You don’t need to trust bitcoin because one of the fundamental principles of it is trustlessnes. the only problem I see is constantly changing price of bitcoin
That’s part of the trust problem though; when I have a $10 note in my pocket, I trust that it will still be $10 when I go to pay for my coffee later that day.
If I get $10 worth of Bitcoin out of an ATM in the morning, I don’t have that same faith in the afternoon. It might be $7, it might be $3, it might be $15,000. That volatility is exactly why I can’t trust it as my standard currency.
I think Bitcoin was a good proof of concept that this system can work and scale. Ethereum is trying to be the viable option. I personally like Monero. I am sure in a hundred years or so if crypto is still here, it will be more viable and stable.
You think people can trust crypto?
You don’t need to trust bitcoin because one of the fundamental principles of it is trustlessnes. the only problem I see is constantly changing price of bitcoin
Sure one BTC is one BTC. But how many USD is a BTC worth? A lot of that depends on the stable coin tether and that is backed 100% by “trust me bro”
And 99% of cryptoheads are just fine with “trust me bro” they just want “number go up” the rest of it seems to be misdirection and distraction.
That’s part of the trust problem though; when I have a $10 note in my pocket, I trust that it will still be $10 when I go to pay for my coffee later that day.
If I get $10 worth of Bitcoin out of an ATM in the morning, I don’t have that same faith in the afternoon. It might be $7, it might be $3, it might be $15,000. That volatility is exactly why I can’t trust it as my standard currency.
And the immense resources required as well as the processing time for a transaction.
Now I’m not saying someday a digital currency will work. Just it isn’t Bitcoin, plenty of other more viable coins but most people just gamble now.
I think Bitcoin was a good proof of concept that this system can work and scale. Ethereum is trying to be the viable option. I personally like Monero. I am sure in a hundred years or so if crypto is still here, it will be more viable and stable.