Topic: an Admonition to Bitcoin Newbies (Read 384 times)

Bitcoin has indeed future. The people who don't want it succeed are usually the one's who will lose something if it does. Bankers for example (Jamie Dimon) is against' bitcoin simply because it will take him and his company out of business

Banks are getting less rich of me today...and the online exchange I use pays ME interest for the risk I take with them. It's working, there's just not a lot of people on board yet. And the media screaming "crash!" because the price dropped 20% in a few days is ironic. The reason it's ironic is because the media's attempt to rationalize the growth as shortsighted and full of hype is as shortsighted and full of hype as their accusations. It's laughable.

Of course no one in the media talks about the 50% correction off the bottom of the last 7 days. No one in the media talks about how Bitcoin is still up 450% since January.

That's the shit Newbies read...fear and greed. So things cool off and then we all buy a bit more, the price rises a bit more, goes on another run, and with each run up we gain more adoption. Newbies start to read about why this thing was created and why it's valuable (and not just in dollars and cents).

It is currency. It's also a store of value (as currency is). I just don't see much adoption...at least not growing at the pace of price appreciation.

Bitcoin is still too volatile to be a currency. Imagine a merchant is pricing an item with Bitcoin... he or she would need to adjust the price everyday to keep up with the market price, which is not realistic and no one would want to do this.

That's what it looks like to this noob.  I'm finally paying attention but for now it seems like more of an investment than a currency to be used on the daily.  But I look forward to the day that when it's mainstream and banks no longer get rich off us.

Oh definitely. As of now atleast we're making somewhat progress in terms of transaction fees and time. But it's still not as good as it used to be.
Remember the Western Union vs Bitcoin picture that's been circulating like last year? Welp, we're nowhere near those advertised numbers anymore.

Before anyone tells me that I can lower the fees, yes we can. But we're sacrificing the duration of how long the transaction gets confirmed. If we need to wait hours and hours just to send using cheap tx fees, then we're nowhere near being a "peer to peer cash system".

"Get educated" is the best advice anyone can give a Newbie here.


I'll challenge you a bit only on who's accepting Bitcoin. I don't think there are really big name online retailers or wholesalers accepting Bitcoin. At least I don't hear of any progression or growth in acceptance among retailers and wholesalers. It's shocking, really. Bitcoin is becoming less and less of a currency and more and more a store of value.

I wish.    It's sort of pretty obvious why most people are here in our community, mainly for profit. You need to check out those crypto Facebook groups. 10% good and constructive posts and 90% shilling on some coins or ICOs like there's no tomorrow just to drive up the prices. You'd get to read posts like "to the moon!" and shit like readying their Lambos or something. Well guess what, now that we're in a sort of bear market trend right now, they're panicking hard. Saying that "is altcoin xyz dead already?" something like that just because prices dropped by double digits. It just shows how ignorant and greedy most people in the crypto community are.

Almost a decade after Bitcoin got introduced into the open market, it had had so many ups and downs...and even up to now after it showed great resiliency there are still people who are calling Bitcoin as just another bubble and can soon pop!

However, we are actually seeing a different thing here as Bitcoin right now is surging up and although there are periodic corrections there is no doubt that the trend is UP. Now, we're all seeing the Bitcoin craze going on. We keep asking ourselves, is the real? Can it be real? Well I've discovered that this is real.

Right now, we have big name in online retail and wholesale, some banks and other financial institutions accepting Bitcoin as well as other cryptocurrencies. I don't know about you but to me that's a signal that this craze is real.

Do yourself a favor and get educated on this before you are going to delve into this arena. Maybe you want to know how the blockchain works, or how Bitcoin is mined or maybe you want to learn what the trading signal are. Those are the things that can help us appreciate Bitcoin more.

Make your Bitcoin journey now! And use the many information you can find as your pillars with Bitcoin and cryptocurrency in general. Never believe in those people just spreading FUD (fear, uncertainty, doubt) as in many cases they can be wrong!