Topic: Why we trust in cryptocurrencies? (or not?) - page 2. (Read 1151 times)

Re: Why we trust in cryptocurrencies? (or not?)

Because it's proven and tested. It is now the most convenient form of money. History will prove that as we move forward, anything discovered great will surely stay, will grow and develop.
This is our confidence why we trust in crypto currency.

No no its not about people's trust on each other but most people investing in cryptocurrencies even do not know the algorithm behind it, they only invest with the idea that their investment will grow one day, blockchain technology being decentralize, fast, secure and fast is attracting people to invest in cryptocurrencies but there is a also a dark side of this business so many frauds are happening which are not controllable, there must be some protocols to launch and use cryptocurrencies.

I am sure that the future will only be true to a period of time when typing everything into virtual. including financial matters.
The belief is added when seeing public interest in crypto. Yes, crypto is currently weak, but it's only a matter of time. Behind conventional banking out there, they are preparing themselves to start Crypto more seriously

Cryptocurrencies are more stable now than the US dollar, making it more secure to invest with, crypto uses mining and bitcoin as its currency. Maintaining your wallet digitalized for your investment is wiser just to keep up with the trend in digital world.

We trust cryptocurrencies because there aren't much better alternatives. Fiat currencies depends on the trust of the people in the government and its supply will increase in time so its value will depreciate as time goes by.

An excellent topic for discussion, thank you, an important question: Why are we interested in cryptocurrencies? From my point of view, I am dealing with this promising market in terms of a purely practical term. In other words, I see the cryptocurrencies on the one hand, it will become the future “ urgent need” for people in a world of tremendous technological development. In future digital world, Where people need to finish the sale and purchase procedures quickly , accurately , easily and safely, taking advantage of all the available techniques where people will have to give up dealing with currencies in cash. In terms of decentralization, decentralization is an advantage for some and a disadvantage for others. A positive advantage for those living under oppressive and unjust regimes that lack justice, freedoms, human rights and sustainable development, which are the basic functions of states without which they have no meaning. People have evaded this modern type of digital commerce to escape these conditions. As for those who live in countries that are decentralized, democratic and fair, respect the rights of their citizens and work for their protection, development and happiness, there is no reasonable reason for them to escape this market except greed and evasion of taxes which I think is an obligation that must be paid by citizens under fair countries. I don’t wish the demise of governments because the chaotic nature of human beings requires the existence of orderly authorities for their lives and guarantees of security, freedom and justice, otherwise the world will turn into a frightening forest.. I hope that the world of cryptocurrencies will flourish but that the minimum laws and regulations that limit its transformation into a negative point against the happiness and well-being of mankind will be guaranteed. In my opinion, this will only happen in two cases: Either states recognize the importance of this coming flood and deal with it seriously from a fair, equitable state perspective, or by creating an international institutions to enactment of strict laws and enforceable, follow-up and accountable , in other words we can say : we need to a” FIFA “  for the cryptocurrencies market…

Each cryptocurrency is primarily a technology that works inherently against the world's banking systems. And we still believe that someday bitcoin will still be at the head of any country in the world as a means of payment, instead of Fiat money.

We trust crypto currency, because it is not yet fully controlled by any state. This is what is beyond the framework of the system. I think the reason can be covered in this.

I'm so in contrast with this statement. Trust is almost becoming an asset nowadays, compared to 10 or 20 years. It is hardly earned or given and most be properly managed. Gone are the days when people drop money for any good or goods purchased in the absence of the seller. Nowadays, the seller dare not try leave his/her goods unkept. Humans gradually got raised to understand the intrinsic value of money.

Fast forward to now, Cryptocurrency is helping regain trust and security in the aspect of finances and economy, using the Blockchain technology. Blockchain systems are designed in a such a way that personal or corporate identities are not used; no trust is offered or needed; and where security and reliability are assured through mathematical functions and code.

If we believe in dollar - it will exist. If we believe in cryptocurrency - it will exist. As long as we believe in something - it will exist.

Mainly because of the fact that they work. However all the crypto currencies in fact do not function as a currency, and the main reason why we trust in them is because it is profitable and we are greedy.

Great analysis, i give credit to that. In this world anything can be given value. Imagine just decimals and fractions reflecting in a particular wallet and people are keen to hold on to, wanting to get some and never let go. Its all because of the governance system of most countries. Now, let consider the issue of trust. It is highly impossible to trust people this days especially on such issues where transactions a very anonymous.

I trust in Math.  For cryptocurrency there is certain parameters on how many coins will be generated in a certain time frame.  With government money they can print any amount of money at will, it is a complete joke.

My dear, there is no point printing much money than necessary.
it will only cause liquidity and in turn cause inflation.
The government will be better off without printing unusual amount of cash.  
Don't get me wrong.
Government manipulation is paramount or certain that's what they do best. 

It's never a surprise that a person or people in a state is corrupted. People are somehow greedy and almost always want to benefit from everything that they do.
In the past, I think it's more hard to trust people especially a stranger but who knows. Hopefully Bitcoin could make a way.

The state system is being manipulated by the government in power at the end of the day. This means the government can just print any money that they want. But with Bitcoin there is transparency for everyone I like the banking system.

This... And the use of block chain basically removes the need to trust another person because in block chain, code is law and once another party initiates a transaction you don't need to trust them

people don't trust each other one bit, you only convince them and if they find value in what you selling they will buy into it.
However people use blockchain because it is decentralized and taxe free.  

As I was a student, I wondered that only state could issue money. What if this state is corrupted? Or stop existing? I realized that it seems like all people only imagined that their money has real value because in fact, it was not so.
Today any person may create a currency and that is rather a challange than a problem. However, it seems like people trust each other more than it was  10 or 20 years ago. And it seems like all the limits are gradually disappearing. We already have smart contracts, the possibility to buy and sells goods using cryptocurrencies, and what is more important - we have a freedom and opportunity to choose what we like or not. Basically, the sum of those choices designs the future.  I think that decentralized communities would win and the states in classical meaning would finally collapse.