Topic: To Understand the Potential of BTC, What we Must Know? - page 2. (Read 378 times)

Most people are simply incapable of explaining Bitcoin correctly. The right move for 99% of people is to simply point people to the right content and direction instead of trying to teach such a complex concept to people.

My copypasta; feel free to use it:

On of the prime thing that needs to be remembered is the limited supply. The limited supply increases the demand, if not as an alternative this could've never been a success. The BlockChain technology is the backbone, but the same couldn't have brought big success. Whether things function centralised or decentralised, it is all about the demand that makes bitcoin even more potential. We must know the process behind the generation of each and every bitcoin. Only then people will come to know better about it.

I have that point of view before that it's really made to be against the fiat system. But everything is being set and changes that it's a great alternative instead of having that view that it should be against.

And the government is afraid of it due to the fact that they have no control over it. That's all that they're thinking of and that's why they're against to it.

Other than that, they have to recognize the power of the people and this is what Bitcoin is all about that has made a financial disruption and they need to realize that.

This is great , however, we must not forget that, both centralized and Decentralized financial system work hand in hand, the difference is that users get more control when it comes to bitcoins and they escape the gruesome cheat of banks. We still look forward to mass adoption of bitcoins across the world, When bitcoins becomes a well accepted means of payment across the world, it will become easy  for transaction to take place on every crook and cranny.

Privacy and anonymity require many practical steps to achieve. Bitcoin can not help you get it if you don't have appropriate practice which only can be achieved if you have good knowledge about Bitcoin wallets, coin controls, inputs, outputs, full node and Tor connection.

So depends on your need to have privacy and anonymity, you must have different practices.

Bitcoins true potential is in its use case. Many users tend to expose about their Bitcoin holdings, how much they earn in bitcoin, how much they posses in their wallet. Slowly when these users start spending it to those known people then it start connecting the dots further with the blockchain being public and all the transaction history being preserved. One can trace back to that first owner easily and could be unrealistic to think what might happen.

Now this is what makes Bitcoin “pseudonymous” in nature.

If a full privacy is needed then we have mixers all over the internet now. With little fees we can easily get full safety of our Bitcoins.

That is what people needs to understand. “How to be private and use Bitcoin to its fullest”.

In short, bitcoin doesn't offer to hide user's identities. Bitcoin just doesn't need user's identities to work, so how well privacy goes is up to the user maintaining it.


I agree with both, and actually they are causal. Because blockchain is an interpretation of decentralization, it has many advantages, one of which is security from several risks.

You need to explain more when you want to say Bitcoin is decentralized and privacy oriented.

Most of people only know the surface, they know Bitcoin is decentralized, no one can control, pseudonymous, etc. But they still didn't hide their IP address or only use free VPN, they leave their coins on CEX, they're not run full node, they don't know what is mixer and which mixer is the best for privacy etc.

One mistake will ruin everything especially about privacy.

I will agree with you while comparing bitcoin with fiat, but know that to have anonymity while using bitcoin, you need to use Tor with your noncustodial wallet.

Using IP address makes you not anonymous because centralized server operator that your wallet is using can know your addresses and your IP addresses. Also your internet service provider can know that you are connecting to certain sites and that you are using certain apps.

To have privacy, if you want more than anonymity, you need to use full client like Bitcoin Core with Tor. For anonymity, use SPV wallet that support Tor, like Electrum and connect it with Tor.

For privacy and anonymity, there are sometimes that you will need to use a mixer and the use of coin control is very important.

I guess that is true. But they are failing because people will only adopt CBDCs as fiat and it will remain to be fiat too. CBDCs are fiat and nothing more about them. Unlike bitcoin that has more to offer like full control and investment.

Bitcoin is not against anything, but just an alternative. It is superior to fiat and better.

But I like that people need to depend on fiat, because without the inferior, there will not be a superior. Let the fiat keep depreciating but bitcoin should continue to appreciate.

As the title suggested, to understand the potential BTC blockchain. what is necessary to know about BTC. is it how a block is formed and what is its architecture, or to know the algorithms behind the encryption of addresses and blockchain smart contracts. OR do we have to get familiar with the use cases of the BTC blockchain like how one can not tamper with it? I think not! we must know another thing which is the following:

If we really wanted to understand the potential of BTC or BTC blockchain then we have to understand the current flaws in the financial system currently run by banks. This means we have to get familiar with the working of the banking sector and get to know how they are manipulating us to think that they are our only hope to manage our funds. But I think they are not our only hope and source to place our money. Instead, we are the only hope to which they lived for so many years.

If I took my own example, i didn't come to know about the truth behind the banking sector, how they manipulate the money deposited in their wallets so that they could make more money by giving loans to others from our money, etc., etc. Until I came to know about BTC/Blockchain. If we really want to know how banks are making money (which you can learn from the following thread)

• How do banks generate income?

Then you will understand the potential BTC blockchain has and how it will free you from the only hope of the Banking sector which they had put inside our brains from very long ago.

The point is, Get the knowledge of Banking sector how they make money, how they manipulate our money, how they are using our money for their own purposes, why we should trust them, is there any other way to manage our finances. What's the essence of depending only on the banking sector? Why we have been taught only about Banks as the only way to store, send, receive, and borrow money?
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What Potential Does BTC Have?
1.We can send, receive, borrow, and store BTC. Example of how BTC is better than the Banking sector.

• Bitcoin continue to safe life in the face of financial crisis

well, i had read many other real-life scenarios here on the BTT but during writing, only this one came to my mind i will add more once i remember them.

2.We can remain anonymous while hiding our real identity which is not possible in banks. So that's how we will save ourselves from debit/credit card offers from the banks. We would save ourselves from all the offers or i would say phishing offers by banks to borrow money or lend money to earn more interest etc. which will sink our money. other than this, we will save many other offers coming directly or indirectly from the banking sector, how do they know about our current financial situation? Because they have our whole information and they know about us but here on the BTC blockchain that's not an option.

3.BTC blockchain is decentralized and i know even the newbies know this, that Decentralization is the only thing for which BTC has been made (if I am not wrong about the financial crisis of 2008 in which the centralization of banks becomes a reason of all banks collapsed I know the other reasons too but i am just writing the whole story in one statement).

4.BTC Blockchain provides us the level of security that banks don't because there is no single vault or wallet where all the money is placed. There is no single entity owning the whole BTC blockchain that could run away with all the money (Rug Pull). BTC blockchain is tamper-proof while the banking sector still has many back doors even in the age of modernization.
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Banks also came to know the potential of BTC That's why they are:

As i said, That's why they are launching their own CBDC or many other shits (like ETFs) to control the whole interest of users shifting towards decentralization. Because the banks are not from like 100 years old or 200 years old they exist for thousands of years and how such an organization (even if they have not formed a collude) will let this power slip away of controlling the money of others? So, to shift the interest of people of 3 types. Towards

The one who knows about crypto (as a newbie)
The one who did;nt know about the crypto
The one who is already into deep down of Crypto sea. (Pro)

Towards centralization which is framed as decentralization as they had pictured the whole thing as decentralization (ETFs) but those who knew are against it and know that this will only hurt the main purpose of BTC/Blockchain.

Conclusion
Overall, I would like to say, if we knew about the flaws in our current financial system then we could easily understand the potential BTC/Blockchain is holding. Many topics were made here on BTT asking how one could start to teach another (newbie) about BTC? and many have shared their opinions but here is mine to them. To understand the BTC find why it was made against the current Financial system and why the current financial system doesn't like it. What do they afraid of?