Topic: Negative influence of bitcoin (Read 416 times)

I think bitcoin can change a person's negative impact and his unemployed life. Another person's digital currency, Bitcoin, helps create a special structure economically. But only those who have spiritual knowledge about Bitcoin invest in Bitcoin. There are many people who are not well educated about Bitcoin and are interested in investing without understanding. Later they fall into a huge risk so one should acquire good knowledge about Bitcoin before investing later. there are some ignorant people who have no spiritual knowledge about investment but come to invest and later try to invest by going to various scam apps. As a result, they lose the money they invest. so don't invest without learning about Bitcoin.

I kinda have the same thoughts as yours. Not sure if OP is even looking at fiat while mentioning these disadvantages/negatives as this is truly like applicable also to fiat.
Bitcoin not easily being understood by people? I am pretty sure I was curious as well on how banks work and it is not just something we call "storage of money".

I read someone mentioning here that withdrawing money from bank is non refundable as well. I am pretty sure that every digital payments has that non-refundable concept. It's forever recorded in the database. Fuck all those claiming to recover those lost funds though, lol.

You know I am kinda bothered that people think that Bitcoin itself is a scam. Why haven't people just banned fiat if they wanted to put a stop to all these scums.
I get it that Bitcoin is almost non traceable since address can only be the leads unless the address is being used in a custodial wallet, but I am pretty sure there are waaay more untraceable ways that people do to do such crimes using fiat.

Those negatives that you shared has a solution. I will comment base on what I know (not expert here).

That's why we have many information in the internet right now right? No knowledge? It isn't applicable only to Bitcoin, but to everything. When you invest, you need knowledge right? Where can you get it? You can get it online, when you have a mentor, or if somebody will guide you. In everything that's related to investing, you really need knowledge in order for it to understand. I think there's nothing that you can understand without any knowledge into it. Just pure common sense.

Scam? Fraud? Did you compare how many scams, and fraud investment have used both Bitcoin, and fiat already? Give us some numbers that shows that it really is high because what I know is that fiat currency is the most common currency that's being used by scammers to scam people.

So you're saying that banks are refunding you if you lost your money? It's the same as with Bitcoin. You lose your fiat currency, you lost it forever. For Bitcoin, you lose your private keys, you lose it forever.

Privacy? Isn't it a bad thing? On what way?
Because what I know is that, it's never comfortable to share your private information to some random strangers out there. TBH, privacy has more benefits than disadvantages.

On the other hand, we have corrupt government officials slowly diminishing the value of your fiat currency thru massive printing for their own sake. Isn't it fraud as well?

Vitalities? You mean volatile right?
Why? Do you think the stock market is predictable? Is there any market out there that's predictable with regards to it's price a few years from now? I mean with 100% accuracy.

Yep, I think it depends on our mindset towards Bitcoin. As long as we use it for good things, of course more positive things will be caused. As an example, Crypto currently has an impact on the government that gave rise to digital currencies. They try to imitate for transaction efficiency and keep up with the times.
Indeed, some countries refused, even the IMF feared that there would be damage to world finances due to Bitcoin. But in the development even many countries are starting to collect taxes from crypto. I have felt a positive impact with my economic situation which was helped by Bitcoin and crypto.

Since knowing about bitcoin and using it, I have never blamed it for being negative or positive, the problem is how to use it to get results from it. Not only bitcoin but many other things are attached to people with different opinions, people who don't like to research themselves based only on information from and conclusions from others will live within those limits of information, nature I personally always want to make bitcoin good for everyone, but this life is very fair between bad and good. Therefore, people need to be more engaged in sharing information as well as their own experiences with many others and spreading more positive values.

The only thing that I think you forgot is that you can't hold it in your hand/ physical. But this is also a double edged sword. If you had to move your entire life savings what better way to move and flee to another country (think refugees or something).

In contrary to your claims, the decentralized model of Bitcoin has made it even more secured for people to enjoy trading. When you transact with your Bitcoin, it doesn't have to undergo any central authority to get to the receiver, rather it's delivered peer-to-peer exchange. You literally own and control your own Bitcoin.

Secondly, with the deployment of the cryptographic techniques to protect transactions, Bitcoin is more secured than the fiat currency. As a recipient of a verified transaction, you're provided with private keys which is just like a password (to be simply put)  to be able to unlock the Bitcoins. Seed phrases amongst others are more security.

Thirdly, easy accessibility gives Bitcoin edge over the conventional currency. Unless the fiat currency that you have to visit the bank or ATM to either initiate some huge transactions or take some cash. Bitcoin is a digital currency right on your computer and mobile devices with limitless transactions.

And list continues.

When we talk about investment we need to have a comprehensive idea that we shall be the one taking all the risk during the investment because we kindly decided to make the investment about our sole research. Those that invested in Bitcoin and other cryptocurrencies and made lose did so in there risk.

It is good for us to have idea about the project we shall be investing in before decided to buy and invest in that project. Sometimes we can do research about a project and the project still end in rug pull. This happens always but it's not intensional most time since things can go wrong anytime.

Only insiders and the divine truly know the nature of FIAT.
FIAT is a business currency, in which those involved in the business always safeguard their secret recipe to prevent theft by others. A solid legal foundation and connections to the highest holders of power are necessary to successfully monopolize the currency market.
Bitcoin's transparency attempts to prove to society that honesty is the key to fairness. People are realizing that FIAT constantly experiences inflation, and Bitcoin should provide an alternative solution instead of its value being constantly eroded over time.

All of those points are either not exclusive to bitcoin or a misunderstanding on your part.

1. You do not really need to now how your car works in order to drive it, as long as people read a few articles they will learn how to secure their coins properly in minutes, also the number of scams and frauds is much higher with cash and credit cards.
2. You do not get refunds either when you lose the cash in your wallet.
3. Governments will do anything to give a bad name to bitcoin.
4. Again, the same is true with fiat.
5. At least the price of bitcoin can go up, while with fiat your wealth only goes down.

I will respond accordingly
Scams and frauds has nothing to do with bitcoin. Even when using you regular bank app and internet there are scams and frauds lurking all over the web space, do you then go ahead to call your bank a scam and a fraud. Please separate the act from the product or project.

If you pay attention to details and follow the conventional rules and regulations guiding the using of bitcoin or should I call it the code of conduct, then you will not run into any of these issues or be a victim.

There are phishing sites for credit card fraud and what have you. so, it is doesn't only happen in bitcoin. There are very bad and terrible people all over the internet seeking to reap where they did not sow.

This is why they always say "Not financial advice" in addition your investment and interests in bitcoin should match you financial and personal goals to be able to withstand market volatility. 

It is a truth that some people may lose money when trading in Bitcoin because they lack patience. This is due to the fact that there will always be buyers and sellers, meaning that some people may profit while others may lose. It's critical to remember that the frequent hand-to-hand movement of Bitcoin can increase its volatility. However, you might be more likely to make gains if you are a solid holder who doesn't indulge in frequent buying and selling. It's important to remember that frauds and scams exist in every sector of the economy, so they shouldn't be the only reason people have unfavorable perceptions of Bitcoin.

I think except last two points, rest are the ones because of which bitcoin actually sustains and is working today. It's because of it private nature and pseudononymous nature that you feel it's so good and is a better alternative over fiat. On the same side understanding is something that comes with time and eventually you'll see a lot of people understanding bitcoin, you'll be surprised to know that even a lot of people don't even understand fiat right now, so I think it's okay if people don't understand bitcoin as well.

That's rather he cursed himself, the behavior you mentioned is the behavior of people who can lose money wherever they are, being in a trade will make the bitcoins they have disappear.
In bitcoin it will be profitable if we can hold it, its true nature is long term to get enough returns, not suitable for people who want to get rich quick but don't know the science.

Unfortunately the OP created FUD on his own bitcoin forum, we could explain a thousand deeper reasons to use bitcoin for financial freedom, a brave but stupid move since it seems like he mixed bitcoin with Altcoins as the source.

Rather than a negative impact, I believe these are just some of the unfortunate things that could happen to someone if they were being careless. But since it doesn't happen to everyone who's into Bitcoin, I don't think we can consider it as a negative influence. It just depends on the person on how he manages his own Bitcoin, so if someone experienced one of the lists you've mentioned, it's not Bitcoin to be blamed but himself. Yes, hacking and scamming are rampant but it's the same with fiat. If you have money on you and someone stole or snatched it from you (which is also common), it's not considered as a negative influence of paper money but can rather be considered as an unfortunate thing that happened to you for not being aware of the surroundings or being careless.

The volatility of the bitcoin can also be viewed as negative if people will start use it as the main payment method because the price is constantly changing where there will be gonna be some confusion but when it comes to traders or investors like us, it is good because the volatility help us to make profit through price appreciation. A lot of us are using it as an advantage to easily enter and exit in the market with gains. I saw some issue when it comes to view of the people to bitcoin because they see it as stable and my advide is do not ever see bitcoin as a coin with fix value because it is one of the asset that has crazy volatility especially when it the bear appears and the huge dumps starts to appear.

There is really disadvantages but we should not focus on it, better if we will see the advantages of it and its benefits rather focusing on its disadvantages. Remember that we have limited supply unlike the fiat especially the US dollars which have unlimited supply which makes it worthless very soon. The global order is starting to change, the US dollar is now losing its popularity in the whole world and for me it is also the time for a lot of people to consider the importance of the bitcoin because its value keep increasing over time.

The coin had the two sides,So everything had their two sides of effects.The bitcoin had more positive impacts as compared to the negative.Bitcoin was easy to understand,even the people with less crypto knowledge can do the transaction by themselves.Because now we can easy to send bitcoin by copy paste of address and scan of bitcoin scan code.Being a mature person you should keep your seeds and private key very safe.It’s like the key to locker with huge money in it.Some bad people using bitcoin to scam,it’s not a scam of bitcoin.It’s scam of the person and not bitcoin.So get the clear view about cryptocurrency and bitcoin.

While you see this as a disadvantage, others see it as an advantage and are using it to make lots of money from trading or short term investment. Bitcoin isn't unpredictable as you can predict what will happened to the price of Bitcoin either by looking at the charts or its history. The prediction must not be accurate but it could be closed like predicting a range the price would be trading at.

We know that Bitcoin price usually pumps after the halving and you can use such information when investing or trading Bitcoin. The price of Bitcoin also crashes two years after having and you can use that information for your protection to avoid buying at the peak of the market.

Bitcoin is not that hard to understand, those who don't like Bitcoin or don't want to see Bitcoin succeed are those that makes Bitcoin looks hard, and they have nothing to say then call it a scam, the definition of Bitcoin is available on the internet and with the definition, it says everything about what Bitcoin does.

Every technology either big or small has its negative and positive sides, and the volatility side of Bitcoin is not entirely that bad like many are saying, Bitcoin price can't ever be attractive to me if the price is not going down, I will never have any Bitcoin right now if the dips opportunities are not on sale.

Bitcoin volatility fixed the balance of the endless desire for buyers and long-term holders, all at once.

actually it's not a negative influence but a risk of using bitcoin, so for me everyone who can really make a profit has its own risks, for example in trading we also have risks so it's not a negative thing and we really have to take care of all these points so we don't experience any loss in investing in bitcoin, and you need to know that we cannot get bitcoin easily, all need a process and a way to use bitcoin so that risky things are born as you explain.