Topic: Special reasons for bitcoin purchase - page 2. (Read 391 times)

Centralization? Bitcoin is decentralized, mate.
the reason why people are purchasing Bitcoin, and more holding Bitcoin even for the long term are because Bitcoin is a trusted cryptocurrency, the first, with this high value and market cap. people believe in the value of Bitcoin in recent times and also in the future. people believe by hlding Bitcoin, the price will come back higher and inreasing in the future.

bitcoin is the potential coin among other coins. The reason while some people preferred bitcoin is because it has more volatility than any other cryptocurrencies. And since it started decreasing and it affect any other coins. I know vividly that cryptocurrency Started this recent falling many theories began to speculate around the corner

What's up with the Hulabaloo ? These have been preached severally like a sermon in the church.
Mostly, people jump into Bitcoin of the liberty and freedom Bitcoin gives us. Also Bitcoin is a store house of value.
Since it's getting to digital age, Bitcoin serves as a backup for humans against government banks etc.  Although, there are a bunch buying Bitcoin coz they want quick money or to make more money.

There are reasons for investing in bitcoin based on the status of the investor or the environment.

1. Some persons purchase bitcoin in order to survive their daily needs. They buy bitcoin and pray it will increase in few months and they withdraw the profits for feeding, paying of bills, paying of rent and lots more.

2. Some have money and living well, they buy bitcoin hoping to be more wealthy in a decades time.

3. Some buy bitcoin because they want to escape the inflation hiting their countries.

4. Some purchase bitcoin because they want to be able to control their wealth and manage their money without third-party.

Amongst all, bitcoin solves different problems to different people.

Bitcoin is an ideal solution to one of the problems of inflation, which is the inflation resulting from mismanagement by governments represented in the random printing of money (increased supply) and thus the devaluation of the currency.
Inflation can have several causes and all traditional solutions may fail to solve them, so even Bitcoin may fail in that if inflation has other causes such as inflation due to supply chains, energy crisis, stagflation and other problems.

The good side is that governments often mismanage money badly over a period of 10 to 30 years, so in any case, Bitcoin will be a good long-term investment.

Surely? Centralization?
Read this:
https://www.coindesk.com/tech/2022/02/17/bitcoins-value-depends-on-its-decentralization/

Maybe you meant its volatility?

Well, whatever you meant, in my opinion, there are several types of person who are investing in Bitcoin:
- The one who really knows Bitcoin much, the trust value, and also its specialty as cryptocurrency, are the one who is holding Bitcoin for the long term, with a high trust that the value and market cap will always increase.
- The one who refers to profits. The long-term holding of Bitcoin will always bring high profits for its holders. Although the value of 1BTC will be always 1BTC, but in certain time after long-term period of investment, the value compared to fiat will be highly increased. And I think this profit is the most reason everybody wants to hold Bitcoin for the long term.

What do you mean by depreciation? I think you're confused with depreciation and volatility.

There's no need for any special reason to consider when you purchase bitcoin. The matter why people buy bitcoin is because of its future potential and we all know that volatility makes it even more attractive.

Just as what we see how fast it went down, then it will also be quick when it shall recover and when the price start to rise again but not today.

Cryptocurrency can change your life either in a good way or bad way depends on when you bought it and when you are going to sell it, I don't think bitcoin is great for some to use it as store of value because in the last 48 hours it dumped almost 30% and almost 70% from its all time high so it comes with huge risk.

The real reason to invest in Bitcoin is decentralization which gives you the freedom to use it, I mean the real freedom.

What are your source of learning about bitcoin which states it's centralised in the first place? If you have studied it properly then you must have understood that it's the first decentralised cryptocurrency that made it possible for us to have that financial freedom providing us alternative to the central monetary system and many more things.So if you say it's centralised then it's all wrong and it's completely decentralised in all the ways like no there is no main server, institutions,mining pools controlling it.

Even if we see it from Mining aspect then after the China ban the hashtate distribution has increased to different parts and there are many pools so nobody have the central chain of authority over it

   

So then you said about appreciation and depreciation then it's termed as bitcoin volatility and prices fluctuate on the simple rule of economics which is demand and supply so at this time people are dumping the coins and FUD is there which is pushing price graphs downward but if you have known btc for a while then you must understand it tends to grow in the long run as there is mass adoption on the line with supply shrinking.

Crypto market is big and there are thousands of coins trading over exchange and more than 18k listed on CMC so do you believe all of them are are like bitcoin? I would say none of them is like it and many people beleive it to be get rich scheme but are rugged by scam projects with shitcoins.The other coins are different but only bitcoin is good hope for us to deal with hyperinflation and if you know this fact then you how risky the market is.

People investing in bitcoin are of two categories like the first one is to make quick profits seeing prices rises in bull run but when it drops they panic sell contributing worse to the situation

The second category is people who understand bitcoin at core level and realise true financial freedom against government and with profit they can also gain in the long run.

You are mixing Bitcoin and cryptocurrency.

I discuss about Bitcoin only. It has many use cases, store of value, commodity, currency, tool for transaction, tool for gambling, whatever. In a nutshell, it has more than one utility. Different communities, different people will use Bitcoin in their own ways.

You are biased your post by yourself. Bitcoin # crypto. Please don't talk about Bitcoin then move to crypto. Bitcoin is deflationary but crypto is inflationary mostly.

My mind is blown — you actually managed to get 2 out of 3 things wrong, and these are the very basic aspects of Bitcoin.

And even if you got all these 3 right, what's the point of this topic in the first place? You're just trying to repeat things that have been said here a zillion times already.

The simplest and shortest answer here is that people invest in crypto because they hope to make more money than by investing in classic stocks, and unlike the classic stock market here they do not need brokers.
Another important reason to invest in bitcoin is anonymity because no one knows the owner of the digital wallet and the state does not have access to your digital funds.
Digital currencies are a common good, they are decentralized, without the control of financial regulators and so it should remain.
Today everyone wants financial freedom and crypto is currently the easiest way to do it.
As for protection against hyperinflation, I'm not sure that bitcoin can help in the short term.

The reason I often hear why many buy bitcoin is because Bitcoin is only considered a speculative asset, has high price fluctuations that will provide faster returns and vice versa.
For those who believe in bitcoin and not just about price fluctuations, but about the technology, of course they will buy and keep it or use it for transactions that use bitcoin.

Bitcoin becomes a good investment, but in the end we return to our own confidence whether bitcoin will be a good store of value or not for the long term. Bitcoin is decentralized and transparent so that no one has complete control over it. resistant to inflation, but has a high risk of decline in value.

Bitcoin is not centralized, it is decentralized. People buy bitcoin for mainly two purposes, to speculate and to use it as money. People who want to speculate buy and hold it for as long as possible, people who use it as money exchange it for commodities and services.
Bitcoin is a good hedge for storing inflationary currencies, but bitcoin is not a store of value per se, it does not hold value like conventional assets like gold, but if you want something to give you higher profits many years after, for hedging your money with it, bitcoin is the best asset for that, it is volatile and it might lose value in the meantime, but in the long run you will get profits bigger than most assets can give.

The reasons why so many persons invest in bitcoin is the depreciation, centralization and the appreciative aspect  in bitcoin. This stages are very important to traders or exchangers. it’s a medium of efficient, crypto currency has been a life change in recent years, it has been a great value  for storing assets, commodities and currency. These qualities attract to those who believe In future bitcoin. Crypto help those who have issues with hyperinflation..