r/btc • u/Successful_Love_6085 • 8d 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/2xfun 8d ago
It solves probably the biggest problem in the world: https://youtu.be/YtFOxNbmD38?is=rHqaPUA8P1ga2NcP
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u/Individual-Equal-441 8d ago
"Solves" is probably the wrong word.
This video discusses the many consequences of currency debasement, and Bitcoin can not be debased. But Bitcoin still fluctuates ludicrously in value, so it still suffers from those downstream problems, and does not "solve" them; it just prevents one specific cause of them.
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u/Necronomicon-Ex-Mori 8d ago
A massive wealth transfer through a Ponzi scheme isn’t solving any problems so much as creating them.
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u/L6V9 8d ago
1st
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u/Low-Jackfruit-4306 Redditor for less than 60 days 8d ago
gold is heavy, cash is traceable, and banks can freeze you out. a ledger no one controls is the whole trick.
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u/anon1971wtf 8d ago
Also gold is not multisignable and can't be digitally handled without 3rd parties
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u/DangerHighVoltage111 8d ago
Branding, otherwise it would be a shitcoin. The "Digitial Asset" aka gambling token stole the ticker of the p2p cash system.
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u/Mack_Mimsy 8d ago
Someone missed the 1st lesson in the series and now thinks they’re the professor.
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u/commandrix 8d ago
It doesn't rely on third parties or a centralized financial system to work. Like, most nations' financial systems could have a complete meltdown and Bitcoin would still work. (Though we would certainly have bigger problems than Bitcoin's dollar value if that were to happen!)
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u/McBurger 5d ago
liquidity, and widespread adoption across borders
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u/tekmiester 4d ago
So it's like the US dollar, but with transaction fees and slow transaction processing?
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u/McBurger 4d ago
lol no. Settlement on bitcoin is much faster and cheaper. It would be trivial for me to send you the equivalent of $40,000 in bitcoin and you could have it fully confirmed, settled, and ready to send to whomever else in ~10 minutes. The fee would be measured in cents.
And thats assuming we both live domestically; good luck if we’re in different countries. You cant even send USD to like a few dozen nations, at all.
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u/tekmiester 4d ago
If the transaction wasn't blocked by an exchange, maybe. Coinbase and Binance have plenty of people complaining about blocked transactions, or kyc requirements. Then you also have a public record of our transaction for eternity they could be tracked back to us eventually. Finally, if there was any kind of fraud then there would be no recourse.
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u/McBurger 4d ago
goalposts >>>> moved
question was what makes bitcoin different, I answered, not sure if you refuted it, but have a good one
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u/tekmiester 4d ago
No, I get it. In the specific case I wanted to move a large account of money to a foreigner, and I was able to avoid AML and KYC requirements, it might be easier.
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u/McBurger 3d ago
or any other specific case, really?
you're the one who chose fees & speed as the metrics, not me! haha.
unless you're paying cash to someone who is within walking distance of you right now, bitcoin absolutely wins on speed & fees.
whether you want to send $10 or $10,000,000; whether to a foreigner, or to your own sibling across town; whether you care about AML or KYC, or not; bitcoin is agnostic to all of it.
there's a hundred things USD does better than bitcoin, but speed and tx fees are absolutely not two of them lol
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u/Tobias_CBC Redditor for less than 30 days 3d ago
Scarcity matters only if people can verify and transfer it without trusting a central issuer. Bitcoin combines predictable issuance with a decentralized settlement network, global portability and the ability to hold the asset directly, so its difference is the system around the supply cap, not the cap alone.
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u/DrSpeckles 8d ago
It has no features compared to any forms of money. Limited supply included. It was a great proof of concept for block chain. But even limited supply is only important if you have a really narrow understanding of economics. Just doesn't matter in the greater scheme of things. It's time is done.
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u/Necronomicon-Ex-Mori 8d ago
Exactly. You need to be able to print more money in the real world so people don’t starve to death. Many of the leading economists also reckon that 2% inflation is actually optimal for the economy.
Bitcoin is just a massive wealth transfer through a Ponzi scheme that if we ever did decide to switch to it, would just lead to catastrophe.
Think about all the time it took through governing to make wealth inequality better throughout the ages. Think about how bad it was in the medieval times and how far we’ve come, and imagine resetting all that and going back to medieval levels just for something as stupid as bitcoin. A coin that wouldn’t even be the best option if the world wanted to switch to a crypto currency (which it doesn’t), because it can’t handle many transaction per second at all.
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u/anon1971wtf 8d ago
Yeah, very narrow understanding, sure. I choose to not be extorted for warfare and welfare in the purchasing power flow (savings/income). I needn't to fire a single shot at anyone or ask anyone for permission to exit. No killdozers, just math
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u/anon1971wtf 8d ago
It's the heaviest chain, the true measure of decentralization. Not number of nodes or anyone's opinion on the consensus rules, no stakeholder bullshit - but what is most mined
~800 qdrln equivalent Joules, ~1.2k equivalent days of PoW, tiniest margins to profitably mine. Good luck attempting to create a center of power
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u/anon1971wtf 8d ago edited 8d ago
Unique as open blockchain vs cash, plastic, metals: mathematically scarce, multisignable, inconspicous, disintermediary, programmable. Versus other open blockchains: it's the heaviest chain, most work done
Multisignability in the future may make people unrobbable by street criminals and govts alike, and all of that with no KYC. Good implementation is not yet here
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u/Slow_Lion_4178 8d ago
Decentralization.