Understand this - Bitcoin is not a commodity it is a working product

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: Cointikka on August 11, 2019, 12:04:31 PM

When will they understand Bitcoin is not a quick "Make me Rich" product. I have been following this forum for more than a month and most of the time Users here are talking about the price or are trying to find out when the price will reach a new all time high.

But if you really understood the incentives, it's the game theory/greed that keeps the network together.

Quote

If you understand Bitcoin and the concept, it was never meant to be a commodity. It was meant to be and will always be the replacement of FIAT currency and Financial dependence. It is was never never meant to become a quick way to become Rich.

Volatility is only a side-effect of HODLING/buying/selling something with limited supply/varying demand. By design, is Bitcoin a good replacement to fiat currency? The opinion varies, but it's working as a store of sovereign value, giving financial independence.

Quote

It simply meant Financial Freedom from those individuals who control our present finance. Who controls them I do not know?

It meant freedom from controlled money and to ease of live.

But can I save some of my money in Bitcoins? Who said we can't. Financial Freedom. Cool

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

Quote from: Cointikka on August 11, 2019, 12:04:31 PM

When will they understand Bitcoin is not a quick "Make me Rich" product. I have been following this forum for more than a month and most of the time Users here are talking about the price or are trying to find out when the price will reach a new all time high.

If you understand Bitcoin and the concept, it was never meant to be a commodity. It was meant to be and will always be the replacement of FIAT currency and Financial dependence. It is was never never meant to become a quick way to become Rich.

It simply meant Financial Freedom from those individuals who control our present finance. Who controls them I do not know?

It meant freedom from controlled money and to ease of live.

You are right, and it is very important they Bitcoin is an alternative to fiat, a way to have money that isn't under control of a certain country. However, there are reasons why people mainly concentrate on the price. One of them is volatility. Bitcoin is so unstable in comparison to fiat that we cannot just ignore it. And because of that trading and holding make sense. Of course, some say that 1 bitcoin is always one bitcoin and it's all that matters, but I disagree with this approach. Fiat helps to see how significantly the purchasing power of Bitcoin differs. Another reason is that while bitcoin is money, there aren't many ways to use it on regular basis. It's hard to find a cafe or a shop that will agree to accept Bitcoin.

SquallLeonhart

legendary

Activity: 2464

Merit: 1102

Quote from: bitcoinposts on August 17, 2019, 01:29:57 AM

Bitcoin will be in continuous development the difficulty of alogarthim will generate more bitcoins so we can say btc as continuous development project until btc reaches 21 million btc

Yes we know that, bitcoin will eventually get exhausted at one time, which all depends on the level of demand for it, at least from that 21 million btc now, 17 million is already gone, leaving us with 4 million now, but let’s take a look at it this way, what happens after the last bitcoin has been mined? Will the market still be bubbling or will it just remain dull and stagnant because as we speak at the moment, bitcoin is being used mostly for investment.

Many people accumulate bitcoin to keep in their coin and not using it as much as they should use it for transactions which is why it was created in the first place, so there is need to start encouraging more on the use of bitcoin for commodities and other payment of goods and services, and merchants really need to start now, because who would buy bitcoin if we are all keeping it in our wallet.

peter0425

sr. member

Activity: 2618

Merit: 439

Quote from: Cointikka on August 11, 2019, 12:04:31 PM

When will they understand Bitcoin is not a quick "Make me Rich" product. I have been following this forum for more than a month and most of the time Users here are talking about the price or are trying to find out when the price will reach a new all time high.

Because of continuously growing in price that’s why people here tend to generate income just by holding bitcoin things that must be a concept of using this.though there are some point that they are right since most controls don’t have options on how to use bitcoin as Fiats and what left them isn’t to wait till it happens that’s why they are holding

Quote

If you understand Bitcoin and the concept, it was never meant to be a commodity. It was meant to be and will always be the replacement of FIAT currency and Financial dependence. It is was never never meant to become a quick way to become Rich.

That’s the sh*t part about what they wanted to become richer just overnight or sooner as the bitcoin reached hundred thousand bucks

Quote

It simply meant Financial Freedom from those individuals who control our present finance. Who controls them I do not know?

It meant freedom from controlled money and to ease of live.

But the question is,is Bitcoin really not being controlled by individuals?well manipulation is still an issue here

Baronets

member

Activity: 92

Merit: 15

Baronets is the Jet Cash domain management service

Quote from: franky1 on August 11, 2019, 06:32:24 PM

bitcoin is not a commodity. as a commodity is a raw material used to create other products

I had to do a lot of mental adjusting to understand how "Bitcoin" fits into the modern world. It seems to have so many meanings, and this includes its unique blockchain structure. I think of Bitcoin as a commodity rather like gold. Gold is pretty useless until it is refined, and its use as an asset/currency requires it to be assayed and cast into coins and ingots. Similarly Bitcoin has no use until it is verified, and it is incorporated into a mined block. The real revolution of Bitcoin is the way that a simple virtual commodity has been worked into a wide range of advanced economic products, and this range will continue to expand in my opinion.

bitcoinposts

member

Activity: 448

Merit: 10

Bitcoin will be in continuous development the difficulty of alogarthim will generate more bitcoins so we can say btc as continuous development project until btc reaches 21 million btc

Maslate

hero member

Activity: 2954

Merit: 672

Message @Hhampuz if you are looking for a CM!

This is the unique feature of bitcoin why it should be love over gold and other precious things that has no good use case.
I invested in bitcoin because I believe in blockchain and I believe in decentralization, and I fully understand that it will take a lot of time before people will completely adopt with crypto and that time, we will see the real adoption.

For now that we are still in the early stage, we can see a lot of FUD and HYPE that might affect our perspective on bitcoin in the future, but if we look its real value over the price that we will be seeing on a daily basic, that's when we fully understand its potential.

Omoiloye

newbie

Activity: 109

Merit: 0

Quote from: Cointikka on August 11, 2019, 12:04:31 PM

When will they understand Bitcoin is not a quick "Make me Rich" product. I have been following this forum for more than a month and most of the time Users here are talking about the price or are trying to find out when the price will reach a new all time high.

If you understand Bitcoin and the concept, it was never meant to be a commodity. It was meant to be and will always be the replacement of FIAT currency and Financial dependence. It is was never never meant to become a quick way to become Rich.

It simply meant Financial Freedom from those individuals who control our present finance. Who controls them I do not know?

It meant freedom from controlled money and to ease of live.

Bitcoin is meant to be a better monetary system than Fiat. For price speculations it's something we can't do away with too, people have gotten rich with bitcoin even a late adopter as early this year would have tangible returns by now also some bought at ATH and still unable to sell so this forum provide all sort of information about the cryptocurrency space even price speculation included. I ll suggest if you are looking for more technical information you can visit section dedicated to such discussions

Gozie51

hero member

Activity: 2660

Merit: 630

Vave.com - Crypto Casino

Quote from: Cointikka on August 11, 2019, 12:04:31 PM

When will they understand Bitcoin is not a quick "Make me Rich" product. I have been following this forum for more than a month and most of the time Users here are talking about the price or are trying to find out when the price will reach a new all time high.

If you understand Bitcoin and the concept, it was never meant to be a commodity. It was meant to be and will always be the replacement of FIAT currency and Financial dependence. It is was never never meant to become a quick way to become Rich.

It simply meant Financial Freedom from those individuals who control our present finance. Who controls them I do not know?

It meant freedom from controlled money and to ease of live.

Apart from your idea that bitcoin is also meant to replace fiat , I also believe it is a make fast rich system. Alright.. For the sake of example, bitcoin was selling around $4,000 in March but it is around $10,000 now. This is a good profit for someone who bought just one, and multiply the difference for 5 btc... Grin

cabron

hero member

Activity: 2800

Merit: 595

https://www.betcoin.ag

Well becoming rich is their way to get out of all these being controlled and become slave to this economy that you have to work all thier lives inorder to pay taxes. They find their solution to all these to Bitcoin. If its not get rich quick, they wouldn't be here trying to speculate everyday about when BTC is going to be $500k

fullhdpixel

hero member

Activity: 2828

Merit: 611

Quote from: Cointikka on August 14, 2019, 11:17:17 PM

With due respect, Individuals like you have changed the CORE reason Why Bitcoin was created? Trading was secondary part and replacing Fiat was the core reason why Bitcoin was created. Now, it is considered more like a quick way to earn Fiat and become rich.

Yeah right, people are turning the system away from the original reason why it was created, and I feel like before anybody would back his or her argument up as regards the subject matter, they need to first go back to satoshi's whitepaper and read the first paragraph and then some other paragraph that followed it, they will see clearly where he stated the main purpose of bitcoin, and like you said, it is to actually serve as alternative to fiat, not to completely replace it because I am sure that by now, if he had written in the whitepaper directly that the purpose is to replace fiat with it, then the coin would have been in a whole lot of trouble from world’s leader now, but it is you and I that knows that as the system gradually gets adopted, there is possibility of it replacing the fiat in future.

maxreish

sr. member

Activity: 1330

Merit: 326

You can't blame people who misunderstand the concept of bitcoin, they believe it is some kind of digital investment that may sudden get some profits. And yeah, it was originally made for other purposes as blockchain technology but that doesn't mean it will definitely reload fiat money.

Since more people are gaining because of it's volatility, it was hence considered as digital assets rather than a cryptocurrency. Lol

pakhitheboss

hero member

Activity: 2156

Merit: 803

Top Crypto Casino

Quote from: Cointikka on August 11, 2019, 12:04:31 PM

When will they understand Bitcoin is not a quick "Make me Rich" product. I have been following this forum for more than a month and most of the time Users here are talking about the price or are trying to find out when the price will reach a new all time high.

If you understand Bitcoin and the concept, it was never meant to be a commodity. It was meant to be and will always be the replacement of FIAT currency and Financial dependence. It is was never never meant to become a quick way to become Rich.

It simply meant Financial Freedom from those individuals who control our present finance. Who controls them I do not know?

It meant freedom from controlled money and to ease of live.

Completely agree with you. Bitcoin is considered more like a commodity and less like a replacement to Fiat. Traders and newbies are considering it a quick way to make more Fiat and become rich. Whereas the original concept was to use it as an alternative form of currency to transfer money and slowly replace it with Fiat.

Cointikka

member

Activity: 72

Merit: 36

Quote from: CryptoInsights on August 11, 2019, 12:40:07 PM

Quote from: Cointikka on August 11, 2019, 12:04:31 PM

When will they understand Bitcoin is not a quick "Make me Rich" product. I have been following this forum for more than a month and most of the time Users here are talking about the price or are trying to find out when the price will reach a new all time high.

It is only the topics like trading discussions, alt discussion or beginners. If you want to read about concepts there are serious discussion and technical discussion topics. Traders sometimes do see crypto currency as a opportunity to earn. If you are not interested in the those discussion you can focus on the technical topics.

With due respect, Individuals like you have changed the CORE reason Why Bitcoin was created? Trading was secondary part and replacing Fiat was the core reason why Bitcoin was created. Now, it is considered more like a quick way to earn Fiat and become rich.

darewaller

hero member

Activity: 2926

Merit: 640

You can preach all this from now till eternity, people would still be more interested in the financial breakthrough part of it and if you were to be sincere to yourself also, you will agree with me that it was what first attracted you to cryptocurrency also, abut with time, you saw and understand better the useful of crypto which you are no using now.

In my church, they usually say that allow the worldly people to comes as they are, even if they are not dresses rightly, we will change them and their mentality, same as what we should do now, if having that mentality temporary is what will bring them to the cryptocurrency community, then we should welcome them, from here, we will hem make them understand the real reason why crypto was created and encourage them to use it.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

The moment when the price jumped to $18 000+ ....loads of speculators jumped onto the Bitcoin bandwagon to make a quick profit and a lot of those people are still waiting around to get any kind of return on their investment, because they bought bitcoins when the price was at a ATH.

Friends of mine bought coins when the price was at $17 800 and they are still waiting since 2017 to get any kind of return on their investment. So it is normal for these people to get anxious, because they want their initial investment money and a little profit for their efforts. Sad

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

Quote from: Cointikka on August 11, 2019, 12:04:31 PM

If you understand Bitcoin and the concept, it was never meant to be a commodity. It was meant to be and will always be the replacement of FIAT currency and Financial dependence. It is was never never meant to become a quick way to become Rich.

It simply meant Financial Freedom from those individuals who control our present finance. Who controls them I do not know?

It meant freedom from controlled money and to ease of live.

It was supposed to be that, though of course you can't control a free world with lots of players in it. We all know that money dictates almost everything in this world, and people found out that they can trade bitcoins to fiat and so the rest is history. It was then used as a commodity for the most part but the darknet has other things in mind, and so used it as their primary currency when dealing with other people that wishes to buy stuff illegally. As time goes by, it became clearer and clearer that people wanted to use bitcoin as something to get profits from for the most part, and so the reason why it became a money making machine for a lot of people and why the primary perception by the newbies is that it's meant to make you rich, and not really its initial purpose, which is to serve as an alternative to fiat and to free people from using banks.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: buwaytress on August 11, 2019, 11:01:49 PM

And when the commercial money is busy putting up ads and billboards about Bitcoin being digital gold, when whales are storing private keys in 3rd party mountain vaults... Can you blame mainstream interpretation?

You're more referring to smart money. I definitely get it that it goes against the general idea that you should be the sole owner of your private keys, but when you're so wealthy in Bitcoin to dollar terms, it's different.

Smart money knows it isn't safe enough to hold all their Bitcoin themselves. They spread the risk by utilizing the storage service provided by an entity they trust, which in this case is Xapo.

Would you be comfortable with holding $100 million in Bitcoin yourself? Or would you be more comfortable knowing that you have a portion of it stored elsewhere? I probably would go for the latter to be honest.

I do agree about the drop gold commercial. It's quite controversial but then again, we can't complain about the media attention it generated for Bitcoin. It got a lot of gold bugs understandably really upset.

Nadziratel

sr. member

Activity: 1568

Merit: 321

★777Coin.com★ Fun BTC Casino!

Quote from: Cointikka on August 11, 2019, 12:04:31 PM

When will they understand Bitcoin is not a quick "Make me Rich" product. I have been following this forum for more than a month and most of the time Users here are talking about the price or are trying to find out when the price will reach a new all time high.

If you understand Bitcoin and the concept, it was never meant to be a commodity. It was meant to be and will always be the replacement of FIAT currency and Financial dependence. It is was never never meant to become a quick way to become Rich.

It simply meant Financial Freedom from those individuals who control our present finance. Who controls them I do not know?

It meant freedom from controlled money and to ease of live.

Like or not, most of people think that BTC is a profit machine. If you see, all of the forum follow BTC's price closely. Because it is important all of us. We are looking for a USD value. Sad but true.

Jating

hero member

Activity: 2842

Merit: 772

Initially that was Satoshi wanted to happen, an alternative to fiat system that could help individuals the needed financial freedom that we all have been waiting for. However, when the price of bitcoin grows, to $10-$100 then the whole landscape can change.

It not began an era wherein people are trading and speculating on the future price of it, thus becoming a speculative asset. So it also evolved as well, from the initial vision of the creator to one of the best assets, even comparable to gold or even oil.

Topic: Understand this - Bitcoin is not a commodity it is a working product (Read 305 times)