Topic: Why we say the creation of Bitcoin is an Internet of value? (Read 396 times)

The creation of Bitcoin opened up doors for more opportunities, and I got to say OP, you have quite a handful of remarkable topics around the forum, you're doing a great job, anyways, Bitcoin is indeed an Internet of Value because it has given us options to earn, trade, sell currency digitally, and since Bitcoin and Internet is interconnected with each other, it will evolve just as how Technology evolves.

Bitcoin won't work and be recognized as the top coin today if there were no Internet, to begin with. Back then, to acquire bitcoin, you can mine using different mining setups such as having supercomputers and mining rigs. Of course, these things won't be possible if it wasn't for the help of the Internet existence. Over the years, bitcoin has made its way upward until it reaches the peak position, just where it sits right now all thanks to the power of the Internet. The internet paved way for bitcoin to have many users and investors and eventually started to have value because of the market demand. Given that bitcoin is scarce, just like gold, its value will go up over time, only that it is volatile. Meaning, sudden dips, and rise should be expected from time to time. Bitcoin won't be able to go this far without the help of the Internet. The interconnected networks helped our community to grow in numbers and built the status gradually as improvements happen.

“Bitcoin is leading the migration of mankind from the Internet of information to the Internet of value.”

This is really a new term for the internet, but don't you think that information is also valuable? And is it so valuable sometimes? The information that was exchanged via the Internet, which led to the spread of culture and awareness, and contributed to the flourishing of human civilization, and turned the world into a small village, is not it also valuable? It is not necessarily a material value, but it is a moral or cognitive value, which I see as much more important than the material value.

The adoption curve have been constantly rising and you could see many countries on the verge of accepting btc as legal tender or to pass regulations for their usage following the steps of El Salvador and yes in coming time we will see almost all of them implementing the same decision.Bitcoin has come a long way and it will survive the coming time as best decentralised cryptocurrency using blockchain technology.

I accept your points of views because theirs a cogent reasons behind it, because we have multiplication of things that uses internet for accessible functions, it's not only bitcoin that requires internet facilities or function, other things that requires installation of a database are also needs internet, communication also needs internet to process information to various designations, so actually internet already in existence before introduction of  cryptocurrency popularly known as bitcoin.

You're absolutely correct that blockchain technology was introduced by Satoshi. Blockchain and Bitcoin are two different things though because Bitcoin is an application/system that uses blockchain technology.

The blockchain technology is highly rated by even bitcoin naysayers because it can be used for countless purposes.

I think he means that if Bitcoin was not introduced we won't have the blockchain technology. I guess he meant something else and ended up meaning something else.

If Bitcoin didn't existed, there won't be a blockchain, If the blockchain didn't existed we wouldn't have Bitcoin. Does this make sense .. haha even I am confused now lol.

Number 2 is a very important fact that many people deny its existence if they do not actually live it. For example, do you know the loan ratio of Whites to Blacks in USA? It is a staggering 83% to 17%. This was about 11 years ago of course, I am sure there must be some improvements but that was the case when I wrote my study on financial inequality 11 years ago. So that means banks loan to whites 87% to 17% (removing all the other ethnicity, otherwise both drop a lot more, Asians surprisingly get a lot easier loans, no inequity there).

So bitcoin closes that gap, they are not given that much of a damn if you are white, black, European, American, Asian, African nobody cares, no religion, no anything. You are just who you are and nobody gives a damn who you are and you get to be all equal with everyone. That is a huge deal, it allows people to actually become free for the first time.

Yes ,Bitcoin has created a new value network.The emergence of the Internet has created many Internet business models, and has also brought about the rapid development of society.
The emergence of the Bitcoin Internet of Value will inevitably bring new rules and orders to the crypto world.Bitcoin network built a value transmission network where value is exchanged and transferred in the form of Bitcoin.Through the Bitcoin protocol and its network, we are in the digital world, transferring value without the need of any intermediary for endorsement.

The internet of value is not only bitcoin, but any fintech technology that uses internet to create a network effect. There is some confusion on this, it is not enough to use internet for business, which pretty much everyone does, it is about using internet to create certain effects that do not only improve the productivity or the comms, it is much more about making growth exponential and using that to create a network of users. Bitcoin is clearly one of the technologies that has achieved that goal.

The whole thing is weird since the point about data being safe is completely wrong. We most of the times have to depend on third parties for the whole point of keeping it safe which itself is very hard concept to grab and we have to understand the fact that things can go wrong any moment, but when we talk about bitcoins, as a whole concept, it changed the whole scene faster than anything, you do not have to depend on a third party and you can own your own money. That's why when the companies start and label bitcoins as a part of their investments for funds or for people involved in them, its stupid to even go there.

We can now clearly point out that there is currently no single force that can eliminate Bitcoin, nor can it completely prohibit the use of Bitcoin. This is the same for the governments of various countries. Therefore, for the government, the future can only adapt to the existence of Bitcoin and enact various laws for Bitcoin. However, Bitcoin itself belongs to the entire world, and it is difficult for the power of a single country to completely restrict it through its own single law. So in the future, the only possibility is that more and more countries begin to recognize the status of Bitcoin as legal tender. No one can stop this trend.

I'd be tempted to give you merits for your post if it didn't start off with seemingly nonsensical sentences like the ones above.  Am I missing something?  Bitcoin and blockchain technology were introduced simultaneously, right?  Someone correct me if I'm wrong, because from what I've read, there was no such thing as a blockchain before Satoshi introduced bitcoin. 

And bitcoin is just an application of a blockchain, so I'm not sure what you mean by your second sentence there.  I just came to this thread to help out a member with a post history review but started reading other posts, and man....this section is going downhill fast.

Yes, we can say that the Internet is now completely controlled by centralized giants, and all data is also controlled in centralized servers. On the one hand, these data may be stolen, on the other hand, these data are abused by centralized platforms for profit. But when Bitcoin was born, it made a peer-to-peer distributed database possible. All data is stored in the p2p network. At the same time, these data are open and transparent, and anyone can access and use it without restriction. Bitcoin has brought human beings into the value network.

but if we compare banks with bitcoin, then we cannot forget the role of government which is behind the scenes about the future of both. bitcoin does have some advantages, but no matter how good bitcoin is without permission from the government, I don't think it will be what we expect, but on the other hand we believe that bitcoin will be able to adapt to developments in the future so that even the government needs it.

There has been tries to make the internet a p2p place as well. What does internet consists of? Basically data, its all data, and it has to be stored somewhere right? Just youtube alone is so vast that you wouldn't believe how many computers would it require to sustain that, probably a whole nation worth depending on the nation we are talking about, bigger than certain nations whole computer numbers.

However the logic is that if we could actually end up making internet p2p like blockchain is, we could potentially make it work, right now it is not enough, even if every single human on the world have computers that are open 7/24 it is not going to be enough, but we are getting there, the computer technology is getting there, internet is also growing at a faster speed so that is going to make it difficult, but it is not going to be impossible, we just need more data space on computers in the future, and that is exactly what quantum computing is focusing on, we may not need a lot of central data bases in that case.

The difference between blockchain and the internet that exists today is in the central storage. Today's internet is highly centralized or all activities are stored in central servers. One of the drawbacks is that if the server is attacked by cyber criminals, the entire operation of the organization or company will be disrupted. But blockchain is able to avoid these risks.

Secure and well-distributed blockchain network. All parties will be directly connected to the network without the need for large bandwidth and sophisticated infrastructure. Each node of the blockchain can be connected only to the wifi network.

So far, blockchain technology is known for digital currencies, such as Bitcoin, Ethereum and others.

Blockchain is a technology that cannot be seen directly, but humans can feel the benefits. Like digital money, the holder cannot see the physical form of money like currency but there is a binding value in it. Blockchain can be used as a transaction tool for buying and selling goods, even being exchanged for currency through digital asset exchanges.

So I dare say, Blockchain is as 'the next internet'.

Blockchain will also benefit many other industries in the future.

You forget that bitcoin has innovation that are far more useful than just a currency or trading asset. Read more here: Am I the Only One Who Forget The Innovation of Bitcoin ?

People's trust in bitcoin has made bitcoin even more valuable and that's because of its ever-increasing demand. Not only used as a trading asset, bitcoin has the same uses as a currency and what sets it apart is that no one person or group can control it. It is a decentralized asset and people who completely distrust the banking system really hope that bitcoin can help it. Meanwhile, bitcoin is still a growing asset even though it has scaled better than its past.

Over the centuries mankind has developed very quickly, as far as I know, from 1974 the internet started to appear. At that time the network was still called ARPANET. In 1983, the TCP/IP protocol officially became the standard of the US military and all computers connected to ARPANET had to use this new standard. From a worthless internet, people have become valuable and these are the new turning points of human development. Just like we want to grow, we have to accept the new and BTC as the product. on the development of internet technology.
Bitcoin has a lot of useful things for humans like .

1. everyone has the right to financial freedom no one has the right to control
2. who is discriminated against by the current financial system.
3. who lives in a place that wants to transact quickly with another country.
4. who wants long-term and safe storage with high security.

Bitcoin's underlying blockchain technology uses a decentralized consensus mechanism to build a credible free transaction network that is open and transparent and does not rely on any third party. Bitcoin network technology promotes the creation and transaction of social value, and transforms the Internet from the Internet of Information to the Internet of Value.
Blockchain technology can solve is value transfer, making transactions independent of trusted third parties, and value can circulate safely and quickly like information. Its open and transparent characteristics not only make the transaction process convenient for supervision, but also prevent the occurrence of repeated transactions. While this improves safety, it also greatly improves efficiency. The Internet as an information highway, will become a value highway with the help of blockchain.

a banana never asks for money.
a banana has no value or cost.. what does..
the people farming the banana..

people farm the banana because other people want the banana. its nutritious

bitcoins values(features and benefits) come from its ease of transactability and cheaper to use than gold

bitcoin value(economic) comes from initially the cost of acquiring it. (mining) and then when people buy it from miners. the acquired cost from those buyers who wont sell for less than their cost

same with banana's
a banana costs nothing. but the labour and the effort of the farmers. and then once bought from the farm the labour and effort for the distributors/wholesalers.

everything in life is initially free. its the human cost of getting involved that then puts a value on it.

for bitcoin to have a value. it needs to have values(features and benefits(a utility/need))
if bitcoin became useless to people. then the desires and values will drop. which will impact the value

if no one wants it. then no one will mine it or keep it. it needs to solve a purpose.
so all this talk about offramping utility away from bitcoin into other networks is taking that utility away. making people not want/need to care about onchain transactions thus no need/desire to want to monitor the network. meaning less need to secure the network. and so on and so one