Topic: My passion on bitcoin - page 3. (Read 578 times)

Before people invest in bitcoin, they better learn to deal with the risks because, with the volatility in bitcoin's price during this time, they won't be ready to see it and will just panic.
But if they can learn well, that risk will not prevent them from starting to invest in bitcoin because they already know how to deal with the risks.
And when there is high inflation, you already have a reserve fund that you can use to survive because, at that time, the prices of basic commodities will go up.
Meanwhile, the economy will be disrupted, but that won't affect you because you can survive with that reserve fund until the situation is under control.

You are right that Bitcoin helps people escape inflation in their country or rather saves their wealth from being deminished by inflation however note that Bitcoin's volatility can still affect the individual's wealth when store in Bitcoin in the eventuality of a market crash. Further aside Bitcoin acting as an escape route against inflation, real estate is another alternative.

I would like to commend @OP in being open-minded about his Bitcoin investment.  I believe @OP will be among the diamond hand that holds BTC since he knows the market limitations and possibilities.  And since @OP is ready to accept losses, I also think that he will not rush to sell his holdings when the BTC market price crash.

This is one beauty of understanding the market and knowing what we are venturing about.  I have high hopes that @OP will be successful in his endeavor so I encourage @OP to continue with his venture.  Btw, it is a wise move to invest the extra savings into Bitcoin while having other savings for future use.

All investments carry some level of risk, ranging from small to relatively high. Bitcoin, being a highly volatile cryptocurrency, entails significant risk. Therefore, you should be ready to face potential losses along with potential gains. It's crucial not to regret your decision later, as you are already aware of the associated risks.

Well, mate, you know that Bitcoin can be a hedge against inflation in the sense of having to save your funds in Bitcoin rather than having them in the bank. For instance, if you save like $1000 in your bank account and let's say you want to use the $1k to purchase a mobile phone next year, but due to the increase in inflation and devaluation of the dollar, the price of the phone goes from being $1k to $1300, that means you will need to add an extra $300 before you can get the phone. But if he, being the OP, decides to invest in Bitcoin and hold the Bitcoin till a bull season, instead of being inflated, he or she will have more profit on his investment than just keeping a lump sum of money in the bank account.

Bitcoin is not the first thing that comes to people's minds when they want to send money abroad. Bitcoin is still not widely accepted all over the world. There are places where Bitcoin is still illegal. So sending Bitcoin in a place like that won't help. For example, I live in Bangladesh. Bitcoin is illegal here and owning it could lead you to jail. Do you think it is a good idea to send Bitcoin here? We can still use it in secret but how good that will be?

Being decentralized, Bitcoin transactions will still remain secret. But in order to use it, we will have to convert it to local currency first. And this process in places where Bitcoin is banned going to be troublesome. I got your idea, it is the easiest way to send money to any place. But not the best choice always. If Bitcoin is legal where you want to send it, then no doubt it will be the best choice.

Lastly, good luck to your future. Hopefully, you can make the best out of your investment.

I find it very cool to hear that you are passionate about Bitcoin and that you are excited about your investments! Many people like you are there for their decentralized properties and their ability to help people protect themselves from inflation in some countries, I have seen cases like Venezuela where several people fight the crisis that is occurring in the country with the help of Bitcoin , they scalping their trading to get fast but not very noticeable results… As for the OP, I always like to advise on a good financial education and understanding of the risks involved that are essential to make investment decisions, and even more so when it's about BIicoin... because there is a possibility that the value of Bitcoin will fluctuate and that there will be ups and downs in the market.

An advice that I would give you, it is that you have a long-term investment mentality so that you are prepared to face possible losses and also that not only all your investment focus is directed to Bitcoin, try to diversify and have physical investments, do not get caught up in just one thing, the big investors have their money in constant movement in more than one place.

Please correct me if am wrong but I thought inflation is actually on the whole country economic system and since your country isn't using bitcoin as a legal tender, I wonder how you escaped this inflation because you spend and use your country fiat and things added price because of inflation and I don't see and understand how you escaped the inflation because even if you bought something with bitcoin the price is still affected.

OP, there's a saying that nothing lasts forever. In the case of Bitcoin, I know that it will last for a very long time and that it still has a lot of high-priced tasks to accomplish, but the truth is that no one can tell what it will happen in the future. So, in order to be on the safe side of financial management, you have to remember and abide by the economic rule that states, "Never put all your eggs in one basket." Apart from Investing in Bitcoin, there are other assets like commodities, bonds, stocks, and real estate to invest in; you must not just make your entire life savings investment in Bitcoin. Rich people usually exploit every new opportunity that they believe can be of good benefit to them; they don't only rely on one opportunity. So, to reach a sustainable financial level, you will not only put all your hope on one investment. But Bitcoin is one of the best investment opportunities we have had so far.

I like the way you are having mindset of losing, in case if things goes wrong. But i will recommend you just invest for long term, you should be prepared to hold your bitcoin for long period of time if you are planning to reduce your loss, and make sure you don't hold your bitcoin on any exchange, make sure you create a non custodial wallet and make sure you properly secure your private key. Make sure your private key is completely store offline, where their can not be a internet connection.

Bitcoin has come and stay, and i have the believe that bitcoin is going nowhere, so i can say bitcoin is going to last as far as fiat currency is in existence, so you should't panic maybe bitcoin is going to disappear any moment, bitcoin is going nowhere, you can invest.

Escaping inflation rate can't be the reason why you invest in Bitcoin because there are other risks that are present, you can still lost your money investing in Bitcoin..

1. If you don't protect your recovery seed very well or you use a custodial wallet that may never turn to scam or something else.

2. Volatility is preset in Bitcoin, investing all your money now with the hope to use some at a certain time and Bitcoin have dropped significantly, if you sell then you are at a loss.

This is why you must only buy Bitcoin with money you can afford to lose, just because you can escape inflation holding Fiat doesn't mean holding Bitcoin has no risks.

By investing in Bitcoin after gaining enough understanding and knowledge about investing before investing in Bitcoin, you are showing a very smart person. In the case of new investors we usually see something different, the newbies are usually not very interested in learning they just follow others and try to invest which results in most of the time they fail in investing. We must try to gain sufficient understanding of the work before doing it. When we have some idea about that work, surely I can do it better than those people who have no idea about this work. So before doing anything, you must know about it well and then do that thing, that is investing in Bitcoin.

Here some are saying that Bitcoin is a risky investment and I will add one more thing that if you are investing in Bear Market then Calm down and hope for the best.

When Its risky investment?
1. When you buy it at the pick point or have no target to grab profits.
2. When you never follow the trend and make your decisions opposite of it.
3. When you are emotional to see any sudden dump and can't bear it. You have to be prepared to see any sudden correction because that's a part of it's growth.
4. When you are holding it in a Custodial wallet where you don't have full control of your funds.
5. When you are just investing all of your assets to get rick quick and it's not a get rich quick scheme. So you may wait a long period for having a good result. Never invest all in it but you should invest when you get opportunity or get extra funds.

There could be many more when Bitcoin investment is risky so if you can manage all of them then Bitcoin is perfect for investing. Still now no one can predict about it's future and a sudden bad news can crash the whole market. But as we have passed a long way and we saw how it is growing potentially and adopting by the big institutions, so we can surely believe on it.

I appreciate the decision from OP and he should correct some of his strategy and should start doing DCA. It will impact huge for a proper investment.

I mean for sure Bitcoin is a risky investment even though right at this moment the price of Bitcoin could easily drop a huge percentage one big bad news could easily affect the market price of Bitcoin just imagine if the Bitcoin code or structure have been cracked and hackers found a way to hack our Bitcoin that could easily affect Bitcoin for sure, and a lot of people is going to be afraid to hold bitcoin and probably going to end up selling it right after the news was released pushing the market price to drop.

It is surely going to be the normal thing to make mistakes but just make sure to not make the same mistakes be sure to always learn from your past mistakes to avoid losing money, but it will even be better if you're going to learn from other people's mistake, I mean we already have the forum and there are a lot of great members here that share there experiences and what you can do is learn from their experiences, you could just continue to learn here until you already know what you're doing and then start to invest.

I am happy that you backed up your passion with knowledge about Bitcoin. Saving money in banks is becoming worthless due to inflation. The interest from banks can not be compared with the level at which the local currency is losing value. Investing your savings is the best option and Bitcoin is a good avenue to save and get returns. But it is better to have a long-term plan for Bitcoin because it might not yield much profit within a short period of time. Many people that invested in Bitcoin didn't regret especially if they have the right mindset and plan.
 
Bitcoin awareness is spreading and people are embracing the currency in many nations. And Bitcoin's popularity will keep growing as more people understand its benefits I have heard some persons intending to borrow money to invest in Bitcoin because they believe that Bitcoin will always be profitable. For me, we should invest only what we own and can able afford. We are still in the early stage of Bitcoin and the currency is built to last as long the blockchain technology. So you don't have to worry about the durability or lifespan of Bitcoin.

Any investment will have risk, the higher the return, the higher the risk. Bitcoin is safer than altcoins but riskier when compared to investments like gold and real estate.

Good to see OP and more and more people investing in bitcoin. But I also want to emphasize once again that investing is risky, I hope OP will diversify his assets instead of focusing and putting all his energy into bitcoin is very risky.

I believe you meant invested your savings in bitcoin. Edit*
 Now to the op I have this few points to give you, having a negative mindset when embarking on an investment is a bad thing to do and when it comes to bitcoin investment, the reasons why investors are advised to invest the amount of money they can afford to lose is because of the changes in the price volatility not because  there's a certainty that there will be a loss in the investment so don't see bitcoin investment as a total lost of funds even before investment because it will create more fear to Young investors and beginners. The most likely reasos why people encounter losses in bitcoin investment is their inability to have proper knowledge before investing, wrong investment plans and their inability to follow up the market properly before and after investment.

Having passion in bitcoin is a nice thing because it will increase your desire to know it deeply. Op you still have more corrections to make. Probably you were saying you have not regreted by knowing bitcoin and also on the part of inflation. I don't know how you understand inflation but before then let me give examples. You went to the market fish, and as of last year the particular fish was sold $3 and in this year, it is sell $5 and you have bitcoin so you want to buy the fish, will the bitcoin reduce the price of the fish back the $3 again so I don't see in the place where bitcoin make people to escape from the inflation. Bitcoin came to meet inflation and bitcoin cannot remove inflation.

Not only in terms of volatility, but Altcoins also are not decentralized like Bitcoin and in some cases, We do not know how many that will be in circulation, some are controlled by one entity or group of developers who decides on the project.

Furthermore, the developers can create as many coins as they want and dump them at any time, whereas they cannot create more than 21M BTC, and no one controls or decides what will happen to the price of Bitcoin, unlike the shitcoins out there which are owned by a team or an individual.

This question was actually one of the most asked in the early days of bitcoin, aside the technical detail that its mining will stop in the year 2140 which is a long time from now. The adoption rate or growth has shown that it is a technology that would be embraced more in the future and as a solution to many monetary crises faced by the fiat currency I am of the belief that it would even live beyond that time as a currency for transactions


If you look at the number of people still building there own bitcoin mining farms or joining mining pools considering how expensive it is to buy the mining equipments then we can say that it is still and would be an incentives to miners. We should note that it is only the mining fees payed to miners that would stop when mining stops, the transaction fees which is also been earned by the miners currently will not stop as even after mining stop’s transactions would take place then.

We don’t even know maybe the transaction fee will be then since bitcoin will have grown in great value by that time. Probably 1 satoshi would be equal to more than a dollar then