Topic: The ideology of Bitcoin - page 2. (Read 385 times)

As the article describes it, I keep it as the principle of bitcoin.
I also respect OP's opinion because we know that there are investors in bitcoin with the idea of ​​amassing fortunes.

For my part, I am on the side of the unbanked, who despite having bank accounts most of the time are empty because I use my local currency only when I need to go shopping for groceries and supplies from my home because the rest of my money is in bitcoin and cryptocurrencies.

Many times I went to my bank to apply for a credit card to buy a PC to study and work and all those times they were denied. Now I can buy any device without having to ask for a credit from the bank because bitcoin and cryptocurrencies gave me the facility to buy them. It has not been for free, I have worked hard to achieve it and with satisfaction I can say that it has been worth it.

There are more external forces that could interfere in bitcoin besides solely governments. Even natural cataclysms could affect the existence of bitcoin. Things are constantly changing and nothing lasts intact forever. Bitcoin is a great currency or asset for now, but nobody can predict the future accurately, so it's impossible to say what will happen to bitcoin in a century or so.
I see the points you presented in bitcoin favor are all double-edge swords: volatility (from market and investors actions), opportunism, risk, greedy. It means they help bitcoin sometimes, but they also prejudice it in another times. These factors aren't enough to sustain bitcoin is going to thrive in price and adoption for an undetermined period of time.

What do you say about the freedom that Bitcoin can give compared to other currencies, could be the Bitcoin ideology that many people like.
Because of the financial independence that Bitcoin can provide, it has been expected by many people long ago. Finally we can all feel how to
control our own finances without the need for bank intermediaries. This is an advance in the financial world, which is usually always controlled
by banks. Therefore I am very grateful to know Bitcoin, because it can fulfill my desire in the financial sector, but unfortunately Bitcoin has not
received full support from the government.

Yeah, there's no infinite but with what OP is saying is all about its existence until it can for a long time. We don't have any numbers when it will stay but it's good to stay as long as we live.

Technically, about quantum computers. It's said that it's one major catalyst of bitcoin but aren't there quantum computers already? and I just leave that technical side to those who are knowledgeable than me but it's all good, bitcoin will last and even government intervenes. They cannot do with its growth and if a certain country bans it, they're delaying or stopping the growth of their people instead through bitcoin.

To give further ideology for bitcoin is freedom, it's all about financial independence and not being controlled by anyone who's in power. You're controlling your own money without not depending on any banks that's being regulated by someone who manipulates the interest and profit.
With Bitcoin we can do everything, without any hindrance from growing because your reward will just come without any expectations.

There is no infinite in this world, everything has an end and a new one will come. But I believe bitcoin will last for long because of supply and demand that drives through to become the most valuable digital currency in our generation. What I love in bitcoin is FREEDOM to use, to spend, to earn and to keep without any third party.

So you are saying that Bitcoin can't disappear because it will forever be a speculative vehicle with cyclic market? I think both parts are incorrect. First, Bitcoin could stop being so volatile and cyclic and turn into a "boring" asset like gold eventually when people will stop panicking and fomoing as it will lose its novelty factor. Second, being a speculative vehicle alone is not enough for it to survive forever. People could tire of it and find other markets that will be more fresh and exciting.

Humanity is very bad at predicting the future, 100 years ago people imagined today as the world of space colonization, flying cars and robots, but instead we have smartphones and internet. You can't be sure that Bitcoin will survive even 50 years, too many things can change.

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet.
I believe Bitcoin existing will last longer even the government try the best to damage and try to stop it, because it a freedom to make a transaction easily without no stress.

Right from the start, let's apply the evil gubbermint tinfoil.  But I thought governments couldn't stop bitcoin, so...
And one more thing, I love the fact that you called them external forces, what could be labeled as "internal" forces?


Let's assume the current system dies, so since there is no more $, then there is no volatility right?
Meaning that bitcoin will stop flourishing and die alongside fiat, or am I missing something?


Nice to hear that we only need a few of the seven deadly sins to keep bitcoin alive /s


Because that's the main focus now, that's why taproot went almost unnoticed and that's why even the LN is not the main source of news but when somebody points at a company buying and storing coins we have a flood of news and topics and posts. The utility and improvements in utility are not creating hype anymore, everyone is focused on the price and that's all.

Bitcoin was doing its job of sending money, transferring money, storing your money safe even at 30k$ but everyone was in a dark mood, now that we're back above 45k$ everyone is optimistic again, it's clear that we have shifted away from the things mentioned in the whitepaper, rather than using it to storing and transferring wealth safely, it is mainly viewed as a source of creating it.
Anyhow, nothing that can be done, just sit and watch how this unfolds, trying to make the best of it.

Unless world war III starts and nuclear throws between countries, then you will not be able to access Bitcoin in peace. Unfortunately what we are witnessing is World War III with a version of the trade war that is trying to take the centralized economic system. Bitcoin as a judge will certainly remain as long as the court is not closed due to the pandemic.

First, no one knows how long and the limit to what point. Second, we are not fortune-tellers who can predict one day ahead, we are not even sure to say tomorrow we are still breathing or not.
Let everything run as it should, most importantly while you have time, use it to grow the spread of Bitcoin to all corners of the world, and let people in the countryside know the name Bitcoin.

The market always have it's own way of correcting itself to balance the inflow of price.

Retracement is the correction part of the crypto market that tries to balance the buying and selling of assets when price is over bought or over sold. Crypto traders should be familiar with retracement whenever the market price as really gone high, coming down in a short while known as Retracement to make sure that price is not too over sold or over bought.

The major reason of the existence of Bitcoin is to maintain a fast and fair transactions without the stress one has to undergoes before cashing out their own funds.

when bitcoin was first circulated, humans have bound to bitcoin...

nothing can erase bitcoin from this world, except the internet is completely absent. if anyone says the government can kill bitcoin then that person is an idiot. bitcoin has become immortal.

It seems you limit Bitcoin in just profitability from the volatility. I am getting hard to understand you are describing Bitcoin ideology or describing the advantages of volatility. It's very true Bitcoin has become the most popular cryptocurrency due to volatility. But this isn't the true ideology of Bitcoin. You just skipping Bitcoin technology and how it has been helping payment solutions.

As we can see many merchants have been accepting Bitcoin and a few merchants wondering to do so. So by using Bitcoin technology we can make a secure and easy financial environment. You can send money anywhere in the world where the internet is available within minutes and without any involvement of a third party. That's what would keep alive Bitcoin. Volatility isn't really helpful to keep Bitcoin alive.

1.Isn't bitcoin and crypto currencies being very volatile one of the issues? Isn't it because of this volatility, most of the merchants or people are worried about accepting crypto currencies as a payment? Imagine receiving few thousand dollar and within seconds the value drops by 10%-15%. We have seen that happening a lot.

2. Wait for the market cap to grow even higher. We will see it become very less volatile .

3. That's not an ideology of bitcoin....
It might. It might not. We don't know what the future tech would be. Maybe we will be using something that has evolved from bitcoin.

If the government all over different countries enforce an authoritarian rule, and ban bitcoin from use and heavily penalize those that use them despite the prohibition, I think we will be seeing bitcoin slowly fading out because the punishment is not worth the risk. The ideology for me is that bitcoin is freedom and that anyone should be free to decide how to spend and earn their money.

Bitcoin will surely last for a very long time and we might even cease to exist before it does so for now, let us make the most from it and be wise and strategic with our investments. Those traits of a human being you've mentioned will surely act as a foundation as bitcoin innovates more. It is a never ending cycle for humans to be greedy, to take risk, to give up and try again after a long while and to grab opportunities whenever they see one. It might look bad at some point but it is what nourishes bitcoin's growth and it is inevitable to see the world without those kind of individuals.

Bitcoin will last as long as humanity will exist even with the interference of external forces. The government can ban and outlaw the crap out of Bitcoin but it will still survive. Bans and criminalization will only hinder it's growth to some extent, but definitely not kill it.

The smallest unit of the Bitcoin currency is commonly called a "satoshi".
At $40k per "bitcoin", the cost of a "satoshi" is $0.0004 (4 hundredths, or 1 twenty-fifth, of a penny!).
At $60k per "bitcoin", the cost of a "satoshi" is $0.0006 (6 hundredths, or 3 fiftieths, of a penny!).
At $100k per "bitcoin", the cost of a "satoshi" is $0.001 (1 tenth of a penny!).

I don't understand why anyone would think that a tenth of a penny is "too expensive" or why a tenth of a penny would scare anyone away.

The price volatility of Bitcoin has nothing to do with the ideology of Bitcoin.
The main idea of Bitcoin is to be a currency or asset,which is out of the control of any central bank or authority.The scarcity/limited supply of Bitcoin means that nobody can create Bitcoins out of thin air and sell them on the market.The main ideology of Bitcoin is based upon mutual agreement,consensus and democracy not profits,greed,price volatility and opportunism.
Bitcoin will continue to exist as long as it serves it's main purposes-to be a decentralized store of value and a medium of exchange.

It is expected. Basic demand and supply.
Bitcoin for me is the extremely perfectly created currency with preserving its value. It greatest invention of the century for me.
Bitcoin is created just to go up only. And I am very positive that even government can't take down Bitcoin.