Difference between revisions of "Template:MainPage Reasons"

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(removed this thing about noinclude p-mode, not 100% sure what it does but we'll see now)
m (added comment about no counterparty risk)
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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.  
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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. 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.  
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* Bitcoin [[Transactions]] are:
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** '''Permissionless''' and '''borderless'''. The software can be installed by anybody worldwide.
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** '''Do not require any ID''' to use. Making it suitable for the unbanked, the privacy-conscious, computers or people in areas with underdeveloped financial infrastructure.
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** Are '''censorship-resistant'''. Nobody is able to block or freeze a transaction of any amount.
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** '''Irreversible''' once settled, like cash. (but consumer protection is still possible.)
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** '''Fast'''. Transactions are broadcasted in seconds and can become irreversible within an hour.
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** 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.
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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]]:
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* Stored Bitcoins:
** Are permissionless and borderless. The software can be installed by anybody without any arbitrary gatekeepers.
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** 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.
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** 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.
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** Are '''easy to protect and hide'''. Can be stored encrypted on a [[Storing bitcoins|hard disk or paper backup]].
** 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.
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** Are in your '''direct possession''' with no counterparty risk. 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.
** Are irreversible. Once a transaction is settled nobody can undo it, like cash. (but consumer protection is still possible.)
 
** 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.
 

Revision as of 10:01, 20 November 2017

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.
    • Do not require any ID to use. Making it suitable for the unbanked, the privacy-conscious, computers or people in areas with underdeveloped financial infrastructure.
    • Are censorship-resistant. Nobody is able to block or freeze a transaction of any amount.
    • Irreversible once settled, like cash. (but consumer protection is still possible.)
    • Fast. Transactions are broadcasted in seconds and can become irreversible within an hour.
    • 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 encrypted on a hard disk or paper backup.
    • Are in your direct possession with no counterparty risk. If you keep the private key of a bitcoin 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.