Topic: 5 truths about bitcoin, in my opinion? - page 3. (Read 671 times)

I don't know where the OP got some answers that he said were bitcoin truths, but there were some points that got opposition from other members. If the OP does understand bitcoin it should also include some valid sources.

And the most absurd is about Bitcoin that will save the world. It should be explained how the rescue was, because bitcoin could not stop the war between Russia and Ukraine and several other wars. Saving the world is a complex word that can have different meanings.

What?
Loss can only happen when you sell at a lower price. If you keep holding and accumulating during a bear season, do you think you're lossing because the value of Bitcoin is down? Ultimately not.
If you're just holding a specific amount without accumulating, then I guess the possibility of getting huge amount of profit might be way lower than people who's actively accumulating everytime they get the chance buy at a lower price.

Bitcoin is good, but only in financial terms. Please don't exaggerate what bitcoin can do, bitcoin is not the god that can save the world.
Bitcoin is not too difficult to understand, anyone who knows how to use a smartphone can use bitcoin. Misinformation is alarming these days: many people still think bitcoin is a Ponzi scheme, a scam. These concepts come from scammers who have created projects impersonating bitcoin to scam users, making them feel bitcoin is a scam.

I believe that is exactly what the op meant , some countries have attempted this including my country Nigeria, the government launched a digital version of Naira which they called e-Naira, but unfortunately, I can say that the project wasn't successful as not many people find the project interesting enough to use it.
I , for example downloaded the e-Naira app, signed up but deleted the app few weeks after.
There can never be another version of Bitcoin, several countries might attempt creating their own crypto coin but Bitcoin will forever remain Bitcoin, the network can't be counterfeited, like it is with fiat.

it may but eventually not all, because we don't invest on the same day and we are not selling as well on the same day, the procudures adopted by each individuals differs from each other.


I don't understand what you meant by the word stable here but know this that bitcoin is volatile and will always be, the only acceptable stability in it is the value it has created.


how? thou i believe bitcoin to rescue individual from economy crampdown but it's not a collective thing, it has to do with individuals


aren't you part of those making things more complicated because you're not giving information as needed in details, but learning is the key to everyone who seek to know about bitcoin, no one is born with it


clone as in? do you mean duplicate or in creating their own CBDC?

For bitcoin to make people rich, people have to invest a lot of money in it. And only rich people can do that. Thus, the formula where the rich get richer works. Of course, the controversial question is who and how much is considered wealth.
In order for bitcoin to save the world, it must first be accepted, but for now, its acceptance cannot be universal.
The whole list of "truths", OP, should have been more fully explained from your point of view, and probably many would have accepted your point of view, but for now, the phrases are only taken out of the context of general conclusions.

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.

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.


That's why you should be financially responsible to not over-invest, so you wouldn't need to sell at lower prices when you suddenly need the money.

Totally disagree with point no. 1 in present situation. Why I am saying that if you buy at 69K and selling it on 17K then how become you rich. Suppose you enter in a market when BTC was up to 60 or 65K then become a rich person is your dream. And above sample is also for long term. Now if it cross to his next higher then it will be beneficial for you. Your second point is valid as BTC will be used as a currency in near future.

I'm probably going to say something a little dumb here, but holding Bitcoin in my opinion in the long term is probably going to mean you profit. I mean anything from five to ten years of holding it. However, even if it x10, if you've only got a dollar invested, that's only 10 dollars. So, generally you've got to have a significant investment in Bitcoin to be able to feel the benefit in the long term.

If you're aren't significantly invested, it's not likely to change your life, which I think is what the OP might be missing a little bit. Not everyone is going to have their life changed, simply because they're invested in Bitcoin or maybe I'm looking at it from a different perspective. Maybe, the OP meant that since they've used Bitcoin, their perspective on things like privacy etc has changed.

I mean, Bitcoin has certainly helped me form my views of today on third parties, privacy, and security, which I might have not been as passionate about if I didn't discover it when I did. So, I guess you could say without significantly changing my life style, it has changed my life for the better. I can go to bed easy, not having to worry about what third parties are doing with my money either, or getting rejected for a payment because it got flagged up, and then going through the painful process of verifying everything before making the payment again.

Well, it would be very unrealistic to think that everyone would make it out with a win. They don't really even need to 'experience' a cycle, then can simply check the charts and see what happened in the past. Along with that, the typical investing dos and don'ts. They do all those simple things right and there's a good chance they'll win in the end.

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.

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.

Probably, but generally you have to be significantly invested in to see any meaningful return, at least in the terms of "rich".

I kind of agree, and disagree here. I'm not sure if it's the entire future, likely there will always be other currencies floating around, especially now the world has been introduced to cryptocurrencies. I don't know if it's the future for the majority of people, but I know it's the future for me. Unless something crazy goes on, where another altcoin comes out, and massively outclasses Bitcoin, since the popularity of Bitcoin right now, means it'll have some resistance to certain altcoins which marginally improve on it.

Hmm, probably not. As with everything, the rich will hoard a lot of the Bitcoin, and the poor will be late to the party. Obviously, Bitcoin can increase denominations to make Bitcoin worth using, but the rich elite will always remain the rich elite. Bitcoin does provide a path that isn't typically available to people though, which means they might find some success they otherwise wouldn't. The Blockchain definitely has its uses, and it might make things more comfortable in terms of transparency, but I still don't think it'll save the world as you put it.

Myself, and others have always said this is the biggest obstacle Bitcoin has. The complexity means that not everyone is going to understand or be comfortable with using it, even if they like the sound of the freedom it provides.

Goes without saying. Anything good in this world, will be replicated a million times. Doesn't mean it's any better though. As we've seen over the years many have tried to become the next Bitcoin, but Bitcoin had everything in place, and basically was implemented at the right time to assure its success. It doesn't have gimmick features, it has features that were carefully thought out, and even though it might have not been implemented perfectly, it has been improved on since.

Bitcoin investors can never get rich if they invest long-term. Because the price of Bitcoin keeps going up and down all the time. That is why it cannot be said that one can become rich only by investing. Because if you invest then of course profit or loss can happen here.

The days of complete Holding is long gone now , why need to keep Hold for 5-10 years when you can double the amount for a certain years of Buying and selling from High and low.

with this I think I must agree.

Mind to explain and bring us some hints on how this can save the world?
well , Internet world and that is all it is , learn your field and never become greedy.
they may clone but wont be completely , because the uniqueness of bitcoin is far from being cloned .

I think point number 4 might seem true at this time but this will change eventually. While Bitcoin is complicated the normal banking system is also complicated. We just don't see it as complicated, since we are teached from a very young age how it works. IF it will be the same for bitcoin it is not that much harder to understand. Also there are a lot of improvements that make it easier as time passes.

Bitcoin is not easy to understand, but you do not have to understand everything about bitcoin, there are some technical aspects of bitcoin and the blockchain used that is very difficult to understand by bitcoin users which are for developers to understand, not users. To buy and sell bitcoin by transferring it from one wallet to another is not hard, reputable wallets used today will give you just the basic warning like the reason to keep your seed phrase safe and not let anyone knows about your seed phrase, because anyone that knows your seed phrase is able to spend your coins.

In my personal opinion, the truth that I get from bitcoin one of which is that we are given the freedom to transact and do not need a third party to transact, the other truth is that bitcoin can be sent anywhere in seconds, bitcoin never promises wealth but at least bitcoin can make our lives better and we are a little bit ahead in this digital age.

I am a bitcoin holder and will always be but I don't understand on your opinion and the logic behind how it can save the world. If you can add some reasons why you think is that, maybe that's justifiable.

But if it's all about saving people financially then it only means that it can really make people be wealthy which will categorize to the number 1 you've said.

That is only if it's the meaning of saving the world, financially.