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Showing 4 of 4 results by gizmo123
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Board Bitcoin Discussion
Re: Is now Bitcoin being that was supposed to be?
by
gizmo123
on 30/12/2018, 15:32:16 UTC
Quote from: Alone055 on December 30, 2018, 03:11:01 PM

You can, where it's accepted. I know it is not accepted everywhere yet, but you cannot deny that it is a currency that can also be used for purchases like normal. Some examples for you down below:

You can not name currency thing, that every merchant exchange to real currency as soon as possible when he get payed, Term "assets" is more accurate for Bitcoin
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Board Bitcoin Discussion
Re: Is now Bitcoin being that was supposed to be?
by
gizmo123
on 30/12/2018, 14:18:25 UTC
Quote from: Alone055 on December 30, 2018, 02:03:04 PM
2. Since Bitcoin is basically a currency itself, so it can be called an "Electronic Currency", or a "Digital Currency". Now why is it called a "Cryptocurrency"? I will tell you why. The word "Crypto" means something that is concealed, or kept secret. So the fact why Bitcoin or all other digital currencies running inside a blockchain are called "Cryptocurrencies" is that they are, to an extent, untraceable or anonymous when it comes to knowing the owner of an address holding funds or an address a transaction has been generated from. Otherwise, there is no denying the fact that Bitcoin is an Electronic Currency.

nope this is not basically currency itself, it was named as this by group of people, but in real life can you use Bitcoin as real currency? can you hold on wallet Bitcoin and buy things in shop like with other fiats? Do people will accept that they funds can be drastically change in short period of time? bitcoin doesnt fit to currency purpose, the best purpose is buy Bitcoin -> Send to anyone and any vlaue you want without censorship -> Reciver sell BTC for fiat, this is what Bitcoin was supposed to be for me (and this was way from origin), not for announcements that this is currency and will change the world, when I hear that announcements it sounds like scam.
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Board Bitcoin Discussion
Topic OP
Is now Bitcoin being that was supposed to be?
by
gizmo123
on 30/12/2018, 13:38:23 UTC
When I read original White Paper, there is only mention one purpose Bticoin to be "Electronic Cash System", "Electronic Payment System" no words as "Electronic Currency", "Cryptocurrency", "Be like own bank". When I am reading White Paper it is obvious to me that Bitcoin was to be something like PayPal but works without censorship and permission-less. But in some time narration were changed to "be like own bank", "global currency" and so on, this sounds like fraud from people that was bag holders in early time of Bitcoin
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Board Bitcoin Discussion
Topic OP
Does Lighting Netowork really scale and for what cost?
by
gizmo123
on 30/12/2018, 13:12:30 UTC
Ok I understand that inside LN we can send cheap transactions instantly, but assume we have global adoption, so BTC price is then very very high, it is obvious that happen due to full deflation nature of Bitcoin. So we need pay for create/close/deposit channel on-chain in BTC, with 1MB block size fees will be very high, several dozen or even several hundred $ per transaction, so to be worth do something we need send a lot of money to channel, or buy for cash from someone face2face/online that send as directly through LN.

Next problem is that LN need use large HUBs to works most efficient, so owners of that HUBs probably will be exchange, financial institutes, just guys with a lot of money, is that not short way to KYC by this HUBs?