Bitcoin is very scare already and it can be compared to gold, what is produced in gold today, Bitcoin can already compete. And it will only get better for Bitcoin from here because every halving, Bitcoin will get scarcer.

Round 2


CoinMarketCap has been hacked, be careful
Category: Advice
Section: Beginners and Help


Bitcoin is very safe coin because of good developers
Category: Advice
Section: Nigeria


Bitcoin’s fork coins are of less value, here is why
Category: Price discussion
Section: Bitcoin discussion


Big Bitcoin vs. Ethereum topic
Category: technical Discussion
Section: Bitcoin discussion


Re: Why Bitcoin is such a good coin
Category: technical Discussion
Section: Bitcoin discussion

Bitcoin is a very safe and reliable currency. It is decentralized and scarce and it can be compared to digital gold because gold is also very scarce and people collect it, like Bitcoin can be collected as well.
When Lembo, when Moon? 

Recently, CoinMarketCap has been hacked. Hackers exploited Coinmarketcap's website and opened Popups, where customers had to verify wallets like MetaMask etc., which ist scam. Be very careful when you are visiting CoinMarketCap

CoinMarketCap confirmed its hack already and said to be very careful. Hackers managed to put up Popups, a phishing tactic, where customers were asked to enter wallet details, which was an exploit by hackers.

It is news already:https://www.coindesk.com/tech/2025/06/21/coinmarketcap-briefly-exploited-with-wallet-phishing-pop-up-message

Recently, CoinMarketCap has been hacked. Hackers exploited Coinmarketcap's website and opened Popups, where customers had to verify wallets like MetaMask etc., which ist scam. Be very careful when you are visiting CoinMarketCap

CoinMarketCap confirmed its hack already and said to be very careful. Hackers managed to put up Popups, a phishing tactic, where customers were asked to enter wallet details, which was an exploit by hackers.

It is news already:https://www.coindesk.com/tech/2025/06/21/coinmarketcap-briefly-exploited-with-wallet-phishing-pop-up-message

You are right, hackers and criminals have so many attack vectors, to make victims online from hacking and stealing personal data such like KYC. We have very huge inconvenieces to take to stay safe online against hackers and criminals.

Security is a very important topic in Blockchain applications and Bitcoin has proven to be reliable here, while many Altcoins have struggled to do so. For us, when our money is at stake, we need to do our research how a Coin is different, advantages, disadvantages to prevent a loss due to education.
Here's a list after my research.



1. Bitcoin is well reviewed

When Bitcoin was invented, it was set up to be a big security. Hacks should be impossible and get prevented by good code. Bitcoin attracted and still has a very large community of really educated developers.
Bitcoin has a very reliable coder community, where flaws will be detected early before implementation and no risks are being taken. Many much smaller coins have a very flawed code review process.
A large and educated coder community reviewing code during testing times is an important advantage for Bitcoin.

And luckily, it saves us from possible hacks, when hackers are prevented from detecting flaws faster because all flaws are removed before implementation.
We have seen so many hacks, where a flawed code was exploited and people lost money, like for Altcoin cross chain bridges recently or when Terra Luna failed.
Still, people are buying coins from unreliable coders like Tron from Justin Sun or even weaker DeFi coins like Acala Stablecoin from Polkadot’s supplier Web 3.
Unfortunately, some people will only learn after a loss.

Some coins are very centralized and have a single point of failure like Solana, when it was down several times or devs have much power like in Binance Coin or Tron.
And DeFi coins can easily print some more coins / tokens into existence.
Bitcoin is having a big advantage here.



2. Bitcoin has PoW

It is big controversy for a long time, if a coin makes PoW or PoS, like it was for Ethereum [ETH]. Not for Bitcoin because Bitcoin developers have decided PoW is best because of security. From what Experts have said so far, PoW is very hard or almost impossible to compromise instead of PoS, where more attack vectors can be found. Like Corona, we should trust mayority of experts who have education and experience in an issue. Satoshi implemented PoW not PoS because Satoshi knew. He was very experienced and called it right.
PoS can be abused by rich stakers and makes a project centralized in many ways like premined coins and devs can create much influence by staking a large amount of PoS coins. PoW is not having such issues.




3. Security is Bitcoin’s priority

As for a safe cryptocurrency, security standards are very important. First point, we need security standards and Satoshi implemented it right himself, when he developed Bitcoin. Early Bitcoin developers added more security standards. Second point is after some time, to NOT remove such security standards. First point and especially second point are relevant to many Altcoins, which is a big issue for Altcoins.
Many Altcoins don’t offer anymore to create private and public keys to prove ownership of funds and access it. It is very concerning and seems mind blowing to many experienced coders.
For example, when creating a Solana wallet or similar new Altcoins. Altcoin developers are not focussing on security.
Or even MEW is bitching around more and more every time going away by implementing insecure patches. We need to have our private key offline.
Many Altcoins are leaving people vulnerable which is very concerning.
Bitcoin is better like Electrum for example. Its design is not so nice but Electrum is good tech and recommended by many experts.

Bitcoin is still having very high security standards today because of Bitcoin does not want to build a hype coin, Bitcoin wants to build a safe coin.
It is our duty to select a safe coin instead of an unsafe hype coin.

I would not say he is unintelligent because he is a sophisticated scammer who has lots of ressources at hand and will go a long way to terrorize his enemies. He is truly dangerous and a big fraudster who will try to win every case he is involved in.

Of course, cloud miners need to show proof of operations, where real devices of mining are shown, how and where it is set up and similar statistics like from Genesis Mining, a true and trusted cloud miner. If is is still profitable to be cloud mining is a big question because it is currently not profitable to be cloud mining.

Very true, just HODL is better compared to cloud mining. Our Bitcoins are stored safely in our wallet and it is only about price speculation.

Cloudmining and hosted mining are really famous because you don’t need coder skillz to set up your miners. Setting up miners is simply done by someone else.

Cloudmining and hosted mining have High Operational and Service Costs. Providers charge fees not just for hardware, but also for maintenance, electricity, infrastructure, and profit margin. Such costs are often baked into long-term contracts, which are priced to ensure they profit — not you. You're still paying for machines, hosting space, electricity, cooling, and support. Such costs are often made up and can be higher what large-scale miners pay in bulk.

Mining Difficulty and Diminishing Returns are a big problem. Mining difficulty typically increases over time, which reduces rewards unless you're constantly upgrading hardware. Hosted or cloud mining contracts often lock in performance levels, meaning your hash rate remains constant while the network becomes more competitive.
Depreciation of Hardware is a big problem as well.  By hosted mining, you're usually responsible for buying your own equipment. ASIC miners become outdated quickly. If your miner becomes unprofitable, you still own the hardware, but it might be worth little to nothing.

Low Bitcoin Price Volatility Risk is due, if the price of Bitcoin drops significantly during your mining term, you might be mining at a loss, especially if your contract fees are fixed. You are still paying operational fees, regardless of whether your mining rewards cover such costs.

Lack of Transparency and Trust might affect your provider if no research was done beforehand. Many cloud mining companies have been scams (e.g., BitClub Network, BitConnect). Even legitimate providers may not be transparent about actual hardware uptime, efficiency, or how they calculate payouts.

You don’t have Control over operations.  By cloudmining, you don't control the hardware. If the company decides to shut down your contract (e.g., due to market conditions), you're stuck. Hosted mining gives you more control, but you're still reliant on a third party for physical access and management.

All in all we can say cloudmining and hosted mining is just not profitable because we have so many middlemen costs occurring. You will be charged to have operations funded by a maintainer who will always charge a cost to stay in profit for himself.

You are right, it needs to say "Legacy Address", I've edited it now.

It is a big pity we still have exchanges using such outdated address types

Bitcoin has been high of value always compared to its fork coins and here is why:

Instead to its fork coins, Bitcoin has had a very clear goal to be a P2P currency and a store of value, where code does not get changed too easily because Bitcoin wants to be a stead safe haven, where value can be stored easily and maintained easily.
Code changes in Bitcoin have always been controversial and Bitcoin always tried to maintain status quo, where no code gets changed too easily, making Bitcoin a big promise as a safe haven for money.


Some of Bitcoin’s fork coins have been involved in big fraud

As a shady coin, Bitcoin SV is known to be a big scamcoin, where owner Craig Wright has evolved as a disgusting scammer and he was labelled “Faketoshi” for his unproven claims to be Satoshi but Craig Wright could not deliver any proof to be Satoshi.
He only achieved to be a fraudulent scammer because once again, his claims could not be verified as Craig Wright failed to deliver a substantial proof to be Satoshi Nakamoto, so his coins got rightfully dumped


Bitcoin’s fork coins have not gained enough crypto community support

Crypto community support for Bitcoin’s fork coins has been very low and Bitcoin’s fork coins have not gained enough community support for various points such like transaction count, transaction volume or popularity compared to Bitcoin. It has to be said for Bitcoin’s fork coins to be very low crypto community support overall.
Bitcoin’s fork coins are overally used not very much for transactions and it is a massive difference to Bitcoin’s volume and number of transactions.

Bitcoin does not need to be forked

Bitcoin does not need to be forked because it is simply a good coin. We don’t need any fork because Bitcoin is good how it is.
Bitcoin can’t be hacked or destroyed easily
Bitcoin is an amazing store of value
Bitcoin does what it should do: send and receive P2P transactions
Bitcoin’s network doesn’t get down easily like Solana does
Bitcoin has proven to be a good coin for almost 15 years now

We clearly don’t need to fork Bitcoin to make in fundamentally different like so many unsuccessful forks have done and have failed to be an attractive coin.

You are right, so many coins did made promises a lot but achieved none of it so far. Many coins are a big disappointemt, where people had hopes in such coins but no progress was done.

SegWit (Segregated Witness) was introduced in 2017 for Bitcoin. It was activated as a soft fork according to Bitcoin Improvement Proposal 148 (BIP 148), which enforced SegWit to be activated. SegWit aimed to improve scalability, reduce transaction fees, and fix transaction malleability issues, in addition to more smaller benefits.

Let’s have a look today at why SegWit is a good update for Bitcoin because Segregated Witness (SegWit) addresses for Bitcoin are offering several advantages over legacy addresses:


Native and nested SegWit

Today, we know about native and nested SegWit addresses. While nested SegWit only offers few advantages, native SegWit is what was introduced in 2017, giving us full benefits from SegWit transactions:

________	__________________________	_______________________________________________________________________________ _____________________
1…	Legacy-Address	P2PKH (pay to public key hash)
3…	Multisignature-Address	P2SH (pay to script hash)
________	__________________________	_______________________________________________________________________________ _____________________
3…	nested SegWit-Address	P2WPKH-P2SH (pay to witness public key hash - pay to script hash) / P2WSH-P2SH (pay to witness script hash - pay to script hash)
________	__________________________	_______________________________________________________________________________ _____________________
bc1q…	native SegWit-Address (bech32)	P2WPKH-bech32 (pay to witness public key hash) / P2WSH-bech32 (pay to witness script hash)
bc1p…	Taproot-Address	P2TR-bech32m (pay to tap root)

1. SegWit transaction are cheapest

SegWit offers us compared to Legacy or nested SegWit really low transaction fees and it will reduce our costs paid for transaction fees a lot.
Here’s an overview how large transactions of each type are: 

Type	|Input  vbyte	|Output vbyte	|transaction vbyte
Taproot	|57,5	|43	|111
Native SegWit	|68	|31	|109.5
Nested SegWit	|93	|32	|134
Nested SegWit	|140	|34	|192

For each input, we will save additional transaction fees.

SegWit transactions are simply smaller in size compared to legacy transactions because all witness data (signatures) is separated from transaction data. As a result, we get a lower fee per transaction vbyte.




2. Increased Block Capacity

Bitcoin has a limit of transactions in terms of transaction size for each Block: a limited number of transactions can only be fitted into each Bitcoin block, limiting Bitcoin’s capacity in terms of  transaction size per new block. 
SegWit allows more transactions to be fitted into each block. By separating all witness data, SegWit effectively decreases size limits for each transaction and effectively increases Bitcoin’s block size limit, which helps to process more transactions per block. 
So, SegWit actively helps to reduce congestion in Bitcoin’s mempool.

Overall, using SegWit addresses will help us to reduce transaction costs, have a better network performance and future-proofing for additional improvements and features for Bitcoin.


Which ones are your favorite reasons to use Bitcoin native SegWit addresses?


Sources

Pay-to-taproot (P2TR) transaction fee
Why people should be using SegWit addresses
Minimizing bitcoin transaction fee
Mempool empty! Use this opportunity to Consolidate your small inputs!
List of Bitcoin Mempool Viewers for Reference

When we are active internet participants, we have many problems, difficulties and dangers ahead of us and when need to steer clear of all from it. One important topic is identity theft, where your identity will be stolen and abused by criminals online.


Identity theft

Identity theft happens always online when a hacker or criminal wants to have access to our personal data like name, address, amount of Bitcoin holding and online Accounts. It is really a criminal abuse to have identity theft happen, when our identity will be stolen and used for abuse by criminals online. Our identity documents will be used to order from dark net markets, make a criminal business or similar, where our stolen identity will be used.


Avoid KYC

We can avoid KYC, where we avoid to submit our identity online and don’t give it to strangers online. Our passport and different identity documents will be kept for us and no one will have access to it.
KYC is dangerous in many forms, where our identity documents can be hacked and stolen and arrive in darknet markets for trade or for abuse by hackers and criminals.
We never know how safe our identity documents are, when submitted.
Because KYC is criminal’s friend. It makes it easier for criminals to obtain identity documents and to commit fraud in other people’s names more easily.
Only make KYC if you really need it – if not, avoid KYC at any cost.


Don’t enter your address to buy any items online

We can also be careful when we enter our address to order items online. We never know how safe our addresses are when submitted. When we submit our addresses online to order items, it is a high risk to be dangerous and our address can be stolen.
Only submit your personal data to order items if you really need it – if not avoid giving out your personal data.


So, you can see, we can avoid all of it, where we need to make online statements about our address and identity information, we can control it ourselves, where we submit our data and better avoid it entirely to be safe.

When we are active internet participants, we have many problems, difficulties and dangers ahead of us and when need to steer clear of all from it. One important topic is identity theft, where your identity will be stolen and abused by criminals online.


Identity theft

Identity theft happens always online when a hacker or criminal wants to have access to our personal data like name, address, amount of Bitcoin holding and online Accounts. It is really a criminal abuse to have identity theft happen, when our identity will be stolen and used for abuse by criminals online. Our identity documents will be used to order from dark net markets, make a criminal business or similar, where our stolen identity will be used.


Avoid KYC

We can avoid KYC, where we avoid to submit our identity online and don’t give it to strangers online. Our passport and different identity documents will be kept for us and no one will have access to it.
KYC is dangerous in many forms, where our identity documents can be hacked and stolen and arrive in darknet markets for trade or for abuse by hackers and criminals.
We never know how safe our identity documents are, when submitted.
Because KYC is criminal’s friend. It makes it easier for criminals to obtain identity documents and to commit fraud in other people’s names more easily.
Only make KYC if you really need it – if not avoid KYC at any cost


Don’t enter your address to buy any items online

We can also be careful when we enter our address to order items online. We never know how safe our addresses are when submitted. When we submit our addresses online to order items, it is a high risk to be dangerous and our address can be stolen.
Only submit your personal data to order items if you really need it – if not avoid giving out your personal data.


So, you can see, we can avoid all of it, where we need to make online statements about our address and identity information, we can control it ourselves, where we submit our data and better avoid it entirely to be safe.

Craig Steven Wright, also called CSW (or due to his appearance and track record also called "Faketoshi") from his Altcoin BSV is clearly a scammer and he should be called out any time, he’s spouting nonsense again and again, (which is very often).
His track record contains so many lies, fraud and misleading statements and actions, a list is becoming quite to long to be presented here but we will try of course to be a complete list as good as possible.


Craig Wright, is a scammer due to several reasons:


His claim to be Satoshi Nakamoto

CSW has repeatedly claimed to be Satoshi Nakamoto, who has created Bitcoin. Despite his claims, he has failed to provide verifiable proof. For instance, he has not signed a message from his private keys which would prove for him to be Satoshi Nakamoto. A sign from his private key would be his best proof to be Satoshi Nakamoto but he has failed to prove it so far.
Wright's narratives and technical explanations have often been inconsistent and contradictory. Technical experts and cryptographers have pointed out numerous inaccuracies in his statements about Bitcoin and its development, contradicting CSW’s claims to be Satoshi Nakamoto on various occasions.


Presenting questionable or faked evidence

CSW has presented various pieces of questionable evidence to support his claim, many of which have been debunked as fraudulent or manipulated. For example, he produced documents and digital signatures which were proven to be backdated or similarly exposed as fraud. CSW has a large background for presenting fraudulent or outright faked evidence.
Big Bitcoin developers, including key figures and developers, largely rejects Wright's claims.
Wright is also known for his aggressive behavior and his perception for attempting to leverage his claims for personal gain instead of contributing positively to Bitcoins ecosystem.


Bitcoin SV and market manipulation

Wright is behind BSV (called "Bitcoin Satoshis Vision"), a fraudulent hard fork of Bitcoin. It is assumed for CSW to push his fraudulent fork shitcoin as an attempt by Wright to create and control a version of Bitcoin which aligns his vision and to profit from his association, instead of contributing to Bitcoin’s decentralized principles on which Bitcoin was founded. His copied fork is as fraudulent as a shitcoin can get.


CSW and his lawsuit again Hodlonaut

Wright has been involved in numerous legal disputes, often suing critics and people who don’t believe his claim of being Satoshi. Such lawsuits are seen by many as attempts to silence detractors instead of legitimate legal opposition.
One of his biggest lawsuits has been against Hodlonaut and his lawsuit has garnered significant attention:  

In March 2019, Hodlonaut posted several tweets calling Craig Wright a fraud and disputing his claim to be Satoshi Nakamoto, creator of Bitcoin. Hodlonaut used a hashtag, called "#CraigWrightIsAFraud," which gained traction among critics of Wright's claims.

As a response to Hodlonaut’s tweets, Wright initiated legal action against Hodlonaut, alleging defamation. Wright's lawyers demanded to Hodlonaut to retract his statements, delete his tweets, and publicly apologize. CSW also offered a bounty to anyone who could provide information about Hodlonaut's real identity.

Of course, no one in Bitcoin’s community wanted to support CSW and a big opposition arrived in defending of Hodlonaut. Even a legal defense fund, called "We Are All Hodlonaut", was established to help cover his legal expenses.
  
CSW proceeded in his lawsuit against Hodlonaut, making it a big case but finally, Hodlonaut won and CSW did once again not provide enough evidence to back up his claim to be Satoshi Nakamoto. Also, Wright was sued to cover Hodlonaut's legal fees.
CWS vs. Hodlonaut is a great example, how CSW tries to legitimize his shitcoin called BSV and how he always fails to present enough evidence because CSW finally lost against Hodlonaut.
We might see CSW presenting more questionable evidence and failing his to prove his claim to be Satoshi Nakamoto again and again, which only would contribute to his track record to be a misleading scammer and fraudster.

His lack of credible evidence supporting his claims and his controversial actions have really damaged his reputation.

Don't forget decentralization and scarcity as Bitcoin is so very scarce, we can made so many profits from it.

Because it is more easy for such exchanges to have Legacy addresses because bech32 is more complicated to be added and maintained.

Because it is more easy for such exchanges to have Legacy addresses because bech32 is more complicated to be added and maintained.

It is very hard for normal customers to pressure exchangers to add new addresses because which stake do we have in such exchangers? Not much stake for us to have in exchangers as normal customers don't have many opportinities to pressure exchangers.



What a bullshit comment. We need to line out and give reasons why Bitcoin is such a good coin because we need to have our arguments sit ready in a discussion.

But we need to line it out why PoW is better compared to PoS and I was doing it in my post.



Profit of course because all we need is a good profits and we are in profit currently when Bitcoin has such high prices.

If bitcoin becomes stable and no longer profitable, will you and how many others still stay with bitcoin ? 
[/quote]
Bitcoin will remain profitable for a very long time and it is good for us.

Bitcoin is such a good coin because it has good code

Bitcoin's code is so good because it is simple and solid. It was released by Satoshi Nakamoto and in its original form, Bitcoin is supposed to survive from its code alone. We do not need to change its code because it is simply a good code and it's well reviewed.


Bitcoin has SegWit to lower transaction fees

SegWit offers us compared to Legacy or nested SegWit really low transaction fees and it will reduce our costs paid for transaction fees a lot.
SegWit transactions are simply smaller in size compared to legacy transactions because all witness data (signatures) is separated from transaction data. As a result, we get a lower fee per transaction vbyte.


Bitcoin’s SegWit offers increased Block Capacity

Bitcoin has a limit of transactions in terms of transaction size for each Block: a limited number of transactions can only be fitted into each Bitcoin block, limiting Bitcoin’s capacity in terms of  transaction size per new block.
SegWit allows more transactions to be fitted into each block. By separating all witness data, SegWit effectively decreases size limits for each transaction and effectively increases Bitcoin’s block size limit, which helps to process more transactions per block.
So, SegWit actively helps to reduce congestion in Bitcoin’s mempool.

Overall, using SegWit addresses will help us to reduce transaction costs, have a better network performance and future-proofing for additional improvements and features for Bitcoin.


Reasons for and against Pos vs. PoW

Quite contrary to PoS, PoW is very hard or almost impossible to compromise. Not so for PoS, where more attack vectors can be found.

For example, PoS can be abused by rich stakers. Many PoS projects have a so-called pre-mining of coins allocated to the team and the team can abuse such pre-mined coins to gain influence about project decisions.
A large pre-mine is making a project centralized in many ways and devs can gain much influence by staking a large amount of PoS coins.
PoW is not having such issues.

A similar problem is called "nothing at stake", where attackers benefit from no cost to stake ETH or similar PoS coins. Should a fork occur, no matter if the fork is a friendly, accidental or a malicious attempt to rewrite history and reverse transactions, it’s a given strategy for any staker to stake on every chain. By doing so, he will get a reward no matter which fork will succeed and he will have no additional cost to do so.
In PoW, such a problem is not happening because PoW always means work (spending electricity) needs to be done. A cost occurs for every miner and he can’t mine on multiple chains because mining of a different chain means an extra cost.


Bitcoin is well reviewed

When Bitcoin was invented, it was set up to be a big security. Hacks should be impossible and get prevented by good code. Bitcoin attracted and still has a very large community of really educated developers.
Bitcoin has a very reliable coder community, where flaws will be detected early before implementation and no risks are being taken. Many much smaller coins have a very flawed code review process.
A large and educated coder community reviewing code during testing times is an important advantage for Bitcoin.

And luckily, it saves us from possible hacks, when hackers are prevented from detecting flaws faster because all flaws are removed before implementation.
We have seen so many hacks, where a flawed code was exploited and people lost money, like for Altcoin cross chain bridges recently or when Terra Luna failed.
Still, people are buying coins from unreliable coders like Tron from Justin Sun or even weaker DeFi coins like Acala Stablecoin from Polkadot’s supplier Web 3.
Unfortunately, some people will only learn after a loss.

Some coins are very centralized and have a single point of failure like Solana, when it was down several times or devs have much power like in Binance Coin or Tron.
And DeFi coins can easily print some more coins / tokens into existence.
Bitcoin is having a big advantage here.



Bitcoin has PoW

It is big controversy for a long time, if a coin makes PoW or PoS, like it was for Ethereum [ETH]. Not for Bitcoin because Bitcoin developers have decided PoW is best because of security. From what Experts have said so far, PoW is very hard or almost impossible to compromise instead of PoS, where more attack vectors can be found. Like Corona, we should trust majority of experts who have education and experience in an issue. Satoshi implemented PoW not PoS because Satoshi knew. He was very experienced and called it right.
PoS can be abused by rich stakers and makes a project centralized in many ways like premined coins and devs can create much influence by staking a large amount of PoS coins. PoW is not having such issues.


Security is Bitcoin’s priority

As for a safe cryptocurrency, security standards are very important. First point, we need security standards and Satoshi implemented it right himself, when he developed Bitcoin. Early Bitcoin developers added more security standards. Second point is after some time, to NOT remove such security standards. First point and especially second point are relevant to many Altcoins, which is a big issue for Altcoins.
Many Altcoins don’t offer anymore to create private and public keys to prove ownership of funds and access it. It is very concerning and seems mind blowing to many experienced coders.
For example, when creating a Solana wallet or similar new Altcoins. Altcoin developers are not focusing on security.
Or even MEW is bitching around more and more every time going away by implementing insecure patches. We need to have our private key offline.
Many Altcoins are leaving people vulnerable which is very concerning.
Bitcoin is better like Electrum for example. Its design is not so nice but Electrum is good tech and recommended by many experts.

Bitcoin is still having very high security standards today because of Bitcoin does not want to build a hype coin, Bitcoin wants to build a safe coin.
It is our duty to select a safe coin instead of an unsafe hype coin.