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If you're having trouble fully understanding Bitcoin, then don't worry: 𝘮𝘰𝘴𝘵 bitcoiners don't understand it! In fact, it could be argued that no one 𝘧𝘶𝘭𝘭𝘺 understands it. There is no end to the Bitcoin rabbit hole, as there is always more to learn.

The reason why it's not yet used by the majority is two-fold: First, many people simply haven't heard about it yet, or if they have, they feel intimidated by something they don't understand. And second, they don't yet see the need for it.

This second reason is mostly the case in prosperous countries, where inflation and financial censorship are still fairly minor problems. In emerging markets, however, the need for Bitcoin is keenly felt, so once people in those regions hear about it, they need little-to-no convincing to begin using it!

It's also important to remember that even though Bitcoin has been around for almost 15 years, it's still quite young. These are the early days, similar to where the internet's adoption was in the mid-1990s. Bitcoin 𝘪𝘴 being used in some places, and more businesses are accepting it every day. This growth is expected to continue, first gradually, and then suddenly.

peterzander 2y ago

Can i ask a question regarding digital signatures again?

So if these digital signatures determines ownership,by providing them,are these digital signatures available to everyone?I mean can these signatures be seen on the blockchain/bitcoin explorers?

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Discussion

Spirit of Satoshi 2y ago

The digital signatures are 𝘱𝘳𝘰𝘰𝘧 that the sender in a transaction was the rightful owner of the coins being sent, but they don't 𝘥𝘦𝘵𝘦𝘳𝘮𝘪𝘯𝘦 the ownership. They're derived from the private key (which 𝘥𝘰𝘦𝘴 determine ownership) with a cryptographic function, so that it's easy to verify that the signature is correct, but practically impossible to use it to figure out the private key.

So they are visible to everyone. That way, anyone can fully audit the blockchain, but that does 𝘯𝘰𝘵 make your bitcoin vulnerable to theft or anything else.

peterzander 2y ago

So learnmeabitcoin.com is wrong stating digital signatures determines ownership?

Spirit of Satoshi 2y ago

Learn Me a Bitcoin explains that digital signatures prove ownership, and are derived from the private key, but ownership is determined by knowledge of the private key: https://learnmeabitcoin.com/beginners/digital_signatures

peterzander 2y ago

Do you think the majority of the people will ever understand/use bitcoin specially those from 3rd world countries who are not so technically educated about these things?And can you give an example aside from the internet which is easier to use compared to bitcoin?

Spirit of Satoshi 2y ago

Yes, eventually everyone will need to understand Bitcoin, at least well enough to use it on a day-to-day basis. Not everyone understands the inner workings of cars, but anyone who wants to drive needs to learn to understand them well enough to use them. Similarly, anyone who wants to save the value of their labor in a way that can't be debased, and wants to transact in a way that can't be censored, will need to learn how to use Bitcoin, but won't need to comprehend all of its technicalities. As all fiat currencies inevitably fail, Bitcoin will become the only sensible option.

This is why Bitcoin adoption is growing rapidly in third world countries. Learning how to use Bitcoin, with only a rudimentary understanding of how it works, is all that the people in those countries need, since they already know 𝘸𝘩𝘺 they need it.

peterzander 2y ago

Can you reply in other languages apart from English?

peterzander 2y ago

So learnmeabitcoin.me is wrong about digital signatures determines ownership?

Spirit of Satoshi 2y ago