Why is Bitcoin in the highest level of trust? - page 10.

RainbowKun

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Quote from: Tahsin Kabir Kollol on August 07, 2021, 08:34:50 AM

In general, if you think about cryptocurrency, the first cryptocurrency name that comes first is Bitcoin. It has truly gained a reputation among its users as a high-quality trusted cryptocurrency. People trust Bitcoin the most because it is a secure and fully decentralized cryptocurrency. Since Bitcoin cannot be controlled by any individual or organization, it will ensure that it is not manipulated by any single person or organization. Moreover, Bitcoin is a safe and secure cryptocurrency and investing in it protects the privacy of the investor which is one of the main reasons to believe in it.

We can feel more and more clearly that the world's trust in Bitcoin is constantly strengthening. Most fundamentally, this is brought about by the underlying technology of Bitcoin. In the 12 years since Bitcoin was born, no force can control the Bitcoin network, and no force can tamper with the Bitcoin network. The Bitcoin network has been running smoothly for 12 years, and it is entirely based on mathematical algorithms and cryptographic knowledge. Neither individual humans nor collective humans can interfere with the Bitcoin network. This is the foundation of trust in the birth of Bitcoin.

Rigon

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Bitcoin is a very popular cryptocurrency around the world. Today this bitcoin has been created for 11 years. But people have not been deceived by this bitcoin.However, over time, the price of Bitcoin has gone up and down a lot.As long as Bitcoin has been tried, no complaints have been heard from it.This is why I think Bitcoin is the highest level believer.

sapnu

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For the longest run, bitcoin was able to build trust from many people and it is very evident as its investors and users grows massively each day. It has a reputation that it was able to protect regardless of all the issues people throw at it and after being the top cryptocurrency from the very beginning, it was able to shut its doubters and haters and made them regret. Bitcoin is incomparable and it is without a doubt the best cryptocurrency ever made with consideration with the lives it was able to change and the success it was able to achieve.

Tahsin Kabir Kollol

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In general, if you think about cryptocurrency, the first cryptocurrency name that comes first is Bitcoin. It has truly gained a reputation among its users as a high-quality trusted cryptocurrency. People trust Bitcoin the most because it is a secure and fully decentralized cryptocurrency. Since Bitcoin cannot be controlled by any individual or organization, it will ensure that it is not manipulated by any single person or organization. Moreover, Bitcoin is a safe and secure cryptocurrency and investing in it protects the privacy of the investor which is one of the main reasons to believe in it.

Celin Kai

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In the early days of Bitcoin practitioners, everyone was talking about becoming a coin hoarding party, and their view was that they considered key information.

I think there are two core factors in the field of Bitcoin:
1. Production side
2. Transaction terminal

Combining these factors, the creditworthiness of Bitcoin is accepted and used by more and more people.

RainbowKun

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Quote from: tanjiran on August 06, 2021, 06:03:32 PM

Quote from: ?? on ??

because everyone knows that this business has such a high level of freedom that bitcoin gives to its investors.so it attracts many enthusiasts, especially beginners to invest in the crypto world, with this we are easier when we don't want to invest anymore then we can release it back on the stock market, maybe that's what makes bitcoin enthusiasts very interested in this investment

Moreover, bitcoin has existed for a decade, the history of its price development is very promising. Initially many were less trusting and ignored, as time went on bitcoin proved that it was valuable and functional. over time, it made the market confidence continue to increase, even without the transparency of the dev team. more evidence than bullshit.the more adoption of large companies that plan to accept payments with btc further increase market confidence. this is proof that btc is "safe", not as scary as it is often reported, as long as its users are willing to learn well how to protect and use their assets.

Quote from: slaman29 on August 06, 2021, 09:41:14 AM

My trust comes from observation over the years. I confess I was into alts a LOT when I was new in crypto, I actually believed all the crap these projects were saying. I even paid money to invest in projects, and believed in building interoperable chains, utility tokens that would save the world with all the things you can think of in all the industries you can make up.

But Bitcoin stayed true to what it did best, which was to provide a means of sending money to anyone, for anyone. I really don't care that media and people attack this utility. Bitcoin has always been the one thing I can trust to send money. Yes sometimes high fees, but I know how to make sure I pay enough. But never network down, never network not accessible, never network blocked. Even ETH cannot say this.

I'm not joking when someone asks me which is the most reliable network to send money with the highest certainty. It's not even bank transfer or Western Union. It's Bitcoin.

Yes, our trust in Bitcoin was not formed overnight, but slowly established after more than ten years of development. Over the past 12 years, the Bitcoin network has suffered various attacks. There is no single force that can tamper with the data of the Bitcoin network or control the Bitcoin network. The Bitcoin network is truly decentralized. This is the basis of Bitcoin trust. We believe more in Bitcoin's algorithm and consensus mechanism. We believe in mathematics and technology.

tanjiran

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Quote from: ?? on ??

because everyone knows that this business has such a high level of freedom that bitcoin gives to its investors.so it attracts many enthusiasts, especially beginners to invest in the crypto world, with this we are easier when we don't want to invest anymore then we can release it back on the stock market, maybe that's what makes bitcoin enthusiasts very interested in this investment

Moreover, bitcoin has existed for a decade, the history of its price development is very promising. Initially many were less trusting and ignored, as time went on bitcoin proved that it was valuable and functional. over time, it made the market confidence continue to increase, even without the transparency of the dev team. more evidence than bullshit.the more adoption of large companies that plan to accept payments with btc further increase market confidence. this is proof that btc is "safe", not as scary as it is often reported, as long as its users are willing to learn well how to protect and use their assets.

slaman29

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My trust comes from observation over the years. I confess I was into alts a LOT when I was new in crypto, I actually believed all the crap these projects were saying. I even paid money to invest in projects, and believed in building interoperable chains, utility tokens that would save the world with all the things you can think of in all the industries you can make up.

But Bitcoin stayed true to what it did best, which was to provide a means of sending money to anyone, for anyone. I really don't care that media and people attack this utility. Bitcoin has always been the one thing I can trust to send money. Yes sometimes high fees, but I know how to make sure I pay enough. But never network down, never network not accessible, never network blocked. Even ETH cannot say this.

I'm not joking when someone asks me which is the most reliable network to send money with the highest certainty. It's not even bank transfer or Western Union. It's Bitcoin.

lablab03

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Bitcoin already have a history and its the first crypto currency in the market as that becomes most popular cryptocurrency since year 2009, as the matter of fact It's proven and tested, so i'm not surprised that it's still have a higher level of trust unlike other crypto currency in the market, which is even now TBH that the value itself keep increasing every year, so IMO it will remain at the top of all crypto in the market and no one can take over in it as long as the adoption of bitcoin keep increasing as well.

Kittygalore

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Probably because bitcoin doesn't have any owner or a central authority that they're following to continue it's daily market activity, maybe that's why people still believes and trusts in bitcoin more than anything else plus there's a public ledger that can't be faked or can't be manipulated.

Kimonoe

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maybe this is inseparable.from bitcoin's.policy which.has a long-term and very transparent.business that.makes bitcoin able to survive for a very long time so that we are able to wait for something to be in.the business for a long period.of time

especially with a limited supply that makes it continue to grow. especially at this time there are still few who use it, what will happen if there will be many countries that legalize it ... of course that's what makes bitcoin growing, moreover, many people use it as an investment tool

Pierre Gerson

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Bitcoin is a currency based on blockchain technology, and blockchain technology can also be said to be a "credibility network".

1. Its code is open source, which eliminates the possibility of evil from the program level;
2. It is decentralized and eliminates the possibility of evil from the authority level;
3. It has data on the chain, transparent transactions, and truly "open and transparent".

This is also the reason why Bitcoin has a unique technology and a high degree of consensus

Darker45

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Quote from: noorman0 on August 05, 2021, 01:32:08 PM

Quote from: Darker45 on August 05, 2021, 10:57:26 AM

I have to agree. One of the reasons why the banks will remain relevant even in the age when each person is given the opportunity to be his/her own bank is that people are poor keepers. Some may develop an expertise on it but many will terribly fail. Doubtless, many would rather entrust their wealth to a bank than keep it all by themselves. Should the bank fail, insurance is a basic requirement, and one gets his/her money back. Keep your wealth in Bitcoin and it takes only one false move on your part and everything will be gone.

The centralized system business model can be designed in such a way and can still be changed at any time, so that it attracts more attention than what the decentralized system itself offers. Say CEX where they offer the best level of security, guaranteed refunds, prizes, etc.

That's why people still like to pawn their trust to third parties. Bitcoin will not truly reach the highest level of trust until holders stop dealing with a centralized system.

But until individuals grow full financial independence and are capable enough to maintain a certain level of personal security in such autonomy, centralized institutions such as banks will remain to play a significant role in the financial life of a person. Probably to some, they could more easily sleep at night knowing that their wealth is kept in a safekeeping institution than if they are keeping it inside their personal wallet.

nelson4lov

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Quote from: RainbowKun on August 05, 2021, 05:04:22 AM

~Snipped

How do you understand Bitcoin's solution to trust? I'd like to know your ideas.

Satoshi's original plan was to create a trustless digital economy where anyone can participate in without necessarily trusting any other party but their own intuition. As someone who has used traditional financial services for a long time and ran into a couple of issues while using these services, Bitcoin does provide an innovative way to make use of the same services being provided by financial institutions and this time, without the intermediaries and you don't get to deal with trust issues with the conducting party. Its just seamless just as financial services should be. The fixed supply is a huge plus too because we just know what we're getting into (no inflation when all BTC is mined).

Smartvirus

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Having that pioneer trustee, to have stand the test of time and still doing well in the area comes with certain advantages you know. One of those is trust. Bitcoin has been able to hold ends together for a longtime now despite the fact that, it is the original, its been able to keep to some level of secrecy as to who Satoshi Nakamoto is and its supply stays constant. Bitcoin haven't violated on most of its principle guides and as such, it has earned the trust of the people. Coupled with the fact fact that, most coins that exists in the cryptosphere today are trying to emulate Bitcoin, living one to think or believe that bitcoin is the only perfect cryptocurrency that is!

noorman0

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Quote from: Darker45 on August 05, 2021, 10:57:26 AM

I have to agree. One of the reasons why the banks will remain relevant even in the age when each person is given the opportunity to be his/her own bank is that people are poor keepers. Some may develop an expertise on it but many will terribly fail. Doubtless, many would rather entrust their wealth to a bank than keep it all by themselves. Should the bank fail, insurance is a basic requirement, and one gets his/her money back. Keep your wealth in Bitcoin and it takes only one false move on your part and everything will be gone.

The centralized system business model can be designed in such a way and can still be changed at any time, so that it attracts more attention than what the decentralized system itself offers. Say CEX where they offer the best level of security, guaranteed refunds, prizes, etc.

That's why people still like to pawn their trust to third parties. Bitcoin will not truly reach the highest level of trust until holders stop dealing with a centralized system.

DooMAD

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While I'm pretty sure it's not necessarily considered a real word yet, people often refer to "trustlessness" in relation to Bitcoin. In effect, you're only placing trust in the laws of mathematics and certain assumptions made about game theory and aligned incentives. You have the option to place trust in others via the guise of third party services, but this isn't something forced upon you.

worldofcoins

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Quote from: RainbowKun on August 05, 2021, 05:04:22 AM

Many of us learn knowledge related to Bitcoin on bitcointalk to achieve cognitive growth. In my opinion, ideas behind Bitcoin are more important than the technical architecture of it because it is thought that guides actions. Trust is a respectable characteristic of Bitcoin, which has reached the highest level of trust. Why?

Architecture is the most important part of any software and anything in general and Bitcoin tbh has a good architecture too good for 2009 and if I'm not wrong then the White paper for Bitcoin was released before 2009 and only a few people invested.

Satoshi must have had taken a lot of things into consideration and I would say he's an Extroverted Intuitive person.

dataispower

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The ability to move large sum of funds through blocks without being interrogated by any governmental agencies or by any means your identity will be leaked is the class Bitcoin has attained no Banking sector can achieve. The beautiful trust which exists between Bitcoin transactions makes it crystal clear that your transaction can be verified through the open ledger system whether or not the party is lying or not. The whole idea of Bitcoin is beautiful and can be trustworthy.

Darker45

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Quote from: Lucius on August 05, 2021, 06:29:06 AM

Quote from: RainbowKun on August 05, 2021, 05:04:22 AM

However, once one of the banks goes bankrupt, all of our assets there may disappear.

I don't know how it is in other parts of the world, but in the EU every resident has an insured amount of up to EUR 100 000 in case the bank goes bankrupt or becomes illiquid. On the other hand, we can only remember Mt.Gox and all those hundreds of thousands of BTC that have disappeared and the fact that customers have not yet been compensated.

It is wrong to state that Bitcoin has absolute security over money in the bank, because you ignore the fact that millions of that same BTC are in the custody wallets of large crypto exchanges - Coinbase alone has about 1 million BTC.

If we look statistically, people have lost billions of worth of BTC over the years because they believed the wrong people or didn’t know what they were doing - maybe it would have been better if they kept the money in the banks.

I have to agree. One of the reasons why the banks will remain relevant even in the age when each person is given the opportunity to be his/her own bank is that people are poor keepers. Some may develop an expertise on it but many will terribly fail. Doubtless, many would rather entrust their wealth to a bank than keep it all by themselves. Should the bank fail, insurance is a basic requirement, and one gets his/her money back. Keep your wealth in Bitcoin and it takes only one false move on your part and everything will be gone.

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