Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: 12 years later and people still don't know to use Bitcoin nor what it's good for
by
GazetaBitcoin
on 03/11/2023, 09:04:18 UTC
⭐ Merited by JayJuanGee (1)
Yes, I’ve read the white paper.

Then I believe you should re-read this part, for understanding what Bitcoin was created for:

Quote
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. [...]

Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model.  Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non-
reversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need.  A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.  What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.

The above part is related to this part of our earlier conversation:

This is absolutely true. Every time we use the services of any business, we lose money. It doesn't matter to whom we give it: the exchange for matching two orders, the bank for issuing a bank card, the hardware wallet manufacturer for the wallet, or the Lightning service provider for opening the payment channel. Within capitalist relations, the consumer always loses money.

If you view businessmen as enemies, it's better to never use their services at all.
Bitcoin was invented to eliminate third parties, which only want a buck for any possible person. Have you ever read the white paper?

I am using Bitcoin the way it was meant and I am advocating for that. I am also trying to help as many people to do the same.

There are some businesses which are necessary to live -- e.g. a grocery store, from where you buy bread, milk and so on. Or the company providing electricity. But you can live -- and live better! -- without many other companies and, for sure, without exchanges (at least centralized ones) or banks. Bitcoin facilitates peer-to-peer transfers so there is really no need to use a centralized exchange to do that for you.



But what do you think about miners? Aren’t they that very third party which only wants a sat from any possible transaction? I see professional mining as a move away from the concept of intermediary-free transactions. I would prefer a digital cash system where every user is also a miner.

Nobody stops you from being a miner. And no, miners are not third parties. They are part of the core of Bitcoin's functionality.