Topic: The world and bitcoins: the matter of global acceptance (Read 214 times)

I don't think it's an Al. I only hope the OP referenced the source if they actually took any part of their post from an article. That's just my concern so they don't get quizzed for plagiarism.

In generic term, Bitcoin is a cryptocurrency. We can't shy away from that truth. I know the Bitcoin maxis don't like such definition as they want Bitcoin to stand alone. We can't really help but to classify it properly.

You see? We can't really help it.

Do you know the meaning of decentralization? that means Bitcoin since it was first developed is free from intervention from whoever it is. If there are many scam projects that harm many people, it comes from Altcoins or people who deceive other people in the name of Bitcoin and that is quite reasonable in my opinion, because we cannot control how people use Bitcoin. Moreover, having an audit institution for cryptocurrencies will not solve the problem, on the contrary it could add new problems because they are prone to manipulation and bribery there. So let Bitcoin go like this, because even without an auditing institution or whatever, I think Bitcoin adoption will continue to increase globally because today's society is smart.

If there is any organization that manages and oversees it all, everything will become centralized and that will weaken bitcoin and the market. This is a bad idea. If you are scammed by scam projects because you are too greedy, you like high profits but don't want to take risks, and you want someone to help you get your money back if you lose. That's another of your greed. If you don't want to be scammed, stay away from shitcoin projects.

Forgive the OP, but I see your suggestions as too utopian. How can I get funds back from fraudulent projects? Who will be engaged in the search for scammers? In my opinion, this is nonsense; who needs it if the state does not want to accept Bitcoin? Also, you have combined both Bitcoin and altcoins, which is a big difference.
Therefore, if we talk about the adoption of Bitcoin, then the problem at the moment lies with regulators who cannot come to terms with its decentralized nature. As for other shitcoins, this is not the place to talk about them in a good way.

I think your suggestions are valid and could help in boosting the reputation of Bitcoin and other cryptocurrencies. While there are already some regulations and guidelines in place, the decentralized nature of cryptocurrencies makes it difficult to fully regulate and monitor every project.

However, having a central institution with the responsibility of auditing, verifying, and tracking down scam projects could help in reducing the fear associated with cryptocurrencies and increasing global acceptance. It's important to note that this institution would need to work closely with other regulatory bodies and industry stakeholders to ensure a coordinated approach to tackling issues related to cryptocurrency scams.

I don't think it's a big deal if people use the Bitcoin protocol to create different things. It's open source, so anyone can do whatever they want with it. And honestly, I'm cool with there being a bunch of centralized exchanges, as long as people can choose which one they want to use. Ultimately, the market will decide which ones succeed and which ones don't. It's kind of like how multi-party democracy works in many countries.

If there was only one entity that controlled everything in the Bitcoin ecosystem, then that would be an example of centralization. It would mean that all decision-making power and control would be concentrated in the hands of that entity, and users would have little or no say in how the system operates.


I totally agree with you! But still, everyone should be able to choose what works best for them. Some folks might be into DEXs, but others might prefer centralized exchanges 'cause they have some cool perks that DEXs don't. It's totally up to each person to choose which exchange they wanna use based on their own preferences. The same goes for payment processors used by merchants and other services on the Bitcoin network. And that's one of the great things about open source - it allows for a variety of options and choices for people to use and benefit from.

Audit is a tool for scammers to make their altcoin projects look to be more valuable and investors will be more ready to invest in those projects. They simply think if that project is audited by Certik or other security audit companies, that project is good in quality and security.

They are very inexperience if they think so. Audited projects can be hacked too and being audited does not mean that project has good products at the project launch or in future.

In the past, project listed on Coinmarketcap looked to be good but many of them died. Now people believed the same with audited projects but see many projects died too.

Dead Coins: How Many Cryptocurrencies have Failed?

A third party may do everything to check the new project with nothing to do with Bitcoin. And apparently, many auditing institutions are already tasked with inspecting every project that will be launched. But meaningful investment requires everyone's vigilance in choosing their project, and they must check the project to invest safely. That's what everyone who wants to invest in crypto should do because with more and more projects being launched, fraudulent projects will also be launched.

People must choose their projects carefully to avoid becoming the next scam target. Those new projects are not Bitcoin and have nothing to do with Bitcoin. That's what people have to realize. If they only focus on investing in Bitcoin, they will be satisfied because Bitcoin has provided proof.

I think many members are misunderstood your post, based on my understanding you're ask to create a single institution to audit every of crypto project, not to audit Bitcoin. But your proposal will not work 100% because we're know if government or a centralized institutions could play dirty and accept a bribe. Any project which listed on a centralized exchange should be submitting their KYC, but we're still see many projects turn become scam and the government didn't do anything to the owner.

So rather than trusting a centralized institution, just remove all the shitcoins.

Your proposal to establish an institution to oversee genuineness of new projects and monitor their overall operations and conducting regular audits globally is a commendable suggestion. Such an institution will certainly enhance the  transparency and credibility of crypto projects, while safeguarding the investments of stakeholders. It would be beneficial for crypto communities , if  US authorities take lead in this intiative , where institution to monitor financial operations are well established and credible.

Bitcoin is NOT a company nor some kind of central bank or organization. The Bitcoin ecosystem has nothing to do with the so called "crypto projects". Some of them might be using BTC as a currency, but that doesn't mean that they are Bitcoin projects.
The crypto companies must be treated like regular companies and they must be audited and regulated by the government authorities.
What you are proposing is simply to create yet another form of bureaucracy, that will be very expensive to maintain. The governments already have their own bureaucracy, so there's no point of creating a centralized crypto bureaucracy.
The best way to protect the people from scams is to educate them about the potential risks of sending money to a centralized entity.

Please I am human, I wrote that with my hands, moreover, I have I never use AI generated text.

I have mentioned in my statement that all the major Developers in all Blockchain, not only Bitcoin developers , should take this responsibility even if they will not be in charge but can assign this to a trusted body.

The regulation is just about true project or untrue. Wherever bitcoins is accepted is an open door to other altcoins to function, this is just the reality

Some person suggested that the government should do that, well that will make it more centralized than what anyone thinks.

I know most person have said something base on their relationship with bitcoins for years but the fact remains that many people still use this things interchangeably. It took me many years before I could even understand the system and what altcoins are. We should not forget that the numbers of users are still very small compare to the world population.

Global currency in my statement simply means , there is no place where it has no been used at one point or the other.

There's no reason for this, Bitcoin is Bitcoin and it does not have a direct or indirect thing to do with any other scam crypto project. Besides, projects are not BTC projects they are altcoins and it will be unfair to make the cleaning bad thing done by scam dev the duty of Bitcoin dev.
Regarding auditing, there are already some private companies that handle it.

I do not think we should be relying on any institutions to regulate the crypto industry. That goes against the very nature of Bitcoin and other cryptocurrencies. Instead, we should let the market sort out the scams and fake projects. If people do their own research and invest wisely, they can avoid falling victim to fraud. Plus, if we start introducing institutions, who is to say they won't be corrupt themselves? We could end up with a situation worse than what we have now.

I think the real issue here is education. A lot of people still do not understand how cryptocurrencies work and the risks involved. We need to do a better job of educating people about the dangers of scams and fake projects. That way, they can make informed decisions about what to invest in and avoid falling victim to fraud.

Remember never to use Bitcoin vs cryptocurrency interchangeably because the two represent different things even though one of them can be referred to as the general world, but then just as you have said, the presence of many scam altcoins projects and companies have given the cryptocurrency market bad name since most of those that lack the adequate knowledge lack the know whether to differentiate between scam and realities.

So at this point, Bitcoin is the only cryptocurrency that could easily be studied even though Bitcoin have it on technicalities but at least it's better since Bitcoin is less risky if you just buy and hold.

Oga Op Bitcoin is not yet a global currency. But people might use as a discussion point to know about the coin in their various locations. The adoption of bitcoin is still low. But in the year 2022 to 2023 the adoption has increase but not yet a global currency.


As what? You statement there is incomplete so please you can complete your sentence for people to under what you were trying to say. If there are school of thoughts on bitcoin then we have to hear what they say about bitcoin.

Yes bitcoin is unique and that's make peculiar among others. Those who are afraid of bitcoin will join bitcoin with a massive turn up. And they will regret in future that why would they join now. They should remove fear from their heart and join now.

The way I even look at the whole issue is that the other cryptocurrencies were created to destabilize bitcoin but the forces of bitcoin is too stabilized that they can't do any thing.

I don't think these your suggestions can work at all. If bitcoin becomes a centralized system then bitcoin is already dead. Because national politics will kill bitcoin befote it implementation stage. For others are not also possible but some are already working.

I think the developer has a choice to whether implement their blockchain as decentralized like Bitcoin or create it as centralized as XRP.  Remember blockchain isn't limited to being decentralized only.  And we can see it from the many cryptocurrency projects that have been sprouting almost every day.


I agree that in cryptocurrency specifically in the altcoin industry, we need heavy regulation to filter scam projects that had been preying on unsuspecting investors. I do not think the Bitcoin core should take responsibility for the entire cryptocurrency industry by creating a service that will review and filter upcoming projects.  It will hinder the growth of Bitcoin development since their attention will be focused on the filtering of incoming projects.  So I don't think making the Bitcoin core do the filtering is a wise decision.


It is obvious that whoever does the audit should do the announcement themselves.


Lol, from auditing to an announcement to tracking people who conduct scam why it should be the Bitcoin core? 

I can only say, let the government do their jobs of protecting their citizen from any form of scam.

The system is already getting compromised, as we know now that there are many centralized exchanges and those  centralized exchanges has huge amounts of users.

The issues is not about an entity Trying to make bitcoin centralized the real issue is that the centralized is already taking place right in front of us.

We need to face many problems and try to educate those that are ignorant about the dangers of using a centralized exchange and try to suggest to the a better decentralized option.

Bitcoin and many other cryptocurrencies are meant to be decentralized, meaning that no single authority controls them. That's what makes them so unique and trustworthy. Introducing a centralized institution to oversee new projects could be seen as going against that principle. Any solutions to address scams and fake projects should be done in a way that doesn't compromise the security and integrity of Bitcoin.

I feel like OP is trying to make bitcoin more centralized. If we start getting institutions to chose what they will allow and what they won't, audit projects, fight scams and FUD, we're basically getting a company to represent us, just like Ripple does for XRP, with the difference that they actually hold a lot of XRP and keep dumping it on the market to make some money out of the project. How is this bitcoin institution going to be financed? You don't expect these people to work pro bono, right?