Reasons to be attracted to Bitcoin | Bitcointalksearch.org

BitcoinPanther

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Quote from: mvdheuvel1983 on July 23, 2023, 03:38:45 AM

Quote from: Assiduous on July 23, 2023, 03:28:32 AM

Currently, there are more than 1000 cryptocurrencies in operation around the world. However, Bitcoin is the most popular in the exchange.Created by Satoshu Nakamoto, Bitcoin has a current market capitalization of several hundreds of billions of dollars.

The main reason why most people are attracted to Eptocurrency is that it offers huge profits with low investment.Again, if its value suddenly decreases, there is a possibility of loss.

People are attracted to Bitcoin for several reasons. The main reason for you to be attracted to Bitcoin may not be the main reason for me. Some of the reasons people are attracted to Bitcoin include
- Freedom from government and oppression
- Hedge against inflation
- Ease of doing international business (Cross order payment)
- Lower fees and lightning speed transactions
- Control of ones funds
- Generational wealth
- FOMO ...they do not want to miss out

It varies from person to person and country to country.

Among the list I think it is the control of ones funds, generational wealth, cross boarder transaction and hedge against inflation that I can agree with why people are attracted to Bitcoin. Citizen will never have a freedom from the government oppression if they don't overthrow the government control over them. Besides Bitcoin never give us that freedom because even Bitcoin is being oppressed by the government regulation restricting it of its full function. The only freedom we can have in Bitcoin is moving or transferring fund since it does not require any financial institution to get processed.

In terms of lower fees, Bitcoin sometimes got crazy and its fee surge more than the traditional processing fee, though in terms of huge amount transfer, Bitcoin really has lower fees but only a few can do that since majority of Bitcoin users only transact with miniscule amount. In terms of transaction confirmation speed, there are other altcoin that is far superior than Bitcoin.

Promocodeudo

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Bitcoin offers many things that's why everyone is more attracted to it than other coins, Bitcoin is reliable, when it comes to cryptocurrency, bitcoin is seen as the most reliable both in the transaction and every other aspect, practically when bitcoin price dips it affects every other coin, that's to say that Bitcoin is the most pronounced and known cryptocurrency.

Bitcoin maintains a special identity and qualities that are channeled on the bedrock of decentralization, it stands for freedom for all.

Note, this digital asset is not a get-rich-quick asset, you have to be steadfast in holding, that is if you are conversant and knowledgeable to work with it, if not, learn it, and make it part of you before embarking on the journey fully.

Fivestar4everMVP

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Quote from: Assiduous on July 23, 2023, 03:28:32 AM

Currently, there are more than 1000 cryptocurrencies in operation around the world. However, Bitcoin is the most popular in the exchange.Created by Satoshu Nakamoto, Bitcoin has a current market capitalization of several hundreds of billions of dollars.

The main reason why most people are attracted to Eptocurrency is that it offers huge profits with low investment.Again, if its value suddenly decreases, there is a possibility of loss.

Yeah, there are actually over 2500 cryptocurrencies, and bitcoin didn't just become the most popular because it was created by Satoshi Nakamoto, Bitcoin actually is the first cryptocurrency(well, maybe not entirely the first cryptocurrency per say), It is the first successful crypto currency, and as well the most decentralized and most trusted, over the years, Bitcoin has been able to establish itself and reached the height where majority have came to see it as a store of value rather than just a simple internet money it was created to be.

Investing in bitcoin is very profitable and also carries a very low risk of losing money when compared to its counterparts, in investing in bitcoin, you might have to wait a longer time to make significant profit(depending on the amount you invested though),but the risk of you losing your money is almost zero, if not actually zero.

Mr.suevie

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Quote from: jeraldskie11 on July 23, 2023, 04:57:33 PM

Quote from: Assiduous on July 23, 2023, 03:28:32 AM

The main reason why most people are attracted to Eptocurrency is that it offers huge profits with low investment.

I concur. Anyone who tells you that your money will be doubled or quadrupled will undoubtedly convince you to invest. There are numerous reasons why we should invest in bitcoin; it has the potential to change our lives. Other than that, If you safeguard the private key, you will be incredibly secure and will not lose your asset in your wallet. The wonderful thing about cryptocurrency, particularly Bitcoin, is that it guarantees profit if you have the patience to wait for the price to rise to a reasonable level.

Another important note is that Bitcoin guarantees you to be the actual bank of your own because of its decentralized nature, you are free from any bank or central body actually holding the keys to your because you are the owner of the key and the owner of the coins, no one cuts your money for charges and maintainace fee like the wey the central and every other financial banks do.

jeraldskie11

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Quote from: Assiduous on July 23, 2023, 03:28:32 AM

The main reason why most people are attracted to Eptocurrency is that it offers huge profits with low investment.

I concur. Anyone who tells you that your money will be doubled or quadrupled will undoubtedly convince you to invest. There are numerous reasons why we should invest in bitcoin; it has the potential to change our lives. Other than that, If you safeguard the private key, you will be incredibly secure and will not lose your asset in your wallet. The wonderful thing about cryptocurrency, particularly Bitcoin, is that it guarantees profit if you have the patience to wait for the price to rise to a reasonable level.

Weawant

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Quote from: OgNasty on July 23, 2023, 05:32:02 AM

I think a big reason to be attracted to Bitcoin is for diversification in your investments. Crypto is emerging as a new asset class and Bitcoin is widely considered the most fairly distributed and secure coin out there. Not to mention it has the first mover advantage. Every investor should have exposure to Bitcoin and even Ethereum.

Diversifying your investment isn't a enough reason to be interested in Bitcoin because you can always diversify your investment to others investment that doesn't have to do with cryptocurrency, you can be interested in cryptocurrency without been interested in buying Bitcoin.

It's only those that already has interested in Bitcoin and have done their research that knows all the good things you just said about Bitcoin, the new investors are just looking for where to invest to increase their money so they won't be looking at those things you just said.

They'll be looking at the profit they'll get when they invest and altcoins always give more profits that Bitcoin but are riskier too. One reason to be attracted to Bitcoin is because it's easy to invest into and gives you freedom over your investment but other cryptocurency don't.

Blitzboy

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I agree with you. Bitcoin is the superstar of the cryptocurrency world, the LeBron James if you will. It has the necessary notoriety, background, and expertise to support itself financially. However, there is an entire league waiting for you. You can pay with any cryptocurrency you like, be it ETH, LTC, XRP, or DOGE. Who knows, maybe we're sitting on the next Giannis Antetokounmpo here.

Although the potential payoffs are high, you should be aware that the tables can be turned. There's a good danger your money will be lost if the market suddenly crashes. Dont put all your eggs in one basket and remember to DYOR

You know what, though? Belief is ultimately what drives people to purchase Bitcoin. They have faith in the inovation, in the decentralised system, and in the prospective benefits. Satoshi Nakamoto is the leader of this new religious movement

Yatsan

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Quote from: Assiduous on July 23, 2023, 03:28:32 AM

Currently, there are more than 1000 cryptocurrencies in operation around the world. However, Bitcoin is the most popular in the exchange.Created by Satoshu Nakamoto, Bitcoin has a current market capitalization of several hundreds of billions of dollars.

The main reason why most people are attracted to Eptocurrency is that it offers huge profits with low investment.Again, if its value suddenly decreases, there is a possibility of loss.

Are you even sure of those statements? Huge profit with low investment? Really? Those are only possible with alts puming out of nowhere. We won't often see a huge market price movement with Bitcoin and other large cryptos simply because there market prices have established buyer and seller zone already. Unlike with some altcoins wherein ceilings and floors aren't yet established which is why price movements are abnormal which generates huge profit if you'd be able to pick the right one. To put it simply, price actions in BTC is slower than with smaller token prices in this industry.

Ale88

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Quote from: Assiduous on July 23, 2023, 03:28:32 AM

Currently, there are more than 1000 cryptocurrencies in operation around the world. However, Bitcoin is the most popular in the exchange.Created by Satoshu Nakamoto, Bitcoin has a current market capitalization of several hundreds of billions of dollars.

The main reason why most people are attracted to Eptocurrency is that it offers huge profits with low investment.Again, if its value suddenly decreases, there is a possibility of loss.

Besides the fact that it's Satoshi (and no Satoshu), the profits are just a small side of bitcoin because everyday there are shitcoins that can give you huge profits as well (of course probably they are scam and super manipulated but yet some people make big money out of them). Bitcoin is unique because it's completely decentralized, pretty much there is no way to stop it or control it somehow. If you want to send money using bitcoin you are free to do it, no one, including the government, can stop you. This is what really makes bitcoin different.

kryptqnick

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Despairo is right that huge profit is out of the picture any more, unless someone is willing to wait for many years. Altcoins jump up and down all the time, and while it's very risky, one can invest in an altcoin and perhaps profit from it well above the potential profit from Bitcoin over the same time period.
Bitcoin is way more stable, more reliable. It's volatile, but also within some limits, and pretty stable for long periods of time. It's also #1 by market capitalization. I think people value that kind of reliability that altcoins don't have. Of course, there are stablecoins, but those aren't decentralized like Bitcoin is, and their value won't (isn't meant to) grow.

livingfree

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Quote from: Assiduous on July 23, 2023, 03:28:32 AM

Again, if its value suddenly decreases, there is a possibility of loss.

In terms of the market, nobody gains when there's a sudden decrease thus, everyone losses. But not for those that haven't bought the dip, that's the opportunity that they're setting and waiting for.

So, that's the gain for the loss and the decrease of the market. It's always the other way and the balance on this market.

And one main reason why many are attracted to Bitcoin is because of its history and gains.

BenCodie

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Quote from: Assiduous on July 23, 2023, 03:28:32 AM

Currently, there are more than 1000 cryptocurrencies in operation around the world. However, Bitcoin is the most popular in the exchange.Created by Satoshu Nakamoto, Bitcoin has a current market capitalization of several hundreds of billions of dollars.

The main reason why most people are attracted to Eptocurrency is that it offers huge profits with low investment.Again, if its value suddenly decreases, there is a possibility of loss.

Eptocurrency? lol.

The main reason that greedy people are attracted to cryptocurrency is because of the potential huge profit that they perceive. The main reason that people use Bitcoin and stay with it in the long run is because:
- It is censorship resistant, nothing can entirely stop your access to it. Entities such as banks or governments can not ban or block access to it or your holdings.
- It is private (unless privacy is willingly sacrificed by the holder by using identifying services)
- Fees are lower for international transfers in most cases and you aren't charged to have a wallet (like you are when you use a bank)
- The reward for holding for a long period of time is not only historically high, but better than the devaluation that would occur by holding fiat in the long term.

I would call all of the reasons listed above as more valid reasons that because "people want huge profits". Generally those who have entered Bitcoin or cryptocurrency with that mindset have been burned, for better (learnt for next time) or for worse (now call crypto a scam because of their own greed).

RockBell

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Quote from: Assiduous on July 23, 2023, 03:28:32 AM

Currently, there are more than 1000 cryptocurrencies in operation around the world. However, Bitcoin is the most popular in the exchange.Created by Satoshu Nakamoto, Bitcoin has a current market capitalization of several hundreds of billions of dollars.

The main reason why most people are attracted to Eptocurrency is that it offers huge profits with low investment.Again, if its value suddenly decreases, there is a possibility of loss.

considering that Bitcoin is the first cryptocurrency to have been invented and also the driving force behind the entire market if anything to happen to Bitcoin then others should be ready to crash along with it since the entire market depends on Bitcoin, and the nature of Bitcoin is different from most of this altcoin, some altcoin can not even survive during this bear market, so investing in bitcoin reduces risk compare to altcoin that can give you total liquidity of your money, even if bitcoin has its own risk is still very preferable.

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In fact, right now there are more than 10,000 cryptos listed in coinmarketcap.com (although I recall seeing more than 20k a few months ago somewhere in CMC), and the real number is way bigger than that, so OP fell quite short by stating that there are over 1,000 cryptos in operation.

Another member said that the real coins are less than 100, but it may be more accurate than the previous observation taking into account that he was speaking about the ones with fundamental differences.

It is true that in the past many people got rich with a very small investment, but as the market matures this is more and more uncommon, and the number of people left behind by dead coins, pump&dumps, etc. is increasing (especially in bear markets and accumulation phases), so be careful and inform yourselves well before entering the markets.

Bananington

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Quote from: Assiduous on July 23, 2023, 03:28:32 AM

The main reason why most people are attracted to Eptocurrency is that it offers huge profits with low investment.Again, if its value suddenly decreases, there is a possibility of loss.

You cannot speak for everyone newbie. Profit from investment in bitcoin is one attractive quality that bitcoin has, but it is not the only thing that has made people attracted to it. Read well and search for the other functions that bitcoin can serve, they are all very attractive in their own way and will attract different people based on what it is they need. Some very wealthy people will not see any need to invest in bitcoins, but luckily because that is not the only benefit of bitcoin, some rich people still have it for other uses.

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Quote from: mvdheuvel1983 on July 23, 2023, 03:38:45 AM

Quote from: Assiduous on July 23, 2023, 03:28:32 AM

Currently, there are more than 1000 cryptocurrencies in operation around the world. However, Bitcoin is the most popular in the exchange.Created by Satoshu Nakamoto, Bitcoin has a current market capitalization of several hundreds of billions of dollars.

The main reason why most people are attracted to Eptocurrency is that it offers huge profits with low investment.Again, if its value suddenly decreases, there is a possibility of loss.

People are attracted to Bitcoin for several reasons. The main reason for you to be attracted to Bitcoin may not be the main reason for me. Some of the reasons people are attracted to Bitcoin include
- Freedom from government and oppression
- Hedge against inflation
- Ease of doing international business (Cross order payment)
- Lower fees and lightning speed transactions
- Control of ones funds
- Generational wealth
- FOMO ...they do not want to miss out

It varies from person to person and country to country.

All the reasons you give won't make any sense, and no one will care if bitcoin doesn't make a profit. Profit is still the first priority that people care about, then the factors you mention. But many people always deny that they come to bitcoin not for profit, funnier than they discuss bitcoin price every day.

I totally agree with what OP said, crypto and bitcoin market attracts investors because of the huge profits it brings. We only need a small amount of capital to still get a large profit, and that is the advantage that attracts investors compared to other financial markets.

Outhue

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Quote from: Assiduous on July 23, 2023, 03:28:32 AM

Currently, there are more than 1000 cryptocurrencies in operation around the world. However, Bitcoin is the most popular in the exchange.Created by Satoshu Nakamoto, Bitcoin has a current market capitalization of several hundreds of billions of dollars.

The main reason why most people are attracted to Eptocurrency is that it offers huge profits with low investment.Again, if its value suddenly decreases, there is a possibility of loss.

If the value of Bitcoin ever decrease, there is a big possibility of making more money by investing more money, this is the way I see every dumps in the crypto space, and I don't blame newbies like you for getting scared of dumps, I have just been around for too long so I have finally understand that dumps is what should be your main target in crypto space if you want to tell your success stories later when a new bull market comes.

If you keep up with your believe it's only a matter of time, you will soon come to realize that bear market favors the brave more, while the whole world are running away from crypto investment because of dumps, they will make a come back when the price are surging again, this is the painful truth, and I am glad this is how it's going to play out, I mean who will pump the bags of early investors anyway?

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I think a big reason to be attracted to Bitcoin is for diversification in your investments. Crypto is emerging as a new asset class and Bitcoin is widely considered the most fairly distributed and secure coin out there. Not to mention it has the first mover advantage. Every investor should have exposure to Bitcoin and even Ethereum.

Sim_card

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Personally, I adopted bitcoin because of the financial freedom that it gives to users. This is the main purpose of creating bitcoin by Satoshi Nakomoto. As time passes on the demand of bitcoin started increasing because of it decentralized nature and that freedom that users have to be in control of their own funds. The more the adopters the more the price increases and those who Boughy bitcoin very cheap at $100 saw the profit that they have gained for buying bitcoin at the early age. Bitcoin halving opened every bitcoin investors and the news of bitcoin being profitable was in the air. Newbies think more of the profit than the purpose. You can only make profit from bitcoin when you buy at dip and sell when the price is high. If you don't understand bitcoin movement analysis,you might end up buying and selling at the wrong time,which will lead to loss.

BD Crypto

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I guess including me people believe that Bitcoin is the future of Currency system and you have full control on your assets.
I really love the concept of Bitcoin that's why it attracts me more. People are now much conscious about their assets and they even now don't believe the Banks as many Banks have gone into bankruptcy. And just reserving your assets will not make you beneficial rather than inflation problem. So they are eager to have a secured way of investment which have a huge potential for the future and it's already proved.

Is there any other reason needed to be attracted to Bitcoin? Obviously this is just a part why people like it and there are many more advantages to be discussed and why Bitcoin should be accumulated. It makes transections faster, easier, anonymous and obviously Decentralized. I love almost every properties of Bitcoin rather than it's manipulation problem or negative volatility.

Topic: Reasons to be attracted to Bitcoin (Read 237 times)