well come development,because is only work on exchange of currency online

Exchange of currency online would not be the biggest thing. There will always be fiat digital systems. But bitcoin was created for the purpose of giving the power back to hands of the people from banking institutions. Innovation is less in Bitcoin and it does not need much more innovation truely speaking. Rather focus on its use and keep increasing its awareness among people.

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Quote from: NoorulHuda on March 10, 2022, 03:02:27 AM

There is no problem in transaction of Bitcoin. If we go to the Ethereum we can see that there is too much gas fee which can't be afford.

Bitcoin does have still that scalability problem and it is just that the market as of this moment hasnt been flooded out by lots of transactions which fees turns out to be almost free or very cheap
unlike on ETH or erc20 which does have some gas fee problem but in overall aspect there are still lots of altcoins which does have fast and cheap fees.

It is one of the main issue and thats why devs do came up on the idea about Lightning network and im not sure if its already that usable or still in test phase but if this
one would be finalized then i dont see any flaws into Bitcoin.

verita1

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I don't see any problem with bitcoin as a means of payment. Transaction time and fees should not be an obstacle bitcoin has the lightning network, there are several dapps with the option to choose this network, fast, secure and low cost.

In particular I prefer bitcoin as a store of value, I have been able to save in bitcoin for emergency things.

While I use other coins for daily use and I prefer it that way because investing in bitcoin is like saving something very precious over time.

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Bitcoin also provides the potential for a positive return and a means of diversifying an investment portfolio.18 The historic price volatility of Bitcoin creates the potential for both significant gains and losses, which makes it ripe for speculative investment. due to some delays in confirmation of transactions, It will be a good development to the whole world, but how do we perfect this and make it handled and easy as a physical money? Bitcoin has actually come to stay an let make it perfect

NoorulHuda

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There is no problem in transaction of Bitcoin. If we go to the Ethereum we can see that there is too much gas fee which can't be afford.

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Quote from: perfect999 on March 10, 2022, 01:41:15 AM

The decentralized factor of bitcoin is what makes bitcoin shine because there are lots of people that like to experience freedom. Bitcoin can help them in its simple ways. Lightning network is a fix to btc issues but it is sad that it's not being highlighted because many people still prefer newer altcoins compared with it.

Lightning network is still a new development to many people, also there's many thing need to improved. Such as not all wallet, exchanges, and platform using lightning network, complicated to set up, doesn't understand or trusting the second layer and so on. Let's say you want to trade on an exchange, but this exchange doesn't accept lightning network, you'll keep using on chain to send your coins. Not to mention even Taproot already completed, only few exchange accept Taproot address (bc1p...)

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Quote from: GreatArkansas on March 09, 2022, 09:30:29 PM

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I think that Bitcoin is quite difficult to be used as a means of payment because the transaction fees are too high so that it will be detrimental to its users. In general, people use bitcoin as trading and investment in order to get huge profits. The bitcoin transaction fee should have been reduced so that I can use bitcoin as a means of payment in various online shops that accept bitcoin payments.

This is what makes Bitcoin decentralized. To be honest, the way how Bitcoin is being a decentralized digital currency is already a big thing for me, besides that if we have an issue on transaction fees or confirmation, there is already a solution for it, which is the lightning network.

There are also some people who are into Bitcoin because of investment, not on day-to-day use.

I have tried to use a centralized stable coin before and its fees are a bit higher than bitcoin at that time so I believe that it wasn't the high fees that make bitcoin decentralized but it was due to its nature during the time it was created. Satoshi the creator decided to have a coin that can counteract banks or such centralized payments.

The decentralized factor of bitcoin is what makes bitcoin shine because there are lots of people that like to experience freedom. Bitcoin can help them in its simple ways. Lightning network is a fix to btc issues but it is sad that it's not being highlighted because many people still prefer newer altcoins compared with it.

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Yes, bitcoin is widely used as a store of value, investment and speculative financial instrument. Almost never used to make payments because it is slower and more expensive than traditional payments which I think is still a complaint if used as direct payments.
bitcoin and fiat definitely have their own advantages and disadvantages but more advantages than disadvantages, and the disadvantages will be fine if they understand it well and know how.
and Bitcoin, widely regarded as the most promising innovation this generation has tried to perfect or perfect in this frenzy of economic freedom.
they are truly everyone's last resort when it comes to serving everyone's vested interests because of the widely trusted nature of government agencies and their conscientious drive to understand things they don't even need to do.

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Quote from: Richycryp on December 30, 2021, 04:56:58 AM

(.....)

I think that Bitcoin is quite difficult to be used as a means of payment because the transaction fees are too high so that it will be detrimental to its users. In general, people use bitcoin as trading and investment in order to get huge profits. The bitcoin transaction fee should have been reduced so that I can use bitcoin as a means of payment in various online shops that accept bitcoin payments.

This is what makes Bitcoin decentralized. To be honest, the way how Bitcoin is being a decentralized digital currency is already a big thing for me, besides that if we have an issue on transaction fees or confirmation, there is already a solution for it, which is the lightning network.

There are also some people who are into Bitcoin because of investment, not on day-to-day use.

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Quote from: Richycryp on December 30, 2021, 04:56:58 AM

People always say that Bitcoin is the digital money that will take over soon as the world is digitalized,but they have not understand something, It may not be easy as we think due to some delays in confirmation of transactions,It will be a good development to the whole world, but how do we perfect this and make it handled and easy as a physical money? Bitcoin has actually come to stay an let make it perfect and make it easy for everyone to use, through the digital. Yes I agree that Bitcoin is future currency, but let it be easy to use ?

After you make a lightning transaction you'll realize the future is here.

Check out Muun for probably the simplest non-custodial lightning wallet at the moment.

https://muun.com

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Quote from: Richycryp on December 30, 2021, 04:56:58 AM

People always say that Bitcoin is the digital money that will take over soon as the world is digitalized,but they have not understand something, It may not be easy as we think due to some delays in confirmation of transactions,It will be a good development to the whole world, but how do we perfect this and make it handled and easy as a physical money? Bitcoin has actually come to stay an let make it perfect and make it easy for everyone to use, through the digital. Yes I agree that Bitcoin is future currency, but let it be easy to use ?

If you are thinking physical form of money is easy to use and carry then I must say that I prefer to use digital form of money more than the physical form.
I personally don't prefer to carry physical money since there's a risk to lose it or get it stolen and then there's also the hassle of carrying it and having the exact change at times.
On the other hand, while digital money has it's own limitations but is easy to carry and pay whenever we need without worrying about the change.
There's also no risk of losing the money or getting it stolen unless we make mistakes that lead to getting it hacked.
Talking about Bitcoin particularly, it has the lightning network which eliminates the concern of late confirmations.
I feel even the main network is fast enough for payments which don't require immediate confirmation such as cross border payments and stuff.

Blended@

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l don't understand this concept,if we want to talk about digital perfection in bitcoin we believe that is not an easy to go by,however innovations is the great thing in life,if bitcoin have come through the use of digital platform is a well come development,because is only work on exchange of currency online

TheUltraElite

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I think that Bitcoin is quite difficult to be used as a means of payment because the transaction fees are too high so that it will be detrimental to its users. In general, people use bitcoin as trading and investment in order to get huge profits. The bitcoin transaction fee should have been reduced so that I can use bitcoin as a means of payment in various online shops that accept bitcoin payments.

Transaction fees are a transient phenomenon. You will find better conditions to transact in future. That does not determine the future and neither does it indicate a long term trend.

The fact that Bitcoin is used to make profit off the market movements is a side effect of the situation and not the main thing. True that Bitcoin being accepted by merchants is lower than that needed for a overall high use. There is a gradual rise but we should try to gather more Bitcoins in the meantime. At that time the Lightning Network system will be adopted as well. It has been well documented that that LN can be used by merchants to allow quick transactions without having to worry about delays.

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Quote from: AakZaki on March 03, 2022, 11:31:06 AM

Regarding the problem of delays and long transaction confirmations, it has been resolved by using the lightning bitcoin network and transactions are carried out quickly and at lower costs.

No, not yet, I know there lots of solution will be proposed in the future to improve the technology of the lightning network we have today.

Also, making lightning network more user-friendly so more users understand easier it and do the transactions there instead on the common wallets.

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Regarding the problem of delays and long transaction confirmations, it has been resolved by using the lightning bitcoin network and transactions are carried out quickly and at lower costs. Bitcoin is well developed and faster.
All currencies are not perfect, each has its advantages and disadvantages. Bitcoin is currently an optional payment that can be chosen in addition to using Fiat. Bitcoin is the digital asset of the future with more revolutionary technology. Bitcoin is the main reference for developing better ways of transacting.

TheUltraElite

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Quote from: amiacaroline37 on February 20, 2022, 01:23:46 PM

however I don't imagine that it is bitcoin that will bring down fiat off of its high position.

True, both system have their own pros and cons and one does not topple the other. Moreover, being comfortable and not paranoid about your money is important too, fiat has already made it's place in the people with that and it is not possible to move people from that group to crypto by own awareness spreading.

While bitcoin was made as an alternative to fiat, it is already serving its purpose. Beyond that, speculative markets have developed to allow risk takers to trade on its price changes and that is a different topic. We also have Forex, but does that change the objective of fiat? No.

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I agree. It is not as easy as it sounds. It is true that cryptocurrencies are the future. But the world still needs to accept the potential of Bitcoin and other cryptocurrencies.

The world is a rock, the people of this world have already seen how crypto can be used but it is their choice and that is for them to decide which one to use. You cannot force someone to use something because you like it.

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Currently the price of the transaction of is 0.10-0.30$ just approximately a 2-7 satoshi only most of the reasons becomes congested to the each of that transactions made by the traders, investors and etc who would like to have their bitcoin transfer, sell or hold. Bitcoin today can be used to make transactions to different establishments, bitcoin cannot replace the fiat currency because it's decentralized and a fiat currency is regulated or must have to a country well anything can happen in the future.

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Quote from: taufik123 on February 23, 2022, 03:57:27 AM

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Yes it is true bitcoin will not be able to replace fiat currency because bitcoin is only used as an alternative currency to make payments when fiat currency experiences inflation because bitcoin is guaranteed to be resistant to inflation because of its limited supply, as we have seen in El Salvador though currently their government has legalized bitcoin as a legal tender in the country but they still use fiat money as the mainstream currency.

Elsalvador is a country that truly exemplifies what bitcoin adoption has done. Fiat and Bitcoin coexist to be legal tender. Even the president of El Salvador will establish a bitcoin city where all transactions are carried out using bitcoin as the main payment. it's a big step that will make bitcoin adoption even crazier. Bitcoin is the most valuable digital currency and is able to change the way transactions and transactions are carried out are also transparent.

In Elsalvador, the government even distributes a number of bitcoins to educate all people to be able to use it, of course this is a socialization step so that all elements of society become familiar with using bitcoin to transact in that country. and if elsalvador succeeds, then this can set an example for other countries, that fiat and bitcoin can be used side by side, so that the community can judge and the government makes rules so that the community obeys

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Yes it is true bitcoin will not be able to replace fiat currency because bitcoin is only used as an alternative currency to make payments when fiat currency experiences inflation because bitcoin is guaranteed to be resistant to inflation because of its limited supply, as we have seen in El Salvador though currently their government has legalized bitcoin as a legal tender in the country but they still use fiat money as the mainstream currency.

Elsalvador is a country that truly exemplifies what bitcoin adoption has done. Fiat and Bitcoin coexist to be legal tender. Even the president of El Salvador will establish a bitcoin city where all transactions are carried out using bitcoin as the main payment. it's a big step that will make bitcoin adoption even crazier. Bitcoin is the most valuable digital currency and is able to change the way transactions and transactions are carried out are also transparent.

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Quote from: Richycryp on December 30, 2021, 04:56:58 AM

People always say that Bitcoin is the digital money that will take over soon as the world is digitalized,but they have not understand something, It may not be easy as we think due to some delays in confirmation of transactions,It will be a good development to the whole world, but how do we perfect this and make it handled and easy as a physical money? Bitcoin has actually come to stay an let make it perfect and make it easy for everyone to use, through the digital. Yes I agree that Bitcoin is future currency, but let it be easy to use ?

You have a point, indeed transactions' delays and costs have been an issue when using bitcoin as currency on daily life. In the future this aspect is probably going to be improved, as technology keeps advancing and new ideas are introduced to crypto universe.

Anyway, I think a temporary solution for now would be sellers and buyers adopt a same centralized crypto payment system, so every internal negotiations made inside this system would happen without any transactions' fees or delays.

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