Topic: They believe that Bitcoin is outdated due to a misunderstanding. (Read 232 times)

So are you against Bitcoin or what? Most of the points that you tried to explain indicate that you don't like Bitcoin or the fact that it has grown significantly over the course of its existence, however, I don't think that will change anything, 1 Bitcoin will still be worth what it is even after your post or your thoughts about how useless or overhyped it is which isn't true in the real sense because you are not making sense at a lot of places in your post.

Keeping your money safe doesn't mean them not losing value at all, it simply means that you are the only one having access to your money and you also have the opportunity to convert them to another currency when you feel they might get devalued since the price of Bitcoin is volatile.

What has bitcoin ceased to do or be ever since inception, once the network protocols does not change that bitcoin becomes centralized such that some can manipulate it, the value and acceptance remains the same.


Maybe we shouldn't assume upto that rate as you've stated that 80% are long time investors, some prefer using bitcoin for their daily spendings instead of fiat, some is to have their privacy and control, some trades and some are whales who hodl for long, but i don't think we can have upto that rate in numbers of bitcoin holders.


We should stop comparing bitcoin with fiat, bitcoin can perform every use we can take with fiat and many more others, bitcoin transaction is faster, cheaper and transparent.

The topic description with the title is not related to each other.

People who think bitcoins are out of date are that they are out of date. Blockchain technology is an invention with the times so that people who say bitcoin is out of date are those who have never lived in an era of technological progress.

I hope the person who said that wasn't you. If you are the one who says that, then you are out of date when people are preparing bitcoin as a form of progress in the financial system.
If those who say bitcoin are bankers, then ignore these words because they are people who don't want financial freedom to happen.

Everything that the price appreciates is good for investment. People also buy gold and even other currencies and keep them till it becomes profitable.

People still use bitcoin for payment but it is not widely spread due to government policies and regulations. The price of bitcoin is not stable because it is currently speculative. But in the future, it might become stable.

Investing in the bitcoin market is not for everybody. It is for those who invest what they can afford to lose. And you cannot compare the profitability of bitcoin with other less risky investments.

What is the worth of a designed paper called fiat? Its value is on its acceptance as a legal tender. Bitcoin is even more valuable because it costs some amount of resources to mine. The real worth of bitcoin is the adoption and acceptance by people that it is a valuable currency and asset.

No valuable thing ever becomes obsolete. Gold has been in existence for ages but it is still valuable. As much as bitcoin remains valuable it will never be outdated.

Bitcoin is money for any two or more parties who are willing to accept it as a store of value, medium of exchange, and a unit of account. I know lots of people who send it directly to each other all the time.


Guess what is going to make the price steady? People who hodl it and don't sell back to an exchange. The very people who plan to hodl for years and years are the ones who are preventing the price from collapsing. Hodlers set the price floor and after each and every halving, the price pumps, new users come to bitcoin and learn how to self-custody their sats and the price floor continues to rise.



It's quite obvious that you don't "get that". A good way to keep your money safe is to ensure that you actually control it and that nobody can prevent you from sending and receiving it. Bitcoin puts us in control of our own money and not the banks that are in bed with the government. There is no "safety of government-backed insurance". That's just a manipulation to trick you into giving them control over all of your wealth. The entire fiat system is a fucking lie that is designed to transfer the value of your labor to those who are in control of printing money.



People will use it however they want and every time the price dumps, that just means that bitcoin is moving from people who no longer want it to the people who do want it. Those of us who understand bitcoin and the basic tenets of money know that it will take a lot more than "people don't spend it enough" to make it "obsolete".

It happens. You can consider this an bitcoin's evolution.

And after that - to sell for profit. There is nothing unusual about this.

There is a significant drawback, all those cheap and fast ways - this is the complete lack of decentralization.

I doubt that the bitcoin will ever return to its former purpose (direct sending of digital money from user to user). Now bitcoin is an investment tool, like it or not, but it remains only to take it for granted.

Not understanding doesn't mean it doesn't work.

Through fluctuations, in a sense, growth occurs. That is, it is impossible to grow constantly upwards, there will definitely be falls and fluctuations. Stock markets work that way.

The question of usefulness is rhetorical. If people buy, then it already has value. At least abstract.

Forget about how Bitcoin is being treated by many people right now. We can't blame them. Bitcoin has somehow developed into something else.

However, has Bitcoin itself changed? No, not at all. It still is the decentralized, peer-to-peer, censorship-resistant, immutable, permission-less system that it always has been.

Is there something better now? No.

Have the problems that Bitcoin is supposed to provide solution to been completely addressed? No.

Therefore, I don't see any reason why Bitcoin would stay out of relevance and become outdated.

With Bitcoin, if you use a non custodial wallet, you have private key and mnemonic seed, so you will have your own bank.

Being your own bank means you won't lose your bitcoin because of any centralized exchange, any bank. You always have your bitcoin, access to it, if you keep your device and wallet safely from hackers.

Bitcoin value and price can increase or decrease or drop to zero but it is another matter. Even Bitcoin price change, your portfolio value will change but you always have your bitcoin. It is what that advice means if you get its meaning.

The purchasing power of the paper money owned, printed and distributed by the government loses its value overtime and your money is guaranteed safe by the bank. So your notion that your asset retaining its value equals being safe isn’t totally true.
In the seemingly trusting hands of the government, you’ve given away custody of your funds. What then happens when the same trusted government blocks your account and restricts access to your money.
Bitcoin aims to spread the awareness that you can’t fully trust any institution to hold and safeguard your money. When you securely hold your money yourself, you’re in total control anytime.

With that being said, it's very clear how less educated you are about Bitcoin technology. Although Bitcoin technology is not a forceful technology on users, it's for every user to take their time and study the technology, and if they like its relevance, they can decide to adopt it or not. Bitcoin is a volatile asset, and its profitability is still because of its volatility. During the bear market, the price of Bitcoin plummets, and Bitcoiners, both old and new, buy Bitcoin at the dip. During the bull market, when the price spikes, some investors sell their Bitcoin and make a profit. So, your money is safe with Bitcoin investments because the value of Bitcoin increases with time. Unless you are careless with your coins, that's when you can lose them to scammers or hackers.

Outdated?? Your subject has nothing to do with the body of the text...
I understand you're tryna prove some points about your knowledge of whatever you read about Bitcoin as of late... lol, but you actually mixed up everything.
Edit: what are you saying for Christ sake??? Volatility is not, in anytime gonna be removed completely in crypto... What's the point of predictions, analysis, dips and graphical illustrations?..


Point 1; there's no currency that doesn't suffer devaluation with time..
Point 2: can you tell me the differences between the 2010 Bitcoin that sold for about $0.01 and today's? Even with the volatility all year round?... Is it advancing?? Do currencies/Fiat suffer the same positive change overtime??.... You're a clown dude!

Sandra 🧑‍🦰

Many new cryptocurrency have more advance feature than Bitcoin but the question is security.  Many of these new cryptocurrency that supposed to have an advance feature are often got hacked or lots of glitches and bugs are seen on its smart contracts and codes. This is the major reason why Bitcoin is still preferred because the network is the safest among cryptocurrency.

Bitcoin brings freedom to people, so it doesn't matter if some people will hoard it or hold it, to sell at more expensive price, it is their rights and it is a normal thing to do in a marketplace.  Besides, I disagree with @OP that Bitcoin isn't use as it was intended.  Bitcoin is still used to send and receive funds.  You can check the volume of Bitcoin transaction and see that Bitcoin is being passed around.

Bitcoin is still serving the purpose for its creation and nothing has changed that. Using bitcoin as a store of value is because fiat currency is depreciating and making your saving useless in a given timeline but if you use that money to buy bitcoin,it is safe from inflation.

Forget about the volatile nature of bitcoin because that doesn't still change anything and that is why it is called the future gold because depend and supply is what controls the price,and this is why you see that the price of bitcoin varies from time to time. Decentralized nature of bitcoin is what makes it unique and different from other cryptocurrency.

There seems to have been a lot of misconception in your understanding of what Bitcoin is and the role that Bitcoin plays in our financial life both as a currency and as an investment tool which makes it a store of value, Bitcoin in the light of currency is being used as an alternative to fiat paper mo ey to send and receive money from cross geographical regions without any third-party involvement which is the essence of Bitcoin decentralized nature.


But then Bitcoin as an investment tool, also places the investment at an edge against inflation since Bitcoin investment is free from taxes, unlike other property investments like real estate, but more also you have to take into account the high risk associated with Bitcoin.

When people say this, a lot of times they mean "safe" in a way that it's safe from the filthy hands of the government/authorities. Currently doesn't sound much of a problem because your country's authorities aren't doing anything bad with your money? Well, don't wait until they do.

They can be a lot less "safe" than most people think — depending on what country you're in.

BTC was created for decentralised and anonymous p2p transactions, along with giving you full control of your assets. But a lot of people really use BTC to make wealth, like traders, but let me assure you, the figure of 80% is not accurate, and I think It's just an assumption from you because there are traders and then there are holders, and in my sight, the number of active holders is lesser than the number of traders who are trading in BTC, and we all know that when one is trading, they are not holding it for that long.

But still, you have got a point, but it's an open market, so anyone could do anything when they have bought it.
Those who think and have full belief that the price of BTC will go up should have some knowledge about it because saying such words does require some words that could back them up later. And BTC is worth less now as it should be valued more, but due to misperception among people and manipulation from governments and other icons, BTC has a lower price than it should have, and you are asking, Is it valuable? Well, as I said before, optimism about BTC depends on how much you know about it. But still making assumptions and asking blank questions with no basic knowledge is not going to take you anywhere.

After reading this post what i can see the OP is getting his knowledge from Peter Schiff or his followers. A lot of misunderstanding about Bitcoin and its technology. The technology you are talking about is better than bitcoin came after it. Most of those are inspired by bitcoin and blockchain technology directly or indirectly. If there is one true decentralized and censorship-resistant crypto asset that is bitcoin. Even SEC who is known for its anti-crypto tendency had to admit that.

You are right. The main purpose of BTC was to make people able to send and receive money directly to each other without the need for middlemen and without giving any personal details or documentation beforehand. But one of the great features of BTC is that it is a great investment that provides a hedge against inflation, and most people who are investors are not trying damn hard to save the value of their money, which they are slowly losing by keeping it in banks.

And we all know that when we put our money in banks, they use it for their own purposes and make huge money on our money, while in BTC, we are the owners of our money, and nobody can touch it or use it. The point is that everyone has their own agendas, and we cannot force anyone to not hold BTC for a longer period of time. Instead, I am also in the category of people who love to hold BTC for a longer period of time, but the point is that not everyone could hold BTC. Because adoption is worldwide and different types of people with different mindsets are investing in or using BTC, the probability that all the users will hold BTC is very low or near zero. Due to many other factors.

Bitcoin was created to be an alternative payment system that is decentralized and censorship resistant. It is exactly those things.

If people use this forum to spam does that mean bitcointalk is no longer doing what it was meant to do? lol

Bitcoin was supposed to be decentralized and transactions are sent from one peer to another (not directly to people) and it is still doing that.

Name one

Nobody promised to create a stablecoin when bitcoin was introduced.

Wrong. It always comes down to supply and demand with supply being fixed and demand increasing with increasing adoption. What people do in the market is affecting short term fluctuations.

Name one with their real world use cases

Increasing number of people have been using bitcoin for what was meant to from day one to today...

No one ever said that bitcoin investment is not risky, also being volatile is the reason why people decided to take the risk in it adoption for an investment because they believe in it's value to increase over time, being volatile will make some sell, hodl while those been investors will also find a means of investing when the market goes dip, everything all works together for good, if you're a trader, you can be making income through the bear market while others are loosing, everything has to be base on understanding.


Not all the government supported bitcoin, also know that bitcoin is not centralized, it is decentralized and no government has rule to influence any changes in it.


Has it ever once been obsolete over the pass 14 years since it's creation? Of not then i don't think it will ever be, the more we go the higher the increase in its adoption and people using it for their daily lives despite some government are showing unchallant attitude towards it.