Topic: The common man and Bitcoin. - page 2. (Read 559 times)

Well, to me, Bitcoin is already a gateway to financial stability. Your years and level of investment determines what you get in the present and future. E no go come for free, but you go gat work to reach that level of financial stability.


I think I have once had this same ideology of yours, but at the end of the day, I realized that I was wrong. Fine, we all know that the Bitcoin white paper says "Bitcoin: a p2p electronic cash system", or something like that, but it's price evolution over the years is clearly far from other assets we've seen. Those who happen to enter the game in the early days like 2010/2011/2012, etc, should be living their best life right now and years to come, if they probably accumulate and hold well.

 
Yeah, Bitcoin acting as what can give individuals sovereignty over their finance, or more of like sovereignty over currency, just like Andreas describe it, but at the end of the day, Bitcoin ended up becoming a good asset for investment, which is clearly not my fault or the fault of every other person that choose to invest heavily on it. We all saw a better or more adventageous side of it, and we all grab the chance, so my brother, wake up, no sleep, collect your money.


Yeah, this point done become issue wey we dey address for sometime now. knowledge is very important, especially when someone isn't familiar with what he/she is getting into (invest on). But the question becomes, how much knowledge does this person needs inorder to invest in Bitcoin?. You see, I don't really talk much about gaining knowledge when it comes to Bitcoin investment, because I understand the massive Constraint it has to some individuals or let's say the common man. Let's not go too far, Nigeria as a country, we have millions of uneducated people. I wonder how Bitcoin might become effective to them if they must gain so much knowledge inorder to make use of it. Like I said in a reply in the speculation board, "Bitcoin/it's investment should be made as simple as possible", that even a child can understand. The technical aspect shouldn't be overemphasized on, but at least, some basics like: Bitcoin volatility and risk, how to send and receive using a wallet, and maybe how to possibly check for tx on mempool, and other little things that won't involve too many technicalities. But the basic knowledge is important.



Well, I think the true purpose you are talking about is clearly from your own opinion. But like I done talk before, na p2p electronic cash system, wey done turn to good investment asset.

But, at this point, I am wondering if myself and others are actually replying to this post correctly. I just Observed well, and I realized that you are not even addressing Bitcoin investment, but you are literally talking about common man that hasn't realize the purpose of Bitcoin invention, which is to have financial sovereignty as you've stated. Abeg, make person observe well, maybe I dey interpret am differently.

That point wey you just talk say bitcoin no mean say you get rich quickly make make sense, many people Dey always think say bitcoin na something wey be say them go invest and they will be expecting say them don get opportunity to become rich, make we Dey clear am for people so that who fit sabi risk am and understand think am before investing, we all know that both poor and rich people fit invest but it depends on the kind heart wey the person get because some people no get patient to invest, immediately after them invest them go Dey expect some thing from it.

Some people just Dey hear bitcoin and some people might just hear it from somewhere and because how ge take hear that the profit Dey makes sense they go want invest all because of the profit, everything get their own risk and as bitcoin be e no mean say you get money or you no get that you will go invest, make we know as he take be and get enough advice from person wey sabi am, no be at the end we will go stay one corner they talk say if I know I for no do am.

You dey wrong to say bitcoin no fit make someone rich quick, because at some point, bitcoin them refer to ammm as financial life saviour, and this thing must be looked at in various aspects and views, make we no dey lie for ourselves, bitcoin have fulfil it purpose intended by it original creator who is satoshi nakamoto.

Majorly among the purpose are :

1: bitcoin serves as an alternative to the Fiat traditional financial system and banking the unbanked without third party interference.

2: bitcoin giving the emerging youths and tech guys the chance to take part in the ever rewarding bitcoin ecosystem by providing services in whatever ways such as mining, trading and investing in bitcoin, within the entire cryptocurrency ecosystem also you have possibilities of hitting jackpot that can change your entire financial life, lastly bitcoin ecosystem give us community to discuss with other bitcoin enthusiasts such as bitcointalk.org altcoinstalks.com and reddit respectively, gaining financial a d technical knowledge.

So bitcoin goes beyond just a technology to a life changing opportunities, so the statement of bitcoin making one rich is right in my own ways.

No be lie you talk mate, right from time I already know say everything wey include dip for crypto currency nah opportunity to buy more and hodl for better future because within some months/s that's same coin go still increase again.
Based on say most crypto newbies no get better OT them dey always sell their coins at loss, just like this wey Bitcoin reduce plenty people just sell their coins. Although those wey sell nah fear cause am sha and for the other hand I see them as people wey no get intentions to hodl for long term.

The small dip wey happened these days na perfect example say Bitcoin na volatile assets and no be something wey person wey never get this OT go just put hand inside because Bitcoin as you talk am na so many people dem get wrong wrong view towards Bitcoin and most of them sef dey get the orientation from maybe all these social media celebs wey dey over hype everything wey dem do.

The important thing be say make them remove the mindset of say Bitcoin nah get rich quick scheme so that them go fit understand the purpose of Bitcoin. The truth be say as an investor whether new or old investors you suppose k ow say the capital you invest also determines your profits and to know say you no go fit expect make your 100k BTC just rise to 1M just in 3 months or 6 months. Make them also know say the more them hold bitcoin for long e go also make them get more profits, and lastly Bitcoin dey fluctuate within some seconds, so anytime there money for lose because say nah crypto currency, but the better aspect be say as far as say Bitcoin price reduce e go still increase again.

Na better statement you yan so my guy, and eh dey true say majority of the common people sees Bitcoin as the saviour to financial freedom, wey it's ought not to be like that, and since this don look like normal to people, I think the best way to make people understand this the proper way is by creating public awareness for them to know that Bitcoin is really not a get rich quick scheme, and as such, it's good people get the basic knowledge about it first, before diving into it as a means of investment due to it's volatile nature.
However, Bitcoin don already fulfill its purpose in the hands of those who knows how it works and uses it for transactions, but that doesn't mean the common can not still invest in Bitcoin too, despite how small he may want, because with the help of crypto exchanges such as Remitano, people could invest in Bitcoin with as little as $2

Before talking about bitcoin price you should try to be more precise yourself. You said at first that it is too risky and then you say that stable means you should evaluate yourself.
Bitcoin is a volatile valuable asset that allows you to move your capital safely by making regular deposits compared to other investments. Investing in other cryptos is much higher risk for you while Bitcoin is much less risky. You can keep depositing bitcoins for a long period of time which will accumulate over time and increase your chances of getting high profits.

I think Bitcoin is a very high risk investment in the cryptocurrency world because the value of Bitcoin can increase or decrease in a very short period of time, as fast as hours or days, because it is a volatile asset. Bitcoin's value is stable because there is no central regulator, nor is it backed by any physical assets like gold and silver. You need to decide whether Bitcoin is the right investment for you, for example, before investing in Bitcoin, there are several factors to consider, what you want to achieve in your investment activities, retirement passive income development one-time and full-time etc.

But I think it is possible to make a huge return on profit by investing in Bitcoin, although it is challenging to achieve but it is possible.

You're right the common man always see bitcoin the other way round, most people see it as a source of income because they have heard stories about how bitcoin has changed the life of some people so they decided to venture into bitcoin investment so that they can also get profited. but that's not the reason why bitcoin is adopted, but sometimes I don't always blame them reason been that the economy is very bad, of course everyone will  always go for something that will profit them within a short period of time or in the future.

 they wouldn't want to waste their time in something that can't bring profit to them, you know had it been that those common man really knows what bitcoin is all about, definitely just few persons that would been on this run, Because is obvious that most people will give up in the process of pursuing  so as to be able to fullfil it purpose, you know nigerians always go with this saying that you don't work with empty stomach.

Wetin cause that kind mentality be say, when people don look at how Bitcoin been start from almost zero value to the point e don reach now, e de always give them the impression say we fit see that kind of event playing out again and taking advantage of that possibility na him
go be like the surest option. And to be frank eh, you no go blame people when de look for ways to benefit from Bitcoin because things de extremely hard for the common man.

When you talk to a common man that's struggling financially about Bitcoin, even after telling him that Bitcoin helps him get full control of his money and also aids him when he needs to carry out international transaction at ease, those things don't make much sense to him untill you tell him about the volatile nature of Bitcoin which can be a valuable thing to take advantage of. Regardless of the risk involved, that's going to be his area of interest because he will be interest that he's able to save up like 500k for a particular period of time and within a stipulated period of time his money should have gotten to an amount that's huge.

Sometimes e de funny me say anytime you wan anylize the causes of people's action, reaction or thought process on a particular financial subject matter, the issue of the economic state of the nation and the financial state of the person always comes into play as a pivotal subject of discuss. A financially bouyant person won't focus too much on how much profit he can make from holding Bitcoin even though he would certainly want to be profitable from holding Bitcoin. It's most likely going to be how to use Bitcoin effectively in carrying out inter boarder transaction without passing through the regure of answering questions at the exchange commission and facing all the drama that's associated with doing such transactions with fiat.

The purpose of Bitcoin creation is to remove third party involvement that is the central banks or financial institutions in order to enable free peer-to-peer transaction and financial autonomy. Bitcoin was created to as a digital currency to replace our traditional money, which you and I in this forum is achieving now .

When you say financial autonomy or freedom, it means you have total control of your funds without any restriction or barriers from any agency or government,like we find in our traditional banking now, you are being limited to a certain amount to be used per day, or wanting to know the source of your income and if the source is not genuine enough for them, they can decide to freeze your account .

 Peer-to-Peer transaction, no intermediary between the buyer and the seller,it is direct trading and so Bitcoin has been able to meet more than half of his purpose,it is due to the global financial crises that make it looks as if it's purpose has been hijacked by the unemployed and the average man for the interest of only to meet up their immediate needs, as you can see Bitcoinners don't wait for the government jobs anymore before they can survive.

Who we go blame here when everywhere wey you go na so people dey take how Bitcoin dun help them escape poverty and no be say e help them stay anonymous or anything. Infact immediately people dun make money from Bitcoin, dem no dey keep am to demself but na to go announce am everywhere and use that publicity to also make more money. Wetin come dey reign now na how person go make money quickly come commot him profits. People no dey even reason the currency part of Bitcoin but all dem want na the assets features. This no bad but the way people dey do am dey turn the market into just pump and dump schemes, wey no good.


Hunger dey the land, no be only Bitcoin wey Nigerians dey do this one too. Any business wey come the country and then one or two persons dun succeed from am, Nigerians dey cast the update because everybody go wan benefits and the cause of this behaviour na due to the hunger for the land. Wetin I go just add na say make we know wetin we dey invest inside before we invest and no dey just follow the crowd. Plenty Nigerians no even know wetin Bitcoin be or the different cryptocurrency wey we get and this thing no go because it makes dem an easy target for scammers.

Wetin you talk na true sha, but you know say na dat mindset wey people take sabi bitcoin na him make them they run come join the thing ba? If them no tell them say bitcoin they help like asset wey you fit invest in and go give you good returns after a long period of time. E get as e be now wey be say if bitcoin no dey investable into, people no go too gbadu am and them go wan continue they use their traditional monetary system take they solve their life problems regarding money. Wetin bitcoin dey created for na him be the anonymity and also the decentralisation wey e dey provide for people wey they use am. The main purpose na to serve as alternative to traditional fiat and if that purpose don dey fulfilled, every other one na secondary to this one.

The actualization of Bitcoin possessing its initiated ideal is not bestowed on the view of the common man.
Bitcoin has gradually been doing so well up to date that it has gained global dominance which has been attractive to both rich and the poor due to its potentials.

However, the negative mentality of individuals towards the view of Bitcoin is not just a challenge to the common but also the rich.

Everyone's view towards Bitcoin is based on personal reasoning and not about your financial level.
So OP, don't have that thought that the views of a common man on Bitcoin has been a barrier to Bitcoin neither has Bitcoin been unable to posses its possessions by which it was invented for.

Na true say di original purpose wey Satoshi Nakamoto, take create Bitcoin na for p2p transactions between two parties but e be like say people de hodl am pass as dem de spend am. But e no still take anything away from Satoshi's aim of creating Bitcoin because e de decentralized and e still get di features of freedom and privacy for di holders. Bitcoin investment na plus for di creation of Bitcoin because e show say na asset wey be store of value and e don build reputation as asset wey de worthy to hold like gold.

Di biggest reasons wey make people de hodl Bitcoin pass as dem de spend am be say e de volatile and e no de profitable to spend am on di short term, especially during bear seasons because di value de reduce. Also di adoption never increase to di extent wey many businesses de accept am.

 Baba, e go be offside to think of Bitcoin as a means to get rich quick but that no mean say person no fit use am escape poverty. I dey tell people wey I fit tell say everything nah risk for this life and nah the same way Bitcoin be but that wan no come mean say you go put all your money inside. What if you no come dey patient and price come dip pass as you expect? Who you wan put pressure for head then?
 Right from when I enter this place till now, I dey hear people dey advice to invest in Bitcoin with an amount you fit afford to lose and also try get other things you dey do to take hold body.
For this our economy, even if you fit provide for the basic things for this life, e go take a person wey get good investment adviser wey fit reason to enter Bitcoin but still on still, mindset wey you take enter matter too.

Bitcoin dey fulfill the purpose wey make dem create am always and that na freedom to own and spend your finance without interference from government or third party. This function is fulfilled at all times.

So whether ordinary man take bitcoin to be a safe heaven for investment that one na their own peril because it is only in certain season wey person fit achieve that not always and that season na bull season, which is the reason we should sell off at such season when price don reach top so that e no go crash for our hand. But some people no dey see am like that and dem go hodl the coin so tey e go crash down with dem. The purpose of bitcoin na to get your freedom to use your money without trace but if bull come meet your hodling then you should make money from it by selling at the top.

Everyone has a different objective in their adoption of bitcoin and if you look very much deeper you will observe what I mean. For the common-man as the op puts, to him bitcoin as a digital currency is a gateway of escape from poverty because all he aims for is how much profit he can amass, and that's a key factor on his agenda as he invest.

While to the already rich folks he could be in search for a medium to hedge his financial asset not to lose value with time as inflation continually waste away the value of fiat currency. Hence, he sees bitcoin as hedge to sustain the value of his wealth, therefore investing aggressively for the future.

For both case they are still enjoying some financial sovereignty even having a different objectives.

Well, personally I think bitcoin has or maybe is already fulfilling it’s primary purpose of giving financial sovereignty to its holders but over the time, bitcoin has also proven itself to have the ability of making someone financially independent if they invest wisely and I’m sure a lot of people are already seizing that very opportunity to their advantage and there is absolutely nothing wrong with that as personally, that’s one reason bitcoin is still thriving.

Away from that, regardless of whatever approach one has towards bitcoin and cryptocurrency in general, it is always advisable to do your own research and only invest what you can afford to lose as absolutely no one is to be held responsible if there be any loss as the market is already a volatile one.