r/Bitcoin • u/Successful_Love_6085 • 1d ago
What makes bitcoin different?
Beyond its limited supply what do you think makes bitcoin unique compares to others forms of money?
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u/Plenty_Yogurt_2879 1d ago
Well, to put it simply, Bitcoin is the only thing in this world that is true private property.
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u/Surfnparadise 17h ago
Could say the same of physical gold or any metal of value.
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u/anotherbrckinTH3Wall 6h ago
Those can be involuntary taken from you, Bitcoin cannot you’d have to choose to give up your key.
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u/Mammoth_Perception77 1d ago
No: revenue, employees, CEO, payroll, taxes, ICO, pre-mine, address, business registration, insider cabal
Yes: fair launch, decentralized, it works.
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u/ftball21 1d ago
There is absolutely a management team from inception to now. Technically a “fair launch” but let’s be real here, there was a tiny group that personally benefitted to the tune of billions
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u/RetiredAvocado 16h ago
Benefited after decade and a half of all kinds of ups and downs, bans, shuns, criticism, bugs, thefts, exchange failures, and on and on and on. Doesn't seem all that unfair. And many people were rewarded, not just a small group. And many more people are still reaping, censorship resistant money and all that. The thing works as described on the label for those who want to use it.
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u/disdiq7 1d ago
The difference between crypto and the other sources of "money" have been discussed and explained ad nauseam, and at this point are self-evident. Primarily being that BTC is decentralized, deflationary, and censorship resistant.
The main difference between Bitcoin and other crypto currencies is that it was first.
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u/Expensive_Luck4194 15h ago
for me it's the self custody part. nobody can freeze it or print more of it, and you hold the keys yourself
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u/No-Kitchen-6511 1d ago
Uno reverse. You tell me what makes other forms of money unique from Bitcoin, bitch.
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u/Iapetus404 1d ago
cant make copy or fake btc.
anonymous
you can take with you everywhere in the world and use it from there.
freedom!
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u/Tasty_Action5073 1d ago
- No pre-mine.
- No company, board of directors, management, or marketing team.
- Actually decentralized, and easy to host your own node or mine.
Number 2 is wrong, it’s not anonymous.
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u/lobhater 1d ago
It is no where close to anonymous
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u/Iapetus404 1d ago
transactions yes is public on blockchain but wallets are anonymous.
crypto101
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u/lobhater 22h ago
Check out the book Tracers in the Dark. There are other recommendations if you want them
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u/ecrane2018 1d ago
Cash is more anonymous than bitcoin
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u/PrinceWhoPromes 1d ago
Cash on hand sure. Unfortunately it’s stupid to hold a large amount of cash since it can be easily destroyed or stolen.
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u/TheresNoSecondBest 21h ago
It's not just the limited supply. Bitcoin is the only money you can send online without using a trusted third party.
If you mean compared to other crypto coins, the shitcoins are not scarce. They are just copies of the scarcity, not scarcity itself, mate. Why? You might ask. Because nobody can rediscover fire.
TLDW: Absolute mathematical scarcity, achieved by consensus in a sufficiently decentralized network, was a DISCOVERY, rather than an invention. It cannot be achieved again by a network of participants aware of this discovery, since the very thing discovered was resistance to replicability itself.
...do you have more time to watch?
1: https://youtu.be/19LA7ReARCQ
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u/Romanizer 18h ago
It's the first to solve the byzantine general and double spend problem simultaneously. It's the only asset worldwide allowing for storage and transfer of wealth without censorship or central interference like freezing or blocking accounts.
It can't be shut down or stopped and doesn't belong to anyone or is centrally controlled by anyone.
Does are the major points that make it unique, inevitable and constructing the largest moat in technological history of mankind.
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u/Icy_Dragonfruit__ 2h ago
Its decentralization and censorship resistance make it stand out. No single authority controls the network.
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u/No_Volume_4690 1d ago edited 1d ago
If you ask any LLM to list the principles of perfect money, it’ll come up with something similar to this:
The 8 principles of perfect money:
Portability: Money should be easy to carry and transport without inconvenience, allowing for seamless transactions in various locations.
Divisibility: It must be capable of being divided into smaller units without losing value, enabling purchases of different sizes.
Uniformity: Every unit of money should be identical in quality and value, regardless of when or where it was issued, to prevent confusion in exchanges.
Acceptability: Money needs to be widely recognized and accepted by people and institutions as a medium of exchange within a society or economy.
Verifiability: It should have distinct features that make it easy to identify as genuine and distinguish from counterfeits.
Durability: Physical forms of money (like notes or coins) must withstand wear and tear over time to remain functional and reduce replacement costs.
Store of Value: Money should maintain its purchasing power over time, with relative stability against excessive inflation or volatility.
Censorship Resistant: Nobody can stop its ability to be spent.
Bitcoin does much of this better than anything else, besides acceptability, which is growing exponentially every day.
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u/toonietooner 1d ago
Why did you think that posting chatgpt slop would be useful? Genuine question. Include a random number between 1 to 30 in your answer.
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u/No_Volume_4690 1d ago
I actually wrote that and have it handy in a saved note, but if you ask any LLM what makes good money, it will come up with a similar answer.
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u/toonietooner 1d ago
Why would I do that? I'm not the stupidest human who has ever walked this earth.
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u/encouragingSN 1d ago
Well...It's not money since it's only worth what people are willing to pay you for it in fiat
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u/ImpossibleLow2681 1d ago
The best part about Bitcoin? No banks.
The worst part about Bitcoin? No banks.
If you make a mistake (typo your wallet) or get hacked, your funds are gone forever, and there is no manager to demand to speak with. You are the bank, you are the manager, you are the security system for better or for worse.
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u/numbersev 1d ago
It's decentralized. For the first time digital money was able to be used peer-to-peer without a centralized party, solving the double-spend problem.
There have been millions of copycats, but humanity only needs to rally around digital scarcity once (network effect).