Topic: What can happen next time due to a lack of proper knowledge about Bitcoin? (Read 1300 times)

OP, even though bitcoin dominate today banks will still exist, bitcoin was not even created to over rule other monetary policies, bitcoin serves as digital money and a means of aiding transaction process online, you must know that Bitcoin can not work without fiat because it is still digital money and it has not be made handy yet, there different institutions and firms that will not still accept bitcoin even though it dominated today, some countries will still prefer their traditional currency, there are some set of people that don't believe in bitcoin no matter what you tell them, they still prefer their usual their money to be kept in the bank even it is depreciating they don't care.

Even now, while the knowledge is still fresh and somewhat not a general knowledge to everyone, some financial officers who are working in some financial institutions are out of job. The reason is because they have refused to update their knowledge about all of this.

It is not news that finance is a very sensitive area in human existance and those exisiting there must exercise a degree of exposure to the latest innovations in the space.

That you pay deaf ears to emerging technologies doesn't exempt you from becoming a casualty.

High trust remains in the banking system compared to crypto wallets where a lot of scams happen which creates fear and uncertainties. Even me, I prefer to safely keep my funds in the banks rather than in online wallets because anytime, we can be a target of these hackers and lose our money instantly without any hope that we can take it back. And much more if we don't have knowledge about Bitcoin, about crypto wallets. Knowledge is very important in the crypto space, we can't just set it aside and think that we can do right without this as we gain confidence if we really know about what we are doing.

There are benefits of cryptocurrency but if it legally get credit all over the world then there will be also some bad impacts on each and every country. It is human nature that they always prefer the job which is easy and they can do it from home therefore they will quite to go towards their offices and all types of business will be stoped.

Some old people still prefer banking system even they have complete knowledge of cryptocurrency because they know that banking system is more trusted than cryptocurrency payment. If cryptocurrency get credit then there is a probability that the negative thoughts about its diminishing will reduces. There is no age for earning through cryptocurrency so people will move towards earning and will leave all other activities that make them able to live a better life like that of education, government job etc.

Using bitcoin does not have any  thing to do with developing or underdeveloped,  their is nothing complicated in sending and receiving bitcoin, one just need to understand the right wallet to use in hodling Bitcoin and to understand the volatility of the market. Bitcoin can be use irrespective of where one is. The most important thing about bitcoin is to just seek for knowledge,  if their is a good understanding of bitcoin you are good to go with it. Environment is not a factor for people not to use bitcoin properly.

Bitcoin is undoubtedly a digital currency with a complete package.
But what is still a fear for users who do not fully understand Bitcoin is its high volatility, which causes rapid price fluctuations.
Their psychology will be spurred by these fluctuations, but for those who understand and understand, they will take advantage of these fluctuations to seek profit.

Fiat will not be like Bitcoin and vice versa, these two currencies have their own advantages and disadvantages.
Bitcoin and Fiat are currently still side by side, Bitcoin as an Optional Payment that can be chosen or not, while Fiat is the currency used in every transaction.
It also depends on how Bitcoin regulation is set, as there is a lot of adoption already done.

Most times the cause of such loss is usually as a result of greed, at the time this so called gullible people seek to venture into a new thing they usually want the best out of it instead of laying low or having patience to grow in knowledge gradually they hasten to be as successful as the icons which lead them to the paradigm. As such allowing themselves to be deceived by big promises which seems to be impossible to achieve yet they believe in it.
This greed usually leads to being in a haste to profit not just little but so big. you cannot invest in Bitcoin and expect a 10x profit in 24hrs or less as the frauds usually promises the gullible people that if you invest a $100 in less than 24hrs the expert trader will give a return of $500 - $1000. at this point even if someone genuinely tries to let them know the truth that Bitcoin is not a get rich quick scheme they usually don't believe.

it's sad but every adult is responsible for their decision. letting yourself get used is probably your fault because you fail to ask questions, like why can't you that promised this can of success make use of it yourself? and also forgot that nothing good comes easily. hope experience have done it's best on you. now.


This statement is quit wrong the forum doesn't dislike the bank but doesn't vibe with the activities of the traditional banks as a result of it serving as an agency and/or institution for control of the governments. the forum doesn't disregard or undermine the services which they render but fran at the outrageous cost of services which they render. you might be saying this from your subjective reality based on what you have read or seen people in the forum talked about traditional banks but is an illusion of hatred created by those who have lost to this traditional banks.

You are contradicting everything you have said, the problem itself is what you tag as help/solution which they offer. though banks makes things easy through fiat in the current situation of buying and selling since Bitcoin is not yet recognized currency in some countries but serving as an eye to the government is what I don't appreciate about traditional banks they create a scenerio where people can be manipulated by the government, by taking away their financial freedom which Satoshi created Bitcoin for to elevate people from central control of government.

Yes Bitcoin gives full control over our money which is was the aim/goal of satoshi in creating bitcoin. the volatility of Bitcoin is not a problem rather its another opportunity which most people like me and others are benefiting from right now by buying and holding for long term and profiting during the bull run.

Even though banks will be needed in future it won't be for the same reason the governments wanted it for, it will take a new shape either by adopting Bitcoin or being a face to face bank rather completely detached institutions as it is right now for people to have trust in them.


The truth is not everyone knows how to teach, some people just talk to you about things and let you find out the rest yourself but some may go into details to teach you gradually, step by step. this are the two categories of teachers. so the first person you introduce you to Bitcoin might be from the first category that only introduces the pupils to the matter or course and let them find out things themselves but the second you took time to put you through falls in the second category.

The first category of teaches always lead to discouragement sometimes but it makes their students learn fasted and harder, we can't expect everyone to be the same but congratulations you found the forum where have learnt alot just as I am learning right now.


Though Bitcoin has come a long way in helping both the status quo poor people and status quo rich people who saw the advantages of Bitcoin but in comparison to fiat as Bitcoin is taking a global acceptance it's not what digging too much about, in a far or near future Bitcoin will be a generally accepted currency both in the rural and urban areas but in the main time it's still going to work Vice Viz with fiat and banks are going to gradually adopt it to there system.

Before these days that Bitcoin as the first crypto currency came in existence, there had been functionable means of the of the Fiats and people doesn't just have it a  choice of earning and luring with no doubts of its operational system.
The truth is that something already existing would only be valueless to the usage of people at when only a more better option is invented then doubts and and excuses began to come towards the formal existence.

This is exactly how Bitcoin has come to distabilize the fiat currency because the potential qualities of Bitcoin is beyond the utilization of the fiats.
Bitcoin could succeedingly surpassed the fiat as an exchange not only because it is a global accepted digital currency but also the potentialities to creating of wealths including its potentials to hodl a long-term and the short-term investment.

Bitcoin is indeed tenderly taking the fiats to exticrii

As a newbie, you will naturally have these kinds of thoughts. Just like your post title it shows you do not fully understand bitcoin, which is even more reason to be considering the drawbacks of using bitcoin as a worldwide payment method. After you have thoroughly researched bitcoin, I believe you will be able to respond to the majority of these inquiries on your own. When you compare its benefits and drawbacks, you will see that, once bitcoin is widely recognised as a form of payment, it will solve more issues than it will cause problems. Over time, individuals will eventually learn to overcome these challenges.  

When monetary and banking system was introduced in the early days it also posed a lots of challenges to people which most people find it difficult to understand and adapt to its usage but with time the majority of people fully understood it and it actually solved a lot of issues and made things more easier for people. If a virtual currency is used as a global currency it will gradually make the banking system irrelevant because it was designed to improve on the lapses of the banking system but bitcoin was designed so people will have total control over their money as banks have been a threat to people and their money. Bitcoin is designed to be used as an alternative form of payment.

When bitcoin is being used as a global currency people who do not have knowledge about will simply have to learn about because everyone else also learned about it and they will adapt to its usage gradually.

Remember that people hated fiat money when it was first introduced as well, but they eventually became used to it. The same will happen with bitcoin and other cryptocurrencies. Every new plan will undoubtedly be opposed by a certain percentage of people in life, but it shouldn't impede a new development that would benefit the majority. It is important to educate those who are ignorant about it about its significance.

That is why bitcoin and cryptocurrency is essential and this is one of the problems it solves. These set of people have issues trusting the banking system because they want privacy and so they prefer to save their money with themselves so they can have total freedom and control over their money. If this is the reason why they don’t believe in banks then they will have no problem using Bitcoin because was designed to give people the financial freedom they deserve.

I have seen the same thing in different places and it's sad that there's just a lot of gullible people that are being roamed around by these fraud people.
While I understand that with all the stupidity that the gullible people does, well to be fair I am one of them before but experience have thought me toughly on this regard.

It all depends on their audience, if in general their audience is gullible people or those who still lack knowledge about Bitcoin and crypto, they are very easy to be deceived.

I've seen news stories about a group of people being scammed by fraudulent investments using the name Bitcoin.
They initially gave a class on how to double Bitcoin, how to trade for beginners, but in the end had to deposit some money to buy Bitcoin that would go into their account.

But in the end it's just a hoax that will take all their money.
This is how if ordinary people find the wrong mentor or influencer, they will easily be deceived by sweet promises of many benefits, but in the end will only be cheated and abandoned.

It's okay to be stupid but willing to learn and have a critical attitude, because that will be the first protector.
Don't easily believe what others say.

Mass exodus as what happened in 2018. People pulling out their ingestments never to return again after realizing that bitcoin’s not the “end all be all” money making machine that it was made to be. That or yet another price dump which bitcoin will slowly recover from but certainly something that it will suffer from for a good amount of time.

The good news is that there’s more information about bitcoin now more than ever, and of course, people are more informed and knowledgeable about bitcoin these days compared to uears prior. So at some levels you must lige under a rock or something for you to actually be this misinformed about bitcoin.

Most of the time, these days, there are a lot of gullible people and even someone who lacks knowledge about Bitcoin becomes a genius on their eyes.
And that's why they believe what the little knowledge is being told to them but you're right, that it depends to the person that receives the information.
Because if they are critical enough to verify and check every information being told to them, they won't be as gullible as those people.

It also depends on who catches it, whoever is critical enough with all sorts of advice from others, then there will be questions about where the knowledge and opinions come from and whether the opinion giver has the knowledge or not.
There will be references as proof that they learned it, Without any references they will only make up with their limited knowledge.

It's better to look stupid but still want to learn and admit that he still lacks knowledge, than to admit that he has a lot of knowledge but is actually just a boast.

If I were to base it on the title you made, the answer would be like this: when we enroll in a school, we don't study the lessons taught by the teacher. Do you think you can finish your education if you don't study what you should study? Can you learn anything if you don't learn and study anything?

It's the same with Bitcoin; we must learn and study it to know and discover how it has potential and how it can also provide an opportunity to every person who believes in this field of business. Do you get it?

And that is why it is important to read at least those posts that are meaningful and sharing important knowledge that we can absorb and extract.
Those that lack knowledge about Bitcoin, they are relying on themselves and that makes them think that they know a lot of things but in real, they don't.
That gives them to voice out their opinions and leading people wrongly because what they say are wrong and that's one result for having lack knowledge in Bitcoin.

yeah fiat wont be completely ruled out but people will end up given more value to bitcoin than to fiat and that is what is about to happen ans have even started in other places, like El Salvador that have allowed and accepted bitcoin has a ledger tender that is to show how that between will go and the government is putting in all effort to make it centralized, and i don't know why the government don't want to leave the system alone, and because of the financial advantage that bitcoin has that is why a lot of people are preferring investing in bitcoin than any other thing. and even before fiat gold was their and when the initiative of fiat came gold is still their so bitcoin is also consider an alternative with good benefits. and the change of bitcoin is getting better and the people are getting more interesting, if you have not buy your bitcoin now is the best opportunity.

i also think it depends a lot on how we teach bitcoin in my case i have encountered cryptocurrency two times the first time no one really explained to me what was cryptocurrency or what was bitcoin they just pushed me into the world of crypto and told me to do this and that which made me lose interest i didn’t study much about it and everytime i have to look at a market i get bored and discouraged

but someone else patiently taught me about bitcoin carefully and in detail
they also introduced me to this forum which allowed me to study further about bitcoin specifically
seeing all the members of this forum made me realize the importance and the benefits of bitcoin because of the posts i read in here which really showed me the impact bitcoin has

Theres no doubt that the forum dislike the standard banking , but it could be getting in the way of a balanced view. Even though banks have problems, they have been very important in creating our economy. They make deals easier and keep the economy going, but they also let the government keep an eye on things, which is an important point that we cant miss.

Crypto promise financial freedom by breaking away from centralized control in a new way. Can they completely take the place of banks? Not likely in the next few days (months or even years). At this point, they play a more supporting role, filling in the gaps left by traditional banking systems. For example, Bitcoin gives us more control over our money, but it also has some problems, like instability, unsure rules, and so on.

So, Bitcoin should be seen as a way to give people more power, not as a full-on solution to replace banks. We should focus on using its strengths while also being aware of its weaknesses and the fact that standard banking systems will still be needed in the future.

In terms of application, Bitcoin will find it difficult to replace all fiat currencies. Bitcoin is a financial innovation that has several advantages over the existing financial system.  It was not intended to completely replace fiat currency, but rather to give an alternative.

Bitcoin, like the Internet, is a revolutionary innovation that offers new ways of existence... however, while the Internet is widely recognized, not everyone in the world has access to it and is surviving.

So, don't let your fear of change lead you to assume that Bitcoin will reduce employment opportunities, because Bitcoin has generated and will continue to create many jobs.