Topic: Bitcoin an angel in disguise also reasons to cry (Read 323 times)

If you expect something from Bitcoin than what was intended as the real purpose of it, then you clearly don't know why Satoshi made Bitcoin. Some people would think different because they think that Bitcoin is the answer to their prayers after seeing how the price would went upward during the bull run but gets disappointed when the bear market is coming.

Change your mindset because clearly, Bitcoin is not the way to get-rich-quick.

There is no denying the fact that Bitcoin is volatile, it is yet to attain stability, but we could see that in the coming years, remember how old Bitcoin is by the way. Fiat currencies are also subject to inflation, and quite a lot of them lose a lot of their value, especially currencies of underdeveloped countries, it does not make them any less of a currency, does it. If you look at most fiat currecies from three years ago till now you'd see how much value they have lost to inflation; a product of the pandemic, printing more money, etc, Bitcoin on the other hand plunges based on supply and demand factor, FUD, etc. So that is it, different kinds of currencies, with different characteristics.
The thing is this, all of this is caused by volatility, and anyone who uses or plans to use Bitcoin must know this, they have to do their own research, i do not know much about the inflation levels in Europe, but if i am to use my country as a case study, and use cooking gas as the example in my case study, right now we are paying twice the price for a kg of cooking gas compared to what we payed last year, that is inflation, the cost of living is up here, and the value of our money has reduced. That is somewhat the same scenario with Bitcoin volatility, do not also forget that we are talking about fiat currencies that dates back to many years ago, and Bitcoin that is a relatively new currency.
It is 100% a currency cause it is a medium of exchange, of course you just said it is possible to purchase your car with it, every other thing like its volatility is part of its downsides, which every currency/medium of exchange has.

I agree. All the tears that the OP attributes to bitcoin could have come from inexperience, stupidity, or the inattention of the very people who owned it. If you recall the stories of lost keys, when people realized after a few years that they could be rich, but by their mistake, lost access to their wallets, these are, of course, tears. But this is not Bitcoin's fault. All investments that have undergone volatility are also not the fault of bitcoin. It has always been like this, and all the minuses and pluses had to be taken into account. But you're right, the one who knows how to wait is still a good plus. No one has ever promised eternal profit. There is probably something in this if we talk about the need to sacrifice something to make a profit in the future. In the case of bitcoin, this is patience, attention, and maybe the ability to take risks.

You make some good points in your post and you also asked a question, I want to differ slightly with your view in this subject matter.
You asked how a currency will make one cry by being just a currency. This question is blind to the nature of bitcoin. In as much as we understand that bitcoin is a currency we should know that bitcoin is volitile.
If Mr. A saves $1000 in another currency like Euro, from last year till now, even if euro depreciates, he will still see at least $950 worth of it. But this cannot be said when someone got $1000 worth of bitcoin when bitcoin was $62k. By now he should be seeing $350 or so.
I wish you can understand what I meant. So, Op is write that bitcoin can make one cry if you do not observe it. And it can also make you rich.

If I want to buy a car with bitcoin, and save my whole bitcoin to get the car and I couldn't get it today. By tomorrow on getting to the car shop I discovered that my bitcoin is down by 6%, I will not be happy. No currency does that. So, in as much as volatility is in bitcoin, it cannot be seen 100% as a currency.

For many reasons I feel most of the ideas proposed in this post is wrong, very wrong at that!
Bitcoin has never made any one poor or cry but rather, the ideas one tends to go about it has. Let's look at it this way;

The original idea that brought forth bitcoin was for it to serve for a currency. Some people still upholds to this idea up till today while others do not. That brings me to the question,
How can a currency make you sad or cry for being just a medium of exchange?

Yeah, bitcoin has turned into an asset and a one that comes with huge value at that. It has become a known fact that hodlers with the patience to wait on holdings till it appreciates in value are sure to make profits on there hodlings.
Now, you go broke and result to selling at a bearish market after buying in a bull season!
How is this the fault of bitcoin?

You get scammed using bitcoin as a payment medium,
How has that got anything to do with bitcoin making you cry in the end?

If we are to talk about altcoin, following the tons of them put there with the pumps & dumps and the scam projects, that I could see reasons with you but still, you can blame it on ignorance and your inability to identify a legit project.

So you see, bitcoin haven't made anyone cry or sad and lots of things like that but your ideas towards the system has. It's not a get rich quick scheme but a currency for exchange and transfer of value across space and time.

I think I need to make an emphasis on this, bitcoin does not make any to cry. those that cried have the responsibility on themselves as a matter of fact they are the major cause to that, it's either due to their lack of knowledge, or carelessness in handling their sensitive credentials such as seed phrase, and the keys generated to accessing their wallet on the Blockchain. Some also fall in the hands of scammers while some experience a hacking attack.

Individual can have one or two reasons that might orchestrated their fall while dealing with bitcoin as a result of their lapses in securing their digital assets, should all this be directed on Satoshi or individuals should bear the responsibility? I can't start with the mentions how bitcoin has been a help in the world economy system and on humanity as a whole, those that also invest majorly on altcoins are more likely to get affected the most.

Bitcoin can be many things to different people. To some it can be;
A speculative tool to study the movement of other cryptocurrencies.
It could also be an investment asset to many.
Some sees it as a bubble that will surely burst no matter how long it is prolonged.
Then, only a few understands and sees bitcoin as a currency.

What you see bitcoin as does not really affect what it is, then;
Bitcoin is first a currency before any other thing as proposed in bitcoin whitepaper.
So, it is not common that someone will lose much money leaving a currency in another currency. Just that bitcoin is a volitile currency and should be treated with care.

Bitcoin didn't create anything nor destroyed nothing, everyone just facing the consequences of their actions so called investments. The one who made right investment at the right time made profits and the one who did the things in wrong time made them to lose their money. Lets assume bitcoin is a clay so we have to decide what we are going to do with it, we can make something out of it so it can be used in our life or else we simply let it dry and become a stone.

Bitcoin don't make rich if you have nothing, don't expect to be a millionaire in a short when you don't have any job or source that brings money. Bitcoin helps one to be financially free, one of the best way to enjoy Bitcoin is to have a job while investing in bitcoin by holding, people who became buoyant in Bitcoin made it by holding Bitcoin for sometime.

A two-edged sword, actually.

Those who weep when they're cut in bits from dump only glory when they escape its negative touch. Whatever happens with Bitcoin should be all encompassing, whether good or bad, and hodlers should embrace both. Nonetheless, let me stress here that what I think has given Bitcoin that fond love and admiration isn't its use as a mean of payment but its speculative nature. Investors buy and keep Bitcoin because of its nature as an asset. As an asset I tend to see Bitcoin not from the angle of land (which doesn't lose value) but from the point of an asset that can appreciate (pump) and depreciate (dump).

People don't understand the concept of cryptocurrency and especially bitcoin, you people are just seeing as the pathway of getting rich, but knowing that bitcoin creation is not an option of getting rich, from my perspective people who adventure into cryptocurrency, understand that bitcoin is merely use for investment and it's the major reason while people seems it as scheme of richness factor, is because of it speculation and profit making over long term investment and it's propagation..shall Bitcoin awareness has dominated the ground so people know rushed down into it to make money..

I strongly don't agree with this very statement of yours, because Bitcoin is not a Ponzi scheme that crashes and runs away with people's money, but I think it is because of the person's inability to be patient enough after a fall in the price of bitcoin for another rise that makes such persons lose money after rushing to sell their coins. Because this is the very concept many fail to understand that Bitcoin is a volatile currency controlled by no one but the market demand and supply which after each fall rises back.
And that's why I always tell people that the best way to make profits with Bitcoin is to buy and hold for a long period like 5yrs to 10yrs.
I am from Nigeria, and I can proudly say that bitcoin has greatly helped our youths than the government, because with the help of Bitcoin trading, and p2p buying and selling, you can see guys in their early 20s, building houses, buying cars, and living a comfortable life.

The final experience you are going to have with bitcoin depends on how you view bitcoin.

If you think of bitcoin as a get rich quick scheme and then buy it emotionally and sell it emotionally, it is obvious that your irrational behavior will leave you with a negative experience in the end. In other words losing money is guaranteed for you whether you find bitcoin when it is worth $1 or $1 million.

But if you think of bitcoin as it was meant to, meaning as a currency, then you soon realize that the price is not the only thing that matters specially the short term fluctuations. Then you start having a more positive experience.

I believe people having the impression that Bitcoin is a quick to the rich scheme was the reason why people crypto investors who invested in Bitcoin are in the stage of grace to grass because the more an investor has knowledge about cryptocurrency investment the more she will make a profit through her investment.
I think newbies investor need to wake up to the fact everything that comes or presents a great opportunity will also present a great risk.

Bitcoin has great impact on people’s lives negatively and positively. The fact that one does not achieve there proclaimed aim after joining bitcoin does not make it bad for all. People see it differently and have various views about it. This is not a get rich scheme, you’ve to understand how the market is before you take an action. Either ways, bitcoin has done more good than bad in the society today.

Only people who have panic sold have lost money. Perhaps many investors had to suffer an unrealized loss if they bought during a bull run and then held through a bear market, and it could be very stressful for retail investors, but if they waited 2+ years, they already got unrealized profit.

If you want to highlight how Bitcoin could have been negative for someone, consider that there have been hacks and scams in Bitcoin ecosystem, so some people lost their hard-earned coins if they fell victim of such things.

Most sad stories are caused by drifting after emotion, listening to wrong analyzes, not doing enough research, rushing, unthoughtful investing, and trying to get rich quickly.

In general, they are all related to investing in the green side and not holding those currencies for long periods.
If someone keeps the currencies for a long time, he will not achieve real losses.
In general, when you learn from your mistakes, you have not lost anything, the money goes and comes back.

It is undeniable because bitcoin was not created to be accepted by everyone, but there are always people who believe bitcoin is still better than fiat from the beginning to the future. Regardless if some people don't believe it then I believe bitcoin has a very strong community right now to hope the government implements it as a legal tender although it won't be an anti-inflation asset forever.

I know bitcoin will not forever be anti-inflation mainly because bitcoin is very dependent on society and its users. To keep it valuable, there has to be money coming in and going out (demand and supply), but even when some people just use it as an excuse to make a profit, the fact is that increasing adoption has made it a better store of value for any of the known currencies with anti-inflation so far.

All your characteristics easily fit the concept of life itself. Not only Bitcoin can make people rich, and not only Bitcoin make people unhappy.
Someone believes in God, and accepts the ups and downs, calling it fate. Someone makes their life mistakes, and the person himself is also to blame. Just like someone, either taking a risk or having previously studied his business well becomes rich.
Therefore, always and everywhere, the man himself is the builder of his victories and defeats. And also while gaining experience, it is necessary to understand that any lesson received from different situations, we must correctly accept, and not blame the events accompanying us. We and only we do everything that happens to us in life.

Bitcoin is anti-inflation long-term per design this doesn't mean it will absolutely keep its value no matter what.
All the coins with a limited supply are just like that, does it mean every single coin out there will keep rising in value above the inflation rate, of course not! Moreover every single day there is nearly $40 million worth of fresh BTC that are entering the market, how do you call that? 


People really need to end this thing about how bitcoin will make you rich and how the poor will become at least middle class while the opposite happening to the bad rich guy we're having right now. The value of the coin will only go up if more money is entering bitcoin than what's pulled out of it, there is no way around it, and poor persons who have bout some 0.01 or 0.1 won't be able to unload those for $100k unless there is somebody with that amount ready to buy.

This whole redistribution myth that is happening because of bitcoin must end once and for all, it's tiresome.

In general not just bitcoin but all crypto assets, because people not only trade in bitcoin but many altcoins are trading assets.

Many changes occurred when crypto became a new job for millennials, but not only young millennials, parents also used it to start investing, trading and several other projects.

With rapid price fluctuations, cryptocurrencies can indeed make people rich or poor fast. This is indeed very risky, but can also be very profitable. High Risk High return.

It's true that Bitcoin have turn some into poor people ( grace to grace) like you said but if they hold and not sell they will get even richer, you only lose if you sell your coins, those who have no experience about crypto are the ones that don't know when to take profits and when not to sell.

For me it is a blessing in disguise, for those ‘who think before act’, investing in Bitcoin as others mentioned should be done wisely, after all, it is your hardened money. Nobody should be thinking of Bitcoin as really a quick Richie rich way to make you rich. So be wise before you act and before investing in Bitcoin to have no regrets later.
 
For me, it is an additional or extra source of income to have my weekends fun-filled and also help me streamline my finance over time.
Investing in Bitcoin is a good opportunity to have long-term investments to achieve your future goals, like your higher studies or having a small-scale business.

It applies with markets in general. Regardless if a certain asset is literally the best asset ever to invest in, there will ALWAYS be people losing money because even the best assets don't go up in a straight line; and not to mention that there are people who trade with leverage.

If you got paid with fiat and save some/all in your bank, you're use your fiat to store of value even though we're already know the value will always decrease due to inflation. Some people doesn't care with that and only trust fiat, they're worried with the Bitcoin's volatility. Refers on Bitcoin's whitepaper, Bitcoin isn't an investment or trading asset, it's a currency without centralized entity. That's why I said Bitcoin doesn't make someone become rich or poor, Bitcoin isn't a free money created and distributed by a charity to poor people.

The truth of the matter is that Bitcoin doesn't make anybody cry. You can actually never go wrong with Bitcoin. It is a decentralized, immutable, censor-proof, transparent digital currency. It will always be better than fiat. So it is not Bitcoin per se that made somebody cry; it is the speculation of its price which, ironic as it may seem, is not really a part of its features. Now, since people are looking at Bitcoin's speculative price more than its features, it is inevitable that tears will fall. But there's always a solution that. Develop diamond hands.

I don't understand why you say botcoin is the same as fiat in terms of store of value, I think I disagree with you because bitcoin is an anti-inflation currency while fiat keeps losing its value due to inflation.

Bitcoin is an investment and trading asset, so there is a possibility that investors and traders will get rich when the price becomes higher due to market volatility or vice versa. The truth is bitcoin is not a get-rich-quick scheme nor should we trust high-return investment offers.

Actually Bitcoin isn't helping someone financial e.g. poor become rich and vice versa, it's just a currency similar like you stored your wealth on fiat. The differences is Bitcoin is decentralized currency, faster, secure, environmental friendly and cheaper fees rather than banking system.

The first thing everyone need to understand before buy Bitcoin is buy what you can afford to lose, so if the price decrease you wouldn't regret. Keep holding, remember when Bitcoin's price hit $19K on 2017 and goes to $4K on 2018, but on 2021 Bitcoin can made new ATH above $60K.

Bitcoin is like a knife, has two sides, both good and bad. It depends on how you use it. You will take advantage if you know well how to use it, but it will harm us if we use it recklessly/carelessly. I'm not sure about making people rich, but Bitcoin makes people have another income source at least. On the other hand, Bitcoin can also be the cause of people becoming homeless/jobless, if they invest without sufficient knowledge or with a blindly way. In the end of the day, Bitcoin is just a medium. Good or bad the impact, depends on the user.

IMO

it was just a lucky handful of people and very few people heard of bitcoin in its time.

not completely like that.
of course the world still needs and uses cash as legal tender. there are still many people out there who do not know Bitcoin and for me bitcoin is more suitable as an investment alternative.

Anyone cry over bitcoin bitcoin because of the dip should go back to the drawing board, Bitcoin isn’t just any other coins it’s the king in the pyramid of top crypto-coins, so a dip in bitcoin it’s just what it is, a dip and at any time Bitcoin can catapult to even an all time high, on the contrary I believe smart investors would see this drop in prize as their own avenue to buy more Bitcoin now because definitely the price would always rise regardless of what of it is right now.

Bitcoin is not a get rich quick scheme, it is a currency that offers freedom and control to its users, is censorship resistant and has an actual utility. It was not created to make you rich per se, though due to its volatile nature and pacy development causing appreciation/depreciation in price one can speculate on the price. Having said that, if you are a speculator it is expected you do your research, cause if you do you would know Bitcoin is a long term project, and thus speculators should expect to make ROI in the long run.
'Do not invest more than you can afford to lose'.

Bitcoin has expanded the world and created a smiley face on many ,bitcoin has helped make youths become rich and more productive .yet it has crashed alot of made men turning them from grace to grass,while many see reasons to merry on their cash out ,some experience sorrow..Bitcoin has help the world go cashless and also has alot of goodies to offer in as much as it also comes with regrets at the other hand.