Post
Topic
Board Bitcoin Discussion
Merits 6 from 2 users
Re: Myth vs Facts and My Assumptions about Bitcoin
by
_BlackStar
on 19/01/2022, 18:58:21 UTC
⭐ Merited by The Pharmacist (4) ,pooya87 (2)
This kind of myth's is not totally avoidable or new since people think negative on new things discover especially if we talk about finance and investment.
Of course, because we can't really convince a blind person to believe that the shirt you're wearing is green. So is the situation where we tell people to believe in bitcoin when they don't know what bitcoin is. They won't believe it until they find out.



Bitcoin is semi anonymous or pseudonymous, all transactions are transparent on blockchain but might not be linked to people that make the transaction.
But people can use bitcoin anonymously or can also prefer to maintain privacy.
I can understand your point but in practice we can prove that most people don't care enough about privacy especially if they use a centralized exchange.

How about replace-by-fee (RBF), this is double spend. For example, I transfer bitcoin to someone with RBF enabled, if the transaction is not yet confirmed, I can double spend the coin by either cancelling the broadcasted transaction back into another address on my wallet with a higher fee, or by sending it to another new address on another wallet with high fee. But this only applies to transactions in which RBF is enabled.

The reason it is recommended to accept transaction that has been confirmed to avoid scam.
Although from the start I used a wallet that has the RBF feature but I really haven't tried it until now. I found the possibility of double spending based on what I've read about the functionality of the RBF feature so we are always advised to stay aware of 0conf transactions when trading between users as it is not secure, but I really don't know how it works.



Instead of being on a beginner's board, why don't you move this thread to a bitcoin discussion board? I think you will get a lot of quality posters there especially those who care enough about bitcoin.
Thanks, I've considered your suggestion and now the thread is on the bitcoin discussion board.



-snip-
I'd like to point out that I've been hearing this statement from different users ever since 2014 that I got involved with bitcoin and they will repeat it in the future too. Funny thing is that if they bought bitcoin in 2014-2015 instead of nagging they would have bought it at about $400 and now the price is about $40,000 which is 100 times higher.
Funnier thing is that those who are nagging today and not buying bitcoin will complain in the near future when price is $400,000!
They want to buy, but they are afraid of loss and potential lower price. They are not people who know much about how the bitcoin market works while they want to make big profits from it. But really, that's the funniest part about being unlucky.