Why is bitcoin unique? | Bitcointalksearch.org

coupable

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Quote from: Porfirii on June 22, 2023, 01:59:19 PM

Quote from: coupable on June 22, 2023, 01:20:23 PM

I agree with all the answers that believe that decentralization is what distinguishes Bitcoin as a currency that enjoys the confidence of everyone.
I believe that Bitcoin is unique because it not only represents a currency that has all the characteristics of currencies in circulation as we know it and adds to it additional layers of protection that prevent any central power from controlling or manipulating it, but also because it represents an integrated payment system and built very carefully through the mining system that guarantees confirmation Transactions without the need for a third party and in complete confidentiality.

Agree! and it is indeed unique because his has been the first and only major technology that aimed to innovate (or at least provide an alternative to) the way people think about money in centuries.

Not exactly, my friend. Because Bitcoin is not a new version of money since it is a store of value in itself. Bitcoin can be likened to gold or other precious metals if we try to study its characteristics as a tool of exchange as it is money, and people for centuries have trusted gold more than they trusted pure money since it represents the source of the value that money has. Bitcoin provided us with a new source of value that does not need physical storage like gold, and can be stored, proven to be owned, and transferred in the most secure way possible.
What I wanted to say is that it is more appropriate to compare Bitcoin to gold than to try to match it to cash.

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Quote from: coupable on June 22, 2023, 01:20:23 PM

I agree with all the answers that believe that decentralization is what distinguishes Bitcoin as a currency that enjoys the confidence of everyone.
I believe that Bitcoin is unique because it not only represents a currency that has all the characteristics of currencies in circulation as we know it and adds to it additional layers of protection that prevent any central power from controlling or manipulating it, but also because it represents an integrated payment system and built very carefully through the mining system that guarantees confirmation Transactions without the need for a third party and in complete confidentiality.

Agree! and it is indeed unique because his has been the first and only major technology that aimed to innovate (or at least provide an alternative to) the way people think about money in centuries.

Things evolve, sometimes for good and sometimes for bad, and contrary to the trend of transforming money into something with less and less real value and increasingly dependent on intermediaries, Bitcoin reverts this trend or at least it was meant that way.

I am not a person who believes in many things, but I believe in the philosophy behind Bitcoin, and that makes it really unique, at least for me. And I think I'm not the only one here who thinks that way.

coupable

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I agree with all the answers that believe that decentralization is what distinguishes Bitcoin as a currency that enjoys the confidence of everyone.
I believe that Bitcoin is unique because it not only represents a currency that has all the characteristics of currencies in circulation as we know it and adds to it additional layers of protection that prevent any central power from controlling or manipulating it, but also because it represents an integrated payment system and built very carefully through the mining system that guarantees confirmation Transactions without the need for a third party and in complete confidentiality.

letteredhub

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There lots of uniqueness we can attach to BTC as a currency and in among them all I prefer talking about the value of the coin. How it has managed to maintain its value ver the years is something to pay aot attention to when compared to alts coins that have been in the crypto race with BTC. The price value it has been able to maintain upwards even after a little moment of fluctuations is what I consider about BTC with a rest of mind that my money is preserved under a genuine digital currency like no other.

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Quote from: Patrol69 on June 22, 2023, 02:50:26 AM

It goes without saying that Bitcoin is currently the most popular digital currency. People generally choose Bitcoin for long-term investment plans. Bitcoin is completely different from other investment platforms. Bitcoin can be used in several ways. Some adopt Bitcoin as a long-term plan while others choose Bitcoin for daily trading. Whatever medium they choose they are doing it through Bitcoin. Because I don't see any equivalent of Bitcoin among the digital currencies, people undoubtedly choose Bitcoin.

Apart from Bitcoin being the most popular digital currency, Bitcoin is unique because it has a unique standard that can't be matched and for other cryptocurrency not to be able to meet up its standard. Other cryptocurrency are just imitation of Bitcoin trying to be like Bitcoin, this is what makes bitcoin to be more unique. Bitcoin can be said to be unique because of it value and how reliable it is in the market, and bitcoin is the most decentralised digital currencies which other cryptocurrency are looking up to.

Bitcoin is unique because it is the first cryptocurrency and greatest currency when it comes to value, bitcoin has good reputation which has made it to be unique that people will always consider as the best investment to go for. The features of bitcoin is the uniqueness of bitcoin, everything that has to do with bitcoin is unique. People will always choose Bitcoin because the uniqueness bitcoin has can't be find in other cryptocurrency.

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Quote from: Godlovesyou on March 01, 2023, 04:59:10 PM

it's God fatherism to other altcoins. Is transaction made easy and key or password individuals oriented. Bitcoin trades in a every sphere of market.

The uniqueness of bitcoin is 2nd to no others, asides from birthing other Cyptocurrencies, unlike stable coins that are backed by the USD bitcoin cannot be tracked and is highly decentralized meaning that government might find it very difficult to control or influence the price of btc, it is not like the CBDC which is regulated by a nations monetary authority.

Also, OP just like you stated it is traded in every sphere of the market and can be found in every crypto exchanges because it is the first and most value crypto asset and very easily to be converted to fiat in most exchanges, it might seem impossible to access or trade other Altcoins in most exchanges but bitcoin is most accessible by almost all exchanges.

Patrol69

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It goes without saying that Bitcoin is currently the most popular digital currency. People generally choose Bitcoin for long-term investment plans. Bitcoin is completely different from other investment platforms. Bitcoin can be used in several ways. Some adopt Bitcoin as a long-term plan while others choose Bitcoin for daily trading. Whatever medium they choose they are doing it through Bitcoin. Because I don't see any equivalent of Bitcoin among the digital currencies, people undoubtedly choose Bitcoin.

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Bitcoin is a technological tool that allows to safeguard value, then that simple idea, allowing to have individual control has succeeded.

Agbe

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It was not easy to comprehend the op. But I tried to cognitively get the content of the message. Op I must tell you that bitcoin was not created to replace any financial institution buy was created to stand alone. And come to fullfil the promises of the Banking system, they are they to serve humanity but they stand to perform the opposite so bitcoin came to fill that gap of helping the people to fill belong and fill good in the society. Banking system is exploiting the citizens but bitcoin is making the people to explore their wealth.
Bitcoin is unique because nobody can compromise it.

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Quote from: ItsCrafty on June 21, 2023, 01:01:44 PM

Quote from: uchegod-21 on June 17, 2023, 06:51:21 PM

It is not all coins that is decentralized and transparent as they claim and you know about this. We should applaud bitcoin for being truly decentralized. And again as you stated, the ability of bitcoin to rebounce after several crashes is very unique. It is very rare to see a coin that will crash more than 70% and still survive. Bitcoin holds a very good record for that.
Taking about fighting inflation, well I can say it is so but I still have my doubt about this for it will be a topic for another day.

I would like to say that, Bitcoin is distinctive because, in contrast to traditional currencies, it runs on a decentralised network called blockchain, which does away with intermediaries like banks.Blockchain technology for Bitcoin offers immutability, security, and transparency. high degree of trust and integrity is guaranteed by the verifiable and immutable nature of transactions recorded on the blockchain. Bitcoin has also become a symbol of the broader cryptocurrency and block chain movement, inspiring the creation of thousands of alternative cryptocurrencies and driving innovation in various industries. Moreover, its increasing liquidity makes it unique amongst others, and people trust it.

Due to its unique qualities Bitcoin stands out as a fascinating digital currency. It does not require intermediaries like banks because it runs on a decentralised network called blockchain unlike conventional currencies. Bitcoin transactions are immutable secure and transparent thanks to this ground breaking technology. Every transaction that is recorded on the blockchain is held to a high standard of integrity and trust thanks to its verifiable and unchangeable nature. In addition Bitcoin has developed into an iconic symbol of the broader cryptocurrency and blockchain movement acting as a launchpad for a number of competing cryptocurrencies and spurring innovation in a wide range of fields. Notably its increasing liquidity distinguishes it from rivals and adds to the public trust in it. In conclusion Bitcoin is a distinct and reliable digital money with wide ranging consequences due to its decentralised character and the advantages provided by blockchain technology.

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In response to the question Why is bitcoin unique? I will answer with logic based on my thinking on Bitcoin.
The existence of Bitcoin without the involvement of a central bank or other financial institutions has managed to attract people around the world to use it as a currency for transactions other than fiat money. Bitcoin is designed to be a decentralized digital currency without the involvement of third parties (not controlled by one particular party or institution), there is no personal information associated with transactions when Bitcoin users make transactions.

In addition, Bitcoin is based on blockchain technology which allows transactions to occur between users without having to involve intermediaries or third parties, this system allows you to make transactions or send money in Bitcoin anywhere and anytime without certain limits. Besides being unique, Bitcoin is also rare because the number is very limited, there are only 21 million Bitcoins circulating on the network making Bitcoin highly valuable.

ItsCrafty

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Quote from: uchegod-21 on June 17, 2023, 06:51:21 PM

It is not all coins that is decentralized and transparent as they claim and you know about this. We should applaud bitcoin for being truly decentralized. And again as you stated, the ability of bitcoin to rebounce after several crashes is very unique. It is very rare to see a coin that will crash more than 70% and still survive. Bitcoin holds a very good record for that.
Taking about fighting inflation, well I can say it is so but I still have my doubt about this for it will be a topic for another day.

I would like to say that, Bitcoin is distinctive because, in contrast to traditional currencies, it runs on a decentralised network called blockchain, which does away with intermediaries like banks.Blockchain technology for Bitcoin offers immutability, security, and transparency. high degree of trust and integrity is guaranteed by the verifiable and immutable nature of transactions recorded on the blockchain. Bitcoin has also become a symbol of the broader cryptocurrency and block chain movement, inspiring the creation of thousands of alternative cryptocurrencies and driving innovation in various industries. Moreover, its increasing liquidity makes it unique amongst others, and people trust it.

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Quote from: Godlovesyou on March 01, 2023, 04:59:10 PM

BTC is unique because it makes it easy for new wave of currency exchange, it blockchain has a unique wallet address, is not easily comprises to hackers or scammers, it benches on volume of communities members, it's God fatherism to other altcoins. Is transaction made easy and key or password individuals oriented. Bitcoin trades in a every sphere of market.

You left all the main points which make BTC unique from (you did not mentioned what but i assume you are talking about) Alts. For example:

BTC is mostly decentralized and Alts are mostly Centralized
BTC is based on POW while all other alts are based on POS
BTC is most adopted and has the most volume in trading in market.
BTC is hack and fail proof unless a owner of BTC make some mistake or fall prey to any offer which results in losing all of his BTC.
BTC does not trade in all sphere of market only in those countries who allows it. But to some extent you are right.

I did not agree with your this point

Quote

it blockchain has a unique wallet address, is not easily comprises to hackers or scammers,

because, every other alts coin or alt blockchain will generate you random address plus BTC did not generate you address the wallet you are using will generate address for you on what basis that i never tried to find out but point is, hackers and scammers always find a way to infiltrate user's computer/device to get unauthorized access to BTC wallets.

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Quote from: BitDane on June 17, 2023, 05:14:14 PM

Quote from: Zilon on June 17, 2023, 02:56:53 PM

Bitcoin is unique to me because it is temper proof and time stamped, I will also say because it has no physical representation yet it has much more value than fiat and it has become the biggest inflation resistant asset and currency of all time. The uniqueness of Bitcoin is so much that it affects even fiat to a large extent.

Are you referring to tamper proof? I find Bitcoin unique because of its ability to rebound or recover after crashes and recording new ATH every 4 year cycle. The transparency, decentralization, isn't that unique since many other crypto has also that feature, if ever, aside from what I stated, I believe security can be the major reason why Bitcoin is unique.

Thanks for pointing that to me. recovering from crashes? but Bitcoin has never crashed it only experienced terrible dips that made many think Bitcoin was going to crash, Even those who went as far as spread FUD in the minds of ignorant investors. For the new ATHs each time a new halving sets in, it shows how powerful and highly sort for Bitcoin becomes during that period

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Quote from: BitDane on June 17, 2023, 05:14:14 PM

Quote from: Zilon on June 17, 2023, 02:56:53 PM

Bitcoin is unique to me because it is temper proof and time stamped, I will also say because it has no physical representation yet it has much more value than fiat and it has become the biggest inflation resistant asset and currency of all time. The uniqueness of Bitcoin is so much that it affects even fiat to a large extent.

Are you referring to tamper proof? I find Bitcoin unique because of its ability to rebound or recover after crashes and recording new ATH every 4 year cycle. The transparency, decentralization, isn't that unique since many other crypto has also that feature, if ever, aside from what I stated, I believe security can be the major reason why Bitcoin is unique.

It is not all coins that is decentralized and transparent as they claim and you know about this. We should applaud bitcoin for being truly decentralized. And again as you stated, the ability of bitcoin to rebounce after several crashes is very unique. It is very rare to see a coin that will crash more than 70% and still survive. Bitcoin holds a very good record for that.
Taking about fighting inflation, well I can say it is so but I still have my doubt about this for it will be a topic for another day.

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Quote from: Zilon on June 17, 2023, 02:56:53 PM

Bitcoin is unique to me because it is temper proof and time stamped, I will also say because it has no physical representation yet it has much more value than fiat and it has become the biggest inflation resistant asset and currency of all time. The uniqueness of Bitcoin is so much that it affects even fiat to a large extent.

Are you referring to tamper proof? I find Bitcoin unique because of its ability to rebound or recover after crashes and recording new ATH every 4 year cycle. The transparency, decentralization, isn't that unique since many other crypto has also that feature, if ever, aside from what I stated, I believe security can be the major reason why Bitcoin is unique.

Zilon

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Bitcoin is unique to me because it is tamper proof and time stamped, I will also say because it has no physical representation yet it has much more value than fiat and it has become the biggest inflation resistant asset and currency of all time. The uniqueness of Bitcoin is so much that it affects even fiat to a large extent.

aysg76

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Satoshi was pioneer and have future vision which is why he developed bitcoin in such a manner that it remains completely decentralised in nature with all the factors and network security as well which prevents any kind of central control or fake transactions to be recorded on the blockchain.There were many coins who tried to copy it like many called ETH the same but they all have central control to some extent as nobody is willing to create something actual with utility for people but they have personal profits in mind first but Satoshi was built different.He gave us an alternative to these fiat currencies with no physical existence and still you see how popular it became because people realised about their privacy and autonomous control over their funds without any third party involvement.This is why it's unique and special for all of us.

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I would summarize it as Bitcoin is the first , largest and most popular crypto currency

Not only because it is the first and the biggest and most popular, but also because it has been trusted by many people at this time so that its uniqueness continues to be seen and also the world's first blockchain technology also belongs to Bitcoin. So there is no doubt that Bitcoin is the biggest and most popular cryptocurrency among other cryptocurrencies that have existed in the current era. So have as much Bitcoin as possible so you can find victory in the future.

Husires

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According to the white paper, the goal of creating Bitcoin is to be peer to peer without the need to trust a third party or deposit your money in the bank for them to transfer on your behalf. Other ideas about financial freedom, better investment, quick profit, improving the lives of communities, or considering it a job all come as side things that accompany Bitcoin.

Quote from: Godlovesyou on March 01, 2023, 04:59:10 PM

Bitcoin actually believes that technology is lacking financial power outside big industrial equipment, So Satoshi sees the need to includes e-banking system of trading, saving, buying and selling of bitcoin as a digital market product.

We cannot express what Satoshi supports except through his posts in the forum and the white paper, which do not express what you are trying to say, so we cannot say that Satoshi said that. As far as I know Satoshi wanted to get away from banking and not create e-banking.

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