Quote from: Lamkuthang on Today at 06:34:52 AM

Quote from: JayJuanGee on May 05, 2023, 03:40:41 PM

.. and that there is confusion between bitcoin and crypto..and those kinds of confusions are purposefully reinforced and contributing towards difficulties for normies to really wrap their heads around what bitcoin is and what makes bitcoin valuable for everyone as a kind of "people's money."

It is true that there are many complexities surrounding Bitcoin and its role in the financial system. si. Many people are skeptical of Bitcoin because they don't understand it, and they may have heard misleading information about it and one of the common misconceptions is that Bitcoin is only for criminals and illegal activity. This is not true, because Bitcoin has many legitimate uses and can be used for everyday transactions, just like any other currency. Another misconception is that Bitcoin is the same as any other cryptocurrency, when in fact it was the first and most famous cryptocurrency.

The value of bitcoin does not come merely from the fact that it was first, even though it is factually true that bitcoin came first (well it was built on other principles and experiences too in order to combine some previous innovations in somewhat unique ways to have the communication of valid coins to take place over a network with competing entities/individuals pursuing their own self-interests therein).... ...

so there is likely some advantage that comes from a kind of bitcoin protocol that builds upon itself.. and any potential replacement would likely need to be somewhere in the ballpark of 10x better or else any potential replacement would just be absorbed into bitcoin... so many of the shitcoins and supposedly competing products are not even close to better than bitcoin, even if they claim that they are, but even if they were, they would need to be around 10x better otherwise the incumbent (ie king daddy bitcoin) is going to continue to dominate.. even if it is attacked by a variety of actors, including nation-states and traditional banking institutions and status quo richie peeps who see bitcoin as a threat, but likely they can do nothing about it, even though they will try and likely continue to try to beat bitcoin, which might cause difficulties for king daddy bitcoin, but with the passage of time value is likely to continue to gravitate into bitcoin because it is superior to any other current system and likely superior to any system that would need to be 10x better than it, in order to replace my lil precious (aka dee cornz).