Template:MainPage Reasons: Difference between revisions

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Belcher (talk | contribs)
Bureaucrats, Curators, Clerks, Administrators, Template editors, Editors, Permittors
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removed this thing about noinclude p-mode, not 100% sure what it does but we'll see now
Belcher (talk | contribs)
Bureaucrats, Curators, Clerks, Administrators, Template editors, Editors, Permittors
890 edits
Reword to use "seed phrase" instead of privkey, as ordinary users shouldnt be touching privkeys
 
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Bitcoin is P2P electronic cash that is valuable over legacy systems because of the monetary autonomy it brings to its users. Bitcoin seeks to address the root problem with conventional currency: all the trust that's required to make it work -- Not that justified trust is a bad thing, but trust makes systems brittle, opaque, and costly to operate. Trust failures result in systemic collapses, trust curation creates inequality and monopoly lock-in, and naturally arising trust choke-points can be abused to deny access to due process.  
Bitcoin is P2P electronic cash that is valuable over legacy systems because of the monetary autonomy it brings to its users. Bitcoin seeks to address the root problem with conventional currency: all the trust that's required to make it work -- Not that justified trust is a bad thing, but trust makes systems brittle, opaque, and costly to operate. Trust failures result in systemic collapses, trust curation creates inequality and monopoly lock-in, and naturally arising trust choke-points can be abused to deny access to due process. Through the use of cryptographic proof, decentralized networks and open source software Bitcoin minimizes and replaces these trust costs.


Bitcoins have all the desirable properties of a money-like good. They are portable, durable, divisible, recognizable, fungible, scarce, hard to counterfeit.  
* Bitcoin [[Transactions]] are:
** '''Permissionless''' and '''borderless'''. The software can be installed by anybody worldwide.
** '''Anonymous'''. Bitcoin does not require any ID to use making it suitable for the unbanked, the privacy-conscious, computers or people in areas with underdeveloped financial infrastructure.
** '''Private'''. When used with care bitcoin can support [[Privacy|strong financial privacy]].
** '''Censorship-resistant'''. Nobody is able to block or freeze a transaction of any amount.
** '''Fast'''. Transactions can be made almost as fast as data can travel over the Internet.
** '''Cheap'''. Fees can be [[Lightning Network|very very low]].
** [[Irreversible Transactions|'''Irreversible''']] once settled, like cash. (but [[Myths#Bitcoin_has_no_built-in_chargeback_mechanism_and_this_is_bad|consumer protection is still possible]].)
** Online and available '''24 hours a day, 365 days per year'''.


Bitcoins are sent easily through the Internet, without needing to trust any third party.
Bitcoin can also be a [[Bitcoin as an investment|store of value]], some have said it is a "swiss bank account in your pocket".
* [[Transactions]]:
* Stored Bitcoins:
** Are permissionless and borderless. The software can be installed by anybody without any arbitrary gatekeepers.
** Cannot be printed or debased. '''Only [[Controlled supply|21 million bitcoins]] will ever exist'''.
** Are fast. Transactions are broadcast through the peer-to-peer network in seconds and can become irreversible within an hour.
** Have '''no storage costs'''. They take up no physical space regardless of amount.
** Are censorship-resistant. Nobody is able to block, intercept or freeze a transaction of any amount.
** Are '''easy to protect and hide'''. Can be stored on a phone, computer, encrypted on a [[Storing bitcoins|paper backup]] or [[Brainwallet|memorized in your head]].
** Do not require any ID to use. Making it suitable for the unbanked, privacy-conscious people, computers or people in areas with underdeveloped financial infrastructure.
** '''No counterparty risk'''. If you keep the [[seed phrase]] of a bitcoin wallet secret and the transaction has enough [[confirmation|confirmations]], then nobody can take them from you no matter for what reason, no matter how good the excuse, no matter what.
** Are irreversible. Once a transaction is settled nobody can undo it, like cash. (but consumer protection is still possible.)
** Can be under '''divided possession''' with [[Multisignature]]. For example with a 2-of-3 multisig scheme there would be ''three'' private keys, of which ''any two'' is enough to spend the money. Those three keys can be spread anywhere, perhaps in multiple locations or known by multiple people. No other asset does this, for example you cannot hold gold coins under multisig.
** Works 24 hours a day, 365 days per year.
 
Many people use bitcoin as a [[Bitcoin as an investment|store of value]], they have been described as "swiss bank account in your pocket".
* [[Storing bitcoins|Stored Bitcoins]]:
** Cannot be printed or debased. Only [[Controlled supply|21 million bitcoins]] will ever exist.
** Have no storage costs. They take up no physical space.
** Are easy to hide. Any amount can be stored on a hard disk, paper backup, or even memorized in your brain.
** Are in your direct possession. If you keep the [[private key]] of a bitcoin secret and the transaction has enough [[confirmation|confirmations]], then nobody can take them from you no matter for what reason, no matter how good the excuse, no matter what.

Latest revision as of 15:04, 24 January 2022

Bitcoin is P2P electronic cash that is valuable over legacy systems because of the monetary autonomy it brings to its users. Bitcoin seeks to address the root problem with conventional currency: all the trust that's required to make it work -- Not that justified trust is a bad thing, but trust makes systems brittle, opaque, and costly to operate. Trust failures result in systemic collapses, trust curation creates inequality and monopoly lock-in, and naturally arising trust choke-points can be abused to deny access to due process. Through the use of cryptographic proof, decentralized networks and open source software Bitcoin minimizes and replaces these trust costs.

  • Bitcoin Transactions are:
    • Permissionless and borderless. The software can be installed by anybody worldwide.
    • Anonymous. Bitcoin does not require any ID to use making it suitable for the unbanked, the privacy-conscious, computers or people in areas with underdeveloped financial infrastructure.
    • Private. When used with care bitcoin can support strong financial privacy.
    • Censorship-resistant. Nobody is able to block or freeze a transaction of any amount.
    • Fast. Transactions can be made almost as fast as data can travel over the Internet.
    • Cheap. Fees can be very very low.
    • Irreversible once settled, like cash. (but consumer protection is still possible.)
    • Online and available 24 hours a day, 365 days per year.

Bitcoin can also be a store of value, some have said it is a "swiss bank account in your pocket".

  • Stored Bitcoins:
    • Cannot be printed or debased. Only 21 million bitcoins will ever exist.
    • Have no storage costs. They take up no physical space regardless of amount.
    • Are easy to protect and hide. Can be stored on a phone, computer, encrypted on a paper backup or memorized in your head.
    • No counterparty risk. If you keep the seed phrase of a bitcoin wallet secret and the transaction has enough confirmations, then nobody can take them from you no matter for what reason, no matter how good the excuse, no matter what.
    • Can be under divided possession with Multisignature. For example with a 2-of-3 multisig scheme there would be three private keys, of which any two is enough to spend the money. Those three keys can be spread anywhere, perhaps in multiple locations or known by multiple people. No other asset does this, for example you cannot hold gold coins under multisig.
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