Topic: Why do you trust bitcoin in one sentence. - page 3. (Read 4899 times)
Simple: Because it works.
I trust in BTC because a wide community trusts in them. I mean: when they went from 30$ to 1$ all of a sudden, many bloggers claimed it was "the end of bitcoin". But it was not, people started to buy it again, and it's back to 6$ now. If it didn't fail that time, it will never.
On top of that, there are objectively some classes of people that need something like bitcoins, and will likely buy them no matter what. Criminals, for one: there is no other way to make big payments almost anomimously.
But also developing countries are a great hope. Right now if an emigrant wants to send money at home, they need to pay up to 25% to a money transfer agency, only to convert it to fiat money that will likely inflate at skyrocketing speed. That whole half of the world (the fastest growing, seen the situation of our "rich" countries) could move almost completely to bitcoin in the coming years, as soon as the price of a cell phone that can hold a bitcoin wallet goes down enough.
(http://techcrunch.com/2012/06/09/feature-phones-are-not-the-future/)
On top of that, there are objectively some classes of people that need something like bitcoins, and will likely buy them no matter what. Criminals, for one: there is no other way to make big payments almost anomimously.
But also developing countries are a great hope. Right now if an emigrant wants to send money at home, they need to pay up to 25% to a money transfer agency, only to convert it to fiat money that will likely inflate at skyrocketing speed. That whole half of the world (the fastest growing, seen the situation of our "rich" countries) could move almost completely to bitcoin in the coming years, as soon as the price of a cell phone that can hold a bitcoin wallet goes down enough.
(http://techcrunch.com/2012/06/09/feature-phones-are-not-the-future/)
I understand the OP his vision on this.
Why should you trust people that claim you should trust in the math it's build on.
I mean the only way you can confirm this is to take a look at the source code.
But what if you cannot read C++?
Well, then you need to trust the people that claim it's alright.
But those people will also probably have Bitcoin and won't say Bitcoin is a shitty currency since it's at there own intrest to make Bitcoin look good.
Right?
Why should you trust people that claim you should trust in the math it's build on.
I mean the only way you can confirm this is to take a look at the source code.
But what if you cannot read C++?
Well, then you need to trust the people that claim it's alright.
But those people will also probably have Bitcoin and won't say Bitcoin is a shitty currency since it's at there own intrest to make Bitcoin look good.
Right?
Trust is not necessary.
This is the best one; it's the one I'm going to use on friends.
"I trust Bitcoin because it does not require trust."
I don't.
Me neither. I'll trust it when a concrete solution to blockchain expansion is implemented (I know, it's been discussed quite a lot already and theoretical solutions have been proposed, but that's not enough yet IMO). That part on scalability is scary too: Quote
At very high transaction rates each block can be over a gigabyte in size. These blocks must be stored somewhere. Whilst for speed it'd be ideal to store the block chain entirely in RAM, for cheapness storing only the hot parts in RAM and the rest on disk is the way to go. A 3 terabyte hard disk costs less than $200 today and will be cheaper still in future, so you'd need one such disk for every 21 days of operation (at 1gb per block).
https://en.bitcoin.it/wiki/Scalability#Storage
Buying a new hard drive every 3 weeks is annoying already, but adding it to the computer sounds even much worse... sounds like after a few months of blocks like that you'd need some funky hardware (NAS or whatever) just to store the blockchain. Clearly not an option... https://en.bitcoin.it/wiki/Scalability#Storage
If we want bitcoin to be popular we need a much wider set of reasons about why you trust bitcoin in one sentence we need the small details map that leading to the main reasons.
So Why do you trust bitcoin in one sentence.
So Why do you trust bitcoin in one sentence.
Because it's the only option for me 
I trust it because there is no middle man 
...or at least that's what i hope ;(
...or at least that's what i hope ;(
I'm going to cheat.
I trust bitcoin because I read and understood this: http://www.bitcoin.org/bitcoin.pdf .
I trust bitcoin because I read and understood this: http://www.bitcoin.org/bitcoin.pdf .
Trust is not necessary.
In Blockchain we trust.
Love the idea & design, on the other hand there hasn't yet emerged any reason why I shouldn't trust.
You can have no fees, almost instant payments, very good for business, and 1BTC = 6$
Open source.
To quite Linus Torvalds: "Given enough eyeballs, all bugs are shallow".
To quite Linus Torvalds: "Given enough eyeballs, all bugs are shallow".
Why? Security, reliability, ease of use.
Why do I trust it?
Because it's a peer-to-peer system that relies on math, not human behavior, to keep your money and transactions secure.
Because it's a peer-to-peer system that relies on math, not human behavior, to keep your money and transactions secure.
I don't.
In cryptography we trust...
'cause Bitcoin is way cool.
Also, it cured my apathy.
Also, it cured my apathy.
Who would have guessed that all the math we studied in college would lead us to a truly free market.
Can't remember where i saw this quote:
Can't remember where i saw this quote:
Quote
In bitcoin 2+2 always equals 4, no matter how much guns you point at it
by Roger Ver:
"If you point a gun at the rules of mathematics they are not gonna flinch. They don't care if you are pointing a gun at them or not."
https://bitcointalksearch.org/topic/m.624861
Why do I trust Bitcoin?
Because the keys are f....ing long!
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