There is something wrong with understanding Bitcoin

Fiatless

hero member

Activity: 574

Merit: 554

Quote from: BTCGalaxyA12 on May 16, 2023, 12:52:36 PM

In conclusion, the level of people's trust in fiat from ancient times to very low. People are willing to work hard to earn fiat currency and convert into this type of investment.

People had confidence and were willing to receive fiat in exchange for goods and services because it was backed by the government. They had no option because it was the only means to survive in society. But Bitcoin is here to change the narrative. Bitcoin is giving people a decentralized way of carrying out financial transactions. Unlike fiat Bitcoin, It is giving people the right to privacy and freedom from government control.

Quote

Those who understand Bitcoin, including its volatility and choose to invest in Bitcoin, are very easy to panic about the price, even though Bitcoin has been proven to be a future investment choice. There must be something wrong with them.

Anyone that understands the volatility and decides to buy it is prepared to face the unpredictability of the market. The price of Bitcoin might be volatile but it is far better than some currencies that have lost so much value over the years. New investors are always fearful because they don't have experience with the working of bitcoin but they will get used to the space with time.

davis196

hero member

Activity: 2968

Merit: 913

Quote

In conclusion, the level of people's trust in fiat from ancient times to very low. People are willing to work hard to earn fiat currency and convert into this type of investment.
Those who understand Bitcoin, including its volatility and choose to invest in Bitcoin, are very easy to panic about the price, even though Bitcoin has been proven to be a future investment choice. There must be something wrong with them.

Fear and panic are natural emotions. There's nothing wrong with the people, who feel fear and panic in certain situations.
Actually there's something wrong with the people, who don't feel any fear at all.
Even the people, who understand how Bitcoin(and the blockchain) works could panic sometimes. The cryptocurrency markets are driven by more emotions and less logic, while the blockchain technology is built upon 100% logic. Grin

The people are willing to work hard to earn fiat currency, because fiat currency is the legal tender and the only way to buy food and beverages. Can you buy food with Bitcoin or altcoins?

YUriy1991

sr. member

Activity: 882

Merit: 215

#SWGT PRE-SALE IS LIVE

Gold = Safe Haven and that is one of everyone's ambitions, especially rich people and any country. Yes, it's true that at this time people still think of BTC as a conventional currency like Dollars or Euros even though these are very much different like heaven and earth. Fiat currency is regulated by governments and central banks whereas Bitcoin is not. it can also be used as an investment instrument rather than as a means of daily payment by the community and converting local money according to their individual needs.

yudi09

hero member

Activity: 1162

Merit: 752

Rollbit - Crypto Futures

Quote from: BTCGalaxyA12 on May 16, 2023, 12:52:36 PM

The birth of Bitcoin, which is known as crypto in the digital era, can be used as a new type of investment in an effort to protect the value of fiat currency which can change or even be worthless.

It's true that it could be used as a new type of investment but to see Bitcoin the way we all want it requires a process. For those who consider Bitcoin a new type of investment for those who just know, on its journey Bitcoin has proven to be longer than initial estimates.

Quote from: BTCGalaxyA12 on May 16, 2023, 12:52:36 PM

In conclusion, the level of people's trust in fiat from ancient times to very low. People are willing to work hard to earn fiat currency and convert into this type of investment.

Because Bitcoin is decentralized as in the book Bitcoin from beginner to expert, it cannot be controlled by a single entity that can regulate or control except the owner of Bitcoin.
This is different from fiat currency, which decreases in value when inflation and other things occur which result in people not having enough confidence to save in fiat.
People are attracted to Bitcoin as an investment option because there are better returns and gold from my knowledge is stable.

Quote from: BTCGalaxyA12 on May 16, 2023, 12:52:36 PM

Those who understand Bitcoin, including its volatility and choose to invest in Bitcoin, are very easy to panic about the price, even though Bitcoin has been proven to be a future investment choice. There must be something wrong with them.

There is nothing wrong with the statement of many people that it depends on the person because maybe they still don't fully understand even though they appear to be someone who really understands.
Nothing is the same between one and many people in viewing and understanding Bitcoin as a type of investment or as a means of transaction.

Reatim

sr. member

Activity: 2828

Merit: 357

Eloncoin.org - Mars, here we come!

Quote from: BTCGalaxyA12 on May 16, 2023, 12:52:36 PM

What is wrong here is that People mostly enter bitcoin investing because someone told them or they have just read some good things via internet so they choose to invest without digging deep.
they believe mostly that this is about earning but never give a look about the risk and how we must treat this .

Oasisman

hero member

Activity: 2590

Merit: 549

Rollbit

Quote from: adzino on May 16, 2023, 10:33:42 PM

Quote from: BTCGalaxyA12 on May 16, 2023, 12:52:36 PM

-snip-
the level of people's trust in fiat from ancient times to very low. People are willing to work hard to earn fiat currency and convert into this type of investment.
Those who understand Bitcoin, including its volatility and choose to invest in Bitcoin, are very easy to panic about the price, even though Bitcoin has been proven to be a future investment choice. There must be something wrong with them.

If you invest your hard earned money on something and you see your investment going down, yes, you might panic too. No matter how much you have seen the market dips, when it happens to you, you will slightly panic. I think its very normal. Nothing is wrong with them. As long as they don't panic sell, they should be fine.
And I guess those who invest what they can't afford to lose are actually the one that panics a lot when the price goes down.

Imo, it might not be a panicking reaction, I think these investors are just over thinking and being skeptical of the possibilities for bitcoin not being able to recover from a sharp dip. So, I could say it's not totally panicking but some sort of worries which we could all agree that it's kind of normal reaction when we see our portfolio being down a few percentage.
Those who truly panics are the one's who thought to be selling their bitcoin during the crash. They always tend to have this kind of mindset as they think it could cut losses moving forward.

yhiaali3

legendary

Activity: 1680

Merit: 1853

#SWGT CERTIK Audited

The view of Bitcoin as an investment is fundamentally wrong. Bitcoin in its creation is not an investment but a decentralized peer-to-peer payment method, a means of hedge against inflation, and a safe store of value.

All of these things have nothing to do with investment, but unfortunately people went in the wrong direction by using Bitcoin for speculation, which led to fluctuations and instability, but despite all these fluctuations, those with knowledge believe that Bitcoin is a profitable investment because it has one upward trend in the long run.

Darker45

legendary

Activity: 2576

Merit: 1860

If you have been an investor for a long time, you'd also be suspicious and cautious in dealing with this new and strange investment opportunity in town. That's completely understandable. Investing in gold and silver other precious metals and stones, stocks, real estate, bonds, and so on are the usual. And here comes Bitcoin, a digital currency they say, created by somebody unknown, how could you not be wary of it, especially if you are not the techy kind of investor? And you're probably wrong. Bitcoin hasn't actually proven much yet. It's still very young and remains to be an unfamiliar territory to many investors.

dansus021

copper member

Activity: 1988

Merit: 905

Part of AOBT - English Translator to Indonesia

In my opitnion I would say bitcoin is new technology even tho is already been a decade more by now but still if we look other traditional investment like you have said earlier like Gold is already there for a long long time that is why people would trust in gold rather than bitcoin. and like other people investing in new some kind of investment will take a greater risk.

1924 according to google mutual fund has created but still not a much people use it today. So I think bitcoin need time so people can really understand bitoin is, we might one of the early adopter of bitcoin

LittleBitFunny

full member

Activity: 1428

Merit: 129

The first decentralized crypto betting platform

Quote from: coupable on May 16, 2023, 04:11:42 PM

I do not understand why everyone insists on adopting a single definition of Bitcoin in terms of being an investment tool and overlooking the fact that Bitcoin is a means of payment. The definition of bitcoin is not limited to being just a currency that performs investment purposes, and for this we only see attempts to employ it in a specific way in order to achieve profits.
Most of the topics raised in Bitcoin discussions are not interested in employing Bitcoin technology in business, which will help achieve profits in a different way.

Simply because we all have a tendency to make money, making money is taking priority over anything in the present day. For example, if bitcoin was only used as a means of payment, are you sure that people would use it as widely as it is today? I'm not sure about that. Not only with bitcoin, any product is created no matter how advanced the technology is, but if it doesn't bring value in terms of profit, no one needs it. I can't say for sure, but I believe 99% of people are here for the profit, not the bitcoin technology.

adzino

copper member

Activity: 2968

Merit: 574

www.Crypto.Games: Multiple coins, multiple games

Quote from: BTCGalaxyA12 on May 16, 2023, 12:52:36 PM

-snip-
the level of people's trust in fiat from ancient times to very low. People are willing to work hard to earn fiat currency and convert into this type of investment.
Those who understand Bitcoin, including its volatility and choose to invest in Bitcoin, are very easy to panic about the price, even though Bitcoin has been proven to be a future investment choice. There must be something wrong with them.

If you invest your hard earned money on something and you see your investment going down, yes, you might panic too. No matter how much you have seen the market dips, when it happens to you, you will slightly panic. I think its very normal. Nothing is wrong with them. As long as they don't panic sell, they should be fine.
And I guess those who invest what they can't afford to lose are actually the one that panics a lot when the price goes down.

famososMuertos

legendary

Activity: 1778

Merit: 2832

LE ☮︎ Halving es la purga

It is a broad context to fall into the simplicity of Bitcoin, which only requires buying or selling, and extensive hold, all this on an individual level, without going into all the collateral offered by the bitcoin niche.

There is nothing wrong here in the position of your idea, but you do not have to go so far back in history or compare yourself with other assets to understand or believe that there is something wrong with third parties in the understanding.

Bazzu

member

Activity: 476

Merit: 60

in understanding bitcoin, of course, everyone is different and based on the knowledge that everyone has,
including:

1: anyone wants to invest in btc because they want to get big profits because btc has a fluctuating nature and a limited amount of bitcoin supply, namely there are only 21000000,
and do not want to use btc as a means of payment and are only interested in being used as an investment.

2: there are some people who use btc as a means of payment and they accept payments using btc, but in this case we have to be smart in managing our business strategy because btc fluctuates.

so in my opinion in this case it's up to the person who goes through it because everyone's views are different.

OcTradism

hero member

Activity: 1722

Merit: 801

Quote from: BTCGalaxyA12 on May 16, 2023, 12:52:36 PM

Gold is a natural resource that is processed by humans in various stages.
In the all-digital era, people still have the confidence to buy physical gold even though there are already many gold investment sites digitally.

A very good article then was published as a book that gives you very excellent view on Bitcoin and its potential in future.

The bullish case for Bitcoin
This book on Amazon

Use your time to read that article with comparisons for Bitcoin, gold and fiat. This chart (Bitcoin and Gold) shows the potential survival and growth of Bitcoin.

Quote

In conclusion, the level of people's trust in fiat from ancient times to very low.

Since pandemic Covid-19 and many QEs, fiat printing, inflation globally, more people lost their belief in fiat currencies.

hatshepsut93

legendary

Activity: 2954

Merit: 2145

Quote from: BTCGalaxyA12 on May 16, 2023, 12:52:36 PM

Those who understand Bitcoin, including its volatility and choose to invest in Bitcoin, are very easy to panic about the price, even though Bitcoin has been proven to be a future investment choice.

Bitcoin is still not the digital gold. It fails to show the proparty of gold of growing when economy or stock market suffers. Sometimes Bitcoin goes up when that happens, sometimes it goes down.

Bitcoin's value is unclear. Gold is trusted by everyone. Bitcoin is only trusted by a small percentage of total population, and the trend of increase is very small. It's also unclear just how much the people who own Bitcoin trust it, or whether they treat it as a speculative investment that should be dumped if it fails to perform. This all makes Bitcoin future very uncertain.

Hamza2424

legendary

Activity: 966

Merit: 1042

#SWGT CERTIK Audited

Hmm comparing the Gold investment or any type of other commodity or Asset's investment with Bitcoin is completely wrong. Bitcoin used to be called a Digital Asset but in reality, it's been just a payment mode. Now coming to the investment point most people use to convert their money to safe investments to secure their value but they don't take risks to make huge profits this type of investment can not be comparedbitcoinnSuchhthe type of Investment done in Gold, Silver or any other asset or commodity. Bitcoin is a risky market where investors through their money by knowing the risk to earn huge returns on it. Things should be clear now about Investing in assets and Bitcoin.

JoyMarsha

sr. member

Activity: 812

Merit: 349

Quote from: Asiska02 on May 16, 2023, 05:47:39 PM

Only individuals with little or no knowledge of bitcoin are concerned about its volatility. Those who have been in the market for a long time do not panic when there is market volatility, but rather take advantage of it whenever there is an opportunity to buy more. Anyone claiming to know about bitcoin should not worry, but if they do, they may be considered beginners who are simply afraid of facing market reality after learning about it.

The much information and confidence we have in bitcoin's ability to recover from price volatility have made us more resilient than individuals who choose to worry when the price of bitcoin falls sharply after a high-risk investment. That's why those that are knowledgeable in bitcoin investment take a smart investment strategy to invest with the amount they can afford to lose and accumulate more bitcoin when the price is down.

Although we were all designed to respond to situations when they became bad and were beyond our control. I don't entirely blame those who are concerned about the price of bitcoin because they get into bitcoin investment wrongly and were caught on it in a way that they can't handle seeing how their bitcoin investment is reducing value.

Baofeng

legendary

Activity: 2576

Merit: 1655

Quote from: BTCGalaxyA12 on May 16, 2023, 12:52:36 PM

Those who understand Bitcoin, including its volatility and choose to invest in Bitcoin, are very easy to panic about the price, even though Bitcoin has been proven to be a future investment choice. There must be something wrong with them.

I think it's a contradiction, those who understand Bitcoin should not panic about the price since they now how volatile it is. And for those who panic even though they know this, then it's a not a true investors at all.

Maybe for them they think that Bitcoin is a get rich quick scheme, invested and then when they see the price going down, they quickly push the sell button. So for them to really have knowledge, for me, at least one full cycles (bear and bull), will be a good good experience for everyone and see if they can really withstand what Bitcoin investment it and how they are going to react for the ever changing market.

drwhobox

full member

Activity: 756

Merit: 133

- hello doctor who box

Quote from: bittraffic on May 16, 2023, 05:10:33 PM

It's not the understanding of Bitcoin that is wrong, its what they believe it can do in a short period of time especially when they see it as a get rich quicxk.

Agreed, the problem is people thinks bitcoin is some kind of quick rich investment asset and they got humbled by the market. In general nothing can make you rich in a short period of time. Bitcoin is not for people who wants short-cut, the full potential of bitcoin investment depends on so many things and long term investment is one of them.

pawel7777

legendary

Activity: 2436

Merit: 1561

Quote from: Asiska02 on May 16, 2023, 05:47:39 PM

Only individuals with little or no knowledge of bitcoin are concerned about its volatility. Those who have been in the market for a long time do not panic when there is market volatility, but rather take advantage of it whenever there is an opportunity to buy more. Anyone claiming to know about bitcoin should not worry, but if they do, they may be considered beginners who are simply afraid of facing market reality after learning about it.

As an individual with a solid knowledge of bitcoin who's not concerned about its volatility - would you advise your friends & family to invest in Bitcoin more than they can afford to lose (or even go all in)? If not, why not? It's a sure thing, right?

Topic: There is something wrong with understanding Bitcoin (Read 206 times)