The digital perfection of Bitcoin - page 2.

AicecreaME

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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 ?

In my honest opinion, bitcoin isn't really perfect because it has its flaws. No matter how many people glorify it, we can't deny the fact that like any other medium of exchange and store of value, it has its fair shares of shortcomings. Maybe the reason why people call it perfect in the digital world is because of blockchain technology. But transaction itself still has flaws that need to be addressed in order for it to be successful and more convenient in the future. For instance, the transaction fees and time need to be improved. There are times that the value of the transaction fee is much higher than the transaction you'll make which will make you think twice if it's worth it to push through or not.

Although I admit, there is a lot bitcoin has to offer. Indeed, it is really beneficial to those who know how to utilize it to their advantage without depending on anyone but their knowledge and skills alongside with professional's teachings. It lets us manages our finances without the need for a KYC for some platforms and without the involvement of other organizations and institutions which is very ideal because we can monitor our assets and we know that we are secured because we can do and add whatever security feature and means of our liking.

maydna

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Quote from: fullhdpixel on February 20, 2022, 01:33:20 PM

Quote from: maydna on February 20, 2022, 05:57:55 AM

~snip~

I don't know if we are on a digital age right now or not because there are still things that does not totally depend digitally. Although we have advance technologies right now but there are still fiats that people use. In the digital world we also have paypal and i heard there are upcoming CBDC or central bank digital currencies as they call it that said to run also in blockchain just like bitcoin and with that, I do not think bitcoin can take over.

BTC and fiat are both currencies although btc can be used as an asset while fiat isn't but the confirmation time and the fee can be the biggest draw back of btc compare to fiats. But, personally I have ignored such things and I guess all people who loves the basic concepts of bitcoin payment system.

When people out there can feel a little bit of the advantages of bitcoin, they will realize that bitcoin is there to give them the opportunity to manage their finances without any interference from other parties. They can stay connected to fiat regulated by their government but can also use bitcoin freely without needing help from other parties unless they want to cash out bitcoin to fiat. I prefer it that way because we can use both bitcoin and fiat at the same time and we can also have other sources of income.

We are now in the digital era, although not everything can be fully functional because stages still need to be developed. But later, when everything is connected, maybe we will also see fiat in digital form, which has already happened in some countries. Maybe CBDC was developed like a blockchain to allow the government to control finances, but I don't know. I'm not really thinking about it at the moment.

fullhdpixel

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Quote from: maydna on February 20, 2022, 05:57:55 AM

I don't think bitcoin will take over after the world is digitized because I prefer to see bitcoin and the current financial system work together to give the best to the community. Bitcoin is in the adoption stage, and it continues to happen until now, while more and more countries are accepting bitcoin as an asset that can be a new source of investment for people.

But the use of bitcoin and fiat will not be the same even though they can both make payments. And so far, the use of bitcoin and fiat can be equally easy to do, and I think confirmation will depend on each network.

I don't know if we are on a digital age right now or not because there are still things that does not totally depend digitally. Although we have advance technologies right now but there are still fiats that people use. In the digital world we also have paypal and i heard there are upcoming CBDC or central bank digital currencies as they call it that said to run also in blockchain just like bitcoin and with that, I do not think bitcoin can take over.

BTC and fiat are both currencies although btc can be used as an asset while fiat isn't but the confirmation time and the fee can be the biggest draw back of btc compare to fiats. But, personally I have ignored such things and I guess all people who loves the basic concepts of bitcoin payment system.

amiacaroline37

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I believe we're misjudging bitcoin on certain aspects. Bitcoin isn't intended to supplant the current fiat framework but instead, exist together with it and go about as another option. While the facts confirm that there are heaps of upgrades that we can in any case have for bitcoin, it will in any case not do the trick to meet the specs of fiat. Then again maybe bitcoin can fill in as a motivation to the framework that will supplant fiat. The system is now there, and the idea has as of now been demonstrated. It will come, however I don't imagine that it is bitcoin that will bring down fiat off of its high position.

Flexystar

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One could care less if they know very well how the bitcoin transactions work. They are coded to be irreversible so no one can betray you once they initiate the transaction. I mean as soon as the transaction is broadcasted over the network it’s already half way through it. The half makes it permanent and irreversible. Yes obviously there are some ways in theory using which it can be rejected but that would take 51% attack; that also has many loop holes. So I’m not sure what’s the fear here.

Secondly, bitcoin do not want to rule the world and neither it is looking after to replace the banking system. That is not the vision here.

Bitcoin is free, independent and anyone can use it as they require it.

maydna

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I don't think bitcoin will take over after the world is digitized because I prefer to see bitcoin and the current financial system work together to give the best to the community. Bitcoin is in the adoption stage, and it continues to happen until now, while more and more countries are accepting bitcoin as an asset that can be a new source of investment for people.

But the use of bitcoin and fiat will not be the same even though they can both make payments. And so far, the use of bitcoin and fiat can be equally easy to do, and I think confirmation will depend on each network.

Mamun74

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Bitcoin is a digital currency and bitcoin is decentralization that will never be stable. Nowadays many people interested bitcoin many countries are accepted in bitcoin and they can use it in legal.i hope we will use it in freely in future. Definitely bitcoin development huge increase last two- three year i hope it will be more development in future.

tippytoes

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Quote from: StarKay on January 02, 2022, 08:36:39 AM

What I understand from your write-up is that you love Bitcoin and you will like to use it for your everyday transactions but you don't think it's possible due to the delay in confirmation time, so you would like to see this improved upon after which you can now see Bitcoin as perfect for your daily usage.
I'll say wait for it, Bitcoin is not constant as developers are always thinking of ways to make it better.

Confirmation time and fees are the top reasons why most people are hesitant to use bitcoin in their transactions. Aside from that, many are still looking at bitcoin as a very good investment asset that will possibly give them good profits. This is why most holders are just holding it and not using it for everyday purchases. No technology is perfect anyway. Bitcoin has some shortcomings but we already gone a long way just by looking the price level in the market compared to even 5 years ago.

StarKay

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What I understand from your write-up is that you love Bitcoin and you will like to use it for your everyday transactions but you don't think it's possible due to the delay in confirmation time, so you would like to see this improved upon after which you can now see Bitcoin as perfect for your daily usage.
I'll say wait for it, Bitcoin is not constant as developers are always thinking of ways to make it better.

Ararbermas

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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 ?

it's so easy to use of course because it's a digital currency wherein no hassle when it comes making transactions. Indeed that's the reason why many people like cyrpto than any digital currency and mostly believed that it will become the future money base of the advantage of holding than real state. Just imagine the opportunities wherein obviously there's a freedom with crypto that's why a lot people love it. there's no requirements as long as you have capital.

Vaskiy

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Technology won't make a change over a night, it takes time. With time the technology also need to be updated to meet the necessity of the users. The necessity differs with time. As said confirmation time is a must to consider, because in the past people never thought of it. Now when there were more other possible ways for fast transaction people think of it.

The upcoming generation will be much into technology. So, everything is getting dogitized and the currency too is dogitized. However people always look bitcoin as an alternate than a mainstream currency.

Baby Queen

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The Bitcoin Price In The 2021 Creat New All Time High So Now Again Huge Down As Like All Time High Go To About $70k But Now Price Fall Down Huge Now Live Price $47k

So We Are All Waiting For Again BTC Can Go To Nww ATH $75k And $80k If All Ok

adzino

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Quote from: Accardo on December 30, 2021, 07:57:12 AM

There is nothing difficult about the usage of bitcoin, you said that transactions get delayed using bitcoin, of course if you send a small fee your transaction will be delayed until they are lesser transactions on the blockchain network. They are a lot of digital money, Even fiat can be a digital currency these days, because it can get sent using a digital medium like a computer and if they is a network problem the transaction gets delayed as well.

True, there is nothing difficult about using bitcoin, but he is talking about the confirmation delay. Even if you pay $100 in fees, it won't get confirmed instantly. You will have to wait for the next block to be mined. The next block might be mined within next minute, or it might take more than 20 minutes. On average, it takes 10 minutes. So you will have to wait no matter how much fee you pay. And the transaction delay that you are talking about with fiat digital transaction is not the same as bitcoin confirmation delays. Fiat transaction delays rarely happens.

Dave1

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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 ?

It's already perfect as it is as a currency in my opinion. And as you have said, it's digital so it will not be handled as any physical money in the world, and obviously there is a big difference.

Already easy to use, you just need a wallet and there's a lot of them to choose from. So I don't understand what's your rant about it. Maybe the confirmation time is your issue, but that's how the network is protected, thus no 0 confirmation.

Hypnosis00

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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.

It wasn't yet close to its perfection but as the development continues and for the people to help themselves understand the concept of this project, that won't take so long to have this in full adoption.

We are in big concern about transaction delays that it takes a few minutes to hours depending on the fees. Of course, it wasn't a healthy thing to see but of bad signs, and even it halts users to use Bitcoin. But I expect this to have a solution someday, we just wait for that moment.

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Yes I agree that Bitcoin is future currency, but let it be easy to use ?

I have to keep what I see with Bitcoin, nothing to say it was the future currency that all are concurred to use, fiat is still the most preferred by the people and we can't rid of it.

dothebeats

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I think we're overestimating bitcoin on some facets. Bitcoin isn't meant to replace the current fiat system but rather, co-exist with it and act as an alternative. While it is true that there are lots of improvements that we can still have for bitcoin, it will still not suffice to meet the specs of fiat.

Or perhaps bitcoin can serve as an inspiration to the system that will be replacing fiat. The framework is already there, and the concept has already been proven. It will come, but I don't think that it is bitcoin that will topple fiat off of its throne.

Wexnident

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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 ?

Well, Bitcoin is developing at its own pace no? At least, well, stuff like lightning networks makes the problems you've said be easily resolved. In addition to that, every medium out there has some pros and cons, there isn't any "perfect" medium out there, just the best fit for what you want. There's probably no need even to confirm the advantages of fiat since there are also the advantages of Bitcoin against it. Bitcoin doesn't need the attributes of fiat to make it a good medium/currency, it can stand on its own with its own characteristics.

Zilon

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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

You really think delay in transaction confirmation will limit the use of Bitcoin as a global legal tender I will say it's not even an issue at all because when there are no much transaction to confirm it's always very fast and swift with low transaction fee but if there is a queue in transaction definitely to make yours faster you have to modify your transaction fee or wait patiently for when you get yours confirmed

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,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 ?

Bitcoin is best as a digital currency and needs no form of physical representation or paper format if not they plans on manipulating and regulating Bitcoin would become a reality. As digital as it is it's easy to use and been decentralized makes it even more secure for investors

panukurap

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If Bitcoin is said to be perfect in my opinion it is not right because Bitcoin still has advantages as well as disadvantages. One of the advantages is that you can make transactions with bitcoin, both for transferring and receiving. In Indonesia itself, using bitcoin as a medium of exchange is illegal. However, you can use it to receive payment for goods or services. Another interesting advantage is that it can be cashed out. Even if you get a transfer in the form of bitcoin, money can still be disbursed in rupiah. so it's not surprising that some keep bitcoin as an investment for the long term. But some of the advantages are the number of hackers, no assets, and no protection from the state because it is still considered illegal in some countries.

Findingnemo

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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 ?

Even today 95% of my spending fiat is in digital form so I never withdraw much cash so I am only holding very little amount of physical cash in my wallet so the cards and digital wallet is accepted everywhere. Imagine if more people using bitcoin then we will have merchants with QR code of their address so we can simply scan and send and agree with the confirmation time so in future it may not be reliable to make 1 dollar payment via bitcoin but bitcoin isn't the only cryptocurrency we have.

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