Am I too late to Bitcoin? - page 2. | Bitcointalksearch.org

Rikafip

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Quote from: The Sceptical Chymist on March 07, 2021, 10:57:48 AM

If I remember correctly, people were asking this very same question back when bitcoin was $10k, $20k, and probably at valuations much lower than that before I got into the scene. So if what's being asked is whether bitcoin is too expensive to buy it now, I'd have to say "NO".

Exactly this. I've keep hearing about this question basically from the moment when I heard about bitcoin for the first u, somewhere in the late 2013/2014 and up until now.

Just a few months ago I was arguing on one Croatian forum where bunch of people claimed that bitcoin is too expensive now (price was $12-$13k at that point) and that people who are thinking about buying bitcoin for the first time should wait for the dip that was "about to happen", while I argued that best time to buy bitcoin for the first time is now, no matter the price, and no matter the amount. Since bitcoin price is at the moment >$50,000 it didn't end up well for the those who thought the same.

Then again, asking yourself that question "am I too late to all this" is perfectly normal. I asked myself the same thing when I came back to the crypto in 2017 but I decided to give it a shot and started buying bitcoin.

What I think the "problem" is that people keep hearing the stories like "if you bought $100 worth of bitcoin now you would have xyz millions of dollars" so unless they can make a fortune with a few hundreds of dollars like those early adopters, they think it's pointless.

Koro-Sensei

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Now that bitcoin is in it's all time highs, I think its quite a gamble to enter bitcoin world now. However, as what Mark Cuban advice, the 10% rule is quite a good start up knowing that in the future this revolutionary technology would be accepted worldwide.

Argoo

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Quote from: wxxyrqa on March 07, 2021, 12:26:15 PM

In any case, it's never too late to invest in Bitcoin, even given the current price level. According to the forecasts of many analysts, bitcoin over time will be able to reach even one million dollars without any problems, but this will take about 10 years. Based on this, we can say with confidence that if a person uses investments for the long term, then even today it is quite profitable.

At the same time, those who are joining bitcoin now have already missed a lot. We do not know if the price of bitcoin will drop to $ 4,000, which he had in March last year, or even to $ 10,000, which he had for a long time after that. The current bitcoin price of about $ 50,000 already really scares many. In the future, people will no longer buy bitcoins or even parts of it, but a certain amount of satosh.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: sujon5 on March 07, 2021, 11:20:42 PM

It isn't to late to buy Bitcoin until the last block is mined.

Why does the last block gain so much importance from your perspective? Of course it might end up being an event in the community but it is far off and by the time that happens the price could have already gone up beyond the common man's reach to be anything significant. That leads us to the one problem, the rising cost of buying bitcoins even fractions is too much for some people.

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Maybe Bitcoin isn't able to make you a billionaire in 11 years from now but it's still a good investment.

One should not dream of becoming a millionaire but dream of becoming successful in life, money will follow success. Hence my advice is to buy small amounts of bitcoin on every drop, focus on what you are doing in real life as well. Who knows one fine day you might have bitcoins worth a lot of money and still having a stable day job to rely on.

sujon5

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It isn't to late to buy Bitcoin until the last block is mined. Maybe Bitcoin isn't able to make you a billionaire in 11 years from now but it's still a good investment.

zanezane

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Quote from: bL4nkcode on March 07, 2021, 11:22:46 AM

Bitcoin is still at the early stage, until bitcoin supply still not fully mined it's still not too late to jump in bitcoin train.

Do we still consider this stage in bitcoin as early stage? What I mean is that its been 12+ years since bitcoin inception and I think that it is a lot of time so I think that I consider bitcoin stage as of this moment as middle stage because I believe that we are on the verge of greatness if we were to solve the fundamental problems that bitcoin has been facing for a long time and if not then bitcoin will become stagnant. Even if the last block is mined, it is still not too late but the prices from there and so on will be astronomically higher than what it is currently.

Johnyz

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Quote from: bL4nkcode on March 07, 2021, 11:22:46 AM

Bitcoin is still at the early stage, until bitcoin supply still not fully mined it's still not too late to jump in bitcoin train.

Exactly, since many are speculating that Bitcoin can reach $100k in no time, there’s still a chance to get more bitcoin as much as possible and hold until it reaches your target profit. If you think Bitcoin is too pricey for you, then look for more good altcoins that is still cheap today, it can be a good option for you.

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Quote from: LoyceV on March 07, 2021, 01:24:32 PM

Remember: "not your keys not your coins"! So if you don't have keys, you can't be own Bitcoin, and if you don't own Bitcoin, you can't be a user.

Disagree. Although you don't own it always, a user still spends/saves/uses it.

Many people rely on wallets like coinbase because for them its much easier to just have a wallet that stores their crypto rather going through the "complicated" process of having an actual wallet of your own. But the point is, they still use it. We are talking about bitcoin users, and not owners. It is a dumb debate and argument to exist, but it exists so Lips sealed

.

Quote from: Husires on March 07, 2021, 08:28:11 AM

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According to data analyst Willy Wu, there are an estimated 135 million Bitcoin users worldwide. This is less than 2% of the global population. To put that into perspective, PayPal has 361 million user accounts, Facebook has 2.8 billion monthly active users, and the internet in total has an estimated 4.7 billion users.

Interesting, but are we really comparing a cryptocurrency to a broken online payment processor and to an ethic-less social media platform? Come on, bitcoin is better than that. We are better than that. And the stats mean nothing of the real world. So its a broken record.

Quote from: Husires on March 07, 2021, 08:28:11 AM

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“Its too slow, no one is using it, its too confusing.” – Internet critics, 1997
“Its too slow, no one is using it, its too confusing.” – Bitcoin critics, 2021

I liked this particularly, I can't wait for the next generation to be fed up of people who think using bitcoin is a sin and as such. Grin

You know, I am excited to see how the next couple years progresses. It is definitely going to be wild. People are opening up to accepting crypto as a legitimate way of diversifying one's assets, and soon its going to be so cool to see people talking about crypto in public once this motherfuckin pandemic ends for good.

LeGaulois

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What about if you're not interested to speculate on it but need to purchase something or send money to a friend? Do you know what I mean? The reason why Bitcoin was created? P2P transfer, decentralization, and all the stuff.
Instead, people are creating a speculative market instead to create what it was supposed to become.

As long you need Bitcoin to avoid some bank's restrictions, laws, or whatever, it will never be too late to buy some and you don't really care about the price it costs.
I too remember when the price was $200 people had the same questions and the same arguments to not buy. "It costs too much!" they said. Well, years later they bought at @$10,000 lol.

In fact, Bitcoin's price doesn't matter. Either you need it or you don't. In this case, you come just to gamble some money.
That's why when the price failed to $3,000 a lot of people left. The true's face of people's motivation
#followthemoney

LoyceV

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Quote from: Husires on March 07, 2021, 08:28:11 AM

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According to data analyst Willy Wu, there are an estimated 135 million Bitcoin users worldwide.

What's "a Bitcoin user" in his definition? On Twitter the same guy says there are "137m users".
To put this into perspective: there are 36 million funded addresses and it's pretty safe to assume many Bitcoin users have more than one funded address. That means he counts at least 100 million "Bitcoin users" who don't own anything on-chain. Maybe he includes custodial wallets, so people speculating on Bitcoin price increases on exchanges or even Paypal nowadays, but I wouldn't call them Bitcoin users.

Remember: "not your keys not your coins"! So if you don't have keys, you can't have your own Bitcoin, and if you don't own Bitcoin, you can't be a user.

sunsilk

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Bitcoin is deflation so if it's currently high price or expensive for the new comers, they will eventually see another higher price and more expensive price in the future because of many factors.

The halving effect and the scarcity because of its limited supply. If they have come to understand those few factors, they'll realize that it's never too late to invest.

wxxyrqa

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In any case, it's never too late to invest in Bitcoin, even given the current price level. According to the forecasts of many analysts, bitcoin over time will be able to reach even one million dollars without any problems, but this will take about 10 years. Based on this, we can say with confidence that if a person uses investments for the long term, then even today it is quite profitable.

BrewMaster

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people seem to be very afraid of big numbers which could be part of the reason why they keep asking "am i too late" and more so whenever bitcoin price goes up. they see the 4 zeros in front of 5 and run away. not to mention that some people think they have to buy 1 whole bitcoin.

this is why i have said before that we should slowly start moving towards using smaller units. for example if instead of telling people that bitcoin is worth $50000 we should tell them that 1 satoshi is worth $0.0005 then it won't be that scary and they won't think they have missed out.

bL4nkcode

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Limited in number. Limitless in potential.

Bitcoin is still at the early stage, until bitcoin supply still not fully mined it's still not too late to jump in bitcoin train.

The Sceptical Chymist

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If I remember correctly, people were asking this very same question back when bitcoin was $10k, $20k, and probably at valuations much lower than that before I got into the scene. So if what's being asked is whether bitcoin is too expensive to buy it now, I'd have to say "NO".

I'm pretty much of the mind that it's never too late to get into bitcoin--hell, it's only about 11 years old right now, so it's still a relatively new thing. And with all of these big companies buying up large amounts of it, I'd say the price is likely to go much higher than $50k (which is where it's sitting as I write this).

Quote from: Lucius on March 07, 2021, 09:23:04 AM

If there is any truth that we now have as much as 2% of the total world population

That seems a little high but I wouldn't scoff at that number outright. As time has gone on, I've started to meet more and more people who've gotten into crypto. We're still a long way away from it being completely mainstream, however.

fiulpro

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Indeed.
Every technology, every single innovation is not easily accepted by everyone. People tend to always favour the old things , the old ways and at the end they might miss out on a big chunk. Right now many Governmental bodies are not so happy with Bitcoins whereas some are actively involving themselves, now after few years the Governmental bodies involving themselves with Bitcoins will have a step ahead of the traditional Nations. Bitcoins is not only providing an alternative for people but also how to run a part of economy , you can never have enough options , that's for sure and herein you have to understand that bitcoins is something of the future and it took years for people to get aquatinted to internet. Some of them only did it because of quarantine ( the older generation) so it's still been only 10 years and therefore we should not fret much since ofcourse it will take way more than 10 years but as we can see it is already immensely popular and therefore I believe we can soon see more adoption in the near future.

Lucius

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If there is any truth that we now have as much as 2% of the total world population, then it is an increase of as much as 100%, because as far back as I can remember a few years ago this figure ranged between 0.5% to a maximum of 1% of the world's population. If we add to that 2017 survey which showed that there are 2.9 to 5.8 million unique users, then we are really making progress in that regard.

Quote from: https://en.wikipedia.org/wiki/Bitcoin

Research produced by the University of Cambridge estimated that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

A comparison with internet users generally only shows how fast technology is spreading, but you will surely agree that using the internet and using BTC is not the same thing. I think that the adaptation with BTC will be a bit slower, although it all depends on how much simpler and generally more accessible things will become. When people see big companies interested in BTC, then the public perception changes significantly - from money for internet criminals to something that Tesla or PayPal invest in.

It's never too late to invest in Bitcoin, it's just a question of whether someone believes in what they are investing, or it's all just a matter of short-term profit.

iamsheikhadil

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I guess history always repeats itself and we will see it for bitcoin and crypto just like we did for the internet and just like there were critics and people who opposed it and now they are seeing the shocking results, people after a decade or two will see similar fate for crypto. People will regret not getting into it now, and we already seeing it, like people regret not getting into it in 2016 or 2015. Then people who bought in 2017 thinking the ATH will never break and they will be in losses forever, they have profited very much if they have been holding

Oshosondy

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If the price of gold can be $11 trillion, and with the population of people in the world, we will know that bitcoin is still at its early stage, it is never late to get started and invest. Bitcoin will have critics but that will not hinder anything, as bitcoin was called scam and ponzi in its early ages, those that trusted the open source decentralized coin and invested have now seen how important bitcoin is to any other asset. And to the question, it is yet never too late to invest in bitcoin.

Husires

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I read this beautiful article about Am I too late to Bitcoin? it is a bit long, I will try to quote parts of it from time to time and we can discuss ideas with it below.

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According to data analyst Willy Wu, there are an estimated 135 million Bitcoin users worldwide. This is less than 2% of the global population. To put that into perspective, PayPal has 361 million user accounts, Facebook has 2.8 billion monthly active users, and the internet in total has an estimated 4.7 billion users.

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Thirty years ago almost no one was on the internet. Twenty years ago only 6% of the world used the internet. Ten years ago a third of the world was online, and today that number has nearly doubled to just under two thirds.

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“Its too slow, no one is using it, its too confusing.” – Internet critics, 1997
“Its too slow, no one is using it, its too confusing.” – Bitcoin critics, 2021

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With central banks suppressing interest rates and pumping out more currency than ever before, holding cash has become a losing strategy. This is why many people since the 70’s have been saving their wealth in gold, and why today many companies (MSTR, SQ, TSLA) are deciding to adopt Bitcoin as a treasury reserve asset. When you hold a fiat currency like USD or EUR, you put your faith in central banks and government not to debase the currency. Oh, by the way debasing the currency is literally part of the stated mandates of the Fed and European Central Bank

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How many dollars are in circulation? How many euros? Nobody knows exactly. But what we do know is that the total supply is increasing faster than ever before. Bitcoin, on the other hand, has a fixed total supply. Only 21 million coins will ever exist, meaning bitcoin has a 0% terminal inflation rate

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