Topic: To Understand the Potential of BTC, What we Must Know? (Read 378 times)

I totally agree with your point that banks are in business using our money and that's what i also trying to emphasized here. This CBDC and ETFs and other things are more like a centralized version of cryptocurrency and BTC respectively. That's why many people like me are against such things (not like enemy type but do not like such ideas).  That's why people should know that these things are the centralized version of BTC and Alts and they should avoid them not indorse them.

Even such schemes are presented to newbies (if you are also referring to the newbies (rank) here on BTT) then those newbies can not apply for that loan because the lender has set some rules and requirements. From which i can say, newbies, members can not borrow BTC.

And if you are referring to all the newbies other than BTT rank, then definitely we should not do that. Instead i think we should teach them the bad impact of borrowing. Either its the borrowing of BTC or Fiat. Many topics on this issue have been made on BTT and many members have suggested some books, and opinions. But the one thing remains in all of the answers is: we should teach them, give them the knowledge of borrowing's bad impact on social and personal life.

Well i don't know the kind of bitcoin borrowing scheme people will engage doing without fetching them an interest for doing that, also for someone like me, honestly i don't think i can recommend someone for taking bitcoin loan if paraventure one exist, loan will hodl you down form making achievement in whatever you're doing and the little you could earn and safe will still be diverted on loan, also options like this should not be presented to newbies who are just being introduced to bitcoin except for the experienced bitcoiners who already know how to manage risk and investment.

This is what governments like and want to do but they will not succeed to control their citizens completely. Their citizens have rights and choices so they will not choose CBDCs to use for their fund transfers. Not all citizens will pick CBDCs and because governments can not completely observe and block their citizen activites, there will be areas governments are unable to control.

Banks, central banks are centralized and they can either seize our funds or censor our transactions. With Bitcoin decentralized network, no censorship and you only need to have bitcoin and use enough good fee rate to have confirmations.

Our privacy is in our hands,bitcoin has given privacy to us but if we don't practice how to remain anonymous when using bitcoin,we can be traced through IP addresses or through CEx. Just as @Charles-tim said using Tor to connect your wallet gives privacy and makes you anonymous.

The government are looking for how they can divert their citizens mind away from bitcoin by creating their own CBDC to enable them still have full control of their citizens financial activities,but they have seen that it isn't working because their coins is centralized and is the opposite of bitcoin. This has made the citizens to still believe in bitcoin due to its potential values. Banks are in business that is why they extort us and use our money to make profit without our knowledge. The fact is that we can't do without fiat because it is controlled by the government.

To understand the Potential of Bitcoin, it is also to find how important it is in our life and on our daily activities otherwise, we can't see any appreciation of it.

What we must know;
- do people are using it? Or just for investment?
Because we already know that Bitcoin is a good investment but it wasn't just like considering that it was created as an alternative currency, therefore, we use this not only for investment but as a currency as well. Or we really don't get what is this meant for.

2.This is partially true, because centralized crypto exchanges(that require KYC verification) are still a thing.

3.This is true.

4.Bitcoin/crypto security(in a cold wallet) is a bit different than holding money in a bank account, mostly because the user is 100% responsible for keeping the coins in his own cold wallet safe. That way, you can't blame anyone else for you own mistakes.
Bitcoin/crypto security when it comes to using centralized crypto services(and their hot wallets) is basically the same as leaving your money in the bank and hoping that the bank won't steal your precious savings.

CBDCs are an idea of the central banks, not the commercial banks. The central banks want more control and more control means less decentralization. CBDCs cannot be truly decentralized.

Totally agreed with your point, But let me ask you something, every crypto related project like take an example of Silk Road in which Government of US has seized 69,370 BTC and another example 94,640 BTC were seized from Bitfinex. (source).

And you might have seen the current news, in which they are regularly selling those seized BTC but in batches. Now tell me where that profit or money going after selling BTC. Is it do not indicates that they (governments) are making money.

Why they are not adopting BTC. It might not because they can not control it because IMHO they can control it that's why we all are saying they have manipulated the market. Does manipulating the market does not fall under the controlling category. Well, moving back to topic, they are not adopting it because they are already making money out of it by seizing huge amounts of BTC and they also not wanted other companies to move out of the US because they could set up there empire in there and after some time when they grew a lot, By finding a small loophole or using some legislation they could seize that money too.

However, in the field, the presence of Bitcoin has not found its place and is not allowed to thrive due to the government's complete control over the media. So, even though the product might be beneficial for the general populace, the government may not be willing to adopt it, as it might not yield profits for them.

Alternatively, there could be certain shortcomings that prevent Bitcoin from being integrated into the current governmental system. Its volatility, for instance, has the potential to create economic disparities when utilized for official transactions.

Almost every single person who uses or have invested in Bitcoin understands the potential it carries and how much beneficial it is for us, but a lot of people are still ignoring the facts and figures that prove Bitcoin's actual potential and instead, they argue that banks and traditional financial systems are the best when deep inside, they know that they are wrong and banks and traditional financial institutions are nothing more than centralized manipulators.

However, as we move into the future, more and more people will start realizing the potential of Bitcoin and how useful it is as compared to banks or other traditional financial systems. I say that because I have confidence about Bitcoin and I know that it will prove people wrong in the long run.

Bitcoin and fiat are obviously designed as a currency, but the difference is that fiat is centralized which is totally controlled by the government while bitcoin is a decentralized currency which enables you to have the full control over your own coins. Hence, anonymity and privacy is more realized especially if you are a big time bitcoin buyer and seller. However, all the potentials of bitcoin will end up useless if the user alone is not knowledgeable or familiar enough on how to use it at its high advantage. That’s the reason why bitcoin is not used by everyone because some refused to be educated believing that fiat is more than enough compared to bitcoin.

What a fervent critique you have just delivered against the banking system! Its like the passionate discussions we used to have in college over cups of coffee, except the subject matter has changed. Is there something broken about the way banks operate? Absolutely! But heres the thing: these institutions provide us with a stable infrastructure, which is why we are here to air our grievances. Haha, isnt it great?

Your perspective is interesting, yet its quite binary. Understanding BTC requires moving beyond simple either/or choices. The Bitcoin blockchain is an attempt to test out a new approach to money as well as a protest against traditional financial institutions. A beautiful illustration of human ingenuity at work!

Its really entertaining to debate these issues. Finally, we're here to discuss the inner workings of our respective monetary systems. The might of the human mind is on full display here.

I agree with the op's general idea. The potential of Bitcoin as a currency shines if one understands the issues with banks and fiat, and knows that Bitcoin is truly different. The fact that your funds can't be frozen, and you can send and hold money without anyone's approval, using a non-custodial wallet, is a big thing, but only if a person knows how much oversight banks have.
But to many people, Bitcoin's potential as an investment is much more interesting, and to estimate that, I think one needs to be familiar with the main adoption stories and the price chart.

I think that a wiser approach to acknowledging potential in bitcoin, is to take advantage of the disadvantages of the banking sector, rather than to replace it, as you make it sound like. Governed by corrupted politicians, arbitrary fee charges, limited accessibility and privacy invasion are a few from the top of my head.

We can borrow BITCOIN, but not from banks. We can buy it from another person in p2p trade. But most of the BTC lender charge interest with high or lower rates. Which i do not promote. Because interest will lead one to usury which is not good for the social life of one. And also its an immoral work.

After showing my feelings towards interest, and usury, you might think, the thread i am going to mentioned now, that i am against it. So, no hard feelings. But people are borrowing in BTC means people can borrow BTC.

• Lending Service Started! (USDT/BUSD/BTC/LTC/ETH/DOGE/ETC)!

You can't borrow bitcoin as banks do borrow money from you and lend to others, if you have your money you can exchange it to bitcoin or best means to have this is to earn bitcoin just as you earned your regular fiat currency when you get paid for something, so i will like to put it this way that bitcoin will not put you into the mess of indebtedness, it will rather erace your mentality from such to learn how to work for and earn finances than relying on institutions to borrow you, if you have your own money, you can go decentralized but if it's not yours, you're under centralized authorities.

Bitcoin is not 100% anonymous, because people re-use Bitcoin addresses and this creates opportunities for people to break that pseudo anonymity that Bitcoin offers. The moment when you pay for something with Bitcoin and that item is linked to a senders identity, then it destroys your anonymity.

Bitcoin's underlying technology are decentralized, but the wrong configuration of full nodes and the wrong use of these nodes, can compromise the system. (We saw how attempts were made during the Bitcoin fork to undermine the voting process, by spinning up loads of AWS (fake) nodes.

Bitcoin has the potential to make people see banks as less important. It can reduce business for the banks and even take them out of business, so they will not gladly be welcoming to it. Some old technology that existed and have been replaced by modern one were very important before until better alternatives came and took over, it is an unavoidable thing. The current financial system is much different from other technologies that have been easily replaced in the past because it is under the control of the government still existing, and it is for a purpose and benefit to them. Bitcoin is a challenge to that, that is why they do not like it.

I agree with the advice you give. Because conducting analysis and research related to assets that will be used as investments, is an important thing to do. Why do all of this have to be done, so that we can know more deeply about the reasons and uses for these assets (bitcoins) to be created. But studying the systems related to bitcoin, it is also very important. Because learning like the blockchain and about all the systems that run on bitcoin, it is also not to be missed. Because if you study bitcoin only from the point of view of where it was made and from the point of view of its use, in my opinion it is not good. So the point is to learn as a whole about bitcoin (in terms of the system and in terms of history), so that everything becomes more perfect, when you want to invest or trade in bitcoin.


Studying the systems that run in banks to better understand the systems that run on bitcoins, indeed doing this, will definitely better understand the systems that run on bitcoins.
Because by doing this, the point is to be able to compare, between the systems that apply in banks and in bitcoin.
But in my opinion, this can be done (if you want) and if you don't do it, that's okay. Because this is done only to measure how good the system implemented by bitcoin is.


That's right, because actually it is the customers who make the bank able to benefit and be able to run all the systems they implement. Because without customers, the bank will not be able to benefit, let alone progress. So in essence, the bank cannot boast, because actually the bank cannot do anything when there are no customers.

I think that in life we ​​will still need fiat currency which is of course centralized but of course to improve the economy we also need bitcoin which is of course decentralized.

I think to better understand the potential of btc i.e. have to look at the potential of btc in the future due to the limited supply of btc and the increasing adoption rate of btc.

I think that what OP posted is enough explanation, the other stuff it should be an individual discovery and research so that way, we can form more opinions thus creating more discussions. Regarding VPN, even if it's a paid one, you can't use it to truly hide your location, yes you can mask your IP address but that's about it, your ISP still knows your real IP address and not to mention that you still have your geolocation so even if you hide your IP, the smart ones will still be able to find you. The things that you want the casual people to do are not basic stuff and not everyone has the interest or time to do those things.