Topic: Questions about Bitcoin. (Read 201 times)

I agree with you, Bitcoin has been the most valuable asset to have, it's not only about the benefit in it but it's also serve as a future investment, that is if you have a money, you invest your money in it for future purpose, you will turn out to be a millionaire without much stress, although it do fluctuates but it can also be very beneficial and profitable if we are just patient, and also investing in Bitcoin is the only reliable and safe investment in my own country because fiat has no value, instead of appreciating, it depreciates, which has been most people to be able to save and also unable for people to invest for future use too and this has always be a problem for us until Bitcoin was introduced.

This is one of the problem I normally get with people in the country. When I been dey social media na so I dey correct dem. Even ministers in the government dey do that mistake dey call dollar instead of using the priority to the naira but they give it to the dollar. And that is the beginning of our problem.

And from the Whitepaper that I read bitcoin was created foe the p2p of using it to buy things online and that was why Laszlo Hanyecz used bitcoin to buy some couple of pizzas and the transaction lasted for 4 days and he was a programmer but today that aspect of bitcoin is not utilize but it is only the store of value is used which is the investment trending here and there.

And another difference about Bitcoin and Dollar is that while Dollar is the official currency of the United States of America, Bitcoin on the other hand is the official currency of freedom, anonymousity and unlimitability of transaction, which is not controlled by anyone, but whose value controlled by market demand and supply. Whereas the similarities between both is that while Dollar is a currency on its own, Bitcoin is a currency whose current value is measure in Dollar.

Yes, there is nothing bad with gambling with Bitcoin which happens to be a digital currency, but only with an amount I can always afford to lose at the time of gambling.

Bitcoin investment na investment wey most investors prefer because of the profitable returns.Bitcoin investment get ehn own pros and cons which na the bearish and bullish season, during the bearish season the price dey decline which investors dey take advantage to accumulate during de dip while de bullish na de season wey the price don increase and most investor don get their desired investing goal and the right time to trade their coins.The reason why I like Bitcoin investment na because no be get quick rich scheme investment.
The difference between Bitcoin and dollars na desame thing as the difference between Bitcoin and fiat.De difference be say fiats like Naira,U.S dollars are issued and managed by central entity while Bitcoin no dey issued by no single central controlling authority.And the supply of both currency dey different Bitcoin supply dey finite while fiat supply dey infinite meaning central banks fit print more currency as dem wish.
To invest in Bitcoin no be gambling, gambling na when you no fit tell the outcome of losing or winning,but investing in BTC you go always get the expectation of having ROI in the long term.So e dey no related to gambling in any form.

To invest in Bitcoin you have to make a decision only according to the right plan. If you have a lump sum to spare, you can invest in Bitcoin where the historical fiat price tends to go down at regular intervals. Your investment decision in Bitcoin is going to be a profitable one for the future and more than you expect. If you don't have a lump sum, you can plan to deposit Bitcoins through the DCA method as this method allocates a portion of disposable income at regular intervals monthly or weekly which can reach a desired point over a long period of time.

Due to global financial instability and inflation, the value of fiat is constantly falling, which also applies to the dollar. Bitcoin demand is increasing day by day due to its decentralization and investors are focusing more on holdings.

Investing in Bitcoin is not a gamble you have to realize. Bearish and bullish seasons may put your investment at risk for short-term investment, but Bitcoin is always recommended for long-term investment. With long-term investments your margin is relatively low risk and there is no question of gambling.

Perhaps you have answered the questions i thought you were about to ask correctly. However, there are so many questions regarding Bitcoin. Ranging from all about the technology, how secured is the blockchain, transactions and investment longevity. If everyone is giving a chance, there are so much to ask here.

But i have been wanting to ask this question. If Bitcoin is an open source, does it mean any developer if given access can make changes to the code and if possible, who is the person who grant those access to the github?

Gambling in Bitcoin can be very risky, investors who gamble with their Bitcoin investment are seen as traders, investing for a shorter period of time craving for a smaller profit, for we are suppose to hodl our Bitcoin and not to gamble with it. For Bitcoin is best sighted in the future.
As a potential and reliable coin an investor can accumulate more Bitcoin and HODL.
DCA strategy gives an investor the chance to accumulate more Bitcoin at different price level either weekly or monthly, for it when an investor has gotten to his/her Bitcoin target and see that he or she has enough Bitcoin stack in the bag can decide to sell little of it which you know we not affect your Bitcoin portfolio size.

This is the more reason why I love Bitcoin and hope to invest in it soon, I love the fact that Bitcoin is not a centralised currency that could be messed up with by the government, else this invention would have lasted up to 6 months. Satoshi also took the best decision of going anonymous if not his life would have been threatened by those who seek to bring down this network. There are several critics who are huge holders today, at first they taught Bitcoin was a scam or even against government but today even some government are interested in cryptocurrency. While fait currencies are being affected by inflation, Bitcoin only keep increasing in value that is if you are a long term holder because, short term traders could run at loss based on impatience.

You should have used dollar as the currency, you are in the local board remember, well I think people shoudl invest in bitcoin for more than just its advantages over fait, for me the major reason I invest in bitcoin is cause bitcoin has evolved to be more than just any currency it has become an asset like gold or silver and its a far more worthy commodity to have, just imagine having a million dollars in fait, with time as banks print more the value if your money deprecate and worth less than it used to at the initial time you had it, but if you put that money in bitcoin over time you have the advantage if retaining the value of your 1 million dollar and even might have profits on it.

You should use the same country we are In as an example we are no exception  
The same thing  you said is beign done in our country too just as @Amphenomenon replied,
I thought  the CBN is supposed to be an  independent  body just like the Judiciary(I stand to be corrected if I'm wrong) but the way I see it even if there're moles decisions of the government will still manifest , IMO they are more like a puppet to the government now ... constitution just feel like a book most times...

Bitcoin makes life  better and these are among the so many reasons individuals hold/invest in bitcon, though there are simply views of these reasons and that's why we see some people viewing bitcoin as a means of financial freedom this is an example of such reasons.

Actually we are currentuly facing same problem now in Nigeria, even if you have alot of funds in your bank account now, except with power/connection, you can't get access to the amount of money you need only the amount the bank gives you access to you can actually withdraw, when you need cash and the most annoying thing is the number of queue you have to wait on before it get to you.

Cryptocurrency has made gambling online better in that it enhances users privacy though I guess there will still be physical casinos accepting bitcoin and some other altcoins but I think none of such is existing now in Nigeria now.

one of the most important reason that makes people to invest in bitcoin is because it's actually a good store of value and I can't agree less with that.

We're in a time when inflation has hit us too bad and our currency has lost it value to a large degree placing us in a spot where we don't have an alternative other than investing in an asset like Bitcoin that doesn't loose value with Respect to time like what's popular with the fiat. There are dozens of reasons why I invest in Bitcoin apart it potentil as a good store of value, the ease with which guy can make plans for your investment and go about it at your own pace and at your own convenience is a a reason you can't forget. It's one of the best investments options that allows you to start investing with any small amount you have at the moment without ever feeling that your inability to investing big at the start has an effect on you.

Admitting that you're still a newbie in the crypto sphere nsd your submission to learn and grow on your bitcoin investment would do you a lot of good instead of claiming you know it all. Stay tuned on the board and then you'll always stand the chances to breakthrough your bitcoin journey because every bitcoin experts has once been like you. I hope you don't feel discouraged from any depressive blasts on you while boarded in this platform with your goal of creating and growing in wealth on bitcoin currency.

Bitcoin may not be a way to improve your business but it could be a way to increase your wealth. You can invest in bitcoin today and the price may not that increase or somehow look stagnant for a longtime. Sometimes, the price may fall. That is why it is good not to link bitcoin to a business if you are thinking it will improve it. But if you are saving little part of your income like less than 30% if you are earning enough money, you can invest it on bitcoin and wait until you make enough profit from it. Bitcoin yields better return for people that are able to speculate the price accurately in long term which is not hard to do.

If you want to improve your business or wealth, u need to invest your money in BTC and it will help u to achieve what u want, because it use to pump whenever there is a bull run in d market and it will make your BTC in your wallet to accumulate for u to trade to take a big profit.

BTC can help u to make your future colorful, if u can invest when d price is dumping in d market which is d best time to buy and hodl it to continue watching d market price until u are satisfy with d price before u can trade to take profits.

BTC is a decentralized currency that is not control by d government officials and it pump when it is time for d price to pump and dump when it is time to dump which is d reason many countries has adopted BTC.

Lol 😊 the questions I asked was the once I answered, the whole idea was to bring up some questions we newbies always ask about Bitcoin and then try answering them.
I know I have not done justice to it and that's because I'm still a newbie and I appreciate your support in trying to make it more clear to everyone.
I have started my journey of Accumulating Bitcoin.😊

Sure no government can regulate Bitcoin so you can send it from wallet to wallet and make international transactions. But it is not a legal tender in Cyprus and is not popular for purchases there, so you'll still need to exchange it to EUR in your bank and will still be subject to the limitations set.

Despite your topic being 'questions about bitcoin', you didn't ask any question of us.

This is Nigeria local board. Why not use naira as the fiat instead of using United States dollar? It is rhetorical.

There is nothing that is controlling bitcoin price than as people are buying and selling it. Only one person do not have control over bitcoin, neither do central authority has control over its price. The limited supply of 21 million BTC makes it scarce and makes it an appreciative asset as people like it that way and adopt it.

Bitcoin holding is different from altcoins holding. It is called investment and not gambling. You can see how bitcoin reach all-time-high as usual but most altcoins do not.

Why would I invest in bitcoin?

All sorts of reasons ranging from pure curiosity to love of new technology to investment diversification. Bitcoin is used as currency to buy things and as a store of value, i.e., a place to house your savings with hopes of value appreciation or hedging against the depreciation of stocks or savings held in fiat currency. One example often used is that of Cyprus. Are you familiar with the country of Cyprus and it's severe monetary crisis from a few years back? It was so bad that the Cyprus government controlled how much money their citizens could take out of their banks. Think about that. That government telling you that you can't access your very own money! How scary is that? Bitcoin offers an alternative. No government (currently) can seize control of your bitcoin, this represents safety and security.

What's the difference between bitcoin and dollars?

Bitcoin isn't regulated by any government. It isn't created "out of thin air" as fiat currency is. There will only ever be a finite amount of bitcoin, which controls it's value. Once all bitcoin is mined there will be 21 million in existence, that's it. No one can ever create more (as is done every year with fiat currency). When fiat currency is created by central banks they reduce the value of the existing currency in the market, which results in inflation of prices. This is why the price of every day things (that haven't changed in 50 years, like groceries or utilities) have gone up in price over time. There's a lot of other differences, but it's better for you to read up on them.

Why would I gamble with bitcoin?

I don't, but if you want to you can gamble for significantly smaller portions of money (like cents as opposed to dollars or tens of dollars). And you can do it from the convenience of your computer.