Why is Bitcoin in the highest level of trust? - page 9.

Liamttw

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Bitcoin is the most reliable encrypted digital asset, it is built on the blockchain. The blockchain itself is algorithmic trust or distributed trust, which achieves a system trust through a decentralized way, and realizes the free circulation of value.

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Once you understand Bitcoin, you will begin to understand everything else. Then you will understand how subtle this system is. Once I believed in Bitcoin, I began to believe in my freedom. We deserve freedom because we are born with this freedom. No one is born to be owned by others. Bitcoin allows us to regain our freedom.

Bitcoin is completely open source and decentralized. No organization can control Bitcoin. Its trust does not come from the endorsement of a third party, but the recognition of the consensus mechanism by all participants. Any node can enter freely, compete for the right to bookkeeping through computing power, rely entirely on proof of work to create credibility, and realize the common bookkeeping of the entire network. In the blockchain network, through the self-restraint of the algorithm, any malicious deception of the system will be rejected and suppressed by other nodes. It protects asset freedom, and makes it more valuable and trustworthy.

qwertyup23

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So imagine, every transaction is posted on a public ledger where the contents cannot be changed since it is being monitored by almost all people who transact using BTC. The reason on why the blockchain technology has the highest level of trust is due to the miners which constantly check every block to validate all the possible contents of such block. So if you attempt to change the contents of one block, another miner would be able to see it and it would verify it accordingly to the genesis block.

That is the reason on why it requires so much power whenever you mine BTCs as it computes and verifies all the block on the blockchain technology.

dezoel

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Your explanation is accurate and that’s how I see things in cryptocurrency and bitcoin. If not because of the trust that people has for bitcoin, it would have fallen years back. The trust is what has kept it going and the community is now a really large one, and bitcoin has become a major topic around the world. Bitcoin has really helped a lot of people around the world, including myself, to be able to carry out transactions without having to go through the stress that they would have gone through with banks.

Imagine the stress you would have to go through when making use of banks to send money to someone that is living in a different country, how you would have to be filling forms and standing in lines for a long time for you to be attended to. Bitcoin simplified the process of transaction.

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Quote from: juliepower on August 09, 2021, 05:07:36 AM

The data security of Bitcoin is strong and they offer a greater level of security. People trust them they invest some amount of money as transaction. Bitcoin is most popular and wide. cryptocurrencies create trust is through a network-based known as a blockchain.Without this level of trust, bitcoin becomes worthless.Blockchains contain records of all the transactions that have ever taken this gives you high security to people and trust. This is a digital payment sector in this everything is going paperlesspaperless from investment to transfer money. This makes people interest to invest and have gain trust.

You don't use the word trust in a decentralized system because it cannot tamper, so it's 100% safe.

Unlike the centralized system where the banks are using, they call their business as a business of "trust", which we depositors or clients trust people to manage our funds and safe keep it, but people are greedy by nature, they can be corrupt and steal our money, blockchain can't do that, so it's the most reliable compared to the centralized system.

juliepower

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The data security of Bitcoin is strong and they offer a greater level of security. People trust them they invest some amount of money as transaction. Bitcoin is most popular and wide. cryptocurrencies create trust is through a network-based known as a blockchain.Without this level of trust, bitcoin becomes worthless.Blockchains contain records of all the transactions that have ever taken this gives you high security to people and trust. This is a digital payment sector in this everything is going paperlesspaperless from investment to transfer money. This makes people interest to invest and have gain trust.

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Quote from: marine4u on August 09, 2021, 02:05:37 AM

Bitcoin has the highest trust because it revolutionizes money, protects freedom. Over time, bitcoin has changed the context of the downside and status of fiat in addition to manifesting itself in all aspects of life, economic, social, political....etc, bitcoin creates a hiccup ladder of autonomous financial sovereignty management for people. Only bitcoin can do that.

Decentralization makes everything better, we are not dependent on the central bank which can intervene at any time and even freeze our money, bitcoin is very feasible to replace fiat which has many weaknesses so that it makes anyone interested in bitcoin.

besides being a good platform, bitcoin has a very high level of security, so investors have convenience and security in their transactions. Bitcoin growth can emphasize financial inflation in a country, because the demand for it is increasing and the circulation of money in society is more controlled. therefore bitcoin is at the highest trust among the industry and investors.

Koro-Sensei

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

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.

In bitcoin we don't need ledgers anymore. Bitcoin uses computers to verify every transaction and that's where we accomplished the decentralization which is publicly available and could be check whether it was spent twice. And by because of this, trust were established within the system and community accepts this superiority than fiats. Aside from that, no more KYC needed for every transaction you have and by that freedom that BTC offers, people tends to adopt and understand that this thing is quite good rather than normal banking system.

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Quote from: dificanovi on August 08, 2021, 12:06:39 PM

bitcoin has the highest trust because the profits obtained from holding bitcoin in the long term will provide very large profits. if we make transactions then no third party will interfere in the affairs of sending bitcoins. besides that bitcoin is the first Cryptocurrency to be created, therefore the level of one's trust in bitcoin is very high.

I think the factor that makes bitcoin the most popular is because there are many companies that invest and develop bitcoin, besides that all exchanges always offer bitcoin for trading options so that they become the first choice of traders.

that is one of the reasons, on the other hand there are many scattered investors or even individual investors who trust bitcoin and invest in it. there are also new investors who are starting to invest. On the other hand, countries are starting to appear that legalize bitcoin, and I think there are still many supporting factors. even news is one of the factors that can affect btc

marine4u

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Bitcoin has the highest trust because it revolutionizes money, protects freedom. Over time, bitcoin has changed the context of the downside and status of fiat in addition to manifesting itself in all aspects of life, economic, social, political....etc, bitcoin creates a hiccup ladder of autonomous financial sovereignty management for people. Only bitcoin can do that.

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

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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.

Bitcoin is an asset, as well as a currency too. You have to know first though the conventional currency is made by paper, why it has value?

Paper money has value cause it is government-issued otherwise it has 0 value, you will lose your wealth when govt./world refused to give you commodities in exchange for your paper money. Do you know the US dollar has devalued over 90% since 1950?

Now come why Bitcoin has value:
Supply: Large supply=Economic collapse, Low supply=Economic Problem; for fiat money you can't prevent govt. for printing money cause they have power and ability, on the other hand, Bitcoin has a fixed flexible issuance rate so it is trusted.
Security: Original Bitcoin can not be counterfeited, fork is possible but useless. 51% attack & double-spending is a myth.
Divisibility: Low divisibility=low usable; High divisibility=high usable.
fiat is moderate divisible but Bitcoin has high divisibility that makes it more usable and trusted.
Transportability: you can't compare anything that has high Transportability like Bitcoin, so it makes it more valuable and trusted as well.
Durability: you can spend/lose your Bitcoin but can't destroy it. paper money just sh**.

KevinRosa

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Bitcoin has undoubtedly become the most important cryptocurrency. I think Bitcoin has the highest credit rating in these aspects:

1. Bitcoin has brought many imitators and iterators, but its daily transaction volume is still nearly twice that of its closest competitor.

2. Bitcoin itself is very safe. More and more people trust Bitcoin almost more than they trust big banks. Bitcoin as an "alternative and long-term store of value" will be widely adopted.

3. Bitcoin transactions are irreversible. Part of the reason Bitcoin was initially accepted was because many people believed it had the potential to liberate people from traditional financial institutions. Although it has been more than ten years since Satoshi Nakamoto released the Bitcoin white paper, Bitcoin is still very young. .

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Quote from: BOAEDAN on August 05, 2021, 05:49:04 AM

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. .

This is absolutely true, I would love to add that probably one of the main reasons why bitcoin is trusted this much, is because even Satoshi is anonymous and has never for one day done or change anything about the bitcoin code unlike other blockchains where from time to time things get fixed or changed, e.g upgrading eth to eth 2.0,the code bitcoin runs on is final and cannot be changed or compromised for any reason, lastly there's this wallet that owns 1million probably Satoshi's wallet address, up till date not even 1 bitcoin has been sold from that 1million bitcoin,in conclusion bitcoin is the most trusted cryptocurrency in the market.

dificanovi

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bitcoin has the highest trust because the profits obtained from holding bitcoin in the long term will provide very large profits. if we make transactions then no third party will interfere in the affairs of sending bitcoins. besides that bitcoin is the first Cryptocurrency to be created, therefore the level of one's trust in bitcoin is very high.

BOAEDAN

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why bitcoin gets high trust,, the reason is simple, because no third party interferes with bitcoin, the government also can't control bitcoin, bitcoin also gives us freedom of thought, as technology develops, bitcoin comes with new nuances, bitcoin is safe and reliable, yet There has never been a case of fraud committed by bitcoin..

ChiBitCTy

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I think bitcoin is considered the most trustworthy coin for a number of reasons. One of the biggest reasons and something that I have always felt, is that there is no "central head" behind bitcoin that is around. I am of the firm belief that Satoshi always knew that he would be leaving his bitcoin project at a certain point. I'm not sure he knew exactly when he was going to do this, but I know he knew that not having him/figure head at the helm of bitcoin would make it "leaderless" , no one to control it etc. This lead to a big part of bitcoins trust. Also just that bitcoin has been around the longest, had the best Dev Team, it's blockchain has been tested unlike any other coins etc.

Cling18

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Bitcoin is known as the father of all cryptocurrencies that's why it has established a good foundation of trust from its investors. It's the pioneer and first to succeed as a digital currency. It has proven a lot and already passed all the tests of time. It's continuously proving that it's trustworthy because of its developments. It still has a lot to prove in the future for sure.

SacriFries11

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Bitcoin is in the highest level of trust because it is the longest and pioneer of all bitcoin. It is the highest because of its value. It is the most famous coin and it has already established good reputation and referred to as digital gold. It is a good store of value. It is widely used for online transactions such as remittance, payments for purchases. It is fast, efficient and reliable coin. I believe it is the future currency.

EdenHazard

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well the outbreak wake them up on how banks actually works, just like the online shopping wake the traditional trade up to follow the online shop trend due outbreak circumstance.
circumstances thats the bottom line, banks could went tragically in bankrupt when there is no money in circulation but people getting withdraw the money from them continuously yeah no wonder they are now offering you lots of loans option.
back to the topic, the trust itself i believe would be there as long as bitcoin price in current price position, once the normal economy is back and lots of non real bitcoin enthusiast pull their money over and the price got crashed, guess is there a strong trust like today? i doubt that so.

DooMAD

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The more I think about it, I'm convinced that it's less about "trust" and more about "peace of mind" and "certainty". It brings people comfort to be safe in the knowledge that no one is in a position to block or reverse their transactions. It's not something you need to worry about.

Is it possible we are mistaking this feeling for trust? As an analogy, we don't "trust" gravity, we just understand what it does and know that it will continue to do it. You don't need to contemplate the likelihood that one day gravity is going to fail at what it does. This is something stronger than trust. It's inherent.

Kusman

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People trust and invest into Bitcoin more because one of the reasons is that Bitcoin is the oldest cryptocurrency in the market. It is special because of this reason. People believe in Bitcoin more than any other cryptocurrencies. And Bitcoin has many more usage places compared to others. Can this change in the future? Of course it can. But it is not going to be easy to dethrone Bitcoin for sure.

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