“You have one new message: Do not trust the ones commenting on cryptocurrency without knowing blockchain” | LogEditor #12

Each radical transformation claim that will directly affect our daily life also brings along suspicion. Is it a milestone or just a temporary phenomenon that is happening?


Will Bitcoin and cryptocurrencies always remain in our life or is it a “temporary process”? While this question is being discussed, laying the foundation of the discussion correctly will be enough to eliminate from our life the countless “ideas” that are suggested without sufficient knowledge.

On one hand, the vast majority of cryptocurrency objectors assess the situation only in terms of “profitability”, on the other hand, they in fact pave the way for manipulation.

It is really easy to be polarized when the cryptocurrencies are discussed only in terms of “earnings”:

  • One group claiming “The cryptocurrencies are now an investment tool” and
  • the other one claiming “The cryptocurrencies are an ‘illusion’ and they will disappear”.

The examples given by the second group are generally based on “fictive” projects. These “fictive” projects are related to the companies, names, and projects that initially promise earnings to the people and then disappear. In other words, they are not directly related to cryptocurrencies. According to them what makes cryptocurrency is nothing more than “profitability” and this is open to stigmatizing.

Well, does cryptocurrency really consist of this framework?

It updates the economic system

As widely known now as the “White Paper”, the road map of Bitcoin, was published in 2008. What exactly the White Paper include?

The title of the document was “Bitcoin: A Peer-to-Peer Electronic Cash System”. The author of the paper, SatoshiNakamoto, that has never been disclosed whether it is an individual or a group, states that Bitcoin is a “payment system”.

2008 was the year when the global economic crisis once again felt deeply. It was revealed that having a centralized authority behind an asset does not constitute a “guarantee” for the asset. Moreover, the practicality of cash was seriously questioned.

The article mentioned that assets can be transferred thanks to the technology referred to as blockchain, that we no longer needed banknotes, and that we can transfer assets more quickly without banks. Furthermore, Bitcoin is a lot easier to store. We have a lot of examples regarding the fact that centralized authorities promise “trust” and cannot provide it under all conditions. However, in blockchain technology, each transaction is recorded and this record can never be manipulated, changed, or deleted. In other words, we no longer need the centralized authorities that cannot carry out their promises, and the substitute solution is the technology itself.

That was the exact spot in the current economic system that Bitcoin updated.

Whether Bitcoin can keep its promises or not is clear.

Bitcoin appeared in 2009 and since then the people performed countless transfers without the need for a mediator, they kept their digital assets easily in countless hot and cold wallets. And most importantly, from the first day on, all data has been recorded without the tiniest disruption. Today, it is possible to see the details of transfers and transactions even from 2009.

Let us take a look at the conclusion…

The promise of Bitcoin is decentralization and privacy

The promise of Bitcoin has never been profitability at unrealistic levels as in “fictive companies” that have abused people until now. Bitcoin has promised a digital asset system where secure transactions can be made without the need for centralized authorities that cannot keep their promises, which enables payments and transfers without a mediator and which can never be manipulated since it relies on technology. This philosophy and technology, namely decentralization and privacy, have ensured the price-performance until now.

Therefore, the ones confusing Bitcoin with “exploiting attempts” should be asked whether they read the White Paper, whether they have a grasp of this structure that has been operating flawlessly since 2009 and whether they have any idea about blockchain.

Yes, there are people claiming that “Bitcoin is not credible”. However, what needs to be done is to suspect the “climate of manipulation, promise and fear” created by ones who talk about blockchain without knowing its philosophy and technology…

Bu içerik en son 26 October 2022 tarihinde güncellenmiştir.


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