Topic: Benefit of bitcoin - page 2. (Read 582 times)

Problem with new ones is them being biased. They often see this industry as an easy way to get rich in an instant. Indeed there are individual who managed to do so but there are many factors to prove that we won't have the same fate; difference with capital, risk management, decision making, and loss tolerance. These things would make results differ from one investor to another. Some would just be eyeing to profit but are not willing to lose an amount and this is where frustration may take place yielding to huge loss. Bitcoin has its own benefit especially as an asset but everything has its cons so never be too confident of this technology.

Your observations about Bitcoin highlight both its benefits and disadvantages. It's important to approach Bitcoin and any investment with a balanced perspective. While Bitcoin can provide financial relief and opportunities for investment, it also carries risks, especially when proper understanding and guidance are lacking. Bitcoin's decentralized nature gives individuals financial freedom without reliance on a central authority. However, it's crucial to consider factors like timing and the amount invested for maximizing benefits. Newcomers should be aware that Bitcoin investment offers advantages outweighing the disadvantages, but it requires serious commitment and careful planning.

Well said mate. Actually I have been seen a lots of people in my life who comes to Bitcoin i.e. Cryptocurrencies investment only for using it a quick rich scheme tools. But most of them who had such thoughts have dropped out from this sector  except some people who later realized their mistake and picked themselves up. First of all we need to change our perception about Bitcoin, Bitcoin is not a get rich quick scheme tools.  It is a virtual asset that increases our financial freedom.
And to talk about investment, it is not wise to invest more funds at once in any investment, altcoin says, and bitcoin says that if you want to gain profit in all of them, you have to always maintain a proper DCA management. And always take away greedyness from mind .

Both of you are right, people invest in bitcoin because they think some profit will be earned. They believe in some reason to gain profit with bitcoin, like its volatility will be utilized gain profit by Trading and Holding. Then, Its decentralization system and blockchain technology become an inspiration to develop exciting technology, and many other things .

Many people invest in bitcoin because there is an opportunity to get big profits, and many people have proved that. And that also happened to me, who has been investing in bitcoin for a long time because only by having lots of bitcoins will big profits come, even though we also invest in altcoins which can provide additional benefits. And the benefit of bitcoin is that we can have new investments that we can buy with little money. In contrast to gold which must follow the size of gold to be purchased and we must have more money to buy gold with the smallest size. From that point of view, investing in bitcoin will be more profitable because we can do it with small money and do DCA.

There are still a couple of people interested in it, but again, because of its price and volatility, people got into it because of profit, and for sure, most of us really believe that is the reason, and only a few really used it as a payment method. People really want to get involved with risk, especially if the chances of profit are huge and they can get rich on it or gain profit immediately. Even for myself, I will be buying gold instead of bitcoin or having my money put in the bank for interest.

Bitcoin offers financial, technological, economic, social, and environmental benefits through its decentralized system, lower transaction costs, and protection against inflation. Challenges include volatility, legal and regulatory issues, and environmental impact. Bitcoin operates on a decentralized network called block chain which provides individuals with more control over their finances, especially during their trading on digital sites when trust in traditional financial institutions may be low. Bitcoin transactions are more secure and resistant to frauds or hacking. Although it has to be admitted that anything can happen at any time in the internet world. But all those institutions and exchanges that are doing business have many security systems and measures within them to make the system stronger and better. I think you can easily trade and earn money on this platform.

If bitcoin becomes much more stable, then you will reinvest all your funds in gold, even taking into account the fact that there is a lot of gold to be mined and only 21 million bitcoins?

Your gold will need to be stored in some kind of bank vault, the bank will know everything about you and in fact your gold will not be with you, but under the control of the bank. You will pay for storage and of course you will pay taxes. Do not forget that there have already been cases in history when the government seized all the gold from the population. Although bitcoin will become less volatile, it will always rise in price, since its number will never exceed 21 million, and with the adoption, there will be more and more people who want to own bitcoin.

Honestly, I invest in bitcoin because of its high volatility, if it is less volatile and stable as gold, then I would rather invest in gold than take a big risk investing in bitcoin without big profit. Indeed, bitcoin's volatility has never been a downside. That is its biggest advantage, and most people are interested in ever. Would people still care much about it if bitcoin were a decentralized, anonymous, and private currency without volatility? Even I am doubting myself about that.

The fiat system also suffers from a greater degree of weakness and almost all aspects related to investing and money have their degree of weakness. So the explanation must be that there are different levels of weakness in bitcoin or in the fiat system, but of all the weaknesses that exist, we can choose which one has a much better impact. I'm sure why bitcoin can get more trust now because of the concept of decentralization and being able to maintain the value of the investment assets we invest.

From all your explanations above, but in the end at points 4-5 you are also indirectly praising bitcoin, so the point by point you made is actually not related to one another. Bitcoin has reached the stage of great adoption to date and the reason is clear that what is offered by bitcoin is far more rational in the way that many people feel at the moment, so people choose bitcoin as one of the options that can be used to make a profit.

Regardless of how bitcoin can generate huge profits if done in the right way, bitcoin's volatility can also result in people losing money when investing. Therefore it is important to understand how to invest properly and if they do not understand market psychology and panic when bitcoin experiences a sharp decline, then therein lies the panic that will bring people to the loss stage.

Why he can’t post here? Many newbies also join the forum every day and every hours, then often have doubts regarding the advantages of the coin, and hence they can see the post by the OP for their reference. Basically the main advantage or benefit of using Bitcoins is that, it provides decentralised option, which means no government can control my money or can neither know how many Bitcoins I am holding. I won’t be forced to pay unnecessary taxes or fees. I will no longer be dependent on the bank and can use my Bitcoins anywhere at anytime I want.

Many crypto traders only know how to benefit if the price of Bitcoin is rising, they see the decline in price as a bad thing, but honestly, some traders make big money from shorting the market.

And again, the smartest investors in the crypto space are those that buy only in a grounded market situation, when there is a big panic in the market, that's when they start filling their bags up and they always come out to be the biggest gainers in a bull market.

I don't see anything else that opportunities around the ups and downs of crypto market, you only complains if you lack the knowledge of making money out of the both market situation, Bitcoin is far more perfected than the way people pictured it.

I don't see anything as the major problem here, lack of knowledge is the main problem.

That's true, though it's the nature of Bitcoin and cryptocurrencies to be volatile, it actually provides benefits to the traders or holders since when the price goes down, they buy with whatever they have, and then when it goes up again, they sell and take profit. So this basically is an advantage of Bitcoin and other cryptocurrencies since if they were not volatile, maybe this many people wouldn't be interested in them.

Humans tend to like things that earn them money because money is what everyone is running behind these days, you can't do anything without it so you have to find ways to get as much as possible to have a life free of worries and tensions and if you don't have any, you can't live in peace.

To own bitcoin, you do not need cumbersome procedures like when you need a bank account. But you will also need to go to the bank to convert your bitcoins into fiat as you cannot use bitcoin for your daily life, bitcoin is not an accepted payment method in the world. The second thing: using bitcoin to invest, you can make a profit, but there is also a risk that you can lose and lose money. Bitcoin has many benefits compared to fiat or other assets, but it also has downsides. It's not perfect, and we can't use it without fiat.

The most popular cryptocurrency in the world today is Bitcoin. The most necessary thing in human life is money or money. Currently,money or money has changed based on information technology. Everyone is now transacting with the digital currency called Bitcoin. Generally,if we want to make money transactions, we must open a bank account and need a debit card or credit card.  These are not required for Bitcoin transactions because Bitcoin is not a bank-based currency. Transactions in Bitcoin do not require extra charges like other payment systems. Security is very good in Bitcoin.There are many opportunities to earn in Bitcoin. Those who mine Bitcoin earn quite well. There are also many people who invest in bitcoins,they buy bitcoins at the same price and later sell it at a higher price to make a profit.

Exactly, with those volatile nature of Bitcoin people took advantage from it since it affects the Bitcoin's value which it could drop and increase in just time. It would be just considered disadvantage if people use it in a wrong way where they could lose their funds. As a good trader they should know when to enter and bounce out in the market. Without it's volatility Bitcoin might not reach it's value as this current day because people wouldn't find Bitcoin worth to invest with.

It's almost impossible to perform 51% attacks on Bitcoin network due to the difficulty and the adoption are keep increasing. The last FUD is about quantum computing can hack Bitcoin wallet, well if quantum computing can hack every Bitcoin wallet, Bitcoin price would be drop less than $100 because there's no safety or security anymore, so it's just a clickbait.

If people consider the volatility is the disadvantage of Bitcoin, they shouldn't invest in any kind of commodities.

Bitcoin has many advantages. First advantage, if you invest here for long term you can earn good money. Another advantage of Bitcoin is that we can do peer to peer transactions here. Usually when we have to transact money with someone, we have to transact money with the help of a third party. And for this transaction the third party has to pay some amount of interest. But if you transfer money in Bitcoin, you can transfer money without the need of a third party and the money goes directly to the person you want to send it to. No third parties are required and no separate interest is paid for these transactions. This is called peer to peer. Another advantage of Bitcoin is that in Bitcoin, there is no possibility of theft and fraud. Here you will be the real owner of your bitcoins. No one can steal your bitcoins from you. Because all Bitcoin processing is done very carefully and very securely. Another advantage of Bitcoin is that you can control your Bitcoin from anywhere in the world and in any situation. Apart from these, Bitcoin has various other advantages.

Some people consider this not to be a disadvantage, as it is precisely this volatility that allows certain individuals to profit from these price fluctuations. Who else but traders? Yes, they leverage the nature of Bitcoin, where its value is unstable based on supply and demand.

If it comes to transactions, perhaps this may not be the optimal choice. However, for investment or daily trading purposes, Bitcoin can yield profits for skilled traders.

Bitcoin has proven itself to be a reliable cryptocurrency and has brought many financial benefits to its users. But don't forget that Bitcoin is highly volatile, so it's important to evaluate when to enter and exit Bitcoin. In addition, there is no guarantee that you will immediately profit or avoid the risk of loss. There can be sharp fluctuations in the Bitcoin price in the short term, and determining good times to enter and exit is a difficult task. Therefore, one must master the knowledge of Bitcoin and the cryptocurrency market and consider it a long process that should not be relied on for quick profit expectations.