Topic: People Overthink Potential of Bitcoin - page 3. (Read 1002 times)

Yes, nobody can doubt how good Bitcoin is, but saying that it has eradicated poverty in the world, that’s where you are getting it wrong.Although there are the lucky few who were able to make money through Bitcoin and become rich, and which I am one of them, I was able to make lots of profit through Bitcoin and it changed my life a lot.

But, I wouldn’t say the same for other people, because there are people who were not favored at all, I would say I am lucky that it happened or maybe I was smart? I just don’t know. And it’s not like there is no longer poverty in the world, there is still poverty in the world, and Bitcoin wouldn’t be enough for everyone there is. And in case you’re forgetting, it is the rich who are mostly being favored, because they have enough money to invest in cryptocurrency, therefore when the price goes up they get to make more profit from it.

But with bitcoin's potentials, everything is bound to create progress that we have not experienced from fiat alone. But i believe those who have overestimated the potentials of bitcoin will never be in a wrong way somehow as bitcoin will always have its own unique way to provide us all the advantages like financial security and freedom that we have not seen in crypto. Though things are quite hard this time for bitcoin, but we can't deny it that its giving us more food on the table and comfort on our homes, things that we hardly even experience if we only stick with fiat.

Indeed, I can see it to myself and I can see changes when it comes to financial capability. However, for those people who can't really afford to invest, Bitcoin had nothing to do with them. We really could think that Bitcoin gives some help to those who want and have the capital to invest but this becomes helpless to others who have nothing.
The existence of Bitcoin gives some light but this is not enough to solve poverty. As to whether we like it or not, rich people are benefiting much from this.

Rome had the Caesar as the head of the state while a senate made laws. Quite similar to democracy but it eventually fell to its own excesses as those on the top grew extravagant and careless. Those at the bottom suffered due to the gradual centralization of the law machinery as well as the iron-hand of state getting stronger and stronger.

Since then, societies have evolved in many ways and oscillated between many forms of governance. Capitalism combined with liberal democracy had proven to be the most successful in the 20th century. Yet, clearly all forms of governance and economic control have a certain shelf life. Capitalism doesn't seem to work the way it should. Privacy tracking devices and the ubiquitousness of learning algorithms threatens to turn us against each other. We clearly need an alternative.

Crypto anchored by Bitcoin's mathematical and game-theoretic economics is an alternative. Sure it is not a magic pill like OP pointed out, yet its not as inconsequential as many would like you to believe. Its just the start to an alternative form of economic order.

Bitcoin will free us from government, so everything it's base on your perspective and assumptions, from my own theory of understanding cryptocurrency, i may said that Bitcoin specially have eradicated poverty since it's existence, if you have invested in cryptocurrency and and adventure into profit before, you will understand that Bitcoin is really elevation.

I believe that we are all for Bitcoin but as the topic states, "People Overthink Potential of Bitcoin" even in the medieval era, there has been some sought of government so stop thinking Bitcoin will outlast any government.


You are right about that because we do read here in this forum how people are still hodling some coins/tokens with no value what so ever and Please this is not me equating Bitcoin to those but just stating that you can HODL your Bitcoin asset but what it will be traded at in the future is to our imagination.


Even though I see that as an assumption, however, if it did fail what would your US stock amount to?

So my take in all of this is, let's just enjoy BTC as a hedge against inflation and not a replacement to the financial system

I agree with this.

Bitcoin isn't the solution for every problem like what people perceive it to be. Although it seems very ideal, it isn't the case. Bitcoin isn't magic that will make someone invincible and be far from the hands of the government because as much as someone wants to do nothing with the government, it won't be able to avoid it. In every way, the government is going to be involved. Talking about the mere existence of someone in a state that is governed by the officials as well as the need to abide according to the laws and rules set by them. Even the smallest transactions made involve government due to taxes.

Bitcoin may be a safe haven from inflation. A good store of value and a good payment method as well to experience convenience, but it won't really conciliate difficult problems that in the beginning, is already out of its reach. Let's not glorify it so much to the point that people expect so highly of it without even equipping themselves with the knowledge and skills that they need.

What happens is that people today let themselves be guided a lot by the simple fact of following everything that the news tells them, they are dependent on it, very few are the ones who read and look for articles as such on the economic technology that it represents. BTC and cryptocurrencies, currently people are beginning to update on this topic because they have seen that some rules are being regulated for the acceptance of BTC in their economy, and this has aroused more curiosity, in addition to everything that represents money, people begin to see it with different eyes.

And Chinese government is not that fool to make harsh action towards bitcoin because they knew what this can bring them and what helps bitcoin can give to them.

so yes there are only overthinking but not harsh statements.

Well said mate , Salute to your action towards investment and monetary aspect , you really knows what the future can bring .

I think you are way underestimating the potential of bitcoin.

The key for bitcoin is exist and be durable.
If everything works out, you have a monetary system that is independent of any regime in the world, and will outlast governments.

Even at this basic level, bitcoin is already ideal to just hodl till the end of time.
It's just a matter of what value it would be traded at.

Let's say USD as a world reserve currency has fallen and replaced by RMB, whos' to say RMB will last as long and won't make the entire global monetary system even more fragil.
At some point people would just want to hold something more durable.

Also I am a foreigner, I hold US stocks not only for the growth but also as a currency hedge. It makes perfect sense for me to hold bitcoin.

Isn't the banks and central banks the same as the governments or corporations? We all know the central banks are the government and the other banks are the corporations so on this note, is Bitcoin not against the government and the corporations? Like in Nigeria and some other countries where the government banned Bitcoin trading, that statement came from the Central Bank which is still an arm of the government so I don't think it's that easy to separate them.

Bitcoin is being accepted as a currency as well as an asset. Hence, Bitcoin's growth has proved that its characteristic stands unique unlike other assets and currencies. And since investing on Bitcoin has yielded huge profits to many, the market tend to focus on investing into Bitcoin. Yes, there has been a over hype marketing for Bitcoin but it does not stand just with it. Its moving on benefiting everyone if now soon. Whatsoever might be spoken in the market, its one of the best platform to invest and earn but high risk is involved. Be aware of scams for sure.

It is about what they believe on some prediction that Bitcoin will rise very potentially in the previous year. Moreover, if we are looking at the cycle, it should happen, and we also know that Bitcoin adoption is also growing highly. But in fact, the truth is the opposite.
We know that the price of Bitcoin cannot reach the expected rate. Moreover BTC has dropped several times reaching the bottom support. We now that this is not permanent, still keeps increasing.
However, we still dont know if the Bitcoin will really fulfilthe people expectation about rising price until reaching around $100k or not.

I agree that Bitcoin can help alleviate poverty, because Bitcoin is proven to be profitable if used properly. Bitcoin can be a side job for people
who need income from online, those who need money can earn from Bitcoin. Because me and some of my friends have proven it, after investing
and trading Bitcoin can improve my economy for the better. But be careful Bitcoin does not immediately give us profit overnight, there is a process
that we must go through first. That's very important we learn Bitcoin from reliable sources, so that we can get information about Bitcoin correctly,
so we can use Bitcoin well too.

Sooner or later they would really be ending up on neither frustrations or extreme gladness whatever the situation we might able to face in near future which we couldn't really able to tell on what future
looks like.We do have our own impressions and views on things just like that dude mentioned above and i couldn't also blame them off on why they do really ending on having unrealistic claims
that bitcoin could able to achieve or reach something like this or that.

Those people who have overestimated the potentials of bitcoin will always believe the things that they want to build on their personal thinking. Even to the extent of becoming it more unrealistic to the eyes of most of the people.  But we cannot blame them as they are only carried away and become blind to their own expectations.  Its just that they need more facts than fake testimonies, they need to lose because that will help them to realize that they are making the wrong expectations.

Bitcoin is not here to compete with fiat, but the government is seeing it as a threat to fiat. The truth is it will never really come to a point that bitcoin will replace fiat, but maybe become an option for it in the near future. However, having bitcoin as an investment is definitely better than the traditional investment, but that does not happen easily. All comes with risk, and the more your become fearless about it, the more you work hard to earn it, the bigger the chances you will be successful in the end.

It also depends on their main goal, if you want to make a long-term investment, of course holding is the main choice, buying at a lower price and holding it until the target price has been reached. But it's different if those who want quick profits can use the scalping method and this will certainly provide instant profits, but with orders that are continuously made. Take advantage of the fast fluctuations in bitcoin prices so you will get a lot of benefits. All of that requires technical analysis and fundamental trading knowledge, without trading knowledge it can't be done well.

You personally underestimate the potential of Bitcoin. It was not create to free people from the government but to free people from the financial disaster caused by the government.

This is only valid to centralized project and exchange.

Can the government settle the conflict between their own system.

Bitcoin was create to get rid of any leader but it was create in democratic way.

You are just trying to wake people to the everyday lies the government told them.

Truly, there is need for rule to maintain order, to some extent, these rules becomes over used against the oppressed party and it is no more conducive by whom the rule is made for. One thing about power is, no one goes against the law makers, and yet they fail the law which they have implemented. No one persecutes them, because they own the pesecutors. Financial freedom is a freedom that every human desire to have, to elevate him/herself from continuous round the clock work.

Bitcoin is not really against the government or corporation (the government against Bitcoin), but rather against the banking sector, and because of this, the government takes it illegal because they don't have access to control it, neither do they make gains from it. All they are concerned is to make gain from every individual, not giving to these individuals.

It is like saying, you have the greatest chance of having a diamond (as big as your fist) and the government found out, saying you don't have the right to own such a precious stone, because it is not theirs or in their own possession. The blockchain technology is an open source for everyone who can make judicious use of it, not that it is free, but you'll have to render some tasks before you earn it.

Bitcoin is an alternative to fiat or native currency and Bitcoin does not have the intention of replacing fiat, but rather to be an option of investment, a store of value that always appreciate over time, yet with risks attached to it.