If most of Bitcoin is owned by few it cannot be a store of wealth for all

radjie

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Quote from: masterrex on March 26, 2021, 05:59:50 AM

Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

That was a good question with a strong point, IMHO, I believe that there are many coins in the crypto industry that were already surpassed Bitcoin in terms of efficiency like transaction speed and transaction fees, But in terms of popularity and Title Bitcoin has never conquered yet that's why it remains the King of all cryptocurrencies in terms Market Capitalization and because Bitcoin is just limited in terms of supply that's why it gives more chances for price increases and same time act as a store of value SOV.

It's good that everyone who is new to crypto should consider buying other coins because there are still many promising potential coins that can be used as a store of assets such as Bitcoin, there are even some coins that are regulated by the government which have the advantage of transacting faster and not charging high fees like Bitcoin, but the price will always be lower than Bitcoin because everyone believes more that a decentralized coin can easily increase its price

MIner1448

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The role of bitcoin carries an exclusively speculative nature, nothing more, especially considering the cost of its transfer, it's just a lot of money when its price reaches its maximum, the network is generally overloaded and the price tag for transfers also skyrockets. Due to the fact that you are talking about the masses of people who have accumulated most of the bitcoins, then you are right, the lion's share of the earnings on them will be with them.

cryptozanga

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

90% of all Bitcoin are owned by only 1% of all wallets, if you buy Bitcoin you are just doing the rich richer.

masterrex

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

That was a good question with a strong point, IMHO, I believe that there are many coins in the crypto industry that were already surpassed Bitcoin in terms of efficiency like transaction speed and transaction fees, But in terms of popularity and Title Bitcoin has never conquered yet that's why it remains the King of all cryptocurrencies in terms Market Capitalization and because Bitcoin is just limited in terms of supply that's why it gives more chances for price increases and same time act as a store of value SOV.

virasog

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Quote from: Ausgewielt on March 20, 2021, 05:19:04 AM

World will still choose Bitcoin rather than altcoin. Just look at Elon Musk, he bought Bitcoin which mean that he know the potensial thing of bitcoin. Those people who own many bitcoin will sell their bitcoin, if no it seems that they are not very smart. Peraon who own something without use it until he or she die means that he or she is own nothing. I think the world will accept many type of cryptocurrency. That is the same as USD, there will be a cryptocurrency that vert superior and dominant like USD and that is Bitcoin.

People will hold bitcoin just as they hold the gold. Also the millionaire don't sell all their wealth and yet die, leaving the money for their generations. The same is true for bitcoin.
People will store bitcoin as bitcoin will become more expensive after every passing day.

Ausgewielt

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World will still choose Bitcoin rather than altcoin. Just look at Elon Musk, he bought Bitcoin which mean that he know the potensial thing of bitcoin. Those people who own many bitcoin will sell their bitcoin, if no it seems that they are not very smart. Peraon who own something without use it until he or she die means that he or she is own nothing. I think the world will accept many type of cryptocurrency. That is the same as USD, there will be a cryptocurrency that vert superior and dominant like USD and that is Bitcoin.

Bilgent

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First of all, Bitcoin is an investment tool for everybody. We will always be able to trade and use it as a payment method when buying something. And there will always be rich people who have Bitcoin much more than normal people. It is already like that now. So we shouldn't worry about whether we will be able to buy and sell Bitcoin whatever amount we like. There is no such thing in question that we will have problems on doing these things freely.

Matimtim

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Definitely yes, but bitcoin isn't own by only few but more people with knowledge how bitcoin works, and how to use it as money or digital money, maybe we need to introduce it to someone to made them as bitcoin user.

Bitcoin is for all who knows it, because you can't use it if you dont know how it works.

bryant.coleman

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I disagree with the OP. Take the case of stock market. Jeff Bezos own 11% of the Amazon shares, which is having a net worth of around $170 billion. Elon Musk owns 21% of Tesla. These people have a greater ownership compared to you and me, because they were the early adopters. That's how things work in the mainstream market. You take the risk and you get rewarded. But there is another side to it. I got my first BTC in 2012, when the exchange rate was just $10 per coin. But in due time, I sold around 80% of my coins. That means that many of the early adopters are selling their holdings before the peak prices are achieved. This is in turn beneficial for the late entrants.

isaac_clarke22

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Quote from: wxa7115 on March 15, 2021, 05:15:59 PM

Quote from: cryptozanga on March 10, 2021, 06:54:29 PM

Quote from: Tekunda on February 19, 2021, 10:22:53 AM

~

Most people after entering this market told their friends and family to come to this market, if they had listened at that point then they would have incredible profits already but they did not and now they are complaining the price is too high.

The adoption of bitcoin all over the world is not going to stop, there was a time when that number was barely above 1 million and now some estimates put it close to 150 millions, that is a full country of people using bitcoin, if you do not adopt it now then there will be a whole continent of people ahead of you, personally I do not care but the more time you take the lesser the benefits you can get out of it.

I'm one of those actually. I was told by my friend to try out Bitcoin.
My big mistake that time was I didn't trust it because I thought it was some sort of illegal coin or some form of a scam. I could have been earning more than hella of a profit if I just followed it.

The adoption is constantly flowing but it is slow. We have a lot of people's awareness to Bitcoin's existence, but they're not just up to the game just yet.

Twentyonepaylots

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There are 21 million of bitcoins in the market. The percentage of people owning more than 100 BTC is around 12% afaik. Yes that is a huge number, but compared to the remaining 88 percent, it's still small. So what should us small-time imvestors do to combat such 'imbalance' of power over the rich? Simple. Just spread the word about bitcoin, making sure that you at least entice them to own a few bitcoins themselves, and we should stabilize this.

wxa7115

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Quote from: cryptozanga on March 10, 2021, 06:54:29 PM

Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

1% of Crypto Wallets hold 87% of all Bitcoins, people who invest now is just making the rich richer.

Another crazy fact, only 1000 wallets hold 40% of all Bitcoins.

All those who tell you to invest now, they do so because they buyed years before you.

Most people after entering this market told their friends and family to come to this market, if they had listened at that point then they would have incredible profits already but they did not and now they are complaining the price is too high.

The adoption of bitcoin all over the world is not going to stop, there was a time when that number was barely above 1 million and now some estimates put it close to 150 millions, that is a full country of people using bitcoin, if you do not adopt it now then there will be a whole continent of people ahead of you, personally I do not care but the more time you take the lesser the benefits you can get out of it.

cryptozanga

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

1% of Crypto Wallets hold 87% of all Bitcoins, people who invest now is just making the rich richer.

Another crazy fact, only 1000 wallets hold 40% of all Bitcoins.

All those who tell you to invest now, they do so because they buyed years before you.

uneng

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

I think if bitcoin becomes really rare, expensive and for these reasons hard to acquire in the future there is a chance it will become a collectible token like those very valuable old coins or paper bills. On the other hand, the number of decimal houses can increase from eight to any higher number, so there will be fractions of bitcoins for everyone in the world willing to adopt it.

wxa7115

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Bitcoin is GOD

Quote from: Coin-Keeper on March 05, 2021, 04:33:40 PM

We have some long and great posts on this thread. How about some basic mathematics to demonstrate that owning even 1 BTC makes you one of the few that ever will. Fact: there will never been more than 21 million BTC. Pure math and easy to confirm so I am treating that statement as a given for this argument. The world population will be 8.5 Billion give or take by the end of next year. 21,000,000 coins max into 8,500,000,000 people means one person in 404 can own 1 BTC. Even if the demand means that folks are trying everything to own .1 (1/10th) of a coin only 1 in 40 will ever be able to achieve that, and that assumes that no person can ever own over .1 of a coin. I guess that means that most of use here are well past our allotment already, LOL!

This is really important and it is something that is not mentioned that often, when people think of those that have a lot of resources they think about the billionaires, people that have so much money that they do not know what to do with it, they fail to realize that they are in fact rich as well, not to that extent but still they are in a better position than most people around the world.

The truth is that if bitcoin gets adopted as widely as we believe it will then the amount of bitcoin that each person is going to hold is going to be incredibly small to the point that almost every single member in this forum will be ahead of the world average, so even holding a small percentage of one bitcoin is going to be enough for it to have a significant impact in your life.

DarkDays

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Quote from: Mpamaegbu on February 27, 2021, 02:04:36 PM

Nothing in life has ever been for all. There are always those who won't have access to certain things of life, no matter how necessary those things are. Even as essential as drinking water is, not everyone still has access to potable water across the globe. Do I go ahead and mention gold? Let me leave it at that. I don't think it's self defeating that Bitcoin as a store of value won't be for everyone. You need the Internet to be able to receive and send out Bitcoin. Not everyone or country has internet access. That's a common knowledge. So, let no one drum it to you that for Bitcoin to be a store of value it must be accessible to all. Nah!

You got that right! There is no much of an example in the world where a particular resource has not been for a few. Bitcoin, itself, we all know, is no exception. Even having a fraction of a BTC is better than none at all. So, despite its scarcity, all that these comments lead to is that if you want the gain you gotta be in the game!

Coin-Keeper

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We have some long and great posts on this thread. How about some basic mathematics to demonstrate that owning even 1 BTC makes you one of the few that ever will. Fact: there will never been more than 21 million BTC. Pure math and easy to confirm so I am treating that statement as a given for this argument. The world population will be 8.5 Billion give or take by the end of next year. 21,000,000 coins max into 8,500,000,000 people means one person in 404 can own 1 BTC. Even if the demand means that folks are trying everything to own .1 (1/10th) of a coin only 1 in 40 will ever be able to achieve that, and that assumes that no person can ever own over .1 of a coin. I guess that means that most of use here are well past our allotment already, LOL!

wxa7115

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Bitcoin is GOD

Quote from: Mpamaegbu on February 27, 2021, 02:04:36 PM

Nothing in life has ever been for all. There are always those who won't have access to certain things of life, no matter how necessary those things are. Even as essential as drinking water is, not everyone still has access to potable water across the globe. Do I go ahead and mention gold? Let me leave it at that. I don't think it's self defeating that Bitcoin as a store of value won't be for everyone. You need the Internet to be able to receive and send out Bitcoin. Not everyone or country has internet access. That's a common knowledge. So, let no one drum it to you that for Bitcoin to be a store of value it must be accessible to all. Nah!

I agree, while it is undeniable that bitcoin is being held by a minority of individuals we can say the same about many assets like gold, real estate, stocks and many other different assets and yet that doesn't stop people from speculating with them and to use them as a store of value, it is true that bitcoin has more requirements to be held in comparison to something like because now you need access to electricity, Internet and a device in which you can install a wallet.

But besides those requirements which can be met by billions of people around the world the only condition for you to obtain bitcoin is to have a little bit of money and your desire to acquire bitcoin so I really think that it can still perform its store of value function regardless of the amount of hands in which it is concentrated.

CryptopreneurBrainboss

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

Well this has been the saying from when I joined the space but yet the whole industry still revolves around bitcoin. We have more of institutional investors joining the Bitcoin market and only those that their greed can't be controlled are moving to the altcoins.

If you think bitcoin can only be owned by few then that of altcoins has tn be worst because they're owned by friend if founders and CEO all in the name of presale then the whales come in via mainsakse and filled their bags as much as they can then start playing games with the market to favour them.

You should understand that the industry is held by bitcoin, as you can see many altcoins movement are tired to that of bitcoin. If bitcoin fails then the industry is lost and that's just the fact. Many will lose interest and trust in the industry that they'll have no choice but to leave.

oHnK

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Quote from: Lordhermes on February 27, 2021, 10:39:01 AM

In one way I may agree with you but the other way, I may not, in my own understanding, bitcoin is too expensive for low category of investors to get thereby resulting to low demand by lower tier investors but to celebrities and influencers, also bitcoin transaction takes a lot of time all these while causing mempool congestion thereby making investors moving on to other coins like doge, Tron, for faster transaction with respect to low fee unlike bitcoin, Invariably, bitcoin usability may be for the richer in the future and other coins for the poorer.
In addition, bitcoin is regarded as the first mover advantage over every coins so perfectly, institutions and other companies adopts it because of its trustability more than other smaller coins.

The current price of BTC is indeed so expensive that even a pennant investor will not be able to afford it. But this is part of BTC's journey over the years. In the past, BTC was not much interested and until now people have flocked to buy it so that the price is no longer affordable. BTC will not be able to provide wealth equally but be able to fight inflation created by bankers and economists.

Casdinyard

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I'd rather say Bitcoin will not be believed as a store of wealth, if that's the case. Its market value will move in a different manner. The reason why its market price is volatile, is simply because its value is determined by demand and supply. Volatility is also the reason why many people are interested "storing" their wealth into this technology by means of investment, because as price goes up, profit is being earned. And this won't be possible if Bitcoin will be limited to only few people. The market price in such way will be less volatile, or somewhat stable, and not to mention that its usage will be also limited to people who has holdings, and will more likely not acknowledged by institutions and businesses.

magneto

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

Your argument does not make any sense.

By your logic, the only way to have a long term store of wealth is if we had a completely socialist currency that is equally distributed?

How would that even work? And when someone transacts, doesn't the equilibrium get disturbed? Again by your logic, the whole store of value would fall apart because wealth is now disproportionally allocated?

Just look at gold, silver, etc. which have been stores of value for millenniums now. What they have in common is natural scarcity that can't be manipulated by human intervention, even though their distribution is highly unequal and skewed as well - and that is what makes BTC a good store of value in the long run.

Eleven_11

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

You know, I am a newbie and I also do not know much about bitcoin. I am also thinking about the decentralization of Bitcoin. If rich people and companies are buying thousands of it. Won't they be able to manipulate the market as well? I am not sure about this but I really want to know. Also, when Stock market is down, seems that bitcoin follows.

BuNga_cute

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Why is a rich person like Elon Musk interested in investing in Bitcoin, because he knows that Bitcoin can make a profit and make him even richer.
But most people avoid investing in Bitcoin, because they don't understand that investing in Bitcoin can make they rich. Same thing with Gold,
why is Gold now more attractive to many people than Bitcoin. Because everyone already understands that saving Gold can make they rich. While
there are still many people who don't understand Bitcoin, in the end people will only invest in something they know. So it is natural for now most of
Bitcoin is owned by the rich. But that doesn't mean ordinary people can't store their wealth in Bitcoin. However, they themselves do not understand
that storing wealth in Bitcoin will provide big profits in the future.

dunfida

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Who said that bitcoin was solely created for that store of wealth in the first place? This had been created for new way payment system and earning profit is just a bonus.
Also bitcoin isnt just owned by few even though there are people or companies who do have tons but doesnt mean that they do have the full control in the market.Considering
the supply plus those lost bitcoins then you can tell that it is diversified or allocated into lots of hands somehow there would be always those people
who are always on the top or peak side.

k@suy

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Quote from: Lordhermes on February 27, 2021, 10:39:01 AM

In one way I may agree with you but the other way, I may not, in my own understanding, bitcoin is too expensive for low category of investors to get thereby resulting to low demand by lower tier investors but to celebrities and influencers, also bitcoin transaction takes a lot of time all these while causing mempool congestion thereby making investors moving on to other coins like doge, Tron, for faster transaction with respect to low fee unlike bitcoin, Invariably, bitcoin usability may be for the richer in the future and other coins for the poorer.
In addition, bitcoin is regarded as the first mover advantage over every coins so perfectly, institutions and other companies adopts it because of its trustability more than other smaller coins.

If in the first place, if there's only few people who owned bitcoin i bet that its price wouldn't get where it was today, it wouldn't make a noise in the life of people. For sure, it wouldn't become a trending cryptocurrency and there's only few who knows about the existence in bitcoin. It never satisfies the law of demand and supply and to think that there is only few who have it, then the trader market would have no color. I guess it is somewhat boring and no life kind of business market.

Mpamaegbu

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Quote from: molsewid on February 27, 2021, 02:39:05 PM

there are still amount of bitcoin that are not yet mined

We have less than 3million Bitcoin that is yet to be mined. The data stands at 18,640,481 in circulation as against the 21,000,000 total supply it has.

Quote from: molsewid on February 27, 2021, 02:39:05 PM

the probability that bitcoin will be owned by rich people or institutions are not yet possible.

The way it looks now, it's among getting out of the link of individuals as institutions are coming in and buying heavily ATM. Individuals had their chances a long time ago and just a few took that initiative to buy in and hodl.

Quote from: molsewid on February 27, 2021, 02:39:05 PM

only those people who has enough money can buy it now.

Wrong! Only those who value it will want to buy it. Owing Bitcoin or any other cryptocurrencies isn't about having money but about placing enough value on it to want to buy it.

molsewid

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Quote from: Mpamaegbu on February 27, 2021, 02:04:36 PM

Nothing in life has ever been for all. There are always those who won't have access to certain things of life, no matter how necessary those things are. Even as essential as drinking water is, not everyone still has access to potable water across the globe. Do I go ahead and mention gold? Let me leave it at that. I don't think it's self defeating that Bitcoin as a store of value won't be for everyone. You need the Internet to be able to receive and send out Bitcoin. Not everyone or country has internet access. That's a common knowledge. So, let no one drum it to you that for Bitcoin to be a store of value it must be accessible to all. Nah!

Indeed, also for my point of view bitcoin cannot be consumed by few people there are still amount of bitcoin that are not yet mined so the probability that bitcoin will be owned by rich people or institutions are not yet possible. I also agree investment like bitcoin and other such as gold cannot be purchased by all people no pun intended and no other meaning but that is true, only those people who has enough money can buy it now.

Mpamaegbu

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Nothing in life has ever been for all. There are always those who won't have access to certain things of life, no matter how necessary those things are. Even as essential as drinking water is, not everyone still has access to potable water across the globe. Do I go ahead and mention gold? Let me leave it at that. I don't think it's self defeating that Bitcoin as a store of value won't be for everyone. You need the Internet to be able to receive and send out Bitcoin. Not everyone or country has internet access. That's a common knowledge. So, let no one drum it to you that for Bitcoin to be a store of value it must be accessible to all. Nah!

Lordhermes

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In one way I may agree with you but the other way, I may not, in my own understanding, bitcoin is too expensive for low category of investors to get thereby resulting to low demand by lower tier investors but to celebrities and influencers, also bitcoin transaction takes a lot of time all these while causing mempool congestion thereby making investors moving on to other coins like doge, Tron, for faster transaction with respect to low fee unlike bitcoin, Invariably, bitcoin usability may be for the richer in the future and other coins for the poorer.
In addition, bitcoin is regarded as the first mover advantage over every coins so perfectly, institutions and other companies adopts it because of its trustability more than other smaller coins.

adzino

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

Not sure where you got all those information from. Are you sure "most of the coins" are held by few people? Or are you just assuming things? Based on the stats provided by shield132 (not sure if legit or not or how accurate it is), you can see that the coins are well spread and no such address holds "most of the coins" (though I agree, you can't exactly know who holds the wallets. Like someone might spread his coins into different address). But still, what makes you think its not possible to use crypto currencies as store of wealth if most bitcoins are owned by few people? People use gold as store of value, yet the governments of the world owns most of the golds.

And why XLM?

imstillthebest

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Quote

If the world will accept crypto as currency, it won't be BTC.

why not . its the btc that they will accept first because btc is the crypto that they will see the most or the crypto that they will see first before the altcoins .
can i ask you what crypto did you start on .
its the btc i guess ? because me and the people that i know did also started in btc and it depends on what is your definition of store value but for me btc is a store of value because it is a currency

pealr12

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

No it cannot, and this recent price hike just make it even farther more from the masses, I mean it is very easy for a rich dude like Elon to throw in $1.5 bn to buy btc within a twinkle of an eye, same applies to other rich dudes out there, something the masses will not be able to do so easily,

Lets face it, btc is no longer for the masses, it is now the currency for the rich, an avenue where the so-called institutional investors display their wealth freely, the only thing the masses can get is the crumbs Grin

davis196

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Quote

So logically, BTC can never become a store of wealth for the masses.

"The masses" can decide to whether buy or not to buy BTC.Most of the people will decide to stay away from Bitcoin,because they don't fully understand it.
Bitcoin is not designed to automatically make the poor people rich.You can't become rich without putting efforts,working hard and making sacrifices.
Yes,Bitcoin is "digital gold" and maybe some altcoins are more suitable and daily usage,but no altcoin can beat Bitcoin in terms of trust and authority.

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Quote from: MCobian on February 26, 2021, 11:21:37 PM

I agree that most of the Bitcoin in circulation are owned by the rich, but that does not mean that ordinary people cannot store wealth in Bitcoin.
Because Gold and money are also mostly owned by rich people, but the proof is that many ordinary people can store wealth in Gold and Money as well.
In conclusion Bitcoin was created for everyone, so I believe we all have the opportunity to own Bitcoin. Then it is impossible for Bitcoin to be forgotten,
and replaced by other coins. Because Bitcoin is the best coin, which has the highest demand. So until whenever Bitcoin may not be replaced by altcoins.

Of course the rich will be richer if they have everything you mention including bitcoins, all will generate wealth and but it all depends on how many bitcoins or other they have.
Most of those who have large amounts of bitcoin are mostly wealthy people because they believe bitcoin is a valuable asset and is backed by capital that will generate large returns, especially in the long term.
Bitcoin is for everyone and the only difference is the individual situation and the number of bitcoins they have, and the rich will remain the masters in everything including the ability to own multiple bitcoins.

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I agree that most of the Bitcoin in circulation are owned by the rich, but that does not mean that ordinary people cannot store wealth in Bitcoin.
Because Gold and money are also mostly owned by rich people, but the proof is that many ordinary people can store wealth in Gold and Money as well.
In conclusion Bitcoin was created for everyone, so I believe we all have the opportunity to own Bitcoin. Then it is impossible for Bitcoin to be forgotten,
and replaced by other coins. Because Bitcoin is the best coin, which has the highest demand. So until whenever Bitcoin may not be replaced by altcoins.

wxa7115

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Quote from: androyster on February 19, 2021, 10:03:43 PM

Quote from: wxa7115 on February 19, 2021, 08:45:40 PM

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.

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).

I really think there is a great overlap there, most of the people that hold gold also hold silver and most likely they also hold bitcoin, at the beginning gold holders were against bitcoin but now it seems they are slowly understanding that bitcoin is also an option for them to hold for the long term as it has several qualities that make it better than gold.

Still what worries me is that when the next crisis comes many people are going to be left with nothing as they have no assets that can be considered to be a store of value, real estate most of the time follows inflation but when there is hyperinflation the price of real estate goes down dramatically as people scale down on their living expenses and one of the first to go is the big house.

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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.

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Quote from: Sithara007 on 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.

No accurate figure for now but with more institutional investors coming in, I think that we will slowly realize that bitcoin is owned by the few. There seems to be a problem with that 1% some estimates say it is around 3% so I don't know what to believe in because of the mix up in data. Even though it is expanding, most people can't afford to buy one bitcoin let alone a .1 or a .01. Hopefully, the top hodlers will do that and the smaller ones will do that but what happens if that were not to happen would be proving that bitcoin is owned by few.

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

Apparently, it was your choice. Nobody is forcing us on what coin to invest but there is a reason why people mostly choose Bitcoin instead of altcoins, and that because of profitability. Have you make in your mind thinking about investing dead coins, low liquidity, that is something we need to consider and that to find out Bitcoin is too far from the said altcoins.

Of course, you are saying Bitcoin is just owned by a few people. And that because only a few people want to choose it either rather than to keep local money, investing on bonds and runs a traditional business.

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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.

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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.

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Quote from: wxa7115 on February 19, 2021, 08:45:40 PM

Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

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).

wxa7115

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

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.

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Quote from: 7788bitcoin on 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 Tongue

.

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.

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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 Tongue

.

aesma

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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.

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Quote from: Rengga Jati on February 19, 2021, 06:27:58 PM

Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

Well, OP not only promoting XLM, but OP also discourages people not to use bitcoin.
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.

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

androyster

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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.

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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.

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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.

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.
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.

Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

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Quote from: kryptqnick on 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.

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.

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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.

Poker Player

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

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:

Quote from: avikz on February 19, 2021, 11:57:58 AM

Most of the cash is owned by riches of the world but it is still a store of value for the mass!

Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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 keep your shitcoins for yourself. I'll keep bitcoin. Are centralized currencies more egalitarian than Bitcoin? LOL.

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

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.

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Quote from: Tekunda on February 19, 2021, 10:59:51 AM

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.

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.

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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.

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Quote from: sheenshane on February 19, 2021, 12:16:50 PM

But when it comes to the rules, Bitcoin didn't have failure such as.

Being anonymity

Pseudonymous, not anonymous. If there's anything Bitcoin is missing, it's anonymity for sure.

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Quote from: avikz on February 19, 2021, 11:57:58 AM

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!

I tend to agree with this statement since Bitcoin continues itself becomes more expensive, it's a store of wealth that could gain profit upon storing it.
The only problem that I see in Bitcoin, (for now) is the high fees that could have to affect the speed of transaction becomes slower. But technically, we have different solutions for that like using Lightning Network and all medium exchanges should use the SegWit address.

But when it comes to the rules, Bitcoin didn't have failure such as.

Being anonymity
Has Limited Supply
No Government control
Easier cross border transactions

shield132

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If 13.5% means most for you, then yeah, only 98 address holds that number of coins but you have to consider that most of the coins are owned by exchanges like most percentage of gold owned by banks. I would forget the 3 addresses that hold roughly 2% of coins. Btw I don't understand what's wrong with btc as a store of wealth and can't hear good argument on it from anyone.

And bonus!

Here are the statistics that I took from Coinmarketcap (and used Mitchell's forms, hope he doesn't get angry Cheesy

).

Holding Concentration

|

Balance

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

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.

20kevin20

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

I don't know the exact percentage, but most of BTC is owned by a few.

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.

Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

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.

Quote from: Tekunda on February 19, 2021, 10:59:51 AM

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.

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.

Quote from: Tekunda on February 19, 2021, 10:59:51 AM

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.

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.

Quote from: Tekunda on February 19, 2021, 10:59:51 AM

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.

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.

avikz

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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.

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!

ecnalubma

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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.

Sterbens

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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.

Tekunda

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Quote from: Jawhead999 on February 19, 2021, 10:35:28 AM

Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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?

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.

Quote

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.

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.

Quote

If the world will accept crypto as currency, it won't be BTC.

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

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.

Jawhead999

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

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?

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.

Quote

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.

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.

Quote

If the world will accept crypto as currency, it won't be BTC.

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

Tekunda

member

Activity: 204

Merit: 10

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.

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