Canadian bucks

[sumdumguy]

Bitcoin - the vast unknown

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[QUOTE=Stormin;557875]No one owns Bitcoin. 21M Bitcoin sit on servers and there is no one owner. The reason it is the hardest currency is that there will only ever be 21million Bitcoin making it a more scarce currency than gold and unable to be stolen or oversold like gold.

You mean until someone decides to divide them into pieces of eight crypto?

[wheatking16]

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No one owns Bitcoin. 21M Bitcoin sit on servers and there is no one owner. The reason it is the hardest currency is that there will only ever be 21million Bitcoin making it a more scarce currency than gold and unable to be stolen or oversold like gold.

You mean until someone decides to divide them into pieces of eight crypto?

This would require consensus of the user community and impossible to achieve without incentive, which does not exist.

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[QUOTE=wheatking16;558007]

This would require consensus of the user community and impossible to achieve without incentive, which does not exist.

Can I "take that to the bank", because I will remember that quote?

[wheatking16]

[QUOTE=checking;558037]

Can I "take that to the bank", because I will remember that quote?

Yes

However, you will likely prefer self-custody.... if I am reading the bank reference accurately.

[farmboy44]

No one owns Bitcoin. 21M Bitcoin sit on servers and there is no one owner. The reason it is the hardest currency is that there will only ever be 21million Bitcoin making it a more scarce currency than gold and unable to be stolen or oversold like gold.
My knowledge is limited but I think this is where I am investing some of my hard earned dollars.
Michael Saylor or Max Kiaser have been in Bitcoin for a long time and they are boomers, so not mellennials sitting in the parents basement. They know lots. You can find them on Utube, Rumble, etc. Countries like El Salvador are adopting Bitcoin as there currency.
And you know it has promise when governments are attempting to destroy it with the likes of the SBF debacle.

Sure there will only be 21m btc. But there are an infinite number of other cryptos that can be made.

It’ll never get wide spread government adoption. If anything governments would convert their fiat into a crypto if that’s what’s necessary. They can control Canuck coin, not Bitcoin. Bitcoin will never have the widespread adaptation bulls dream it will.

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Sure there will only be 21m btc. But there are an infinite number of other cryptos that can be made.

It’ll never get wide spread government adoption. If anything governments would convert their fiat into a crypto if that’s what’s necessary. They can control Canuck coin, not Bitcoin. Bitcoin will never have the widespread adaptation bulls dream it will.

Realizing that US dollars are not the world, and as farmboy44 points out, neither is bitcoin, it states that of the 21m btc, 20% have lost keys, or pins, or whatever they are called and will never be recovered. Would that be an acceptable rate for an individual owner of a country type currency?

The theft part of both systems definitely exists. Which is worse? The circulating counterfeit part using the US dollar is .01%. That can't happen, so people say with with btc, but are there similar safeguards for farmboy's infinite number of other cryptos.

I think I will continue to exchange Can coins for '69 dimes in hopes of finding the 20 to 30 large date ones that are still in circulation than personally adding anything to crypto's bottom line.