5 truths about bitcoin, in my opinion? - page 2.

lixer

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Quote from: hZti on August 11, 2022, 06:20:05 AM

Quote from: mk4 on August 11, 2022, 06:08:58 AM

Tell that to the people who bought bitcoin even at cycle peaks pre-2017. Not sure if they necessarily got rich because it will completely depend on how much capital you allocated, but I'm pretty sure a of them are doing well if they just held.

The issue is that many people are in bitcoin for maybe a year and never really even saw one full cycle. Also many think that the cycles are the same, but actually each cycle is way higher on the chart than the one before, even if the cycles are a little bit the same anytime.

I would guess that the cycles are growing smaller as well. Like when it moved from just under a dollar to over 30 dollars that was x30+ and more, which means when it moved from 100 bucks or so to 1400 dollars in 2014 that was also a bit 14x give or take, and when it moved from 700 dollars to 20k that was about a good chunk I will have to agree with that, but then we moved from 10k to 60k which was just 6x, 7x if you count 68k as 70k.

As we can see, people who are investing now, will still make a good money, better than any stock they can pick or gold, but it wouldn't be as good as the early birds who made x100 and then some on their bitcoin if they are still holding it.

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Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

1. Bitcoin will probably make a lot of people rich especially for long term holders... again
2. Bitcoin is the future and bitcoin is the medium of exchange because it is widely accepted, portable, shareable, accessible, commensurate and relatively stable. That's why it will be used as future currency.
3. Bitcoin can save the world
4. Bitcoin is not very easy to understand and there is too much misinformation about it.
5. Bitcoin has spread far, far more than most people know. There are already some of the biggest companies in the world using blockchain technology and some countries actually want to clone bitcoin, because bitcoin is so good.

Like the OP said, they are his/her opinion about Bitcoin. Some of which I do agree with and some of which I don't. For example, nobody truly knows the future of bitcoin. We are all speculators. I don't think a 3rd of the worlds population even knows about Bitcoin. Bitcoin still has a long way to go.

I believe that Bitcoin can save ~~the~~ my world. For example, when the youths in my country protested against police brutality. A lot of people donated in bitcoin to help pay for the medical bills and carry out other expenses of victims during the protest. So I can say that bitcoin saved my world.

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Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

1. Bitcoin will probably make a lot of people rich especially for long term holders... again

Probably.

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2. Bitcoin is the future and bitcoin is the medium of exchange because it is widely accepted, portable, shareable, accessible, commensurate and relatively stable. That's why it will be used as future currency.

I'm wondering at the level of stability Bitcoin's price would reach in the future. Would it be as stable as fiat?

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3. Bitcoin can save the world

That's too general a statement. Big words. I don't agree with this obvious exaggeration.

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4. Bitcoin is not very easy to understand and there is too much misinformation about it.

One doesn't have to understand everything about Bitcoin. In the same manner that people don't have to understand everything about fiat and planes and washing machines and toasters.

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5. Bitcoin has spread far, far more than most people know. There are already some of the biggest companies in the world using blockchain technology and some countries actually want to clone bitcoin, because bitcoin is so good.

Bitcoin isn't blockchain and blockchain isn't Bitcoin. Clone Bitcoin?

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Quote from: South Park on August 11, 2022, 07:07:06 PM

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for all of those which invested their money in bitcoin at the ATH and sold for a bad price investing in bitcoin did not help them at all.

Bitcoin came along and gave us the opportunity to be financially free. But it cannot bring us the available wealth, that opportunity is because we know how to seize it and keep it.

You just want to spend money to invest without knowledge, don't know anything about bitcoin, you should not expect a worthy reward from bitcoin. People who become rich from bitcoin, they study and learn about bitcoin from there they have undying faith in bitcoin so they deserve the rewards that no one else has.

Bobrox

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Quote from: lienfaye on August 11, 2022, 09:04:34 PM

There's a possibility but it depends on how much you invest to achieve the goal of becoming rich. What im certain is, you'll gain if you hold for long period especially if the price reach another ath. However the word rich is only for investors who invest huge amount and able to hold it for years until there's a good result already.

I think not only about amount with how much invested on bitcoin but also moment he try to invest and entry buying bitcoin, no matter and what for investing much money but he made wrong time when investing with bitcoin, some investor have wrong moment when investing bitcoin still reach all time high price, one years later keep holding not any profit yet because bitcoin price drop drastically. We found with many investor try to invest with huge amount when bitcoin on ath price but now when drop they think bitcoin as bad investment way, just mistake made why keep invest when bitcoin have been all time high?

lienfaye

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Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

1. Bitcoin will probably make a lot of people rich especially for long term holders... again

There's a possibility but it depends on how much you invest to achieve the goal of becoming rich. What im certain is, you'll gain if you hold for long period especially if the price reach another ath. However the word rich is only for investors who invest huge amount and able to hold it for years until there's a good result already.

Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

3. Bitcoin can save the world

Save the world? How exactly?

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Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

1. Bitcoin will probably make a lot of people rich especially for long term holders... again

Yes it's possible. But it might also bankrupt him in the long run and that's the risk. There are benefits and there are risks.

Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

2. Bitcoin is the future and bitcoin is the medium of exchange because it is widely accepted, portable, shareable, accessible, commensurate and relatively stable. That's why it will be used as future currency.

There are many advantages and I think this has been in its innovation. You may have forgotten some things and you didn't mention them, bitcoin is an innovative payment network with a decentralized idea and it's not just about receiving and sending money.

Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

3. Bitcoin can save the world

I don't know exactly, it has to have supporting details and we can't just reflect on the benefits.

Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

4. Bitcoin is not very easy to understand and there is too much misinformation about it.

It is not easy, this is subjective and never the same between one user and another because our ability to gain knowledge and learn it is very different. Effort will improve your skills, and there are plenty of great places to get the right information.

Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

5. Bitcoin has spread far, far more than most people know. There are already some of the biggest companies in the world using blockchain technology and some countries actually want to clone bitcoin, because bitcoin is so good.

Governments are lying if they say bitcoin is useless and the disadvantages outweigh the benefits. Adoption is a fact of how good this technology is, but the government has spoken differently about it. The network will get stronger and stronger, bitcoin has great potential as a payment alternative but not to replace the existing financial system.

uneng

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Quote from: South Park on August 11, 2022, 07:07:06 PM

Quote from: noormcs5 on August 11, 2022, 07:59:41 AM

Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

3. Bitcoin can save the world

How will bitcoin save the world? Can you explain this as everyone thinks that bitcoin is a lifesaver

You will only be rewarded if you hold bitcoins and getting bitcoin is not easy. You will either have to convert your fiat to collect bitcoins or work / provide service for bitcoins. Many people think that getting bitcoins is easy as compared to fiat money, which is totally a wrong perception.

Without a doubt that asseveration out of the five points the OP makes is the one that is completely mistaken, bitcoin as amazing as it can be and as influential as we think it may be is not going to save the world or anything remotely close to it, it can help us to reach a greater degree of financial freedom if we use it appropriately, but it is just a possibility, for all of those which invested their money in bitcoin at the ATH and sold for a bad price investing in bitcoin did not help them at all.

I think he should have been clearer on what aspect bitcoin can save the world. Maybe he meant financially?

If so, bitcoin can indeed help to save the world by being a tool used to empower average citizens when paying and receiving for produts and services or when simply storing their money.

On the other hand, bitcoin alone does nothing. Jobs opportunities are needed in first place. Without jobs bitcoin end being useless, because most people won't be able to earn or buy it.

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Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

3. Bitcoin can save the world

Pretty sure it couldn't. When we were in war, we would ended up using gold and dirhams as our payment anyway when the technology is cutted off and stuff. We will back to our root using those currencies.

Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

4. Bitcoin is not very easy to understand and there is too much misinformation about it.

New people have been told that it's for currency, but there is so much in-depth stuff to even dig in especially the technology behind Bitcoin(Blockchain) and some of them have been implemented for security purpose which is nice. When they know Bitcoin is not just currency, they would probably be overwhelmed with the stuff they learn.

South Park

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Quote from: noormcs5 on August 11, 2022, 07:59:41 AM

Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

3. Bitcoin can save the world

How will bitcoin save the world? Can you explain this as everyone thinks that bitcoin is a lifesaver

You will only be rewarded if you hold bitcoins and getting bitcoin is not easy. You will either have to convert your fiat to collect bitcoins or work / provide service for bitcoins. Many people think that getting bitcoins is easy as compared to fiat money, which is totally a wrong perception.

Without a doubt that asseveration out of the five points the OP makes is the one that is completely mistaken, bitcoin as amazing as it can be and as influential as we think it may be is not going to save the world or anything remotely close to it, it can help us to reach a greater degree of financial freedom if we use it appropriately, but it is just a possibility, for all of those which invested their money in bitcoin at the ATH and sold for a bad price investing in bitcoin did not help them at all.

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Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

1. Bitcoin will probably make a lot of people rich especially for long term holders... again

Holding will not lie. If we are patient, with enough capital, holding for several years, buying Bitcoin during the bearish market and selling them in the bullish era will be really worth. They will make us high profits as long as we are still holding them although in this bear market.

Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

2. Bitcoin is the future ....

Bitcoin is not only the future, Bitcoin is Laos the present that has been being a very worthy investment and asset. This is not only a currency for global payment methods but also a digital asset which can make us get high profits for holding or even normal profits from trading.

Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

3. Bitcoin can save the world ....

Maybe you need to explain this point in detail, what kind of saving the world?

Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

4. Bitcoin is not very easy to understand and there is too much misinformation about it.

Technically yes, this is very difficult to understand. But as long as we are willing to learn, this is not a kind of unable thing to learn. This is difficult but still accepted to learn. Btw, Bitcoin is also easy to learn at first to understand the general information of Bitcoin, not the technical one.

Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

5. Bitcoin has spread far,....

Bitcoin acceptance and adoption has been widely spreading. That is why many more people know Bitcoin, accept Bitcoin, and use Bitcoin. However, in fact,not all people and contries acept Bitcin. This is always controversial when talking bauot Bitcoin because some countries still make this illegal

dark1234

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Quote from: darkangel11 on August 11, 2022, 04:08:25 PM

Are these truths or just your opinions?

Bitcoin can't save the world. That's bullshit. The world cannot be saved.

Correct...
in what way can bitcoin save the world...?
maybe saving assets and finances can happen to every individual or strengthen the economy of every country, but bitcoin being able to save the world is impossible and impossible. we know bitcoin war conflicts can only serve as a tool to be able to contribute and help those communities affected by conflict the

dataispower

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Bitcoin make some people to have a big industries and stop some youths from life stealing. Bitcoin has stopped many things across the nation and if you notice that since the existence of Bitcoin it has enriched some people from poverty. Trading of cryptocurrency have being one of the major concern and to stop youths from their evil doing doing. And i believe that many people now is not castigating the usefulness of cryptocurrency. Because bitcoin is now using exchanges of goods and services

darkangel11

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Are these truths or just your opinions?

Bitcoin can't save the world. That's bullshit. The world cannot be saved. Most importantly, it cannot be saved by free money, even if it's in its purest and most honest form.
To save the world you'd need to get rid of corruption and governments. Maybe a alien invasion can save us Cheesy

Welsh

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Quote from: mk4 on August 11, 2022, 07:56:49 AM

I mean, yea — maybe not rich, but at the very least far better off compared to just holding their local currency.

Also, doing finance and investing well will require them to not necessarily put in a huge lump sum of money, fortunately they can just DCA a certain amount after every paycheck (if they can afford investing in risk assets, of course).

tl;dr it's not just solely bitcoin that's going to help people significantly, but their other financial decisions as well.

In that case, absolutely. No fiat currency can compete with Bitcoin, in terms of the potential money that can be made, but also the features that Bitcoin offer. Unless, fiat changes with this digital money era we're going to go through, and I mean change significantly it'll likely be left behind, at least for the more technical, and privacy conscious people, which hopefully is the majority of the population in the future.

I'm personally more comfortable with having my money in Bitcoin than trusting a bank, but I do believe I'm an outlier in those terms. Most people look for the safety net that banks can provide, and that's alright too.

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Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

1. Bitcoin will probably make a lot of people rich especially for long term holders... again

I've seen many people who were not rich and had financial problems during the last years while they are not independent that's to bitcoin and holding bitcoin.

Quote from: bitzizzix on August 10, 2022, 11:23:17 PM

4. Bitcoin is not very easy to understand and there is too much misinformation about it.

While many people are thinking they know bitcoin completely and they enough information about it if you look technically and deeply you can see understanding blockchain and blockchain projects is not much easy for people, while this can not be a problem because having this information is not important for the normal people and investors of bitcoin.

buwaytress

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Bitcoin can save the world, it's true. Not in the way you'd think. And probably not including us in the saved Wink

At the risk of being off topic, you know that behaviour when people increase their spending exponentially even though their income increase is not?

I actually recently met someone who did that with Bitcoin... unfortunately somewhat close to me (a relation of sorts). Bought Bitcoin at a good price. At ATH took out a huge loan to buy a new thing, thinking Bitcoin proceeds would offset the interest.

Well, yes, they'll probably have to end up selling everything and still get to pay off a loan.

So Bitcoin coulda saved them. They just didn't know how to be saved. And that's the truth about Bitcoin.

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1. I think expecting somewhere around 5x profit is very reasonable, 15x profit is possible but perhaps unlikely, and expecting 50x, 100x or something like that is unreasonable. So profits can still be high, but if one invests $100 now, it can become up to $2000 but not $10,000, in my opinion. Thus whether you get rich depends on your initial investment.
2. I think we'll have more of Bitcoin in the future, but it's not very stable and in places with low Internet penetration it's barely accessible. Also, the network can't handle tons of transactions at once, so Bitcoin's future as a currency is limited unless we're talking about additional solutions.
3. Overstatement.
4. True, but it's the case about tons of things.
5. It has also spread to less than 5% of adult population of the world, so it might be less than many assume.

BlackHatCoiner

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Let me add my 5 truths about bitcoin.

You gain a greater capital appreciation than holding your national currency (with or without these little interests).
Getting involved with it broadens your horizons.
If wallet setup was made properly, you can't have it confiscated.
It respects your Internet privacy.
You gain full transparency over inflation rate, transactions, total coins in circulation etc.

Detritus

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Bitcoin will only make some people rich and not too many people because some who bought at $17k sold already for $22k, some are waiting for $30k. Bitcoin is a potential crypto, perhaps only few people understands it, and those who understood may hold for a very long time. They will win.
How do you mean Bitcoin can save the world? Please be more specific on the number 3, Bitcoin can save some investors the stress of buying some assets that really require their commitment when they can just own 1 or more Bitcoin safely stored in their device wallets without the Risk of theft, damage, paper filling and even without involvement of third party.

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