Bitcoin: Could Anything Be More Magical Than This ?

[Blurr2.0]

A commonly used phrase to refer to this form of currency is "magic money." Interestingly, it doesn't correlate with fairy tale stories; instead, it earned this name due to the unseen potential it has accumulated, which is lacking in other forms of currency. From its mining mechanism to its halving process, few cryptocurrency enthusiasts might realize that it took a collective effort of intelligence to conceive such an amazing idea. However, the identity of the brains behind this project remains a mystery, leaving it unsolved due to differing opinions in the industry today.

The blockchain, a form of security, seamlessly integrates with this project, granting every Bitcoin holder the authority to validate their transactions and act as their own banks. The robust protocol in place ensures high security, making it nearly impossible for anyone without your keys to authorize transactions on your behalf. Though this protocol is stringent, preventing the recovery of funds sent to the wrong address, exceptions are uncertain and not guaranteed.

Concern arises when those in authority begin to control the full activities of this currency. While it is guaranteed that every mechanism of this magic money will remain in place, the route it takes becomes uncertain. What will happen to Bitcoin when market exchanges are fully controlled by those in authority? Will Bitcoin still maintain the transparency it was originally built for?

[Dr.Bitcoin_Strange]

A commonly used phrase to refer to this form of currency is "magic money." Interestingly, it doesn't correlate with fairy tale stories; instead, it earned this name due to the unseen potential it has accumulated, which is lacking in other forms of currency.

@Blurr2.0, IMO, Bitcoin is not to be referred to as "magic money; even in a normal sense, it doesn't make much sense to rate it as what you have called it. Magic, which involves the use of some mystical powers, can transform something abruptly; secondly, gambling can luckily double a gambler's staked funds instantly (by luck), and they will abruptly get a very huge sum of money.

But you cannot compare Bitcoin to the two descriptions I stated above. Bitcoin is a digital currency, as we all know, built on a decentralized network. The currency has made so many people millionaires and billionaires, but it did not just happen with a twinkle of an eye. You have to buy during a bear market or anytime you have the money to invest, after which you will be very patient and hold your coin until the bull market sets it, then you can sell to make your profit.

Even in the long run, some people could not hold their coin until the market was bullish. Some people, too, who didn't have very good knowledge about Bitcoin, experienced losses in their investment.

Conclusively, I don't see Bitcoin as magical money as long as investing in it doesn't make me suddenly rich within a twinkle of an eye.

[Kemarit]

I don't think that Bitcoin could be put in the hands of few though, and with that in mind, there won't be any authorities that is going to control it. Otherwise it might have happened before when Satoshi disappeared. As for the control of the blockchain, it's what we call 51%, with a re-chain organization. And with the current price of mining gear right now, I'm might not seeing any entities who is willing to rent or uses botnet to obtain a lot of hash power, as it will cost millions of dollars and for what?

https://learnmeabitcoin.com/technical/51-attack

As for being term as magical money, again it depends on how to look at it. Those who profited on Bitcoin as one point has to buy it and then hold, so there's nothing magical about it, but instead it is still view as a investments.

[Hatchy]

quote]
But you cannot compare Bitcoin to the two descriptions I stated above. Bitcoin is a digital currency, as we all know, built on a decentralized network. The currency has made so many people millionaires and billionaires, but it did not just happen with a twinkle of an eye. You have to buy during a bear market or anytime you have the money to invest, after which you will be very patient and hold your coin until the bull market sets it, then you can sell to make your profit.

I had the same thought when I read this post. How is Bitcoin magical? It's just a digital currency, but what sets it apart is that it's decentralized. Calling Bitcoin magical sounds like a fairy tale to me, and most fairy tales might never come true. I prefer being realistic about Bitcoin because, so far, it's one of the best technologies I've encountered in the digital world. Success with Bitcoin depends on your knowledge and how much you've invested. If you want more profit, you need to invest more and hold onto it for a long time. There's nothing magical about Bitcoin mate.

[SamReomo]

I had the same thought when I read this post. How is Bitcoin magical? It's just a digital currency, but what sets it apart is that it's decentralized. Calling Bitcoin magical sounds like a fairy tale to me, and most fairy tales might never come true.

Yeah, I also agree that calling Bitcoin magical would make it a fairy tale which would be injustice to Satoshi's vision. The Bitcoin isn't magical because it's part of the real world where we all live and it's not based on fiction or on someone's beliefs.

The thing is digital in nature but has way higher value then gold which makes it wonderful. But, yeah if some people consider it magical because they believe that it's something that happened in fairy takes back then but now happening in real life then in that sense they might be right with their words but still it's not magical but an actual currency that anyone can use.

[Gormicsta]

I had the same thought when I read this post. How is Bitcoin magical? It's just a digital currency, but what sets it apart is that it's decentralized. Calling Bitcoin magical sounds like a fairy tale to me, and most fairy tales might never come true.

The thing is digital in nature but has way higher value then gold which makes it wonderful.

Bitcoin may be considered to be more (in your words) Wonderful than gold, which I totally agree with you, but we cannot ignore the fact gold has proven to be widely accepted and a legal tender in all the countries of the world, which isn't actually the case for Bitcoin. Some countries and government even tag Bitcoin to be illegal but that's a different case with Gold. Maybe with time Bitcoin would evolve, not just in price but also acceptability and adoption too.

[SamReomo]

Some countries and government even tag Bitcoin to be illegal but that's a different case with Gold.

Every country has it's on set of laws which we don't really have to look after, the Bitcoin is considered illegal in those countries because it has attacked their centralized fiat systems and they fear that if it continues to grow at such rates then most citizens of their countries would put their money in Bitcoin instead of the fiats that have been loosing their value due to inflation. Gold is known to be as a very precious metal and it's physical in nature but if we want to see the digital version of gold then we only see Bitcoin.

I know that it would be foolish to compare Bitcoin to gold because the value of a Bitcoin is way higher than gold even the bull market isn't started fully yet. There are predictions that Bitcoin can get up-to $1M per coin and if that happens then most people will love to have Bitcoin instead of gold for investing purposes.

[Nwada001]

What will happen to Bitcoin when market exchanges are fully controlled by those in authority? Will Bitcoin still maintain the transparency it was originally built for?

What do you mean by the government taking over all the crypto exchanges? The government can only take control of centralised exchanges, and those who make use of centralised exchanges are the ones who are going to be under their control. As for those who know where to exchange their coin, which is far from using a place they will not have access to, they won't be affected at all and won't have anything to worry about. We have non-KYC exchanges, and that's the best place for bitcoinners to trade their bitcoin.
 
As for transparency, Bitcoin transactions will always be transparent, and nothing will happen to that part as far as I know. The only thing that I'm so concerned about is how they are attacking the privacy part of the currency. Privacy has gradually been compromised; most people don't take their privacy too seriously, and the government is after anything that will increase the privacy of holders and hide their identity.

[Asiska02]

Concern arises when those in authority begin to control the full activities of this currency. While it is guaranteed that every mechanism of this magic money will remain in place, the route it takes becomes uncertain. What will happen to Bitcoin when market exchanges are fully controlled by those in authority? Will Bitcoin still maintain the transparency it was originally built for?

As the bitcoin technology continues to gain momentum and popularity in the world, the government authorities will continue looking for ways to make this currency a totally controllable asset by them. We can see how the governments have been clamping down on the use of this cryptocurrency even when it has not done anything to warrant that.

We don’t know what the future holds for this technology, but what is visible and can happen to this technology is that; the government will have to force laws on its use even though they will allow the use of it in the future. The regulations may not be nice, but for the consensus on which it was built, we may have little or no choice than to accept those rules.

[Dzwaafu11]

@Blurr2.0, IMO, Bitcoin is not to be referred to as "magic money; even in a normal sense, it doesn't make much sense to rate it as what you have called it. Magic, which involves the use of some mystical powers, can transform something abruptly; secondly, gambling can luckily double a gambler's staked funds instantly (by luck), and they will abruptly get a very huge sum of money.

The fact that he calls bitcoin "magic money" suggests, in my opinion, that he does not understand cryptocurrencies. However, I think the OP should go understand how it works so he can familiarise himself with it, as everyone who ware of bitcoin knows that it is not magical and that you have to work hard to obtain it. Clearly, nothing you said can be compared to bitcoin, and based on what little you've said, I think the OP will understand what it is.

Even in the long run, some people could not hold their coin until the market was bullish. Some people, too, who didn't have very good knowledge about Bitcoin, experienced losses in their investment.

Yes, you are correct. People who lose money on bitcoin are those who can't hold onto their money for an extended period of time. However, before making an investment, one should understand how bitcoin and other cryptocurrency investments operate in order to prevent losing money and to take the necessary steps to succeed, like securing their coins and other necessities.