Topic: Please remember ----> Bitcoin is a Peer-to-Peer digital payment network :-> (Read 262 times)
December 14, 2020, 02:07:21 AM
Yeah, that's the issue i have been seeing a lot lately. Seen a lot of people who don't understand the technology that much are trying to get into the game not thinking of the consequences.
November 27, 2020, 12:27:34 AM
Yes definitely.
Bitcoin itself as a token has no value.
But the whole ecosystem which is built on a blockchain needs computing power to transact and update information on a particular block and ledger.
So the complete work is done with computing power which is known as solving blocks. After solving blocks with the required computing power user gets rewarded with a certain amount as rewards for block solving using computing power and this called mining.
All transactions and transfers made with secured protocol and an encrypted algorithm.
So while accessing the wallet user must have aware of security majors.
Bitcoin itself as a token has no value.
But the whole ecosystem which is built on a blockchain needs computing power to transact and update information on a particular block and ledger.
So the complete work is done with computing power which is known as solving blocks. After solving blocks with the required computing power user gets rewarded with a certain amount as rewards for block solving using computing power and this called mining.
All transactions and transfers made with secured protocol and an encrypted algorithm.
So while accessing the wallet user must have aware of security majors.
November 26, 2020, 05:09:45 PM
People bought at $18 000+ in 2018 but sadly Mt Fox sell their remaining bitcoin. This is why bitcoin price dumped faster on that time. Majority of these people lose millions of dollars for investing in bitcoin.
November 26, 2020, 05:01:33 PM
Recently, I am sure that there are so many people who started to see Bitcoin like it is just about a good cryptocurrency to invest in. But people shouldn't never forget its main purposes and should use it especially for them. Of course, you can use it for investment purposes too but it shouldn't be the only aim.
November 26, 2020, 04:20:04 PM
Due to the ATH people including bitcoin holders are dashing to do what they wanted to do because of their respective goal for having bitcoins. Two things first, selling because of the price when converted into fiat will surely boost their ego and consider themselves successful investors, and second, buying because of the ATH and massive bull run that will continue and might give them hopes of getting successful as investors in the bitcoin world.
Without considering the possible outcome after they bring off their plan into action when we reach another ATH this year then regrets will be the prize for their atrocious decision. However, since we are in the midst of speculations and possible correction may occur after ATH like what we had in 2017 we cannot blame some investors to sell their bitcoins to secure their assets which if these investors will not be reminded like OP is doing right now then correction may become a reality afterward.
Without considering the possible outcome after they bring off their plan into action when we reach another ATH this year then regrets will be the prize for their atrocious decision. However, since we are in the midst of speculations and possible correction may occur after ATH like what we had in 2017 we cannot blame some investors to sell their bitcoins to secure their assets which if these investors will not be reminded like OP is doing right now then correction may become a reality afterward.
November 26, 2020, 11:10:34 AM
There's nothing wrong with making use of something in a different manner as long as it benefits the individual in such way. We'll it is indeed meant for transactions since it is a digital currency in the first place. But since its market price volatility is beneficial to the investors, many people are just using this as means of investment and not really as a currency in our daily transactions. Another reason is that, in some countries, cryptos are still not accepted as a medium of transactions and we just cannot force things in these instances. So let us just enjoy it in a way which is more beneficial for us.
November 26, 2020, 11:06:50 AM
Whatever the technology of Bitcoin, most people go into Bitcoin to make a profit and few people hold their positions for long. Only those who truly perceive the value of Bitcoin can hold a lot of Bitcoin for the long term.
Paypal or central agencies are the driving force for Bitcoin to rise and people forget about Bitcoin's technology. That proves that Bitcoin is more speculative than it is for P2P transactions.
Paypal or central agencies are the driving force for Bitcoin to rise and people forget about Bitcoin's technology. That proves that Bitcoin is more speculative than it is for P2P transactions.
November 26, 2020, 07:10:47 AM
In times like this when the Bitcoin price reach all-time-high (ATH) prices, people tend to forget the primary function of this technology, namely it being a "currency" or a peer-to-peer digital payment network... with no central authority or middlemen. (PayPal is a central authority and a middleman)
Also remember the true Bitcoiners slogan... "Not your Private Key... not your Bitcoin"
I know the prospect of owning Bitcoin as a Commodity is very attractive during these times, but remember that buying at a All-time-high comes with risk. (People bought at $18 000+ back in 2017 and they had to wait 3 years to break even or to make a little bit of profit this year...so ask yourself this question.. can you wait 3 or even 5 years to take profit... or worst.. take a loss if it does not happen again?)
Do not let greed cloud you mind and do not buy Bitcoin or any other Crypto currency with credit.
Also remember the true Bitcoiners slogan... "Not your Private Key... not your Bitcoin"
I know the prospect of owning Bitcoin as a Commodity is very attractive during these times, but remember that buying at a All-time-high comes with risk. (People bought at $18 000+ back in 2017 and they had to wait 3 years to break even or to make a little bit of profit this year...so ask yourself this question.. can you wait 3 or even 5 years to take profit... or worst.. take a loss if it does not happen again?)
Do not let greed cloud you mind and do not buy Bitcoin or any other Crypto currency with credit.
Really noble thought! I personally know at least 11 people from my previous employer who are still paying their credit card bills at high interest because they had invested in bitcoin when the price was at peak! So if people are investing in bitcoin right now, can face a similar situation few weeks down the line!
But we can't blame the coomon investors as well because there is hardly any place available where we can spend our bitcoins to purchase anything we want! Unless this situation changes, bitcoin will be consider as an investment only!
November 26, 2020, 03:03:28 AM
He designed the protocol to mimic Gold to make sure that there was not a infinite supply of tokens.
Even though Bitcoin has been linked to gold for a very long time, I do not think Satoshi was trying to mimick gold at all, this would make Bitcoin come off as a replica, which it isn't. Bitcoin is more scarce, more secure, digital, more divisible, and more easily verifiable.Unfortunately people saw the price volatility in the early days of Bitcoin as a opportunity to make large profits and after 2017 people started to hoard bitcoins for it's profit potential.
To be fair, in the early days there was pretty much not much people could do with bitcoins, it was not as popular as now or as accepted, so finding someone to pay in Bitcoin was quite rare. Hence those who identified its value decided to hoard it waiting for a time the rest of the world will catch up. We should also appreciate that there were people who actually transacted in Bitcoin back then, such as the 10,000BTC for 2 pizzas, this contributed to improving adoption. 
November 26, 2020, 02:41:57 AM
I know the prospect of owning Bitcoin as a Commodity is very attractive during these times, but remember that buying at a All-time-high comes with risk.
it is worth clarifying that buying in a bubble is very different from buying at ATH. the price that was reached by the end of 2017 (ie. the $20k ATH) was a bubble and buying there was a huge risk. but the same price that is reached today, even though is close to ATH, is not a bubble. it is a natural growth that bitcoin has with a solid buy support that has brought the price here.
of course there is always volatility but that doesn't mean this price is going to go the same route as 2018 taking a couple of years to come back here again.
November 26, 2020, 01:53:04 AM
Blockchain is the peer to peer network and bitcoin is one of the many currency that is being traded in it. I advise to other late investors to assess their risk tolerance as the valley from 2017 could be replicated, and if you think you can handle loss then go for it because the market is volatile, otherwise go for a swim and wait for the prices to plummet and buy at that moment.
November 26, 2020, 01:26:14 AM
Bitcoin is both a peer-to-peer digital payment network AND a speculative investment asset.
There's no contradiction here.
The main purpose of Bitcoin shifted from 2009 to the recent days and many people see BTC as a speculation tool rather than a currency for their daily purchases.
Well,this is what you get,when you have an asset with very limited supply and unstable demand.
Satoshi Nakamoto should have known this,when creating BTC.
Anyways,greed is always a bad advisor and many people will lose their money,because of bad trading/investing decisions.
There's no contradiction here.
The main purpose of Bitcoin shifted from 2009 to the recent days and many people see BTC as a speculation tool rather than a currency for their daily purchases.
Well,this is what you get,when you have an asset with very limited supply and unstable demand.
Satoshi Nakamoto should have known this,when creating BTC.
Anyways,greed is always a bad advisor and many people will lose their money,because of bad trading/investing decisions.
Satoshi Nakamoto never indicated in any of his emails or forum posts or the Bitcoin White paper that Bitcoin should be a speculative investment tool. He designed the protocol to mimic Gold to make sure that there was not a infinite supply of tokens. (Because then he would have created another Fiat currency and not digital Gold)
Unfortunately people saw the price volatility in the early days of Bitcoin as a opportunity to make large profits and after 2017 people started to hoard bitcoins for it's profit potential. A more even distribution of bitcoins would solve these problems in the future... but we will always have those people (traders) that would be chasing profits with their tokens.
PayPal just introduced one more way for more people to hoard bitcoins.. which will make things worst in the long run.
November 25, 2020, 07:52:10 AM
PayPal is a central authority and a middleman
Your message emphasizes the fact that we all know but sometimes forget or ignore it.Most of people say they are bitcoiners or bitcoin enthusiasts don't know what bitcoin and peer-to-peer is all about. They don't know the meaning of decentralization. They use most of their capital to invest in altcoins and tokens.
They are lazy, unknowledgeable and only care about money and profits. Bitcoin, altcoins, scam projects, it does not matter if they can get profit. Such pseudo-bitcoiners, -bitcoin enthusiasts easily shake their hands when market is bad.
But I thank to them because they contribute to weak downs that I can take advantage of and get profits in short time.
November 25, 2020, 07:27:26 AM
Satoshi Nakamoto should have known this,when creating BTC.
I doubt anyone at the time could have predicted that bitcoin would attract the attention of institutional investors and bankers. Satoshi created bitcoin as an alternative to state-owned currencies. I think that even in the original white paper, bitcoin is defined exclusively as a means of transferring value from one user to another without intermediaries.
November 25, 2020, 07:20:19 AM
Bitcoin is both a peer-to-peer digital payment network AND a speculative investment asset.
There's no contradiction here.
The main purpose of Bitcoin shifted from 2009 to the recent days and many people see BTC as a speculation tool rather than a currency for their daily purchases.
Well,this is what you get,when you have an asset with very limited supply and unstable demand.
Satoshi Nakamoto should have known this,when creating BTC.
Anyways,greed is always a bad advisor and many people will lose their money,because of bad trading/investing decisions.
There's no contradiction here.
The main purpose of Bitcoin shifted from 2009 to the recent days and many people see BTC as a speculation tool rather than a currency for their daily purchases.
Well,this is what you get,when you have an asset with very limited supply and unstable demand.
Satoshi Nakamoto should have known this,when creating BTC.
Anyways,greed is always a bad advisor and many people will lose their money,because of bad trading/investing decisions.
November 25, 2020, 07:09:51 AM
It is always a risk to invest in BTC in moments like this, because history has shown us that the corrections after each pump/bull run have always been brutal. The problem, of course, is in people who do not recognize the moment when it is time to invest and when it is time to profit from that investment - either to use BTC as a means of payment, or to sell it for fiat.
However, one should be careful with speculations that this moment is identical to what happened at the end of 2017, and that a correction will follow soon. One can already read various analyzes comparing the two periods, and it is crucial that this bull run was initiated by large investors, while small investors do not really show much interest if Google is to be believed when it comes to Bitcoin searches.
It would be foolish to claim that there will be no corrections, the only question is whether we are just at the beginning of a massive bull run that can last throughout the next year because every next ATH is several times bigger than the last. What I will always agree with is that it is wise to invest only what we are willing to lose, and even more that it is extremely risky to buy BTC by taking loans.
However, one should be careful with speculations that this moment is identical to what happened at the end of 2017, and that a correction will follow soon. One can already read various analyzes comparing the two periods, and it is crucial that this bull run was initiated by large investors, while small investors do not really show much interest if Google is to be believed when it comes to Bitcoin searches.
It would be foolish to claim that there will be no corrections, the only question is whether we are just at the beginning of a massive bull run that can last throughout the next year because every next ATH is several times bigger than the last. What I will always agree with is that it is wise to invest only what we are willing to lose, and even more that it is extremely risky to buy BTC by taking loans.
November 25, 2020, 02:20:55 AM
Sound reminder during the times of FOMO and extreme hype. People tend to buy in when something is mooning and are ignoring it completely when it's dirt cheap, just like what happened to bears last 3 years ago chanting 'bitcoin is going to $0' when the prices are on $3000, and have since quieted down when the everyone is riding the hype. I just don't like the idea that there's very little bitcoin going around up for grabs for the normal people, and most institutions have hundreds of thousands on their arsenal (and have already made quite a lot, too) that they could readily dump any time.
November 25, 2020, 02:02:57 AM
In times like this when the Bitcoin price reach all-time-high (ATH) prices, people tend to forget the primary function of this technology, namely it being a "currency" or a peer-to-peer digital payment network... with no central authority or middlemen. (PayPal is a central authority and a middleman)
Also remember the true Bitcoiners slogan... "Not your Private Key... not your Bitcoin"
I know the prospect of owning Bitcoin as a Commodity is very attractive during these times, but remember that buying at a All-time-high comes with risk. (People bought at $18 000+ back in 2017 and they had to wait 3 years to break even or to make a little bit of profit this year...so ask yourself this question.. can you wait 3 or even 5 years to take profit... or worst.. take a loss if it does not happen again?)
Do not let greed cloud you mind and do not buy Bitcoin or any other Crypto currency with credit.
Also remember the true Bitcoiners slogan... "Not your Private Key... not your Bitcoin"
I know the prospect of owning Bitcoin as a Commodity is very attractive during these times, but remember that buying at a All-time-high comes with risk. (People bought at $18 000+ back in 2017 and they had to wait 3 years to break even or to make a little bit of profit this year...so ask yourself this question.. can you wait 3 or even 5 years to take profit... or worst.. take a loss if it does not happen again?)
Do not let greed cloud you mind and do not buy Bitcoin or any other Crypto currency with credit.
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