Bitcoin is a digital currency. Since the invention of the credit card the USD has also been a digital currency. A bunch of fancy and opaque "math" surrounds both bitcoin and the USD. Even if the theory is sound there's no way for me to verify the practice matches the theory.
Sound currency rests on real value. The currency itself must either have a real value like silver or gold or be immediately exchangable for a fixed quantity of a valuable commodity or selection of commodities.
Bitcoin is not “opaque”. It’s 100% open source and the ledger is fully visible. You literally can verify the entire bitcoin ledger yourself and if you run a node you have to. Every single transaction hash must match.
“there no way for me to verify the practice matches the theory”
It’s literally a public ledger that anyone can go through with a fine tooth comb. And some have. Why is gold valuable? Because you can hold it? Because people make jewlery with it? No because over time people agreed that it was something they wanted because there was a limited quantity. Bitcoin is even more limited than gold because while we dont know how much gold there is to mine we know exactly how much Bitcoin is left. Bitcoin will continue to rise in value esp as adoption increases like it has
Theyre not impossible to understand...its just that most people dont want to take the time to learn about them and thats not a cut down its just that its our human nature to seek out more frequently that which we can grasp quickly and put to the side that which will require more work and research to grasp, especially when the technology in question is in its early adoptions stages. As its adoption increases and it becomes more proliferated people will engage with it more and more and it will benefit society more and more. Just like the internet and how “logging on” was as deliberate as making a phone call and all of the things on it and how it operated was confusing at first and now people get on the internet without even thinking about it and transact on it instantly. The same type of thing will happen with crypto.
Haha i can tell youve never tried to research any of these projects. Start with Bitcoin youll find out with just maybe an hour or two of genuine research thats it not that hard to understand
You are completely wrong. Bitcoin is not as complex as you think. I myself rewrote the entire bitcoin framework in a JavaScript library from scratch. I have a full understanding of the entire mechanism and it only took a month (granted I’m already a programmer by trade)
People are afraid of what they dont understand
And that is a damn good survival reflex. Do you understand how to handle nitroglycerine? Or 99% pure U-235?
Don't expect (or want) them to be unafraid, until they understand.
No. We simply distrust what we cannot see.
Bitcoin is a digital currency. Since the invention of the credit card the USD has also been a digital currency. A bunch of fancy and opaque "math" surrounds both bitcoin and the USD. Even if the theory is sound there's no way for me to verify the practice matches the theory.
Sound currency rests on real value. The currency itself must either have a real value like silver or gold or be immediately exchangable for a fixed quantity of a valuable commodity or selection of commodities.
Bitcoin is not “opaque”. It’s 100% open source and the ledger is fully visible. You literally can verify the entire bitcoin ledger yourself and if you run a node you have to. Every single transaction hash must match.
You have no means of verifying if the information given to you is the truth.
You’re wrong. There is a SHA256 checksum. I can mathematically guarantee that the data is the truth.
And every participant node in the blockchain DOES verify every transaction!
“there no way for me to verify the practice matches the theory”
It’s literally a public ledger that anyone can go through with a fine tooth comb. And some have. Why is gold valuable? Because you can hold it? Because people make jewlery with it? No because over time people agreed that it was something they wanted because there was a limited quantity. Bitcoin is even more limited than gold because while we dont know how much gold there is to mine we know exactly how much Bitcoin is left. Bitcoin will continue to rise in value esp as adoption increases like it has
Theyre not impossible to understand...its just that most people dont want to take the time to learn about them and thats not a cut down its just that its our human nature to seek out more frequently that which we can grasp quickly and put to the side that which will require more work and research to grasp, especially when the technology in question is in its early adoptions stages. As its adoption increases and it becomes more proliferated people will engage with it more and more and it will benefit society more and more. Just like the internet and how “logging on” was as deliberate as making a phone call and all of the things on it and how it operated was confusing at first and now people get on the internet without even thinking about it and transact on it instantly. The same type of thing will happen with crypto.
Haha i can tell youve never tried to research any of these projects. Start with Bitcoin youll find out with just maybe an hour or two of genuine research thats it not that hard to understand
You are completely wrong. Bitcoin is not as complex as you think. I myself rewrote the entire bitcoin framework in a JavaScript library from scratch. I have a full understanding of the entire mechanism and it only took a month (granted I’m already a programmer by trade)
Bitcoin isn’t impossible to understand.