Bitcoin IS an asset. Do you think it's bad? - page 4.

Mpamaegbu

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Quote from: crypticj on May 15, 2023, 02:03:34 AM

...but everyone was telling me that it will always fluctuate and it's just a method to earn money.

Anyone who sees Bitcoin more as an asset (I'm one), of course believes it will continue to fluctuate. It's the fluctuation that majorly gets the attention of people to invest in it. Anyone who argues otherwise aren't true to themselves.

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What do you guys think about that? Do you think it's okay that we as a community treat Bitcoin as an asset and not as a technology that should be used to give people freedom from the banks?

It really doesn't matter what our decision is here on how to treat Bitcoin, the market takes care of that. Honestly, I think Bitcoin is both – asset and technology. Bitcoin is decentralized and can't be under the control of anyone.

Litzki1990

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Based on what we can consider Bitcoin as bad. If Bitcoin was bad it wouldn't have gained so much popularity worldwide. Maybe we can't consider this coin as bad because the value of this coin rises. The popularity of this coin is seen by seeing the price rise of this coin. Because if the coin was fixed in any one place then people would not have invested unnecessarily in this coin because the market rises, that is why people understand the opportunity to invest in this coin and those who are good at investment have made a lot of money from this bitcoin by investing in time. Considering these things, no one will ever call bitcoin bad.

Cvetik56

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For me have always been an asset. Yeah, it's a great technology and I admire that, but I'm investing money in it to save and get more money back in the future.

robattfield

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I have no personal opinion on whether Bitcoin is a good or bad asset. But some features of Bitcoin such as unforgeable, secure, not regulated by the government, etc. have been recognized or well known in this environment. However, there are also risks associated with using Bitcoin, including price risk and safety risk. The price of Bitcoin is very volatile, and using Bitcoin also requires users to have knowledge of technology and security to avoid the risk of being scammed or hacked. Therefore, basically, whether Bitcoin is a good or bad asset depends on each person's point of view and purpose of use.

crypticj

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Quote from: cryptoaddictchie on May 15, 2023, 02:13:40 AM

Its quite bias that you talked to people and thats what they answered. Its best that youved asked here since many could voice out what they think.

I created the whole trend for it here where people voiced their opinions. So when I say about opinions I mean people from the trend. And my point is that the fact that Bitcoin is an asset won't allow it to become a new global currency that the majority of people would use. Because it won't be stable enough. It was my whole idea.

In my last thread, I advocated that global adoption won't happen until bitcoin is fluctuating 5% and more every week because people will afraid to use it.

Yatsan

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It is supposed to be an alternative currency to fiat but has certain chracteristics which is advantageous. However, Bitcoin is more beneficial to users as a form of asset or investment. One reason why Bitcoin is not widely being used as a currency is because of its adoption issues concerning countries. Many countries still are not supporting this technology's usage due to taxation and volatility issues. It is being used as an investment on the other hand 'coz investors are making use of its volatile market price at a higher rate in comparison with other assets such as Gold. If it is a bad thing, I'd say no. People are free to use Bitcoin on any way they would want to. We cannot force people to use Bitcoin as a currency 'coz they'd be at guilt from doing so, missing the opportunity to earn profit especially when market prices goes up.

kawetsriyanto

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Quote from: crypticj on May 15, 2023, 02:03:34 AM

What do you guys think about that? Do you think it's okay that we as a community treat Bitcoin as an asset and not as a technology that should be used to give people freedom from the banks?

What is wrong if people make Bitcoin as a digital asset? If you think fluctuation or volatility is bad for Bitcoin as an asset, it is untrue. Even fluctuation or volatility is the advantage of Bitcoin, it makes people earn high profits. You can imagine if Bitcoin has no high fluctuation or volatility, how the price can soar significantly? You misunderstand if you think fluctuation or volatility is a bad thing.

By the way, we can use both as an asset and as a payment tool. But you need to adjust it to the law or regulation in your country. In my country, Bitcoin can use as a digital asset only, it can't be a payment tool. But in other countries, Bitcoin is possible to use as a payment tool.

dothebeats

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People follow where the money is, and since bitcoin has the ability to pull in a lot of people to invest into it, those who have deep pockets used this opportunity to make money and stimulate the markets into forcing a lot of people to buy it. While bitcoin in itself is a generally good hedge against inflation, I wouldn't bet everything on it, as diversification is still key. Precious metals remain to be sought after since they still have a lot of utility in the modern world. They're still used in a lot of industries and some other industries can't even function well without it.

To put it simply, you can invest in bitcoin, but do not put everything in it and still have something for other assets around.

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Quote from: romero121 on May 15, 2023, 03:57:22 PM

Through the technology behind bitcoin it have got multiple usage. Satoshi had a vision and he worked on it. With time the usage varied between people. Bitcoin that have been used as a transaction source gained importance as an investment through the growth it attained in very short time period. Because of its pseudonym feature it got its usage on illegal needs in large number during the starting days. This even gave negative opinion over bitcoin among the common people.

Whether it is an asset or something else is secondary. How effective it has been getting used aroud matters. If you consider it an asset, then it behaves accordingly. It is upon the way we use it. For now it is much commonly used as asset, investment, transaction source, currency, etc.

Currently, in general, it is widely used as a commodity investment asset and is a speculative coin that is widely played by whales. for use as an alternative currency or payment is still not very popular due to regulatory issues. Whatever you want bitcoin to be decentralized, it can't be completely regulated by anyone. Bitcoin remains Bitcoin and will not be like Fiat which is only regulated by the government. Bitcoin keeps growing with the support of the community and because of its limited supply it makes Bitcoin even more scarce

Hamza2424

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I was taking Bitcoin as an asset before but recently a few months ago I realized my mistake and now I have the same opinion as most of the people here have. It was primarily designed as a P2P medium of exchange and it should need to be always a medium of exchange. There is nothing wrong if anyone wants to invest here by the narrative of the asset. The Original idea has many edges on the asset. The following things might get affected or you might get affected if you consider BTC as Asset;

-Volatility: BTC is known for its volatile nature by declaring it as an asset it will lose its volatility.
-Limited Adoption
-Whales Market Manupaltion will also Boom
-Lack of intrinsic value

Oasisman

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Quote from: crypticj on May 15, 2023, 02:03:34 AM

Bitcoin IS an asset. Do you think it's bad?

Nope, its not! It is what makes Bitcoin became popular with. Though bitcoin should be used as a currency, but it could definitely be both simply because it is very profitable in the long term. Bitcoin is more than just an asset, and just because you have seen majority of the people treat it as an asset or a store of value doesn't mean it'll eliminate it's main purpose as a currency. There are still a lot of people who uses bitcoin to purchase products and services, transfer money without any borders and limit. Those transactions are actually by passing any 3rd party money processors and banks.

JoyMarsha

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Bitcoin is viewed by many as an asset they can store their valuables, as an investment tool on which they can make money, as a digital currency they can trade, or as a payment method. I'm only stating what different people's thoughts are on bitcoin.
All the mentioned aspects of bitcoin of how people see it, it's good but that depends on how they go about in their dealings in bitcoin that will define bitcoin in a proper way for them.

romero121

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Through the technology behind bitcoin it have got multiple usage. Satoshi had a vision and he worked on it. With time the usage varied between people. Bitcoin that have been used as a transaction source gained importance as an investment through the growth it attained in very short time period. Because of its pseudonym feature it got its usage on illegal needs in large number during the starting days. This even gave negative opinion over bitcoin among the common people.

Whether it is an asset or something else is secondary. How effective it has been getting used aroud matters. If you consider it an asset, then it behaves accordingly. It is upon the way we use it. For now it is much commonly used as asset, investment, transaction source, currency, etc.

ultrloa

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Quote from: crypticj on May 15, 2023, 02:03:34 AM

What do you guys think about that? Do you think it's okay that we as a community treat Bitcoin as an asset and not as a technology that should be used to give people freedom from the banks?

Personally, I think that Bitcoin is a great asset, but it's strange to think that crypto just becomes a new stock market where people follow hype and money, and not technology and progress.

Not everyone will think about things you like and what you call on bitcoin since it will depend on what is the use of bitcoin for you.

If you think that this is an asset because you use it on investment then its fine nothing can argue with that since you are using it for good means. Also if you call it a technology because you like the idea why it created and how it innovate lives then this will be it. Just continue to use it base on what you prefer and don't argue to any people the way how they think about what is bitcoin for them.

so98nn

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Yeah this assumption and fight over it has been done all the time on this forum and there was no real outcome so far. Peeps have started calling it asset or coin alternative and as per the context they are using. I’m sure that won’t matter a lot and it never did. Bitcoin has value and peeps are going to take it as an opportunity to invest thus may speak in terms of assets or alternative when they are transferring or exchanging then it could be a coin that they are sending. It barely matters. Bitcoin is bitcoin, rest is just nomenclature.

puloweh555

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Quote from: crypticj on May 15, 2023, 02:03:34 AM

What do you guys think about that? Do you think it's okay that we as a community treat Bitcoin as an asset and not as a technology that should be used to give people freedom from the banks?

Bitcoin can be seen from various dimensions and can also be seen from various different points of view, of course. Since bitcoin was created by Satoshi Nakamoto, Bitcoin has become more than just a crypto digital asset but has now become a means of payment in certain areas.

Of course, the existence of bitcoin does have an impact on banking institutions. What is certain is that banking will be rivaled by the blockchain technology that underlies bitcoin. So, banking here should also accommodate and adopt cryptocurrencies with banking products. Because after all banking and bitcoin still need each other.

people's view of Bitcoin really depends on the background and purpose of that person's point of view. Some see it as a potentially profitable investment tool, while others see it as a technological innovation that will change the way we interact with finance. Regardless of which point of view one chooses, for me Bitcoin is a technology and ecosystem that is constantly evolving, it is an innovative proof of concept that we can transact securely, transparently and decentralized.

DiMarxist

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Bitcoin gives the freedom to the people who have less power to be in control of their money this is two in one feature from bitcoin alone and to me this make it an outstanding piece of technology. Investors use this Bitcoin as an asset because Bitcoin has a near future. If one is capable enough to make profits from investing in Bitcoin, then he will do just that. So I think if someone views bitcoin as an investment asset or as a new decentralized currency, all of those opinions are not wrong and all of them are right. Because if bitcoin is widely used as an investment asset by many people, all of these things will directly lead to the adoption of bitcoin as a new currency.

CryptSafe

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Quote from: crypticj on May 15, 2023, 02:03:34 AM

Hello everyone.

Lately, I've been talking with a lot of people on this forum and before that, I really thought that most people here treat Bitcoin as a technology that gives us freedom and represents ideas of satoshi, but I realized that everyone I talked to treat it just like an asset to invest in.

I have as well come across your post about that and I believe I did comment on one of them talking about bitcoin as an asset. Actually, from the history and beginning of bitcoin, Satoshi designed it in a way that Bitcoin could serve as money in our day-to-day life activities. Bitcoin could be used as real-life digital cash to purchase goods and services but the unfortunate happened, at the early stage, the whales manipulated the market causing the holders to sell under panic not knowing that was an intentional act for them to take over the market and it worked out as they planned to cause the weak hands to sell under pressure until it was realized that they were tricked but before they could realize it, it was late.

However, bitcoin is a volatile asset and as such does not need to be stable because already, people have also started to see bitcoin as a store of value which means one can convert their assets while storing them in bitcoin. So far, bitcoin is seen as a new financial technology that has come to take the place of fiat with good possibilities and growth as it extends to all sectors of the economy far and wide all over the world.

Ucy

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Bitcoin was created to be a Store of Value and not just a Medium of Exchange. A proper money should be a good Store of Value which basically means that people assets/values in form of Bitcoin/money is preserved rather debased when stored longterm. So, it will be wrong to take the SoV feature away from Bitcoin. Without it, Bitcoin won't be a proper money.

In regards to price fluctuations, it's actually the heartbeat of Bitcoin. It's a way to know how the economy is doing. If you suppress it how do we know how well Bitcoin is doing? If price goes down 5% a self-regulating mechanism kicks in, the community begins to promote, fix or contribute to the development of Bitcoin to attract buyers and increase the price by 10%. If everything is in order the price fluctuates moderately until there is need to pump it up more, which is usually temporal. So, you need to learn to live with the fluctuations.
If you are too bothered about the fluctuations then quit comparing it with fiats and just focus on Bitcoin & it's local economy.

BitcoinPanther

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Quote from: macson on May 15, 2023, 04:31:13 AM

Quote from: crypticj on May 15, 2023, 02:03:34 AM

Lately, I've been talking with a lot of people on this forum and before that, I really thought that most people here treat Bitcoin as a technology that gives us freedom and represents ideas of satoshi, but I realized that everyone I talked to treat it just like an asset to invest in.

at first, you are a little mistaken about what bitcoin is, bitcoin uses blockchain technology, which means bitcoin is not technology but blockchain is the technology.

Yes bitcoin uses blockchain technology and is refers as digital currency unit itself but Bitcoin together with blockchain is a technology. Have you not read the earlier reply? In addition to those replies this might be an interesting read: https://www.wired.com/insights/2014/04/bitcoin-ultimate-democratic-tool/

Quote from: macson on May 15, 2023, 04:31:13 AM

Quote from: crypticj on May 15, 2023, 02:03:34 AM

I don't want to say that it's bad, it's just surprising me. I created a thread where I asked if people think that Bitcoin will become stable enough to become a new currency cos I thought it was the whole idea, but everyone was telling me that it will always fluctuate and it's just a method to earn money.

bitcoin the value will never be stable, and that is what distinguishes bitcoin from fiat, in the cryptocurrency market there are lots of stablecoins scattered, bitcoin must retain its properties at any time, and turn into a stablecoin, that is a joke.

It maybe a joke but everything changes, so the highly fluctuating bitcoin today might become or considered stable in the next decade or more. There is always that possibilities.

Quote from: crypticj on May 15, 2023, 02:03:34 AM

What do you guys think about that? Do you think it's okay that we as a community treat Bitcoin as an asset and not as a technology that should be used to give people freedom from the banks?

Personally, I think that Bitcoin is a great asset, but it's strange to think that crypto just becomes a new stock market where people follow hype and money, and not technology and progress.

Those who are knowledgeable about Bitcoin treat it both a technology, an asset and a currency. Those are the feature of Bitcoin why choose only one when we can have multiple benefits.

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