Topic: BITCOIN misconceptions - page 6. (Read 1977 times)

I have pretty the opposite view on that subject. I think the concept of Bitcoin as an "asset" or "digital gold" (I view this as a misconception!) will not work if it's not combined with a growth in real usage as a currency.

If Bitcoin continues to be used mainly for speculation, it obviously can lead to profits for some "holders" in some periods, in bull markets like now. But a time will come where the current "target public" will already have bought and then the run for the few "greater fools" begins (That can happen every day, even tomorrow!).

As there is no (or only few) real usage, there are also very few that would "back" Bitcoin in bear markets. This leads to boom-bust cycles like 2010-11, 2012-14, and 2014 until now. And tell those who have invested at this years' peak ($6000? $7000?) why they should continue to hold after a crash down to $2000, for example (the "history repeats itself" does not! always work).

However, if the price growth is accompanied by a growth in services and real "usage", then the price growth becomes "justified" and also more people would be "backing" Bitcoin's value.

Even a "signature campaign participant" can be viewed as a "backer": He/she provides a service which has a relatively steady "value" for the campaign starter (exposure of name/products in the forum) and he would often provide that value if the price goes down a bit. Merchants that offer products for prices in Bitcoin are "backers", too.

Improving stability will go hand in hand with more use cases. More merchants will have the guts to use Bitcoin as a stream of income, more remittance and other financial services would appear ... and so we would slowly move in the direction of mass adoption.

Only speculating and "hodling", we won't.


There is no guarantee that Bitcoin will ever be used by a billion people. But using it as a currency, as I wrote above, is the best thing you can do if you want mass adoption to happen.

Because they need the money to be expend immediately for their financial issues. Luckily for you and some rich investors that they earnings can be hoard directly for their future use while most of here are no choice but to leave their job and try their luck in the campaigns so that they could earn money for their immediate spending. Maybe if they are financially stable they could start keeping their bitcoin and enjoy the benefits of the highest value in the future.

Misconceptions about bitcoin are.
First there is a misconcept that we need to buy a whole bitcoin,  which is not true.  You can buy a portion or fraction of bitcoin.
Second bitcoin don't have a intrinsic value.  It value is because all us value because of the trade possible in million of people.
Third bitcoin can also be shut down,  as big companies lost share they shut down,  chances that it's too ca  be shut down.

I guess it was your concept as a bitcoin user but each of the users and campaign joiners have joined this group for different reasons. In my opinion, each of us has their own concept for what bitcoin is and it will depend on them if they will trade it, gamble with it, save it or invest it in some investments that you can find in bitcoin. i think it was not a misconception but a wise use of the value of bitcoin that you have. as for me, i don’t have my bitcoin for just one purpose, i make sure that i diversify my coins for it to earn and not all be on the lossing side

I think you are the one that needs to correct his misconceptions because this is something so obvious. The price of bitcoin will not reach that high price if there is no market for it. If everybody is keeping, those who mine are also keeping, then there is no market and when there is no market, there is no demand and supply which there means the whole bitcoin becomes worthless since people can not place value on what does not exist to be bought in the market. You have your right to have a belief about bitcoin but not to castigate others for what they hold as their own belief.

I'm holding most of my bits that I earn from this forum. I can said that this forum is the only one forum that able to paid people with insane amount of money ( bitcoin ) especially when bitcoin start increase every single month / year , imagine how much profit that you able to earn this time !

It is truly stunning the amount of people who THINK they understand BTC, but have actually NO idea what it is, or its value.

I'm pretty sure that's not the case really. I mean many people are there who see themselves as real investors of bitcoin. At first most of us think it as liquid money which can be used for daily needs. But later we get the sense of investing it for longer period of times.


Also, there is no problem if people are spending it daily because this maintains the proper economic flow of the fiat and crypto currencies. It's not possible for everyone to keep the money into crypto forever because they are not capable of doing that or may be it's not their real deal.


I think everyone has got the personal choice. The prices will increase without this concern because new additional people will keep coming ever.

Well you also have to understand that some people here come from countries where a signature campaign might be half their rent or something for the month.
So with all the bounty's you could potentially make a living on it and why not? Translating can be a full time job. Some people also quit their jobs to go 24/7 on social media. If you can do that and you like it and its better paying and quality work as opposed to your previous engagements why not?

I hodl and spend bitcoin. Sometimes I just like to order some food and I use BTC. Or when I made a profit on some altcoins and I put some of that BTC into a ''reward'' for myself.
I think its fun using Bitcoin to buy such things.

I would much rather see a future where fiat currency becomes obsolete, where the current system of debt slavery vanishes and where Basic Universal Income becomes a standard.
Less jobs that mean nothing to society and more self-development. I think people can add more value to society if you give them that freedom.

I think Bitcoin is a cataclyst for such changes to happen.

indeed in our work also sometimes told like that but I think this is not hard work. because this is also a lot of friends who follow it, just choose just to work hard or not. because the choice was so much.

Majority of this community treat bitcoin only as an asset which is capable of giving huge returns in a small span of time.It was only earlier when bitcoin was treated as a currency for buying products or for paying any services.

Since bitcoin has been treated as an asset,the demand for bitcoin has increased very high now and hence its price.If people have treated it just as a currency,then there would have been no demand for bitcoin.

Bitcoin price has increased from $650 to $5,694 today and it has been predicted that very soon,its price would increase more.In this situation,only newbies who don't know about bitcoin's potential would treat it as a currency.

quitting from daily job instead focusing on bitcoin is not a mistake. they perhaps try to focus on creating good quality of their post. moreover, they join signature, they should make a number of posts decided in a week during a month or more than a month. and it makes them thinking so hard.
I don't think that they spend btc as currency everyday. many bitcoin users around me keep the coins as asset or even to trade to make profit.

Even if its meant to be a currency, the price appreciation and the way it is being treated in the market have made it of more use as an asset and not a currency, unfortunately. Plus, the link to the dark web has taken root as the primary view in the mainstream media, so those accepting btc as a currency too would think about that. In 2014, a lot of vendors started accepting btc, but they closed it in 6 months because people were barely paying using btc. All these combination of factors have made it what it is today.

Let me enlighten why people are quitting their jobs to earn money through campaigns here, actually meant. Basically, if they got a couple of accounts farmed to Full Member+ in a few months, they would be able to earn around 5-7 mBTC per account per week and that sums up to 25-35 mBTC per month. With more number of accounts, the earnings just keep going up and if at all you compare these earnings to the wages in a third world country, you would know the difference. (By no means do I support account farmers, just passing on the knowledge)
So what would you rather do? Settle for petty wages or make bank running an account farm? The choice for a money-minded is obvious in this case and this is exactly why they can't treat it as an investment.

I disagree, not most of the people but few of the people sees it just as a currency. Mostly people are holding their coins as an asset and many of them are growing it throw other means like trading etc. People are much smart and completely aware of bitcoin, they know well that holding would be more profitable than spending it now.

They could definetly sell their cash for bitcoin, but if they can earn more by doing a sig campaign, then why not do it? and i don't think many people here, especially in this foum, are spenders. I would say a majority of the users are long time holders who seek to maximize their bitcoin profits in the long term by getting paid in btc. Besides, you also learn a lot about bitcoin by doing a sig/twitter/blog campaign, certainly a lot more than any other job you could have (unrelated to cryptocurrency), so that's also a big motivation.

It is because of this approach to bitcoin users, he cannot become a full-fledged currency. Recently, we have seen a substantial decrease in the number of companies. If the earnings on the signatures over all will keep the coins. What's next? Why do you need a currency which has no circulation? Bitcoin will die. Only circulation makes any currency to live and have value. Simple deduction you can ensure that bitcoin would not need anyone and the price drops to zero.

In my opinion there's nothing wrong to spend time in bitcoin forum some are leaving their job because they feel they earn much more money in signature campaigned. Almost engaging in bitcoin forum are freelancer and they joining in signature and bounty campaign because its provide a big opportunity to them to earn big amount of money since the value of bitcoin is rage to 5,600 USD as of now.

They cant be blame because most of the people here are joining bitcoin to earn paper money so that they could spend and support their financial needs right away in which they think bitcoin is capable to save them than their regular salary, so therefore it is really no chance for them to hoard at this moment but maybe in a few years as long as they work hard and just to spend their earned bitcoin only when needed then they could slowly to start to hoard or invest it for other opportunities out there in which bitcoin is the main reason of their success.  

Yes maybe you have a point there but maybe they use some of their bitcoins in their everyday life.  Especially here in a third world country this is a good opportunity to earn more aside from our job.  We are still learning how to invest right also how to process everything to minimize loses.