Topic: Suggestion (Read 422 times)

 You made the right choice  investing in cryptocurrencies at that point in time, honestly I wish I had invested in bitcoin earlier, but there's a saying that it's better late than never and i think you should encourage your friends about considering investing in bitcoin as well and since  you've lasted I'm the crypto ecosystem for over two years and gain profits from it, that means you've mastered the trade and you're in the best position to teach them about bitcoin.
 Well you can as well let them know that bitcoin is a decentralized currency and cannot be controlled or monitored by the government just like the fiat currencies so they have to reason to fear cause the government doesn't determine the price of it, nobody controls or own bitcoin, it's a currency controlled by everyday users, including government officials and normal people, miners, nodes and exchanges where it's been traded.
 it is very impossible for the Internet to shut down and one can only lose their assest when trading without caution thereby avoiding risk management, theft or scam.

Trading for two years and making consistent profits is not easy. There are some traders thatbhad left trading because they are not meeting up with there goals and losing money from trading can be very challenging. Those who are making money from trading till now mwy have paid the price when they are having a bad time in trading.

This is a dump question and I see it as irrational because why in Earth would someone think in this manner. There are some questions I basically see as a rhetorical question that is why I don't tend to answer all questions since it can be toxic to me. If we have some things we are doing and is giving us a good profits, why listening to what some poor minded persons would say? Take a deep breath!

Internet will never go down forever. If you store your bitcoins in a hard wallet and secure your bitcoins it will never go down with the internet. Life without internet is not possible now and maybe in our lifetime. So don't worry about the internet. Focus on making money with bitcoin and store them in your wallet.

This is kind of nonsense question from your friend to be honest.

It looks like the OP was looking for suggestions, but the OP didn't want to take the suggestions and did something that was easy and could be fixed right away.

The cryptocurrency sector is guided by trust. Every investor and trader in the sector has confidence in the sustainability of the sector. I don't know much about other cryptocurrencies so I  can't vouch for them but I am sure of bitcoin. Central entities such as banks are not totally reliable because people have lost money investing in physical entities. The fear of the Internet shutting down is not valid because they will also lose their investment in banks and other sectors. After all, every sector depends on the Internet to function. The absence of the internet globally will signify the beginning of the end of the world. It will lead to global anarchy.

The price of Bitcoin and other crypto go up because of the economic principle of demand and supply and sometimes due to speculation. Bitcoin is unique because is has a limited supply, most reliable, and is most popular. It is better to stick to bitcoin because some coins have proved to be unreliable.

You have figured out some point's and behind those point's that bitcoin is central per say that if anything should happen to bitcoin that you don't have any where you can claim your coins, so therefore I believe that while people value bitcoin is because it's a decentralized currency during its investment you will observe your trade by yourself, and you don't have second and third party.

Dear op, the question is very simple, i have covered an article on this topic -->How Does Cryptocurrency Gain Value? Top 10 Factors that Causes Crypto Gain Value. You could read the whole factors with examples from the website, or i can make a short overview for you so that you could read it quickly.

• First comes Demand and supply, a token/BTC only gains value when it will have some demand, and when that demand overtakes the supply then the price spikes up
• Second, many tokens do have a central authority behind it, only BTC does not have any central authority behind it, so how it gains so much value, in my factor list, there are many factors such as ICO, or initial fundraising etc. which BTC do not have that time, then the only thing came to my mind is, Demand and Supply and hype of it plus halving of BTC has made BTC price able to touch $67k

Other than some factors, there comes adoption of the BTC and crypto, because BTC is being used as a payment method for many countries that have problems sending and receiving money from overseas.

Now coming to your first query of global internet breakdown, that is something terrifying and i also used to think about it, Because WWW is a network of the internet and the internet is basically the interconnection of computers with each other, now, there are many topologies which have made sure that if one country is facing internet breakdown then the other countries would not face the same issue. Even though there are many big industries has challenged the world they provide 11 9s durability, availability, and scalability of access to their services, such as AWS and Azure and Google Cloud, etc.

The only thing that came to my mind, is it can only happen when all the satellites in the world go down, but i hope the scientist came up with some alternative.

I mean he already answered his own question. There is no central authority and no one gives a crap on how much you hold. People think that having someone in authority to handle their money is the best way to go while in fact it's not.

I am pretty sure when the internet goes down, there are far larger concerns that caused the internet to go down and your investment would be the last thing in your mind at that point, don't ya think?

Because cryptocurrencies are a form of digital payments which resemble a potential future method for transaction. Though your friend got a point that if we lost internet, how can we use that. But losing internet means going back to stone age. Its impossible to lose that when we are thriving to improve more ways to have a lot of innovation.

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But for anyone, does crypto works without internet? Has somebody able to have solution for that? This is theoretical since its nearly impossible to happen though.

That there is no central authority in Bitcoin shouldn't be perceived as a disadvantage. It's the opposite. Without a central authority means there isn't a single point of failure. Moreover, it minimizes the risk of abuse and other dangers related to incompetence, mismanagement, fraud, and others.

No physical entity involved? Not a problem. The world is turning digital. Furthermore, physical versions attract counterfeiting. And tell your friend to stop overthinking about doomsday scenarios.

Cryptocurrencies are overvalued. Bitcoin isn't. So if your friend were to eventually decide to invest in crypto, tell him/her to focus on Bitcoin.

But Bitcoin transactions don't  execute immediately, just as other banking translations do, but do experience some kind of delay most times. Banks experience network downtime and some kind of interbank transfer error. The Bitcoin network also got congested, which makes the transaction slower than it's supposed to be.

The better difference is the larger amount that could be transferred out without any limit or query from any regulatory body to answer some queries regarding the reason of your transaction, and fees are also not that expensive compared to some banks, which charge based on the amount that you are to transact.

Anything we do is to benefit us one way or another. Everyone in the crypto space want to make profit either holding bitcoin or trading bitcoin. But beside that bitcoin is also makes life easier while it comes to large transactions. It takes less time and hassle if you want to transfer a large amount of money. Unlike bank you don't have to go through some unwanted formalities, all you have to do is few clicks.

People who do not have enough information about a particular thing will always ask questions in order to be cleared up about that particular subject matter. Or for them to gain more reasons to criticize it.
 
We all have different reasons why we trade currencies. To me, I trade and hold Bitcoin and a few other cryptos because:
1. I want to be in total control of my assets. I mean, I want to have access to my funds when I need them without the need or reason of someone or some entity restricting my total assets from them, which will inconvenience me and limit the things that I could possibly do with my money and wealth.
 
2. It's to make profit: Without doubt, we are all into this in order to turn our savings into something meaningful. That is to say, instead of just keeping money under our bed, in a savings box, or even sending it into any bank account, it's better for us to just invest those funds into Bitcoin, where we could possibly be expecting some great returns.

3. It feels so safer for me to save a little of my money in Bitcoin than keep it in my bank account, where a lot of bank charges will reduce my funds from the initial deposit, inflation will temper the value, bankruptcy, etc.
So there are actually a lot of reasons why I myself choose to invest and trade digital currency rather than save money in my local bank account, and I also choose the crypto market instead of some sort of stock out there. We trade what we are sure of and what we find interesting.

An important feature of Cryptocurrency or Bitcoin is that it is not controlled by a central authority, the decentralization of the blockchain makes crypto assets immune to old ways and government interference. Your friend has not seen Bitcoin as one of the wonders of the world in modern times, the decentralized system built by Satoshi allows its users to send and receive money from anywhere and anywhere in the world.

The old way that is still adopted by the central authority does not apply to Cryptocurrency, you can make transactions anytime and anywhere, it does not depend on bank working days or government working days, there is no downtime and transactions can be done in minutes. Never feel in doubt when you have stepped up, you don't need support from your friends in investing in Bitcoin or saving money in Bitcoin. Today he throws questions like that at you, tomorrow he will come to you to learn about Bitcoin from you.

When these people look more at usability, security, scalability, etc., who is the regulatory authority is no longer an important consideration.

But yes, it's actually not an easy thing to change the mindset of people who are used to regulated entities. At least, bitcoin needs a few more years to make people think the same thing. But that doesn't mean that after bitcoin, people can simply believe in something similar.

Not if the internet gets back on. If you mean the internet is abolished, then yes and it has been discussed many times. In essence, there are several other important aspects that will suffer greater losses than bitcoin investors, so it is unlikely.

I think your best response om a reason should have been simple.

Because, you believe in the bitcoin financial evolution. I wouldn't want to term it revolution but, its surely taking over, one halving and bullrun at a time.

It's surprising how some persons often think the internet could go drak on the world some day. It makes me wonder is the only thing that works on the Web and if the world would really want to go back to a savage tike just to get bitcoin out of existence.

The world has got far more problems than that my friend. The Internet isn't going anywhere and bitcoin is going to stick around for much longer.

People are so used up to the central authority,  physical offices, and human management that they cannot accept something like a technology run by algorithms, machines, and the internet is possible and that's because they are so ignorant and limited in their knowledge about Bitcoin and Cryptocurrency.

Because it's decentralized and privacy in nature, something that we all need in a world where the government wants to interfere with everything that we're doing aside from the profit people are going to get from investing.
Cryptocurrency now is what the internet was when it was just starting we are going to need it in our lives.

You can tell your friend that there is no need to worry about the internet since it will stay, it may go down but I believe it is only temporary.  Internet is a business so the internet provider will do the best they can to secure the up time of the internet else they will lose  their client.


Cryptocurrencies are valued highly because of the potential to profit aside from the features attached to the cryptocurrency.

it's just a form of your friend's worries. If your friends are also part of the investing community, they may trust the stock market more or other tangible assets like property or gold. of course, they have more realistic thinking. but they don't think about the thoughts that are rapidly developing at the moment. which is an update on the future financial management system.
maybe, your friends will start to be more interested or maybe regret it when your government starts implementing positive regulations regarding crypto.

you have done it, and you can feel whether you made the right decision or not.

First, there is the old rule of crypto investment that states, "Never invest what you can't afford to lose." The reason of such rule is because of the price volatility of crypto assets and not because the internet would fail any day, just as your friends thought.

The internet will not fail, because in this century, the level of technology and internet browsing efficiency are even supposed to increase. Almost everything in the developed world works with an internet connection; even the centralized authorities need the internet, unless they want us to go back to the stone age, when there were no e-mails and letters were written by hand and sent through some authorities. I believe no one wants to have the same experience again.

For your crypto investment, you did not mention if you are either investing in Bitcoin or some altcoins. But which is it? Bitcoin is the most dominant cryptocurrency in the crypto market, and it's the king of the market. It has stood the test of time; it has seen some of the worst price collapses that most people even thought were the end for Bitcoin, but yet Bitcoin is still waxing strong. I can at least speak so well about Bitcoin but not altcoins, because the situation with altcoins is usually pump and dump, and sometimes after it dumps, it may not rise again and your asset has liquidated. I really don't advise my friends on altcoins, but if anybody is investing in altcoins, always do good research about the project you are investing your funds into.



Cheers 🥂, Dr.Bitcoin_Strange 👺👺