Topic: That's why I really like bitcoin :) - page 6. (Read 1740 times)

Financial laws are also made by humans which profitably also involves everyone, although there are some people who just want to run their minds by not following the flow of laws that have been made such as money laundering. But for now Bitcoin is still an option for each person who likes it because of some facts that have been proven in the past and obviously never harm as long as everyone who keeps it still has the patience to get the profit he wants.

which is why it is one of the reasons bitcoin is still difficult to accept in government. From the very beginning, bitcoin had a loophole to do money laundering, and that happened a lot in several countries with officials who committed acts of corruption. if this can be legalized, of course their scope for money laundering will be non-existent, because it can already be protected by law and can be accounted Moreover, bitcoin is a very profitable investment tool, so storing it in the long term will provide even greater profits

Bitcoin doesn't fight corruption directly, it's a symbol of transparency and the government hates transparency because they feel the people will see everything they are doing. If the government adopt bitcoin as a means of payment, legally adopted within a country as a legal tender, the rate at which people will steal mass money will be cut down to zero. Imagine where the government allocated $4 million for a mass project, the wallet address is visible to be public and everyone else is seeing the balance, do you think they wouldn't hold public leaders accountable for missing funds, stealing will become difficult and corruption will become completely eradicated.

Basically it's impossible for someone to like something without a reason and I'm sure you have your own reasons why you love Bitcoin so much. The Bitcoin phenomenon can be described as excitement, especially among fanatical Investors on Crypto assets. The excitement that comes with it varies greatly, investors who invest in Bitcoin can feel their level of excitement when participating in Bitcoin.
If you see the Crypto community starting to love bitcoin, it happened spontaneously, because there is no non-speculative system that can be relied on other than Bitcoin to make money from time to time in a fast way. Although the risk of loss still cannot be separated from Bitcoin investment, the prospect of Bitcoin investment is very promising because Bitcoin is prepared for people who dare to take risks.

Well you do have to carry a device or something if you want to make payments with bitcoins. It's the same as carrying your card or your phone to make payments when buying anything. With fiat system you can go cashless if you want.

Available 24/7 if people are using non custodial wallet. But sadly most people use custodial wallets and exchange to make transactions.


Worst way to promote bitcoin. Don't mix bitcoin with memes. It's a "serious legit" currency. You make it sound like bitcoin is just another shit currency that is living all because of the memes.

Sure.. You are likely correct that bitcoin is not going to change people from being people, and it is not going to completely change folks from being abusive of their power when they are in power, but what would you consider to happen if certain people were no longer able to pull shenanigans on the remainder of the population and giving that money to their friends (or the ones closest to the spigot - I.e. - the Cantillon effect)?

Would you consider that removing some of the abilities to print money willy nilly might not help to inspire some better incentives (or at least remove some of the bad incentives) that exists for folks who are playing god with their ongoing manipulation of the money?

Bitcoin is indeed bringing changes to how a lot of things are being done, but on the part of fighting corruption in the government, I am yet to see any proof on that. I think a corrupt government still stays corrupt and wouldn’t be changed by bitcoin. If the people really wants to combat corruption in their country, then it is their duty to do so by voting in the right candidates for the job and also holding them accountable for the decisions they make.

That's right.  We should not be referring to guts because if it takes "guts" for any of us to be investing, that means that we are gambling rather than investing.  So in essence your cashflow and emergency funds have to be shored up first in order to realize that you have enough money to be putting into bitcoin.. so for example, if you are still building up your emergency fund, then maybe you could put $10 per month of that $140 into bitcoin, and the remaining $140 goes into building up your emergency fund, and then after a few months of building up your emergency funds maybe you could increase your investment into bitcoin to $20 per month and then later to higher amounts, and surely once you get to the point of being about to invest half ($75) into bitcoin, then you are likely going to be doing well... and if your emergency fund keeps growing, you might get to a point that you are able to do even more than half of your surplus cash of $150 into bitcoin... but of course, how much will be something that you would need to monitor and make sure that you are not devolving into gambling rather than investing.


I have have been projecting out my finances for more than 30 years, and these days, I tend to project out 2 years in advance.  I remember when I was younger, my finances were more simple in terms of the various kinds of expenses and fewer investments, so I could project out only 6 months and keep around a $600 cushion in my projection at all times (plus having other kinds of emergency funds built up in case some of my cash flows were to dry up and/or my expenses were to become greater).  As the number of my obligations (and sometimes even my cashflow) became more complicated, I had to create more cushion and also to increase my various forms of emergency funds. 

So for sure if there are complications in the economy, then there is more needs to project out cashflows and even more needs to assess the various ways that emergency funds are being held (how long does it take to get to the emergency funds and are the emergency funds earning anything and do they need to earn anything?). 


We are likely seeing these kinds of changes in our lives.  We are seeing what we are told the "cost of living" has gone up, and we are seeing the reality in our lives which might not be the same as what we are being told.  People might question if they can make any changes to their income or to their expenses and do they want to make changes.. and sometimes there can be a desire to make changes, but it might not be really practical to make changes.  So the ability to save and invest can be affected by these kinds of matters.
 

It is really difficult to NOT tap into your investment as it is growing, and I am sure that a lot of people end up tapping into various aspects of their investment too much and too soon, even if they are not liquidating the whole investment, they may well end up shaving off too much of the profits too early and once they shave off profits, then they are in a worse place in terms of allowing the savings/investment an ability to be able to compound upon itself.

Let's say for example, a person makes $10k per year, and over 10 years, they are able to save up around $10k in total into bitcoin (which would be 10% per year), and if they let the investment into bitcoin grow during that time, then the BTC investment might end up growing in such a way that it adds up to representing several years of salary - perhaps 3x to 10x of their salary, and it will be quite difficult to resist tapping into such savings/investment several times along the way.. and I am not even suggesting that they do not tap into some of that savings/investment as it grows, even though there is considerable advantages to allowing the investment to compound.. yet one of the advantage of having some funds that are largely growing is the fact that more options have been created.. And, just having more options can be quite empowering... and the whole life of the person can be improved by creating more options...

and sure, maybe the more poor person is not able to save $1k per year, and instead such more poor person is ONLY able to save $500 per year, so over 10 years, that more poor has ONLY been able to save $5k rather than $10k.. so perhaps their BTC investment will be half of the size of the more well off investor.. but still the poor person who has been able to save $5k might still be able to get a 3x to 10x advantage in terms of the value of the BTC that has been saved, and they are going to be in better position if they had been able to minimize the number of instances in which they had been tapping into their BTC investment.


You might be exaggerating a bit KingsDen because there are many way worse investments than bitcoin, including getting involved in shitcoins.  Getting involved in shitcoins would be a worse investment because you never know when you might get rug pulled.

Even compared to late 2013 (when I got into bitcoin), the current investment thesis for bitcoin seems way better than what it was in late 2013.  Sure there is less upside potential now (as compared with late 2013), but there is also less potential for downside, too.

Yeah.. we never completely get rid of the downside risk in bitcoin or in any other kind of investment, but I still think that bitcoin remains amongst the best (if not the very best) of actual investments in which some poor person (and therefore open to anyone) can invest small amounts and still be able to potentially profit from having access to an investment asset (and category) that is better.  Sure if you are worried, then you just invest less, and still I understand that even a poor person who might not even be able to invest $10 per week is going to still have struggles to invest the $10 per week.. so these kinds of poor persons can just do what they can. and there are still good odds that they will profit from their investment.. even if it takes a while and even if they feel that they have to struggle to put aside $10 per week or less.


Sure there are people who regret for failing and refusing to take action.  There are a lot of those people.. Each of us likely know several of those people who seem to agree that it might be a good idea to put a bit of money into bitcoin, but they continue to fail/refuse to take any concrete action that does not even need to be a lot of money.. If they are whimpy and scared, they can just choose a relatively small amount of money (such as $10 per week), but yeah, they just continue to live with regret over and over and over and they continue to say: 

"I should have listened to you when you told me about bitcoin in 2014"  or

"I should have listened to you when you told me about bitcoin in 2017" or

"I should have listened to you when you told me about bitcoin in 2019" or

"I should have listened to you when you told me about bitcoin in 2022"   or

yes.. substitute whichever year in there, and the ongoing theme remains a failure/refusal to act, and even when I tell people that if they are whimpy then they can just invest a small amount, and they don't even do that either... .. so there is not really much of anything that can be done about those folks, and maybe at some point they will get into bitcoin after everyone they know is also into bitcoin.

The fact that it aims at the retail investor more than the big ones is the main reason. Big ones like to gobble up stocks and just hold them for decades if they can, you can do that with crypto as well but meanwhile it will go up and down a lot and thats what they do not like .I can watch my investments go from 5k to 500 to 10k and I would not be phased by it, or maybe some people would be scared about it as well. but no hedge fund could watch their money go from 5 billion to 500 million to 10 billion, and even the fact that they can't sell it easily is a good reason, because they would ruin the market if they tried and would have to sell for cheaper. So its great for you and me, not great for wall street bankers.

The answer could be no. And if it is No, the zeal or the guts to commit half of the $150 into bitcoin investment won't be there. The economy is too demanding to people whose economy is not stable, even some stable economies are suffering. Within the interval of 1 year and few months, the cost of goods tripled. When I examine the reality, I tend to measure people with fairness balance.


This is the honest reality and it must be told with boldness. Another question is how many people who is living under the aforementioned budget would be disciplined enough to leave an investment for 10yrs even when in need? A few I guess, that is the irony.


Truth, bitcoin presents one of the finest opportunities for everyone to invest, including people with very tight budgets. But the the bitcoin level of uncertainty is second to none. That is why some early birds to bitcoin who refused to invest are regretting today. While the opportunity is still available now, some are still uncertain because bitcoin might not survive this year, then by 2030 there would be another set of people who will regret the opportunity being missed today.

It is very difficult for everyone who is not interested in bitcoin, because bitcoin has made it easy for all people, bitcoin is also not controlled by any country, bitcoin fans also have their own jargon, which is full of acronyms and phrases from hold to whale, social media also play a major role in it, from celebrities who invest in bitcoin, to very active communities on Twitter, tiktok and Reddit, social media is indeed a major driver of the popularity of bitcoin.

Nobody cares about Bitcoin before until a big bang happens to it that attracts the attention of the majority and even in the business sector. It was the start that people gave interest in this as a sort of investment, not a form of currency. But for now, it was to see that many people are using this to purchase goods and other things. And the good thing that we really appreciated is we can use this anywhere as long as we have internet.

bitcoin has a lot more features and advantages other than just these two you mentioned. don't forget the security. being able to control it  from everywhere and make large transactions. stay anonymouse.
and many more.

good idea. why i didn't thought about this. lol

Bad things people are saying about didn't just started of recent ,  right from the beginning when bitcoin started existing few who know very well bitcoin is good choosed to say different lies about it, but that can't stop bitcoiners to hate bitcoin. If bitcoin price drops low it is not new and its never a surprise because we all know bitcoin is volatile and everyday can't continue to bullish. People who criticise bitcoin are only lying to themselves,  criticising bitcoin won't make bitcoin to be what they think about it.

I think he is just making fun with the op because it is not possible for our private key to be memorized as its composed of a long characters while I think it is possible to memorize a 12 word seed phrase although I don't recommend this because we might forget it overtime. It is still better to store it in a a secure place. In my case I store my keys on a different location including my phone and laptop. When I lose my gadget or they are stolen from me, I don't think the thief will have an idea if what is a private key because cryptos are not yet really known in my place.

I also rename it differently so that it will not be obvious that it's a private key and they also have a password. They will have a hard time opening it first before they can be able to open my wallet but before they did it, I already move my coins in a new wallet. .

Undoubtedly, bitcoin has many advantages over traditional currencies and banks. Yes, there are many reasons to like bitcoin and the crypto community will agree with me. But there are no ideal financial instruments, which bitcoin is also not. Any advantage has a counterbalance in the form of a disadvantage and bitcoin is not without them. It is necessary to take this into account and soberly evaluate so as not to get into an unpleasant situation. Bitcoin gives people great opportunities, but also requires great responsibility and caution. If bitcoin allows to become your own bank, then be prepared to take on responsibilities ranging from accountant to security officer. Not everyone will want to do this and not everyone may have the appropriate skills, but everything can be learned. Still, I believe that in the right hands, bitcoin provides great opportunities and advantages, and this technology has long earned a positive attitude from its followers.

Hard not to like that it's deflationary by virtue of a hard cap/fixed supply and halving events.  It also is a truly global currency that's not controlled by any nation. 

never forget that we must not only look about the good qualities but also on what is Bitcoin in bad days , because this will help you understand more the crypto and how this will be for your entire career.
you seems to be a new from this market but i like your thoughts and beliefs , but it is important that you also understand the other side of crypto using and not just because this helps you now as one day there will be against your dealings .

I think very soon bitcoin will be accepted in every country and bitcoin will become a trusted coin. Because Bitcoin is legalized in many countries. And they don't need any third party to transact through this Bitcoin. By doing this they do not have to worry and they do not have to pay any fee.If we transact through a bank then the bank deducts a lot of charges from us but through Bitcoin we can transact with them directly which gives them and us many advantages and soon paper money will be removed and cryptocurrency coins will be in circulation all over the world.So never fear of losing bitcoins. It is a trusted coin. The price of Bitcoin may be very low now but we can expect this Bitcoin to go much higher in the future. And then the market conditions will be good and then it is hoped that many countries will then declare Bitcoin legal.

Although bitcoin has loopholes for crime, it is not a reason not to legalize bitcoin due to several factors, the government must use broader parameters.  Let's just assume that the use of bitcoin in a country is greatly increasing and it is not yet regulated, then how much tax money is missed from millions of dollars of transactions every day? This also means the country is losing money every day (at least from those who are tax compliant).