Topic: Why is Bitcoin in the highest level of trust? - page 11. (Read 1957 times)

Most of the trust in Bitcoin comes from the fact that it does not require any trust at all.

Bitcoin is completely open source and decentralized, which means that anyone can view the entire source code at any time. So any developer in the world can accurately verify the working principle of Bitcoin. Anyone can check all existing bitcoin transactions and issued bitcoins at a glance in real time.

All payments do not rely on third parties, and the entire system is protected by cryptographic algorithms reviewed by a large number of experts, such as those used in online banking. No organization or individual can control Bitcoin, and even if not all users are trustworthy, the Bitcoin network is still safe.

In my opinion, we are now trapped in an economic system which is force us to suffer financial loss in every year. Today, we use fiat as the main currency which always experience inflation. I think people start to think that it is not right and they have to escape this scheme. I personally choose and trust bitcoin as an investment because I want to safe my wealth from inflation. Although bitcoin don't have an intrinsic value unlike gold but as a normal person who can think logically, I think bitcoin is much better than fiat and I will have big probability to earn profit by holding bitcoin. And it is proven, I earned a lot of profit from bitcoin.

On implementation level, we're not forced to trust the developer to write well-written code without malicious code since it's open source. You could,
1. Verify the source code yourself
2. Trust other people (developer, contributor or independent auditor) to verify the source code for us and responsibly disclose any vulnerability.

why bitcoin is at such a high level of trust,?? it can be said that bitcoin is safe and reliable, everyone feels comfortable investing in bitcoin, until now there have been no cases of fraud committed by bitcoin, bitcoin is a global currency, now there are countries that have legalized bitcoin, that's why until now bitcoin can still high trust..

Well its the highest level of trust since in the first place, you don't need to trust it. It just works that way. The system was automated to do so in the first place, and after a decade of it working, I'd be pretty confident to say that it works just like how it says its going to work. Other shenanigans that you'd need to manage is done and guarded by you yourself, so really, if you still actually lose money, 99% chance is that it's your own fault, maybe for opening sites that get you phished or something. The 1% being that rare chance of something wrong happening.

I tend to see it as a system that handles the trust issue better, so you would need to worry too much about trusting your peer. And I think you could also see it as a system that requires little to no trust rather than not requiring trust at all. In reality you need no trust to participate or use it, but I wonder how sustainable that will be long-term.

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.

Since entering the industrial age, economic crises and financial crises have erupted intermittently. The double-entry bookkeeping method used in the contemporary financial system, invented centuries ago, hides the truth. The bank manipulated behind the scenes, making the assets and liabilities the same as the prescriptions written by the doctors.

The "decentralized digital currency" based on the blockchain provides people in the world with a new trust model "decentralized trust". Bitcoin is a complete, trusted, verified, secure, financial and accounting Digital value system.

Dude, if everything else disappears that means that everything is, no exceptions. I do agree with what you've listed though, and I think the only reason those things listed gets compromised is because of the people, if they get negligent and careless, all the things that makes bitcoin strong becomes useless.

With Bitcoin itself, it's mostly the fact that you actually don't need to trust anyone. You only need to have trust that the code would work fine. In contrast to banks and finance platforms that can go bankrupt like you said, or can just straight off fuck you up if they wanted to.

With Bitcoin in contrast to other cryptocurrencies, it's simply the fact that Bitcoin has been operating for 10+ years without downtime(besides that one time very very early on). Whereas other cryptocurrencies are yet to prove their sort of "solidness".

I think Bitcoin has safety, the highest level of security. Censorship resistant and unbreakable. Another way, bitcoin cannot be influenced by anyone, completely decentralized. All proven from history, features over time
Everything else may disappear completely one day. But bitcoin is not.

because bitcoin is safe and reliable, when bitcoin first appeared until now, it can be said that bitcoin has been operating for more than 11 years, no one feels cheated and harmed by bitcoin, the price of bitcoin every year there is always an increase, if we invest bitcoin in the long term most people will benefit, bitcoin is also a very valuable asset, so bitcoin is still the main choice for businessmen, which is definitely no element of fraud in bitcoin, so bitcoin is still at a high level of trust. .

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?


First we need to understand why we need trust in our daily lives, then why Bitcoin has the highest state in trust---trust-free.


In real life, as a member of human society, we are engaged in various economic activities every day. We get paid through work, and then use income to purchase various materials for basic needs. The reason why diversified economic activities of mankind can be executed normally is because there is a set of basic order followed by us. But this order is often controlled centrally, leaving a space for power rent-seeking, which has courted injustice to a large extent.


In the current world built by centralized system, the authenticity and validity of wealth transferring is protected by a third party as an intermediary. Who is a completely credible middleman? That role is mostly played by banks and all sorts of payment agencies, credit card companies, etc. We trust them and their services ensure the normal conduct of economic behavior. However, once one of the banks goes bankrupt, all of our assets there may disappear.

• In banks' ledger server, our money is just a string of number. Banks render these number effective. We trust banks then we carry out normal economic activities. But thought banks will not directly tamper with the number in our account, the government can depreciate the value of our wealth by issuing paper money in a large amount to deprive our money.
• When it comes to Bitcoin, no intermediary is needed in money transferring. A distributed system built trust with the help of decentralization. Bitcoin protocol allows two separate individuals to conduct transactions in a peer-to-peer manner via the Internet. When you transfer Bitcoin from one account to another, you can trust not only its underlying system for support, but also the authenticity of the sender and the validity of Bitcoin.

In the distributed network of Bitcoin, intermediaries are replaced by public key cryptosystem and consensus mechanisms to ensure the authenticity and validity of transfers. This is why we say that Bitcoin solved the trust problem in transactions and accomplished intermediary-free and the highest level of trust---trust-free.


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