Topic: why should we give a damn about Bitcoin? - page 3. (Read 1072 times)
For bitcoin to be widely accepted by the people is that, first it needs to be stable in its value, bitcoins unstable price surge if what keeps people from investing to it, they are scared that someday it might hit the ground because of its volatility.
The anonymity of bitcoin has its limits. In fact, with a strong desire, intelligence agencies can find user. One of the biggest owners of bitcoin is the government of the United States. They seized those bitcoins from the drug mafia. Did not help no anonymity. Every person leaves traces in the Internet and these traces can always be found.
Actually right now, bitcoin is just pseudo-anonymous and unless you have a way to cover your tracks maybe with the help of mixing services, it is not fully anonymous and anyone can be found if something illegal is done.Most people know that bitcoin has really brought a lot of improvement in the ways we spend and have also helped us to gain back the freedom on limitations most governments of some countries have placed on us. A lot of people may just see bitcoin as an asset now, but there is just so much to it for it to gain wider acceptance.
The anonymity of bitcoin has its limits. In fact, with a strong desire, intelligence agencies can find user. One of the biggest owners of bitcoin is the government of the United States. They seized those bitcoins from the drug mafia. Did not help no anonymity. Every person leaves traces in the Internet and these traces can always be found.
Indeed, it is not easy to escape from leaving your prints in digital world. Digital world is your biggest enemy because no matter how cleverly you do things here, you’re always going to leave some evidences in the world. The worst thing about this is that you can never ever delete anything permanently from this world and agencies can trace user if there is some big issue created by the user. 
Bitcoin is gaining more global acceptance daily as compared to other cryptocurrencies. With Bitcoin, we can be sure of greater liquidity and it has made international transactions and businesses easier relative to other currency. The level of anonymity Bitcoin gives is unparalleled and the ability to transact businesses with Bitcoin at a relatively lower fee is unequalled. What do you think is needed to guarantee more wider acceptance?
I guess we have everything except if the transactions can be faster than we have it when congestions are crazy. We should really give a whole lot of damn about bitcoin as it has really helped in a whole lot of ways more than we can imagine except we are just so ungrateful.I have seen so many people complaining about transaction fee, and then I imagine the fee I pay most times when trying to make use of western union and even the limit and queue I have to go through at the bank. Most people may not understand, but having freedom from all of that is just so perfect.
What do you think is needed to guarantee more wider acceptance?
In addition many perceived advantages, we can get many benefits that can be obtained and more modern life due of bitcoin.Bitcoin is well deserved popularization, and to ensure wider acceptance.. I think we should continue to use it on things that are directed toward more positively and less harmful to others / avoid criminality.
The government will assume that bitcoin can be viewed more positively than negatively, so that all governments of each countries will be able to legalize bitcoin.
The anonymity of bitcoin has its limits. In fact, with a strong desire, intelligence agencies can find user. One of the biggest owners of bitcoin is the government of the United States. They seized those bitcoins from the drug mafia. Did not help no anonymity. Every person leaves traces in the Internet and these traces can always be found.
You are right, anyone that understands how Bitcoin works on a basic level should knows it is pseudo-anonymous rather than anonymous.
Even though, no one can deny the fact that Bitcoin is gaining popularity as many companies are opting for bitcoin as a mode of transaction.
The 100,000 new users that joined Coinbase in one day proves that Bitcoin is gaining wider acceptance.
Bitcoin is gaining more global acceptance daily as compared to other cryptocurrencies. With Bitcoin, we can be sure of greater liquidity and it has made international transactions and businesses easier relative to other currency. The level of anonymity Bitcoin gives is unparalleled and the ability to transact businesses with Bitcoin at a relatively lower fee is unequalled. What do you think is needed to guarantee more wider acceptance?
I know acceptance of bitcoin wider than before and its good for bitcoiner especially to increase value.
About transaction fee i dont think that bit has it. Recently fee is more and more increase.
Bitcoin is gaining more global acceptance daily as compared to other cryptocurrencies. With Bitcoin, we can be sure of greater liquidity and it has made international transactions and businesses easier relative to other currency. The level of anonymity Bitcoin gives is unparalleled and the ability to transact businesses with Bitcoin at a relatively lower fee is unequalled. What do you think is needed to guarantee more wider acceptance?
Few good points you have raised. But the anonymity of bitcoin is not full proof. All transactions are recorded in a public ledger using blockchain and can be traced accordingly. So that's not a strong feature to vouch for. But yes, the cross border trades can be made easier by bitcoin due to it's low fees compared to what banks are taking nowadays. However, the transaction confirmation speed is what I believe hindering the acceptability of bitcoin worldwide by the big corporate companies.
Secondly the legality of bitcoin is another issue. While countries Like Japan and Netherlands have legalized bitcoin, other countries are either silent or banned it. If other countries can legalize bitcoin, banks will face a huge loss because they won't have to mediate between two parties of a trade agreement. They will loose on commissions. So you can expect a huge protest from the commercial banks if any government plans to legalize it. That's another bottleneck for bitcoin.
perhaps because the bitcoin can change in our future lives, it will be our life for the day and with bitcoin we can succeed with the unexpected.
Easy because bitcoin will change the future of money.
Not only money also the means through which we make payment for using our good and services. Also it acts as an investment instrument where the returns are the top compared to any other financial products. So various factors are involved due to which today it has a global presence and its gaining popularity daily
What bitcoin may need to become globally accepted is time. Blockchain technology provide alot of advantage for our society and adopting it should be what our governments should do but I think our governments need more times to study the blockchain technology in other to take an inform decision. Once any government adopt bitcoin we will see the progress that we would make in the Area of acceptability.
Easy because bitcoin will change the future of money.
Bitcoin will adopt better anonymity processes. They are already planned. Greg Maxwell is working on Confidential Transactions https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-November/015283.html . For me, the key to success here is to make sure these are switched on by default. Because if there is a chain of 10 transactions where 9 are confidential but one is not, then the whole chain's anonymity is compromised.
Bitcoin focuses on security, which is why it takes a long time for new features to appear. I would rather have confidential transactions in 2020 than no coins in 2018 because of a hack via compromised code.
Some alt coins have better anonymity but they have their own problems. Eg I am a big fan of Monero, but it has serious scalability issues.
Bitcoin focuses on security, which is why it takes a long time for new features to appear. I would rather have confidential transactions in 2020 than no coins in 2018 because of a hack via compromised code.
Some alt coins have better anonymity but they have their own problems. Eg I am a big fan of Monero, but it has serious scalability issues.
Bitcoin is gaining more global acceptance daily as compared to other cryptocurrencies. With Bitcoin, we can be sure of greater liquidity and it has made international transactions and businesses easier relative to other currency. The level of anonymity Bitcoin gives is unparalleled and the ability to transact businesses with Bitcoin at a relatively lower fee is unequalled. What do you think is needed to guarantee more wider acceptance?
You must be new to the scene. Monero offers full anonymity vs Bitcoin's partial anonymity. Many altcoins like Litecoin have faster transaction times and lower transaction fees.
The best way to gain instant wider acceptance is for Bitcoin to progress to a point where most altcoins will be obsolete. I don't think Bitcoin can get fully anonymity at this point, but it could definitely match, if not outright outspeed other altcoins' transaction times with similar or even lower fees. People are only really holding on to altcoins because they're superior to Bitcoin in some way, but if Bitcoin reaches their level in that certain aspect, people are certain to dump.
Lykke will help with that, but I don't think BTC is a good thing they way that works today. First is not decentralize anymore, is very centralized and few miners are in control, I don't trust them. Secondly is very vulnerable because is not running in every computer as Satoshi Nakamoto wanted, is running in few farms that can go down anytime and game will be over.
BTC is not anymore the anarchic coin, people find a way to make it "fiat" or even worse actually..
BTC is not anymore the anarchic coin, people find a way to make it "fiat" or even worse actually..
first of all what other cryptocurrencies? you mean shitcoins! you shouldn't even be comparing bitcoin to shitcoins.
secondly you are talking about anonymity of bitcoin compared to others. that is true but you forget that majority of people who come to use bitcoin are not looking for the maximum possible anonymity. what bitcoin offers (which is not full anonymity) is more than enough for most of them. besides those anon coins have lots of issues. for example most of them are not even anonymous! they just do some stuff and claim to be. some others such as Monero have scaling issues.
which brings us to the last thing you mentioned about fees. we all know fees are currently high and that is unacceptable but you can not compare it with altcoin fees. altcoins are unused networks and because of that they can not have higher fees.
fee is also a supply and demand relationship. the supply is the block space which is limited and the demand is the number of transactions.
for example this supply for bitcoin is 1 MB (4 MB with SegWit) and the demand is bigger than that.
the same for bitcoin cash is 8 MB but the demand for it is 0.1-0.2 MB which means fees will be much lower. the same is true for the rest of the altcoins.
secondly you are talking about anonymity of bitcoin compared to others. that is true but you forget that majority of people who come to use bitcoin are not looking for the maximum possible anonymity. what bitcoin offers (which is not full anonymity) is more than enough for most of them. besides those anon coins have lots of issues. for example most of them are not even anonymous! they just do some stuff and claim to be. some others such as Monero have scaling issues.
which brings us to the last thing you mentioned about fees. we all know fees are currently high and that is unacceptable but you can not compare it with altcoin fees. altcoins are unused networks and because of that they can not have higher fees.
fee is also a supply and demand relationship. the supply is the block space which is limited and the demand is the number of transactions.
for example this supply for bitcoin is 1 MB (4 MB with SegWit) and the demand is bigger than that.
the same for bitcoin cash is 8 MB but the demand for it is 0.1-0.2 MB which means fees will be much lower. the same is true for the rest of the altcoins.
Bitcoin is gaining more global acceptance daily as compared to other cryptocurrencies. With Bitcoin, we can be sure of greater liquidity and it has made international transactions and businesses easier relative to other currency. The level of anonymity Bitcoin gives is unparalleled and the ability to transact businesses with Bitcoin at a relatively lower fee is unequalled. What do you think is needed to guarantee more wider acceptance?
First of all,bitcoin is pseudo anonymous and not fully anonymous.All the transactions are registered in a public ledger.So,they could be easily traced by the government's taxing department.In this case,altcoins like monero and zcash are fully anonymous.And you are saying that bitcoin makes possible transactions at a lower fee,but we should also notice that there is a huge discussion going within the bitcoin community about the increasing transaction fee. The anonymity of bitcoin has its limits. In fact, with a strong desire, intelligence agencies can find user. One of the biggest owners of bitcoin is the government of the United States. They seized those bitcoins from the drug mafia. Did not help no anonymity. Every person leaves traces in the Internet and these traces can always be found.
Indeed, it is not easy to escape from leaving your prints in digital world. Digital world is your biggest enemy because no matter how cleverly you do things here, you’re always going to leave some evidences in the world. The worst thing about this is that you can never ever delete anything permanently from this world and agencies can trace user if there is some big issue created by the user.
The anonymity of bitcoin has its limits. In fact, with a strong desire, intelligence agencies can find user. One of the biggest owners of bitcoin is the government of the United States. They seized those bitcoins from the drug mafia. Did not help no anonymity. Every person leaves traces in the Internet and these traces can always be found.
Bitcoin is gaining more global acceptance daily as compared to other cryptocurrencies. With Bitcoin, we can be sure of greater liquidity and it has made international transactions and businesses easier relative to other currency. The level of anonymity Bitcoin gives is unparalleled and the ability to transact businesses with Bitcoin at a relatively lower fee is unequalled. What do you think is needed to guarantee more wider acceptance?
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