Topic: Bitcoin was created to reform money and provide financial freedom - page 2. (Read 1558 times)

Well, I guess we all who are living in countries and regions where governments and authorities aren't very Bitcoin or cryptocurrency-friendly are hopeful and always praying that things might get change as we enter the future because the whole world is recognizing the potential of Bitcoin and how useful it can be for countries and their citizens, it can help people earn money while on the go, if one can afford to get together a small capital, they can start earning money if they are struggling with job placement and similar issues.

Let's hope that countries and governments that aren't supporting the movement understand this thing as soon as possible and instead of thinking about personal benefits such as having control and stuff, they start thinking about the future of their country and people.

If the "prime purpose" was to create peer-to-peer cash, then indeed, it hasn't convinced a lot of people to use it over their fiat currencies (even though it still serves that purpose for those in need). However, if the "prime purpose" was to create borderless, denationalized money that is resistant to governmental intervention, then I'll say it's very effective.  

Bitcoin does not have gas fees! Ethereum does.

Of course they do, but isn't every other financial instrument vulnerable to the same market manipulation?

Yes that's right, the crisis in various countries from time to time is so deep and makes the task bigger plus inflation is getting worse. and I don't like the pattern and flow of fiat money before knowing bitcoin. Can fight with the elite elites who make fiat money like a toy to invest or circulate.

By far the biggest effect of bitcoin is that I can rise and invest whatever I want. with freedom and units without oppressing with exchange rates and transparency, I am very comfortable with bitcoin and from marketcap I learned that bitcoin is an investment in the future.

So far I am not allergic to these 2 currencies because they have different functions. Fiat is for exchange and bitcoin is a set that is stored. because not all traders around me use crypto currencies, especially those who are over 50 years old.

I believe bitcoin will still have a long way to go and will be more evenly used in the future.

correct it is our money/crypto so it is our choice and option and I don't knw why others making this as an issue when it does not even our concern as buyer/seller.

actually there are few people that first hear and use bitcoin as payment material and just after they start investing.

I feel we over expected too much from bitcoin even if it has done doing fine in the past 13 years, fait has been around for more than a century now and bitcoin is just 14 years in, we can't tell how the next 29 years would be, scalability might be problem of the past and gas fees would get wven lower and affordable for people to use for daily transactions.

And for a innovation still very young bitcoin has been doing fine, not only has it proved to be a better money than all fait currency, but I has withstood so many challenges from government and many negative news that affected it socially like at the time of mt gox hack and so many early hacking that bitcoin faced at a early stage.

Bitcoin might also well not achieve scalability and that's why alt coins exist to back it up in some areas, so many other alts can be used for daily transactions with low gas fees, so this is still an issue for someone new to bitcoin and doesn't know his way around.

Bitcoin can only be approached as an investment cause that is the only working sector now, and to show that digital currency might well be the next phase of innovation in the economy, in 5 years from now I'm speculating counties having their own digital currency to help fix inflation of their local currency.

Im just sure we are making progress is quite goo early to be judging bitcoin.


Bitcoin is also well reaching that sage of drawbacks, just imagine all this big companies has well bough quite the amount of the total supply of bitcoin which I see as their plan,  dont you think they would have power to manipulate price of bitcoin, just imagine what one massive selling from any big companies now or ETF would do to bitcoin price now, a major bear spike can just be created instantly.

I feel every financial or investment asset starts out fine untill someone became too power to be able to control it and this is the inevitable future of bitcoin if big players are well in control of most of it.

What power does retail investors have unless to hold their bitcoin safely and wait, we can't even challenge anyone in buying, and if they all decide to sell now, bitcoin price to the gutters, so I think bitcoin also has those invulnerabilities mention, just we can't see it coming yet.

Bitcoin is mainly used for investment purpose but we can't deny that it's also used in various places as form of payment for example online casino, where most of the Bitcoin is actually spent as money and it got adapted by users completely because of the convenience and every regulated platforms is kind of having KYC policies these days so unless it's p2p transactions there will be no more completely decentralised system.

The interest of people in using Bitcoin as a means of payment for their purchases will barely have any impact on the matter as long as the government of a country isn't ready to allow them to do that. Merchants wouldn't be able to accept Bitcoin or cryptocurrencies for their businesses if there were legal consequences to that. Such things don't exist in some parts of the world, however, in other parts, the governments and authorities are completely against Bitcoin.

The reason for that is simple, they know if they allow people to use Bitcoin for their payments and purchases, they wouldn't be able to track the finances of every individual hence they will have no control over it and they don't want that to happen.

Bitcoin got innovated for some purpose, and over the years it started to get a transition as an investment rather than money. As a form of money, bitcoin eliminates third parties. However, people are very used to centralized services, and the same has led them to use bitcoin on centralized services. So, the prime purpose behind the innovation isn't effective. The growth of bitcoin in a much shorter time period has made it a highly profitable investment and trading asset. Bitcoin provides financial freedom, but people are more interested in the profit it provides than the freedom provided by the innovation.

That's what freedom does, perform anything you want with your money and using third party for exchanging Bitcoin to crypto and vice versa is their choice and you can't force the people to do what they have to.

Using Bitcoin as money is good but using Bitcoin as investment made more people to actually enters into the Bitcoin in first place and in future we don't know how it turns out to be.

Yes it was but isn’t this more like fueling a burning fire instead of using a fire extinguisher? More people will invest in Bitcoin but the actual vision is dying.


And how does it solve anything? Creating a fork doesn’t sound like a solution. We need our one and only Bitcoin to serve its purpose, even if volatility could still exist.

You're bringing some good points. It's just that I, personally, like actually owning the investment, not having the investment written to my name. Maybe it has to do with the aesthetics, but I just prefer engaging in a very transparent procedure, that is buying bitcoin, than messing with broker firms and stocks that I'll have to oversee every month.

It is absolutely vulnerable to devaluation, just as any other property or investment.

As an investment they would be more flexible than Bitcoin since they integrate with the rest of a typical consumer's investment dashboard. You can buy the products on margin, schedule purchases, do program trades, and all kinds of things. And things like tax reporting is built right in to the system so it doesn't leave you a nightmare filing mess at the end of the year.

And unless you want to engage in tax evasion, you absolutely need to sign documents, at least in terms of reporting any gains you realize.

And buying Bitcoin without presenting anybody with any sort of identification is exceedingly hard for the average consumer--it's practically tradecraft. (I personally wouldn't even know how to do this, and I've googled it before, and I'm surely far more savvy than the average consumer).

By "invulnerable", I don't mean "always going up". I mean that it does not come with the aforementioned drawbacks of gold, stocks, real estate etc. That's why I consider it superior in terms of an instrument to put your savings to.