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Has the original vision of Bitcoin been lost after fourteen years?

All Cryptocurrencies

by COINS NEWS 108 Views

Satoshi Nakamoto created bitcoin to take financial control back from the financial elites, giving ordinary people a chance to take part in a decentralized financial system.

created after 2008 financial crisis in response to bank failings and seeing how fragile our current financial system is, Bitcoin would take third parties out of the equation and allow direct decentralized transfers between individuals.

Has this vision been lost?

Today many people are constantly stating how crypto is dangerous and you can easily lose your crypto if you're not careful, with the last central exchange collapse only two months behind us and some people are already recommending keeping your crypto on exchanges again for safety and ease of use. On this sub today a post about banks has the top comment praising the security that a bank offers by issuing you a new card and reimbursing you any lost funds when your account is compromised, stating that crypto lacks customer service or fraud protection.

The phrase not your keys not your crypto gets thrown around a lot but what some people fail to understand is that with the benefit of holding your own crypto and being your own bank also come dangers of losing your crypto. Nobody can freeze the bitcoin in you wallet or force a third party to remove your access to it but this also means nobody will be there when you do something stupid and send it to the wrong address. This isn't going to change with time, the entire benefit of bitcoin is the non reliance on third parties, bitcoin doesn't need customer service representative and the people who see the benefits don't want customer service they want independence.

Will not having these protections that some are used to prevent adoption?

perhaps but only to a point, as people see the benefits they will slowly adopt it. We only need to look at countries that have had bank runs or any type of failed financial systems to see that people look for crypto as a safe store of value when their current fiat starts to lose value.

Perhaps you feel completely confident in your country's banking system and secure in the thought that the government you live under will reimburse any funds lost if a bank fails but remember that all of those things can change in the future, most people living in failed states today didn't believe their country's would fail a decade ago or that their currency would lose all value.

TLDR: Bitcoin doesn't need customer service, you just need to be responsible.

submitted by /u/Odlavso
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