Topic: Is Bitcoin close to becoming totally irrelevant for most "normal" people?? - page 2. (Read 524 times)

A lot of people do have high expectations on bitcoin. For most newcomers, they thought that this is their savior and way to get riches. However, they realized fast that it is not the case here once they got in. It would really take patience and understanding on what's going on before you can see your profits. I don't know how the OP distinguish people from normal or not. Because if you are a long timer here, you will understand that it would take hard work before you can reap your rewards.

I really don't know exactly how Bitcoin is boring to people who claim it is, the only thing I can imagine is that they prolly invested and the price didn't appreciate immediately just as they envisaged, but mind you that Bitcoin isn't a pump and dump coin like some of the altcoins around that investors can be lucky to put their money in and it appreciates asap and gives them good ROI, but it's very risky and only a few are lucky using that strategy. Having said that, Bitcoiners shouldn't even try to convince people to join the Bitcoin network, people should only invest cause they have done their research and find Bitcoin interesting and want to invest in it.

I'm not sure that Bitcoin ever hit a point where it was relevant for the average person. In the early stages it had the potential to be a useful store of value which could be traded to buy stuff but so many people bought it up on the idea of only selling it at a higher price, that it took the usefulness out of the equation. If you have a finite supply of an item which is meant to be traded, but people start hoarding the item instead of trading it, then you have to consider whether it serves the original purpose and is worth the value that people are assigning to it. I think Bitcoin is great and serves a helpful niche, which seems to be sending over a few hundred dollars at a time across borders in a foreign exchange sort of service - it avoids all sorts of financial fees that get tacked on by middlemen. Beyond that, it does not work well in the current form as an instantaneous payment methodf that some people want it to be.

Bubble is something that could be applied or would be recognizable into those past years but as we do go further on where adoption or foundation becomes more solid or simply with recognition then I don't really

see that we are still on this kind of state.I don't get the point on being totally irrelevant for most normal people because it doesn't really need up that high technical knowledge on dealing with it.

It is just that some people couldn't really just put up some effort on engaging with it that's why they do really make out such sentiments.

Have you actually tried to make a transaction, like in the last 6 months?
The median fee which still includes a lot of people that overpaid and a lot of transactions that are simply huge in size was constantly under $1 and even under 50 cents for the last 3 months, never going above 2$.
And this is the median, transactions with 1sat/b have normally got a confirmation within 2-3 blocks.

Not even going to mention LN, since it's going to trigger somebody ending in 1. 


So, have you checked the google trends for stamps, Aurelian coins, and properties in Kimberley?
Are they boring or not?


No need for years, it's already here.
Metaverse coins and tokens are the new NFT, DeFi is already on its last legs, the hype is over, everybody has abandoned the revolution and moved to the next one, including some coins that have quickly "rebranded" themselves.

Not all that many use it as a currency, hardly anyone really due to high cost and being slow. Its more popular as a hedge against inflation, but then again so is art, gold, old rare stamps, old rare coins, (fairly priced) stocks, property etc.

That should be the case of other risk ratio management there is nothing to do with bitcoin itself.

You are saying the word "you" and "some people in here", who is supposed you that? I believe that is others opinion regarding any price and you can't prohibit someone to do that and it is sure others should not take other guesses as investment advice. I think it would be absurd that to not let some can't say any prediction, whether it realistic or insane prediction on the price, and letting newbies to solely rely on others rather than by themselves misses the point of why bitcoin has some value.

That's all from the perspective of the bubble. See, we tend to get wrapped in what is happening in the crypto bubble that we are in, but the fact of the matter is that lots of interest is coming from people who are/were out of crypto until now. And seeing that that's a bigger percentage of the overall population than in the bubble, I'd say that things are looking up. And as for it losing relevance in our bubble, well, that's just the approaching bear market...

Bitcoin is a currency and not an investment. However, the fact is that bitcoin is unfortunately marketed as an investment by many centralized exchanges across the world. All of them have branded bitcoin as the best investment choice of the decade and trying to convince people to invest in it. Some are even running bitcoin deposit schemes. This is incorrect and can fire back at any moment. So bitcoin is not irrelevant to the normal people, rather the packaging of bitcoin is irrelevant here. It is a currency system and it should have been marketed in the same way. Which is unfortunately not happening! 

The argument about a person buying BTC with less than the price of BTC has been discussed in the forum before which anyone with even just $50 can hold mBTC in his wallet as long as he could to treat it as an investment. He doesn't need to buy 1BTC if he couldn't afford the current 1BTC price. Bitcoin is the most accepted cryptocurrency worldwide, it couldn't be irrelevant that way.

Some argument you may add is that BTC has no use case as they say. But this is also not true. In fact, the very use case of it is that BTC is being used to make more transactions compared to any other coins out there. The way for a cryptocurrency to have a use case is for it to be used in buying and selling.

im saving this quote because O_E_L_E_O loves other networks, seems appropriate to make him aware of his own words used against him when he advertises other networks as "bitcoin 2.0"


in saving this quote too. as this same lover of other networks, has been saying for a while now that bitcoin is not a currency and instead people just treat his favourite other network as the currency utility

its kind of shameful that altnet people want to ruin all the features of bitcoin and limit its functions just to advertise their shiny new other networks

....
as for the topic creators posts
the 50k vs 1k scenario.. average joe does not need to invest $50k to 'get in' he can buy 1k. what you learn is that in bitcoin. in the hard code of the block and raw transaction data. there are no btc. there are only satoshis(sats).
btc is a graphical user interface bundled construct of 100million sats. its just a visual representation of large numbers

you dont need to buy 100,000,000 sats to 'get in' you can buy a few thousand if you want.
nothing stops anyone from buying 2000sats($1) or 2,000,000($1k)

as for market crash scenario.
in shares, a business can end up being valued at a negative balance sheet(debt) and thus end up leaving the market at $0 per share. but bitcoin is a mined asset like gold, which has actual acquisition costs. either from the mining, or buying from the miners or buying from the people that bought from the miners. these acquisition costs keep a underlying value above 0. there will never be a time where it costs minus $10 to have bitcoin. bitcoins are not debt nor potential debt.. it will always be the case where the cost is positive. bitcoin is not like company shares in any way

You start your post by referring to the topic of a person who wants the price of Bitcoin to change 100% or more in one day (or week) - and based on which you conclude that interest in Bitcoin "going down rapidly"? Furthermore, no serious member of this forum will convince anyone to invest their money in any risky things including Bitcoin. After all, anyone who seeks financial advice online is more likely to make a loss sooner or later.


You’re speaking in the plural again, and that’s completely wrong because you think serious people on this forum are promoting Ponzi/multi-level marketing schemes in an effort to make a profit? It is completely irrelevant whether any member of this forum will ever buy even 1 satoshi, the game has completely switched to the playground of big players who buy tens of thousands of BTC every month - do you think anyone on this forum has an impact on all of them?



How do you know that 1% of people are responsible for the price of BTC that we have today, and that by selling their share they would crash the market?
This is the same assumption as the one that has been circulating in the media from the very beginning, which emphasizes the story of what will happen if Satoshi appears and dumps its alleged 1 million BTC on the market - which is about 5% of max supply. A wet dream of many who would like to reset everything to 0 and then buy as much as they can - only all those poor souls are not aware that Bitcoin would never be worth even 10% of what it is worth today if that happened.

Always the same story with the newbies.

Bitcoin was created. People got on board. Then altcoins came along. Lots of people jumped ship. Bitcoin is old, boring, outdated. Altcoins are new, exciting, shiny! Couple of years later, 99% of these altcoins have died, lots of people have lost money, and they either rage quit the space altogether or come back to bitcoin.

Then ICOs came along. The next bitcoin! The bitcoin killer! The flippening! These are the future! People jump to ICOs. A year or two later, 99% of these ICOs have died, lots of people have lost money, and they slink back to bitcoin.

Then IPOs, IEOs, ITOs came along. The next big thing! Bitcoin can't keep up! Buy, buy, buy! A year or two later, dead, lost money, people come back to bitcoin.

Now DeFi and NFTs are on the scene. Better than banks! Better than bitcoin! Better than sliced bread! Buy this terrible overpriced picture of a monkey! This is definitely the future this time, we promise! Send us your money!

I'll see you in a few years for the next nonsense craze which is new, exciting, shiny, and with which lots of people will lose lots of money. And throughout all of this, what's the one constant? Bitcoin.

If that makes bitcoin boring for you, then feel free to go and lose your money on some scam instead.

The people who bought it at 1k was trying to pump it more so they wants other people to buy it at higher price, but how if the bitcoin price becomes 500k in the future years, the people who bought it at 50k is better than the people who missed the chance because they think the price is already high and won
t going up anymore.
In the ends the winner is the early player and who holds till the end, the more profits they will get and this works on the real quality products.

if someone says bitcoin is almost irrelevant for normal people, in my personal opinion it's a very wrong argument, the argument of lazy people and the argument of impatient people, wanting to find wealth quickly and quickly, if you want wealth in the blink of an eye better you don't need to enter the world of bitcoin, bitcoin was created not to get rich in the near future, but bitcoin gives us the freedom and opportunity to make it easier for us in all aspects, without depending on others about the assets we have, the key to entering bitcoin is patience, and always prepare our mental to be strong to face criticism and blasphemy..

I mean, it did take years for 1k to go to 50k, it'd be pretty dumb to expect something like that to happen in days or months. See that's the problem mindset, people are in it to make quick bucks when well, it hasn't exactly been quick for early investors. All risks come with benefits, investing early means you're just able to profit earlier than others, that's it. Probably stop being narrow-minded about the future of Bitcoin and look at it from a wider scale. Now if you can't afford to have a wider view, it's either the money you're investing is one that you can't afford to lose (and in that case, I'd just say get some money you CAN afford to lose, then invest), or you're just looking for a quick buck, now can't help you with the latter one.

Sure, but most "dreamers" aren't really here for best case scenario 2X, they are here for 100x or more, and they are not going to get that from Bitcoin buying at 50K, they are probably much more likely to lose money buying at 50K than to 2X.
For that matter you might just as well buy stocks if your golden target is 2X.

Some people in here are trying to feed that get rich pipedream buying BTC, the train left the station, the newbies weren't on it.

What I would love to see in here is some realism, that would be a nice change. Some are more realistic than others, but too many are trying to feed the pipedream.

Of course, you can't compare buying bitcoin at $1k to buying it at $50k.

But what if the price goes to $100k? so that potential is there to double your money, it's that you need to have the mental patience to wait for the price to grow. Maybe it will take months or years, but the potential is there.

And as majority said, irrelevant? you mean ordinary investors will shift to stocks or any other investment platform for that matter? I doubt it, bitcoin will remain relevant as it is one of the best assets, just ask wall streets to ordinary and average joe, everyone is talking about it.

I see the opposite, more and more people are talking about it and asking us who use it / know about it for more information.
Keep in mind most of threads here are from people who either are active users or people who support BTC.
HOWEVER, there are a lot of other posts from people who are either anti BTC or have their own agenda, so posts here are not an indication of the outside world.

But with more ETFs trying to be listed, and more and more larger players (block, Master Card, etc.) getting into it I actually see the opposite and that more people are getting into it.

-Dave

What do you mean that bitcoin is boring? Don't expect bitcoin to pump or dump all the time. Many serious investors are afraid of bitcoin volatility, rather if bitcoin is stable and has less volatility, it will be good for bitcoin holders.
Also, you need a lot of knowledge about bitcoins as you are comparing bitcoins with a MLM Scheme.