Topic: If most of Bitcoin is owned by few it cannot be a store of wealth for all - page 3. (Read 598 times)
February 19, 2021, 11:25:20 PM
Bitcoin can be a good store of value but of course this is not for all people since not all people are gonna be interested with cryptocurrency. The same thing can be said with gold and even with stocks...not all people are holding stocks of Facebook or of Tesla. However, Bitcoin is open to all interested, but we can never force anyone to get involved with Bitcoin even if we have to distribute all Bitcoin equally to all people…eventually there will be some class of people that can own a big chunk of percentage with the asset. There can never be equality anywhere but what we have can be a fair opportunity for all. In the past, there are projects that touched on the idea of distributing cryptocurrency to all people but most of them are now 6 feet below the ground not able to take off the ground.
February 19, 2021, 10:30:46 PM
Apart from Satoshi Nakamoto, there is no large holder of Bitcoin who owns more than 1% of the circulating supply. So that puts an to end the question about "a few owning the most". No accurate figure is available for the number of Bitcoin owners. Estimates range from 20 million to 200 million, which is a minuscule figure when compared to the number of people who own fiat cash or gold. But the user base is expanding with every passing year. And along with the increase in user base, we will see a change in the ownership structure. Top holders will cash out some of their holdings, while more and more small sized holders will enter the picture.
February 19, 2021, 10:03:43 PM
I don't know the exact percentage, but most of BTC is owned by a few.
So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
First of all most people do not even have savings to begin with so they have nothing to store in bitcoin, if things were different then we could see bitcoin serving as a store of value for them, the same happens with gold by the way, do you think that people actually are holding gold? Except for those that have a few pieces of jewelry made of gold the rest of the population is not holding any so that is not something that worries me at all.So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
The real challenge come from everyday use, the fees are very expensive and as long as that is the case then making small transactions is not an option, you can do several things to lower that cost but even those measures are not enough so we will have to see if the lightning network which was the proposed solution to this problem actually works as advertised, if it does then bitcoin will also become the coin that we will use in our everyday transactions.
New Survey Reveals 12% of The American Population Owns Gold, While 14.7% Owns Silver
https://www.prnewswire.com/news-releases/new-survey-reveals-12-of-the-american-population-owns-gold-while-14-7-owns-silver-300942963.html
One recent survey showed that 11% of Americans own Bitcoin, which would mean about 30 million Bitcoin owners in America. Another study found that about 5% of Europeans own bitcoins (37 million owners).
February 19, 2021, 08:45:40 PM
I don't know the exact percentage, but most of BTC is owned by a few.
So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
First of all most people do not even have savings to begin with so they have nothing to store in bitcoin, if things were different then we could see bitcoin serving as a store of value for them, the same happens with gold by the way, do you think that people actually are holding gold? Except for those that have a few pieces of jewelry made of gold the rest of the population is not holding any so that is not something that worries me at all.So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
The real challenge come from everyday use, the fees are very expensive and as long as that is the case then making small transactions is not an option, you can do several things to lower that cost but even those measures are not enough so we will have to see if the lightning network which was the proposed solution to this problem actually works as advertised, if it does then bitcoin will also become the coin that we will use in our everyday transactions.
February 19, 2021, 07:31:24 PM
Lets talk about the topic subject, even if half of the bitcoin in circulation in held by a few investors then it is because they consider them as a store of wealth, if not they will never invest in it, just calculate the $1.5 billion Tesla invested recently and they already profited multiple fold in a short period of time and you think it is not a store of wealth as no other financial market would give them this much profit and you do not consider it as a store of value 
.
.Exactly. And I've listened to people in the know who are predicting BTC to go to 1M per coin. Don't think it can happen? Once all of the rich folks, like the worlds richest man in the world (as of today) Elon Musk buys 1.5 B worth, more will follow. BTC is going institutional imho. My mini farm of 10 S9s are doing pretty good right now thank you. If I could get my hands on a few S19s LOL.
February 19, 2021, 06:59:19 PM
Lets talk about the topic subject, even if half of the bitcoin in circulation in held by a few investors then it is because they consider them as a store of wealth, if not they will never invest in it, just calculate the $1.5 billion Tesla invested recently and they already profited multiple fold in a short period of time and you think it is not a store of wealth as no other financial market would give them this much profit and you do not consider it as a store of value .
. 
February 19, 2021, 06:56:49 PM
Bitcoin is like gold. Rich institutions and people hold most of the gold, yet anyone can buy gold and store wealth in it. Gold is also usually regulated and less easy to hide than Bitcoin.
February 19, 2021, 06:45:12 PM
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
You are promoting XLM? If you have been in crypto for years, you must know that there are many other altcoins that have cheap transfer fees and fast to transfer it. For example, Tron (TRX), even provides a TRC20 network that requires no fee. You don't judge XLM only as of the fast and cheap altcoins. Regarding Bitcoin, it shouldn't be manipulated by few people only. There are a lot of people who joined in Bitcoin investment around the world. If they know Bitcoin is manipulated by a few people only, they won't join the Bitcoin investment anymore.No way, --if you are crypto enthusiasts, bitcoin is always a cryptocurrency that you supported, it is proven and tested for how many years.
Even there is a problem with the transaction fee, people keep using bitcoin and I think we can't blame them, the season they did not use bitcoin as a mode of payment just because of the high transaction fee. Therefore, it is worth it to hold bitcoin and it seems this is the same with stock and gold investment.
February 19, 2021, 06:27:58 PM
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
You are promoting XLM? If you have been in crypto for years, you must know that there are many other altcoins that have cheap transfer fees and fast to transfer it. For example, Tron (TRX), even provides a TRC20 network that requires no fee. You don't judge XLM only as of the fast and cheap altcoins. Regarding Bitcoin, it shouldn't be manipulated by few people only. There are a lot of people who joined in Bitcoin investment around the world. If they know Bitcoin is manipulated by a few people only, they won't join the Bitcoin investment anymore. February 19, 2021, 05:05:20 PM
In my opinion BTC will turn into something similar to a current Treasury Bill. People will be able to store it as wealth using fractions of it just like they do dollars. Moreover, it will be much more liquid than gold is today.
February 19, 2021, 04:56:54 PM
I think that bitcoin can be useful for everyone. But obviously those who have accumulated more bitcoin will obtain more profits.
An important thought is that bitcoin and what other cryptocurrencies protect us from inflation.
It is true that when we experience a bitcoin bull run like now, the fees are excessive and the safest thing is that we hold bitcoin and use another cryptocurrency for our daily needs.
At the end of the day that is what we seek to keep bitcoin as a store of value. In the most recent news we have seen large investors who own wealth and have turned to bitcoin for the opportunity to invest their capital and protect them.
An important thought is that bitcoin and what other cryptocurrencies protect us from inflation.
It is true that when we experience a bitcoin bull run like now, the fees are excessive and the safest thing is that we hold bitcoin and use another cryptocurrency for our daily needs.
At the end of the day that is what we seek to keep bitcoin as a store of value. In the most recent news we have seen large investors who own wealth and have turned to bitcoin for the opportunity to invest their capital and protect them.
February 19, 2021, 04:10:40 PM
if it is used as a store of bitcoin wealth, of course, it will be very risky because of the very high fluctuating value of bitcoin. Price changes will be faster. You can gain and lose from bitcoin if it is used as a store of wealth. It also depends on how much you buy bitcoins. Bitcoin is not a good store of wealth in my opinion.
Bitcoin remains the first cryptocurrency and the center of all crypto.
Bitcoin remains the first cryptocurrency and the center of all crypto.
February 19, 2021, 03:41:35 PM
I don't know the exact percentage, but most of BTC is owned by a few.
So logically, BTC can never become a store of wealth for the masses.
There is high odds for Bitcoin not to be store of wealth for masses which is the price aspect of it but the dream every common people is to hold a single Bitcoin which I think it possible for the masses that joined the system early.So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
It not always about the fast transaction but the magnificence of the project and if it about the fast transaction coin like XLM will have gain more usage than Bitcoin. I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
With that been said, in the future when the total 21Million Bitcoin is mine, Bitcoin could be toy for Billionaire but coin like XLM will never play the role of day to day transaction use.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
You lack the understand of the concept and you should ask yourself that despite the limited transaction per second of Bitcoin why did it gain alot of attention. Like I said early, it never about tps but the trust and magnificence of the project. If the world will accept crypto as currency, it won't be BTC.
February 19, 2021, 03:09:19 PM
Op, most of the gold is owned by rich people, but it can be a store of wealth for anyone who buys it. As for Bitcoin, I think it's too volatile to be a store of wealth for anyone, but if we omit this consideration, there are other important things. For one, it's not a fact that the majority of BTC is owned by a small bunch of rich people. If you're referring to the richest Bitcoin addresses, many of those belong to exchanges and actually have the money of tons of people, so it doesn't count. And even if we ignore this, Bitcoin can be a store of wealth just like gold. To that you replied that people don't have extra wealth, but then the problem is that people don't have wealth, not that they can't store it in BTC.
It doesn't mean like that. The person holding is only the asset for them. The remaining are common to all. We all can share it. Now after the investment of testla, huge new traders get into the platform of trading and investing in bitcoin.We don't know, the Ethereum price also reach 5000$ in a week.
February 19, 2021, 01:19:42 PM
Op, most of the gold is owned by rich people, but it can be a store of wealth for anyone who buys it. As for Bitcoin, I think it's too volatile to be a store of wealth for anyone, but if we omit this consideration, there are other important things. For one, it's not a fact that the majority of BTC is owned by a small bunch of rich people. If you're referring to the richest Bitcoin addresses, many of those belong to exchanges and actually have the money of tons of people, so it doesn't count. And even if we ignore this, Bitcoin can be a store of wealth just like gold. To that you replied that people don't have extra wealth, but then the problem is that people don't have wealth, not that they can't store it in BTC.
February 19, 2021, 01:15:34 PM
I don't know the exact percentage, but most of BTC is owned by a few.
So logically, BTC can never become a store of wealth for the masses.
So logically, BTC can never become a store of wealth for the masses.
Hey man, your logic is so overwhelming that it blows me away. Who taught you? Pythagoras?
The answer you are looking for has already been given to you:
Most of the cash is owned by riches of the world but it is still a store of value for the mass!
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
If the world will accept crypto as currency, it won't be BTC.
You keep your shitcoins for yourself. I'll keep bitcoin. Are centralized currencies more egalitarian than Bitcoin? LOL.
February 19, 2021, 01:12:25 PM
I don't know the exact percentage, but most of BTC is owned by a few.
So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.
A lot of people in the cryptocurrency community even me I considered a lot of altcoins in the market that could possibly become an alternative for bitcoin. I think there is a profit that can be made when it comes to the altcoin market even though there are some that just copy the purpose of bitcoin still there are some altcoins that have a different purpose and have potential when it comes to long term investment. If the world will accept cryptocurrency I really think it will be bitcoin as the number 1 cryptocurrency. Even though bitcoin already has a high market price I still think that it will continue to skyrocket.
February 19, 2021, 01:05:17 PM
I concur that bitcoin, like gold will serve as a store of value and not disappear.
But most people today have already trouble to make both ends meet, so the majority of people don't have the extra wealth to store it through bitcoin. Most people do not own gold and neither will they own bitcoin.
But most people today have already trouble to make both ends meet, so the majority of people don't have the extra wealth to store it through bitcoin. Most people do not own gold and neither will they own bitcoin.
Well, sure. To store value, you need to have money to store in the first place. The thing is, Bitcoin is just a tool that they can take advantage of when they're trying to protect their money from inflation. Bitcoin isn't some magic bullet that could magically get people out of poverty; which for some reason people think is the case.
February 19, 2021, 12:37:44 PM
Bitcoin has much better distribution than most altcoins which have huge premines by developers. Even your XLM shitcoin that you are shilling here has 19% of its supply reserved for devs.
And it's not a problem that for now only millions of people own Bitcoin, more people will adopt it in the future. Credit cards or the Internet was also at some point a technology available only for the few.
Since Bitcoin doesn't have most of its supply belonging to a single entity, there's no significant risks for decentralization or store of value use case.
And it's not a problem that for now only millions of people own Bitcoin, more people will adopt it in the future. Credit cards or the Internet was also at some point a technology available only for the few.
Since Bitcoin doesn't have most of its supply belonging to a single entity, there's no significant risks for decentralization or store of value use case.
February 19, 2021, 12:30:24 PM
But when it comes to the rules, Bitcoin didn't have failure such as.
Pseudonymous, not anonymous. If there's anything Bitcoin is missing, it's anonymity for sure. - Being anonymity
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