People Overthink Potential of Bitcoin

Hamphser

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If I myself think this is a natural thing, we are all people here who admire Bitcoin, I think this is normal who then considers Bitcoin to have high potential.
Whether it's in matters of legal tender or a very high value later.
But what I never agree with is when someone says that Bitcoin will completely replace fiat money, I totally disagree with this. Because at any time this Fiat will not be completely replaced by this Digital currency. But between fiat and Bitcoin, will go together according to their respective functions.

We need to be realistic while thinking about bitcoin. I too disagree with people who say that bitcoin is a complete new financial system that will change the world forever and bla bla. Till date value of bitcoin is measured in fiat like today we are saying that one bitcoin is worth 40k$.
Both fiat and bitcoin have there own pros and cons, and will continue to coexist with each other. There is no danger of both from each other as both have there own domain.

They do even say that it could replace fiat, saving the world from inflation, it would overcome or replace centralized system without even thinking on how crucial these things are and this is where people should realize
on what they are saying.Bitcoin is for p2p transaction without any intervention and yes it could really be applied in most cases on decentralized manner but there's no way that it could really replaced
into the current system that we are dealing of on years passed even upto now.

carlfebz2

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Quote from: arwin100 on February 27, 2022, 07:56:39 PM

Quote from: Luqman on February 27, 2022, 07:47:10 PM

I think that the expectation is based on some hype and prediction commented on by many influencers and also crypto enthusiasts previously. I personally also feel the same, overestimate the price of Bitcoin to reaches at least $100k. I have been imagining the profits that I can earn if the BTC price really hits the rate.
but unfortunately, the rate will not happen this year. The market is still chasing moreover because of the war and also other bad condition.

Many just believe on certain predictions which quietly don't have any basis from those people and newbie should think more twice about this since mostly this will caught them and cannot think correctly if bad moments came in the market. That's why its good to verify always the information and digest it once there is supporting facts towards what they see. And major factor that stops bitcoin if we talk about its rising up is what you said the war is one of big factor of its downside at the moment.

Everything would really be speculative and there's no such thing about precise predictions because no one could predict the future which means even professionals or veterans are really than prone to mistakes.

It is really just normal that people would overthink because we do see that bitcoin never fails to impress us on which it do reach out things that we havent expected for it to happen.
Somehow there are really some mindsets and hopes which are really that come into a point that it was never already that realistic and people should really avoid that.

LUCKMCFLY

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Quote from: StLucifer on February 27, 2022, 02:07:57 PM

It can not be denied that BTC can be used in manuevering from the controls of the government. The problem with the world today is that there is just so much power from the government who always portray they are democratic when in fact they are not. Government control private companies which these private companies like gofundme prevents the truckers from expressing their rights.

One of the main things for which I like BTC a lot is because governments can't do anything, let alone banks, it's a currency that is like cryptonite for superman for them, so the mere fact that they don't have control is a big win. Of course now that many things are happening in the world, the problem of war, the pandemic has made many reflect on their money, some of them have mostly left the speculative markets to buy gold, but the most believers in BTC they are those who are buying right now, because they know that at any moment the BTC will reach much more than its last ATH.

virasog

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Bitcoin decentralized government will never have the power to control it for which it is difficult to impose taxes. Created on an open source basis and without a single issuance center the cryptocurrency is completely independent of bitcoin government banks and corporations he is anonymous and easy to manage protected against inflation. The popularity of a particular currency depends largely on the development potential of the currency once centralized the government is able to control like fiat.

The writing is hard for me to understand exactly the point you are making, but since it seems you are pointing of government not to be in control of bitcoin because it's decentralized currency and the documents of bitcoin is not in position of any governmental unit and agency, it is real that Bitcoin is different from fiat and is independent from it regulations and that made it automous without the support of government subsection.

Even though bitcoin is decentralized, the governments focus is to somehow make bitcoin regularized. Since they can't control the usage of bitcoin, the only option left with them is to regulate it.
They can't let people use crypto freely, they will try every effort to have some sort of control over it. With this you can see the potential for bitcoin is always on a high side.

xSkylarx

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Quote from: Luqman on February 27, 2022, 07:47:10 PM

I think that the expectation is based on some hype and prediction commented on by many influencers and also crypto enthusiasts previously. I personally also feel the same, overestimate the price of Bitcoin to reaches at least $100k. I have been imagining the profits that I can earn if the BTC price really hits the rate.
but unfortunately, the rate will not happen this year. The market is still chasing moreover because of the war and also other bad condition.

There's nothing wrong with it, but I do need some time to think about it because a lot of people are now thinking about the huge price, which we could say is absolutely possible, but the price is absolutely enormous, right? and it takes time to arrive at that conclusion. I believe this is the reason why there are so many people who post about bitcoin when the price drops, because they always expect the price to rise in the next few days. Well, I believe that we should begin to refrain from overanalyzing the situation in order to reduce our concerns about the price.

arwin100

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Quote from: Luqman on February 27, 2022, 07:47:10 PM

I think that the expectation is based on some hype and prediction commented on by many influencers and also crypto enthusiasts previously. I personally also feel the same, overestimate the price of Bitcoin to reaches at least $100k. I have been imagining the profits that I can earn if the BTC price really hits the rate.
but unfortunately, the rate will not happen this year. The market is still chasing moreover because of the war and also other bad condition.

Many just believe on certain predictions which quietly don't have any basis from those people and newbie should think more twice about this since mostly this will caught them and cannot think correctly if bad moments came in the market. That's why its good to verify always the information and digest it once there is supporting facts towards what they see. And major factor that stops bitcoin if we talk about its rising up is what you said the war is one of big factor of its downside at the moment.

Luqman

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I think that the expectation is based on some hype and prediction commented on by many influencers and also crypto enthusiasts previously. I personally also feel the same, overestimate the price of Bitcoin to reaches at least $100k. I have been imagining the profits that I can earn if the BTC price really hits the rate.
but unfortunately, the rate will not happen this year. The market is still chasing moreover because of the war and also other bad condition.

StLucifer

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It can not be denied that BTC can be used in manuevering from the controls of the government. The problem with the world today is that there is just so much power from the government who always portray they are democratic when in fact they are not. Government control private companies which these private companies like gofundme prevents the truckers from expressing their rights.

Marvell1

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We shouldn't think that bitcoin has to replace something, Bitcoin was not created to fight governments or replace banks. That's not true, get it out of your mind. Bitcoin was simply created with the aim of making people financially free, with impressive growth returns, today bitcoin is the best profitable investment platform compared to the traditional way. But beware of the risks that bitcoin volatility brings.

Maslate

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Quote from: perfect999 on February 23, 2022, 07:58:25 AM

Quote from: Ziskinberg on February 21, 2022, 12:34:24 PM

Quote from: worldtraveller321 on February 08, 2022, 08:29:24 AM

The ones who are telling you to rid of the government are people who wish to control you.

Though bitcoin is decentralized, we can never get rid of the government as they are the ones who maintain the law and order of the world, without them, the decentralized world will be in chaos. Bitcoin is a currency, it does not have the power to control us, we are the ones who supports and give life to bitcoin, but without the support of the government, cryptocurrency will never be adopted and probably will not survive in the long run.

You got a point there. If there's no government in a country, there will be crimes everywhere. It is going to be scary to live in a country like that. That can also happen to bitcoin. Before when bitcoin was new, so many hacks and scams that happened but the moment bitcoin was now regulated, many criminals have got caught and the cyber crimes have now lessen because the criminals also knew that they are not safe anymore if they do crimes related to bitcoin.

Some people are waiting for the bitcoin to be recognized by the government before they get convinced to get involved in it. Government really plays a big role in the bitcoin adoption.

Having Bitcoin is far different compared to others as even without the government's help/support this will still grow. But of course, people loved to get secured from investing and they need such assurance that the government will protect them. Maybe we have to accept that was the role of the government, they are trying to control everything and they include Bitcoin but unfortunately, it wasn't that easy for them to manipulate and it remains decentralized.

perfect999

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Quote from: Ziskinberg on February 21, 2022, 12:34:24 PM

Quote from: worldtraveller321 on February 08, 2022, 08:29:24 AM

The ones who are telling you to rid of the government are people who wish to control you.

Though bitcoin is decentralized, we can never get rid of the government as they are the ones who maintain the law and order of the world, without them, the decentralized world will be in chaos. Bitcoin is a currency, it does not have the power to control us, we are the ones who supports and give life to bitcoin, but without the support of the government, cryptocurrency will never be adopted and probably will not survive in the long run.

You got a point there. If there's no government in a country, there will be crimes everywhere. It is going to be scary to live in a country like that. That can also happen to bitcoin. Before when bitcoin was new, so many hacks and scams that happened but the moment bitcoin was now regulated, many criminals have got caught and the cyber crimes have now lessen because the criminals also knew that they are not safe anymore if they do crimes related to bitcoin.

Some people are waiting for the bitcoin to be recognized by the government before they get convinced to get involved in it. Government really plays a big role in the bitcoin adoption.

wxa7115

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Quote from: willoweb on February 17, 2022, 10:49:41 AM

I think that people in general tend to overestimate and underestimate various events, phenomena, and so on. The fact is that a wide audience has no understanding of either how it works or what it is in principle today. I think only "professionals" can more objectively assess the existing configuration of the blockchain infrastructure operating in this network. Therefore, education is needed so that this problem does not exist in the future.

This is something that always happens to new technologies, as most people are not visionaries, this happened to cars as back then people did not believed that a carriage which could move without horses will have success, and back then they even thought it was a thing of the devil, I know it sounds ridiculous to us but that is what people thought back then.

And we can see the same happening throughout history over and over again, this happened to the steam engine, computers, the Internet and now it is happening to bitcoin as well, but since the technology behind bitcoin is so amazing and revolutionary I have no doubts that it will eventually gain support from the masses and we will be able to use it everywhere, in the same way that we can use credit and debit cards today.

Vaskiy

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Quote from: Ziskinberg on February 21, 2022, 12:34:24 PM

Quote from: worldtraveller321 on February 08, 2022, 08:29:24 AM

The ones who are telling you to rid of the government are people who wish to control you.

Though bitcoin is decentralized, we can never get rid of the government as they are the ones who maintain the law and order of the world, without them, the decentralized world will be in chaos. Bitcoin is a currency, it does not have the power to control us, we are the ones who supports and give life to bitcoin, but without the support of the government, cryptocurrency will never be adopted and probably will not survive in the long run.

The network can't be interrupted which makes bitcoin unstoppable by any government. Through regulation and strict law the usage can be restricted, but the same doesn't help in keeping people from using it. There is always some loop holes and common people make the use of it.

Over the last year the cryptocurrency adoption rate is quite high. People will find it an opportunity to have financial freedom. There is nothing to think about the potential, because bitcoin have already proven it to the world.

KaliLinux

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Quote from: dezoel on February 16, 2022, 05:09:28 AM

People can never lead themselves, there is always going to be the need for leaders to be in control.
So, whenever I see people who keep saying that Bitcoin is going to overthrow the government or take down the central banks, I just say that those people don’t even know what they are saying at all and don’t understand cryptocurrency.

The good thing about cryptocurrency is that it provides an alternative to the Fiat we are using, but that doesn’t mean that it is going to take down the central banks or stop the Fiat currency that we are making use of right now.

Fiat would still continue, and the government will still be there, same thing as the central banks, they will all be there and Bitcoin will just serve as an alternative when it comes to making transactions. Is as simple as that.

Thank you, This has always been my argument too. I don't see Bitcoin overthrowing any Government and replacing Fiat, even in El Salvador where Bitcoin has been made a legal tender, did it mean that the citizens can no longer use their old Fiat currency, and is there no more Government in the country? and for now, this is a one-off case. I don't think that was the idea behind Bitcoin, replacing Fiat currency instead as an alternative means of finance.

Ziskinberg

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Quote from: worldtraveller321 on February 08, 2022, 08:29:24 AM

The ones who are telling you to rid of the government are people who wish to control you.

Though bitcoin is decentralized, we can never get rid of the government as they are the ones who maintain the law and order of the world, without them, the decentralized world will be in chaos. Bitcoin is a currency, it does not have the power to control us, we are the ones who supports and give life to bitcoin, but without the support of the government, cryptocurrency will never be adopted and probably will not survive in the long run.

molsewid

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Quote from: kawetsriyanto on February 20, 2022, 07:42:14 PM

I'm curious who said Bitcoin can make us free from the governments/corporations?
As long as I'm following Bitcoin discussion, I never saw people state Bitcoin to replace the governments/corporations. They only state if Bitcoin may replace money someday, which also seems untrue. By the way, I support the people who have a big dream with Bitcoin, but I agree that we must be realistic. Even Satoshi never said to create Bitcoin in order to replace the government system in the world.

Well we would never doubt it because of many and different speculations of people based on their own interpretation about bitcoin especially if they just don't know the funadamentals of bitcoin and they just heard about it from others like an information once passed through different people could probably have a missing information or an add ons information. Bitcoin replacing fiat is kind of impossible but I am very much optimistic that we could use bitcoin legally as another way of buying goods and services and could used same as fiat, it can work same together with fiats, it's just depend on what ways does people wanted to use.

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Quote from: worldtraveller321 on February 08, 2022, 08:29:24 AM

People think that Bitcoin will free them from governments and corporations. This is not true at all.

I'm curious who said Bitcoin can make us free from the governments/corporations?
As long as I'm following Bitcoin discussion, I never saw people state Bitcoin to replace the governments/corporations. They only state if Bitcoin may replace money someday, which also seems untrue. By the way, I support the people who have a big dream with Bitcoin, but I agree that we must be realistic. Even Satoshi never said to create Bitcoin in order to replace the government system in the world.

EdenHazard

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Quote from: Peanutswar on February 18, 2022, 04:28:58 AM

They make an overreaction with the bitcoin we saw the potential of this coin to make a profit but also a loss so better to make some risk while investing on it. Now once they saw already the bitcoin peoples thinks on their mind it can be used all over its potential which is possible right again the market of the bitcoin is volatile if they over commit mostly there's a chance they will suffer from financial better to keep themselves literate first before doing many ideas.

We get used to hear and look at such things thesedays isnt it?
It's been a trend that creating a clickbait and a boombastic headlines regarding things that popular on the internet included bitcoin that has been gained popularity since the covid19 outbreak hit us.

That's the easiest way to converted views/traffic into money. Im sick of these. Too much hype with zero value in it.

CaVO32

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With gradual process from learning and reading in the forum, I have come to full conclusion that Bitcoin is not here to compete with the banks and take over bank's,any with such mentality has to shift his/her focus from it.
Bitcoin gives you financial freedom, it solves a problem banks aren't, Bitcoin gives you extra profits.
It's after equal rights and freedom, a true fan of freedom will always choose bitcoin.

Yes, let us admit the fact that most of our financial transactions still need the intervention of traditional banks. Going into bitcoin or crypto is another option for financial freedom. But surpassing the position of traditional banks is not yet in the horizon or will possibly not happen in our lifetime. Some people are trying hard to look at the thought that bitcoin can overpower the fiat system, but the truth is, would not be a simple path to take. The decentralization aspect is one major feature of bitcoin why most governments don't want this currency. But they are accepting because they have no choice as it can exist even without their mandate.

LUCKMCFLY

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Yes, a lot of experiences have been given to us through bitcoin. As many are overthinking about its potential and the others are criticizing those potentials that have been said.
They are forgetting on what bitcoin has done to everyone. They should not forget and ignore on what it had brought to everyone and the effect that it had made to everyone's life.

This reminds me of a politician in Venezuela who told me that the government's pklan was to offer and activate the economy, so I told him: How can you activate the economy if the local currency is worth nothing? He replied that they are going to offer Credits in BTC so that people can change them to foreign currencies at any time, that the government had that already destined, so it made me a little curious, because if this is so, I don't know until what point it is good that people have to pay a price based on BTC, however it would reactivate the economy completely, in this case if the potential of BTC would be fully exploited.

Topic: People Overthink Potential of Bitcoin (Read 943 times)