Topic: Bitcoins and it's potential (Read 933 times)

I think that there is very low adoption level at the moment. People (even those who have btc) trust btc less than fiat currencies, since they can't buy anything without converting crypto to fiat. And if it was possible to buy everything directly with crypto, then there could be legal issues, which would discourage people from using crypto. One of such problems is legal status of crypto transactions. There are no legal approvals of crypto deals... If its a payment for a cup of coffee, then ok, but if is a purchase of a house, then it is not a good idea to pay money and settle in a house, which is oficially "not purchased"... And if it was fully legal, then crypto would be nothing different than usual fiat money....

Buying low, selling high is taking profit but you will not have actual profit if you don't cash out, withdraw it from your exchange account. Your cryptocurrency or cash is only yours if you withdraw it from cryptocurrency exchanges (centralized) or from banks.

If you don't withdraw, the profit you see is only a number in your account, on screen, which can become nothing if that centralized exchange, that bank close their service, freeze or terminate your account with their own reasons, they become bankrupted ...

If you can do DCA Dollar Cost Averaging, after a long time for DCA, you will accumulate good amount of bitcoin and will be able to gain good profit by DCA and holding your bitcoin through like 2 market cycles. One market cycle is known as lasting about 4 years.

Profit comes from bitcoin if you are trading it and have bought at low and sold at high. You would not be getting profits if you are just sitting on the coins. What you can aspire to do is to increase your bitcoin stash at every drop and accumulate bitcoin at low prices so that when the world starts accepting bitcoin as a legal tender (long shot, but why not?) you will have the advantage over no-coiners because of price difference.

We may not see the above happening within the next few years, but at least our next generations will and we can hand over our earnings for them to reach goals which we could not.

Honestly, El Salvador hasn't seen any significant changes so far since they accepted bitcoin as a legal tender. As with some news I read, people there are not very interested in bitcoin and still prefer to use fiat over bitcoin in their country.

Quite frankly, I don't see bitcoin having any positive impact on a country's economy, bitcoin is being considered an investment asset because of its high volatility. It does not create more jobs and is not applied to industries to develop breakthroughs that bring higher productivity. How can it be said that it is benefiting El Salvador or any other country?

I think what you mean is Bitcoin users will benefit in terms of transactions because they don't incur a lot of costs if they do it in Bitcoin. Because if someone does it with fiat surely they have to pay for third parties and also the taxes they will pay on remittances. Maybe that is the point that I digest from your words against bitcoin will reduce poverty.

So in my opinion bitcoin has greater potential to advance a country as El Salvador has done because they were the first country to use Bitcoin as the first currency and as a statistic for their progress for now of course they are able to develop better than income sector from tourism where this will have a big impact on making its citizens reduce poverty.

Bitcoin has been created for future financial, which government no want it to stand, but can't stop Bitcoin sailing in these digital worlds, and the world is connecting seriously through internet and that is the only way you can have access to Bitcoin. Having said that, Bitcoin is created to change many people life as long you believe in cryptocurrency Bitcoin precisely.

The primary issue lies in the fact that financially disadvantaged individuals lack the necessary funds for such investments. The foremost step for those facing financial hardships is to engage in gainful employment and acquire the initial capital needed to meet their daily needs.

Investments can be pursued when one's financial situation starts to stabilize. This precaution is essential to ensure that the investments made do not disrupt one's livelihood, as the ultimate aspiration is for investments to augment an individual's financial strength.

yes, it's true that using fiat money is of course easier, and will be accepted by all people, but I think investing in btc is something fun because we can benefit from our investment, because if we have a lot of profit from the results of our investment in btc of course we will have a lot of money, so we need btc and fiat currency.

In this I could not agree because Bitcoin can never reduce the poverty but to reduce the poverty one must have a job. However, technically Bitcoin has not created jobs even though it has gained huge popularity at present. The only source of earning from Bitcoin is investing and trading that a person can do to earn it. This investment can only be done by any class of person if he has experience, and money so there is no barrier to say poor people if they have money they can also earn from Bitcoin.

converting to fiat is what we can do for now , since the acceptance is limited but that does not mean that we will be selling it forever.
in the future when groceries and gas stations starts to accept it , there is no reason to sell but to use it as payment.

correct and that is what my point and what I observed for long time now , people try to make it a competition but the truth is>? there are no existing  competition instead both has their way on helping people to transact .
I am a crypto believer and investor and indeed that I have proven that for long time now , but I must admit that i also trust fiat in mydaily living because it is harder to produce income in crypto in daily basis.

Bitcoin's potential is a subject of ongoing debate. Supporters and advocates of Bitcoin highlight several factors that contribute to its potential:

Decentralization: Bitcoin operates on a decentralized network, meaning it is not controlled by any single entity, government, or central authority. This characteristic is attractive to those who value financial sovereignty and want to avoid traditional financial systems.
Limited supply: Bitcoin's supply is capped at 21 million coins, making it a deflationary asset. This scarcity could potentially drive up its value over time, especially if demand continues to increase.
Store of value: Some proponents view Bitcoin as a digital alternative to gold, asserting that it can serve as a store of value and a hedge against inflation.
Borderless transactions: Bitcoin enables peer-to-peer transactions across the globe without the need for intermediaries like banks, which can be beneficial for international money transfers and remittances.
However, it's important to consider potential challenges and risks associated with Bitcoin:

Volatility: Bitcoin's price has been highly volatile, experiencing significant fluctuations in short periods. This volatility can be a deterrent for risk-averse investors and can affect its adoption as a mainstream currency.
Regulatory uncertainty: Governments and regulators around the world have varying stances on cryptocurrencies, leading to regulatory challenges and potential impacts on Bitcoin's use and acceptance.
Scalability: Bitcoin's current infrastructure faces scalability issues, limiting the number of transactions it can process per second. Efforts are underway to address this through technical improvements like the Lightning Network.
Environmental concerns: Bitcoin mining, the process by which new coins are created and transactions are verified, can consume substantial amounts of energy. This has raised concerns about its environmental impact.
Ultimately, whether Bitcoin has potential or not depends on various factors, including technological advancements, regulatory developments, and broader market trends. As with any investment or emerging technology, it's crucial to conduct thorough research and consider the risks before making any decisions. If you're considering investing in Bitcoin, it's essential to be well-informed and only invest what you can afford to lose.

One US presidential candidate stated that he will promote Bitcoin as a backup to the dollar. What can you say about this?  This simply means that if that person won there is a possibility that Bitcoin can be a currency even if it is just a back up the USD.

Little by little we see people from the political side taking Bitcoin adoption as agenda to garner support from the masses.  I believe that even though it is very impossible to think that Bitcoin can be a national currency, there is a small ray of light for it to happen.

Btw, Bitcoin as bitcoin is already a currency.  It is already a currency upon its launch you can just look at the whitepaper and see it for yourself.

Governments may strive to prohibit bitcoin as a currency to protect their monetary sovereignty. Isn't it shortsighted to say that an emerging asset class like bitcoin can never become currency? Traditional currencies have also experienced volatility. Hyperinflation in Zimbabwe and Venezuela? Gold, for instance, has been a medium of exchange, a store of value, and both several times. Why not Bitcoin? Yes, transaction fees. The Lightning Network is addressing this issue. Imperfect things can improve.

You're right mate, Satoshi never intends to compete other existing currencies, but he make a discovery of bitcoin in other to make provision of an alternative to the fiat currency whereby we can individually make the decision to adopt bitcoin or not, but since what he invented is what actually solves the people's needs, this make it more interesting for for the people to by themselves seek for financial increase, privacy and other benefits with what he has introduced, just as bitcoin does not stops the acceptance of fiat in El-Savador, both bitcoin and USD are legal tender, but with time, people may decide on which to finally settles with after having both experience in fiat and bitcoin.

why not stop talking about replacing of Fiat currency because that is not the objective of Satoshi Nakamoto in creating Bitcoin (at least for me) because what I do believe is crypto are created for privacy meaning something to choose from fiat as an option.
so it is not to replace Fiat instead to help people and the world.
and also that is it , for the government not to have control over users.

Bitcoin will never be able to become a currency and I'm pretty sure of that. We don't need to blame anyone for bitcoin's inability to become a currency because the government will also stop it at all costs if people insist on using bitcoin to replace Fiat completely. Furthermore, how can an asset that is volatile and used for speculative purposes become a currency? Not too many people will accept that. We need to be realistic, not overly delusional about bitcoin.

Honestly, I still prefer using fiat over bitcoin in my daily bill payments because it's fast, and I don't need to pay extra transaction fees to the network when using fiat.

bitcoin is a digital currency and can be used to make payments for those who are interested and if the government in that country
allow its people to make payments using btc.

In my opinion, fiat money is what is most needed because with fiat money, transactions will be better, because it can be reached by all people, because in my opinion, in this world not everyone has cellphones or computers, and so on, and also btc transactions must use the internet, if there is no internet, of course, our will not be able to make transactions.
so in my opinion both have advantages and disadvantages.

Bitcoin does not help poverty but the involvement of the people themselves who can use bitcoin for the desired needs. There are still many people who have not accepted bitcoin as an investment and bitcoin is only legal to use as a means of transaction in certain areas such as the example of El Salvador and several other places. Bitcoin can be said as a tool to reach the stage of financial independence and it depends on how far people can develop the investment they are living.

When the involvement of bitcoin for someone is only a small and irregular part of investing, then bitcoin will not be able to bring people to the stage of financial independence and indeed the idea of decentralization is an advantage that it has and makes many people feel free in investing without the need to involve a third party.

Even though the of a peer to peer transaction mechanism applies to most people, fiat is still very much needed for now and there is no excuse when your country still enforces fiat as a legal means of transaction and regulations regarding bitcoin have not been fully accepted.

Bitcoin has immense potential as a decentralized digital currency. Its underlying technology, blockchain, ensures transparency, security, and immutability. Bitcoin's limited supply and decentralized nature make it resistant to inflation and government interference. Additionally, its borderless nature enables seamless and fast cross-border transactions without the need for intermediaries. Bitcoin also serves as a store of value and an alternative investment option. However, challenges such as scalability, regulatory concerns, and price volatility must be addressed for wider adoption. Despite these challenges, the potential of bitcoin lies in its ability to revolutionize traditional financial systems and empower individuals with financial sovereignty.