Topic: Benefit of bitcoin - page 4. (Read 641 times)

I agree with that. I believe that the percentage of criminals involved in money laundering is higher with fiat than with Bitcoin. This is because it's relatively harder to launder money using Bitcoin. As you mentioned even with mixers which are mostly centralized they often require users to provide personal documents before proceeding with the money mixing process. In other way, I believe there are other alternatives for using Bitcoin in money laundering.

For example one could purchase Bitcoin with their money on the dark market or through P2P transactions that no one could know about. There may be more alternatives than these, but I haven't searched deeply into the subject.

Aside from a possibility to lose money because of making mistakes (such as using a centralized service to store Bitcoin, making a mistake in Bitcoin address to make a transaction, losing access to one's wallet), there's also high volatility of Bitcoin which can be scary to people who are used to fiat currencies or gold which are less volatile. Moreover, let's not forget that while we expect Bitcoin to recover from each bear market, there's no guarantee that it will always do that (or that it'll happen within a reasonable timeframe), so it is possible to lose some money from this investment.

For now, bitcoin technology can still run well and no one has been able to stop bitcoin.
But if later in the future, several hundred years later, technology advances, it is possible that bitcoin technology will become obsolete and abandoned. We also don't know what will happen next.
And for now, we still believe bitcoin technology will still dominate crypto and be the crypto leader, so we have to use it to our advantage.
And bitcoin will still be around for a few years to come, maybe for generations to come so it's an advantage for us and the generations after us.

Of the many Bitcoin rivals at the moment, in general they have not been able to stop Bitcoin. So that I personally still have faith that Bitcoin technology cannot be stopped (except by the developer himself) because Bitcoin technology can still be passed down from previous generations to future generations. Even if there is another technology that is very similar to Bitcoin, it means that they may have seen examples of Bitcoin then create new technologies based on existing technologies.

BTC being used by criminals for money landering is now a bit of a cliché, the percentage is nothing compared to money laundered with fiat and other means. BTC is a permissionless currency, so surely people would use it for what they want, even crime, but to use BTC to launder money is not easy because you'll have to use mixers, and some of them are centralized, and they keep records of transactions, which they may give to the government if they request it. The government is also seriously cracking down on CoinJoin, all of these, including the BTC public ledger reduces the percentage of money laundering done with BTC compared to other means and currencies.
It may happen a long time into the future, though we are not certain of it, but right now almost all of the altcoins that have been created after BTC have been shitcoins that lack any usefulness.

Are you sure that bitcoin is unstoppable, are sure if bitcoin technology can continue to pass from one generation to another generation, bitcoin is a technology and I can see that technology of bitcoin can be double chances by another technology that deals with finance and appropriately looks like bitcoin, if such technology come to exist, it will take over bitcoin and people will like to test such technology

Bitcoin brings many benefits, but it will depend on each person's intended use and circumstances. But nothing in this world is perfect, everything has its pros and cons. Therefore, when investing or using bitcoin, we need to take advantage of its advantages and have a reasonable calculation of its disadvantages to avoid harming ourselves.



What if criminals combine with mixers? Everything will be easier than with cash. Bitcoin is not related to crime, but obviously, criminals would be harder to detect if they used bitcoin instead of fiat.

If you are suggesting that BTC is the best currency for criminals and money launderers, then you are not correct; take note that BTC transactions are not anonymous and everything is recorded in a public ledger which can be tracked to people's real identities. Money launderers move a lot of money, and they will find it difficult to convert it on crypto exchanges, and even if they do, it will be after series of kyc submissions which will expose their identity, cash is the best option for the "underworld", and not BTC.

This is one reason why people who wanted to engage in Bitcoin for financial relief needs to study and learn the ropes of Bitcoin, the technological and the economic aspect.  Blockchain technology is one of the new emerging and trending technology.  If a person is able to understand it, he can then offer his service and many start-up company may avail for it. From an economic aspect, the opportunity from investment, trades and catering new set of audience can be and extra source of income for people.

I do not think that the improper explanation is one of the flaw of Bitcoin.  These are human-made error which can be fixed by personally studying the what-about of Bitcoin.



When it comes to legalities, lawyers are the sought-after of people even though Bitcoin isn't control by anyone, once it enters centralized services, it will be covered by the regulation and law of a country.


I agree, by knowing when to enter and when to exit is crucial in engaging with Bitcoin trading and investment.  It determine how much we win or loss in our Bitcoin venture.


We can start by sharing the wonderful of Bitcoin to our families and friends.  From that if these people experienced the positive result in their Bitcoin journey, they will definitely share the news.  Word of mouth is still one of most effective way of advertising something.  So if we plan to use it then we should be well prepared and knowledgeable enough in order to avoid misrepresentation.

For those who are new to the Bitcoin and crypto world, it is important to understand that investing in Bitcoin does not guarantee instant wealth. These fluctuations are relatively strong, making it difficult for those unfamiliar with this level of volatility. So approach Bitcoin with realistic expectations and educate yourself about how it works, its underlying technology, and the factors that can affect its price movements. Understanding the risks and potential rewards involved in making informed investment decisions is a wise approach.

Bitcoin is an unstoppable technology that has a long term life span that counts across generations and time, this is not the like of technology that could a possible interruption of its development, but between we must have a balanced ground that will lead us to any possible future goals and aspirations that caught across that time.


History already has a good record of Bitcoin and how it has evolved, this is no different from all other technologies that have survived the test of time e.g. the internet which many predicted it possibly dead many times but still yet keep existing and developing.

You are not a lawyer, its only people who went to law school that knows the meaning of life bencher, when speaking of bitcoin I have not said bitcoin is something you will just join and make profit immediately, before you are successful in bitcoin you have known the plans of bitcoin investment and known how people who make profit in bitcoin follows

Newbies have to understand that most benefits of being invested in Bitcoin won't come to them on an instant. Why? It's because it's highly volatile and not all of these newbies are used to take this volatility that's coming from Bitcoin.

All they think is that money grows overnight and that's how the majority is earning on Bitcoin. It sounds like it's still a ponzi to them without realizing what they're up to. And that's why before investing on it and realizing the actual benefits of it, they need to give themselves a time to learn what really is Bitcoin.

I would take the number 5 as the most important one among all. For the number one, before you have that financial freedom from bitcoin you have to be patient and take risk. For the number two, the unprofessional attitude also made investors to loss out. Bitcoin is life bencher for lawyer? And not for the people? I really don't understand that clause. Yes the total amount of money you used in investing in bitcoin will determine the profit. Op bitcoin is not something one would just go into and becomes rich overnight. At least you have to wait for some months to have that benefits.

i think people forget or fail to understand that the underworld has fully adopted crypto. cartels, russian, mob.. their biggest problem wasn't getting contraband into a country, it was getting the cash back home. think of all the headaches.. well those days are long gone. a quick google search will tell you this is an estimated 32 billion dollar market. add sex and extortion and you can probably double it.

You have to understand that those who are new to this market are actually very mentally strong in the face of their close friends' losses. It takes many people a lot of time to be able to face it, and it is the same bloody experience that every investor has gone through. This is really not pleasant at all because market psychology is inherently full of immobility, a game where side factors can greatly affect you. From the psychological perspective, emotions can calm before bad news or the temptation of FOMO. So don't think that it's really comfortable because the world of bitcoin is very large and complex.

Well many newbies are already who are into crypto-currency are coming from or are still in the traditional financial system and for a certain they are aware of the disadvantages that already brings in, also some of them has made investments to and they should understand the risk that goes with Investing.

I prefer to be plain when I am telling newbies about Crypto-currency, I let them know it's a digital asset and just as you are to protect your self on the internet, the web you should protect yourself in crypto-currency and just as you should invest wisely in other sector and also know how to trade stock first before proceeding you should do the same with crypto-currency.
Crypto won't take away all your problems but it would make financial system better than the traditional financial system.

Yes, people already know the advantages of bitcoin here. Maybe some people don't fully know about the advantages of bitcoin but also there are other advantages of bitcoin which not mentioned in the thread. 
Yes bitcoin has some disadvantages but not as serious as central banks and fiat.

Bitcoin is a digital currency that has its own set of advantages and disadvantages. Some of the advantages include being highly liquid, transparent, and relatively safe. However, investing in Bitcoin is volatile, energy inefficient, and lacks proper regulatory oversight¹. It is important to understand both the pros and cons of Bitcoin before investing in it.

In my opinion, even though there many ways of the best use of Bitcoin but trading and investing is the main thing for financial relief. Investors are getting rich because of Bitcoin in just few years compared to their outside businesses especially if they know the secret behind it. In trading, I know it's difficult but if you're really a disciplined person there's a higher chance to be successful in this journey even if you're newbie.

But still you can recommend this forum to ask their personal questions about cryptocurrencies especially Bitcoin.