Topic: Why we trust in cryptocurrencies? (or not?) (Read 1165 times)

WE should!

In toadys world you basically own nothing - even if you have bought a house.

- If you dont pay house tax your house will be sold by the state.
- If you dont pay your taxes on your car, it will also be sold by the state.

They can't take your crypto unless you give them your keys  

I know alot of things are happening in the crypto space which made lots of people to ask same questions you asked 4years ago, same question still keep on repeating it's self because of the things which are happening. The Luna crash as one of the major problem why most people are Lossing interest and trust from crypto. To me I still believe on crypto currency rather than my local currency Naira, lost of my funds are saved across crypto wallets BUSD, Matic and Eth, I truth them (crypto currency) more than I trust my local currency # (Naira) because lots of this coins are backed up with reserved and have limited supply which when the demand increases the price pump up, when it comes to the BUSD  which is equal to the united state dollars, I like holding it because the demand of it in my country is increasing and as such I made gain every day. Do you know the funniest part instead of the country to look for a way to increase the value of the currency, they keep on printing more Naira note to enable them meet up their budget which are never meet, no effected monitory policy to control the way money are being printed.


But the crypto like btc which have limited supply of 21,000 and can not increase more than that, matic 10 billion, and busd 17.98 Billion.
And so far my policy of holding my crypto currency have helped me alot more than puting my trust somewhere else.

I think Many people not agree with this After 😭😭 Terra luna Collapse. Only Bitcoin Not controlled by any person or State.

Do you really think that you gave any valid reason here?

Crypto is mostly trusted by people around the world - it is the fastest and easiest way to be rich in limited time
Also the point you have added is very valid that the companies and individuals are very serious about investment in block chain because of the potential.

The world is evolving and many individuals and companies are beginning to maximize blockchain technology because of the potential it holds. Though, it has it's setbacks, but cryptocurrency and blockchain technology is the future and the future is now and we must embrace it.

I guess the Major reason is that you're in control of your money ( your are your own bank) . other reasons why people trust cryptocurrency are because of its transparency, i.e any information you need about a particular coin is put out there, both in transaction, circulation , supply, number of holders, volume , some coins are deflationary, fast in transaction, traceable and a lot more to talk about, than when compared to fiat moneytory system.

When you decide to trust crypto or not things will keep moving. Since the crypto market is decentralized where no government will impose law to control it activities, more people tend to adopt it because they have been looking for this kind of freedom for long now. The crypto world is difficult to be hijacked by government.

As for me, I trust in cryptocurrency so much basically because it has helped me in so many ways than the government system ever will. Decentralisation has proven to be the best key with its transparency and self governance to your money owned.

Fiat is worth because the people give it worth. The US-dollar is a good example: in the past it was backed with gold, which gave the dollar the worth it had. At the year 1971 it was dissolved from President Richard Nixon. Now we only believe in the worth it had.
In crypto we have an active market, where it gains its worth from supply and demand. The decentralized topic is a plus to that.
In every country we have different rules for crypto and we saw countries ban crypto. But it will never happen that the whole world agrees on to ban crypto. There will be always a country which says: Hey they ban crypto, but we don’t, so come to us then.

The decentralized platform that made bitcoin to be strong is what actually keep bitcoin trust worthy, by now people won't have believe strongly in cryptocurrency, it is not fiat currency that have low security level, politicians queue up in cryptocurrency because of the security level

Money is basically controlled by the government, every time that passes always creates currency. Inflation always occurs, although not too severe. However, from year to year, we will feel that with the same nominal value, the next 10 years the value will decrease for us to spend. I still believe in crypto because it is still running independently. And this has always been the potential to replace fiat, and if this happens then it is directly controlled by the government.

We trust in cryptocurrency cause of blockchain technology. It is a system that cannot be changed, edited, removed, or deleted. blockchain chain technology. There is no middleman who can control it. It is a trustless, decentralized system. It was introduced in 1990. But work and research on this technology continued for nearly 20 years. In 1909 Satoshi Nakamoto apply this to Bitcoin. Bitcoin proved a very successful cryptosystem. Million people around the world join it and they are still working on this system and its number of users are increasing day by day.

We are definitely entering into a new era of history. Statecraft as we knew it is gone forever. Every couple of centuries, life changes completely. If those of us who are alive today live to see the revolution completed, we would probably be dumbbfounded by the changes which are about to take place.

Its up to us if how much we trust or just merely hope for a good result in investing crypto... I would say its always a risk ... 1st of all price is always volatile..ita exchange or market is manipulated...theres always hacks has been lost ...Fact is cryptocurrency, in its current form, meets most every condition of a speculative asset..

The right thing to do is trust yourself of course before anything else. I am also a student, we can simply say that we are not knowledgeable enough to understand everything here in crypto so just learn more about it first and decide if it is worth to trust or not.

the reason for the trust in crypto currency is because of the decentralized nature of crypto. Technical decisions are not left to some selected few, with prior notice of the community. There is complete transparency in crypto currency.

the reason people trust in the blockchain system is because of it's decentralized nature. It cannot be manipulated by a selected few to suit their personal interest without the notice of the system in general, that's what decentralization means.

cryptocurrency will gain more trust because of it's decentralized nature, and the fact that crypto currency is not affected by the activities of inflation or deflation. Unlike your fiat currency in your bank account, cryptocurrency is an investment that yield interest more than any bank will ever give.

The main reason I trust cryptocurrency comes from the blockchain. I think coins and blockchains are inseparable. I believe in the development of blockchains, so I believe in the future of coins!

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.