Topic: If most of Bitcoin is owned by few it cannot be a store of wealth for all - page 4. (Read 603 times)

No matter how much would be the gap of number of huge BTC owners compared to small investors, the idea of BTC at the first place remains intact and pretty simple. People and strong hand investors sees it not as to store their wealth, but an innovative solution to the problems of the monetary system and fiat -- more specifically a mode of long term investment as they sees it to be the biggest opportunity for their initial deposits to gain profit from time to time. And no, fees are already an issue with BTC especially as the more it grows its volume, the higher the transactions on a single period of time which then makes priority fees more expensive. Hence, if it would ever be the main coin of the future, BTC must gain fast and cheap transaction first.

I somehow agree on your last statement, but not to the point that people would forget bitcoin. Remember, there is still a huge chance that BTC would skyrocket more, and spreading FUDs and even having no trust on its capability might only end you regretful in the future. Study Bitcoin Dominance as well, it has a huge effect on the price of the alts, hence BTC's movement would affect some alts, and must always be considered.

Just like in any other investment domain, the rich own the majority. They will always have an advantage in the game: as long as you have the resources, you can have the best advice and take the best step in the domain you're willing to invest.

Other coins are faster but have other features they sacrifice, such as decentralization and security. Bitcoin will likely serve as a store of value for the rich, just like gold is today.

Here's the fun part: 1g of gold is quite expensive for the average person to invest in.. especially when you know that the less grams you purchase, the more it costs per gram. On the other hand, the smallest amount of BTC you can own is $0.000547. You don't need to spend $54.7k on a BTC to own it. You can own as much as you want, starting from the 100 millionth part of a Bitcoin.

If the consensus ever changes and more decimals are added, you will be able to own even more. Lots of people have the wrong idea that you have to purchase an entire coin. You don't.

Decentralized assets will never become an important role in our personal lives. Governments won't allow that to happen because they can't control these assets. Hence, what you're looking for is CBDCs. But they're gonna be centralized, the government will inflate them exactly like they do it today with fiat and your wealth will never grow. In fact, exactly the opposite will happen: your wealth will be reduced every single year by the annual inflation rate.

It's not the last chance - you're still an early bird. We all still are early birds, since the blockchain technology has only existed for a little over a decade so far. It's like the humanity only discovered gold 12 years ago.

Centralized coins are going to be fast, cheap and so on - but they will never let you grow financially. So those "100+ gains" will only turn out to be a dream. If you want to sustain the actual system, I honestly think investing in fiat is much better than investing in centralized currencies at this point.. especially considering what XRP has gone through recently.

Bitcoin will stay as the king of cryptocurrencies, and nothing will change that. Many other altcoins are just testing grounds for new Bitcoin tech and features.

There are two legs to your statement.
1. Store of wealth
2. Use as currency

Most of the cash is owned by riches of the world but it is still a store of value for the mass! So I don't think bitcoin will have any issue to become a store of value for the mass! Rather, bitcoin will continue to become even more expensive as more and more riches will show interest in bitcoin. So rightfully bitcoin will become an investment for all segments of people, not a currency! That is ideally the store of wealth like Gold!

Use as currency is something, will be dominated by other cryptocurrencies in the market. It can be XLM, XMR, or anything else! But bitcoin indeed is not feasible for small transfers, not even ETH! Both have become very expensive! So the community will definitely find something cheaper and faster to transact on daily basis! But what coin would that be - the time will tell!

We still should own atleast a portion of it. It is expensive but definitely its the best store of value, I think this years bullrun will be unstoppable. But of course lets not forget to make a plan B by diversifying portfolios if the market goes wrong just in case.

it is quite logical when dealing with the current condition of bitcoin, it is very friendly for those who have thick finances. I don't deny it. because it is said to be a store of wealth if someone buys bitcoin in 2014. you will definitely be lucky.
yes we should be able to see other altcoins whose position is of great concern in the cryptocurency industry. Therefore, as small traders, we have a great opportunity to choose an altcoin that has the potential to become like Ethereum.

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 everybody buys and sells.
So again, bitcoin will not disappear, but it will not play an important role in one's personal life for most of us.But if you can buy your groceries with crypto this is important.
So IMHO, if we pick the right coins today, which will become currency tomorrow, this is the last chance to make a fortune.
In a few years, once these coins are established currency, it will be too late to make 100+ gains.

Probably it's for a investment, just like gold.

I understand the current fees is quite high, so it's not recommended to transfer/spend little amount Bitcoin. But we can't know the future, does Lightning network will be used worldwide next? It will solve the high fees problem.

People can choose what they want to invest/buy, but Bitcoin as a mother of cryptocurrencies can't be forget. It's the first crypto that ever exist and already reach top 6 on total market capitalization of all company in this world.

Read https://www.opennode.com/blog/bitcoin-regulation-which-countries-are-bitcoin-friendly/

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.