Topic: What can happen next time due to a lack of proper knowledge about Bitcoin? - page 2. (Read 1298 times)

In as much as I agree with you that traditional banks and it's services are currently important, I also will want to  know you that the hatred for financial institutions here in the forum has created an illusion that this traditional banks are absolutely useless or it services are not important which is wrong but I will definitely not dispute the fact that they really offered alot of help as third parties in our various countries and life in general though they may have lost trust but still doesn't warrant the absolutely hatred on them.

The governments uses this banks a means to control the entire operation of citizens that is exactly where there is slack in the banking system but cryptocurrencies (Bitcoin and shitcoins) are here to fell up this gaps that banks has open in the hearts of citizens to elevate us from central control of the government and set financial freedom to all who grabs the opportunity.

Banks will only be less useful in future and this future may be centenary or more because it will take alot of time to reach the point which banks won't be needed. maybe it will still be needed but in a different manner, maybe it will require people to have contact with their third parties not the completely detached institutions that operate now. for the fact that this future is not yet here we don't need to overemphasize on the hatred but can grab the opportunity that bitcoin has brought to our table.

As of now, we need to utilize banks because Bitcoin is not yet legalized in all the countries over the world. I didn't hate banks but I can't deny that most of them are profiting from people's money. However, banks is a guarantee that your money are secured with them than to carry it by yourself. The disadvantage I see in Banks is the ROI, it is very low while with Bitcoin it can possibly be doubled within a year and you can guarantee that your funds are safe if you keep your key in a safe place.

No matter what we think or say about them, we are going to need both fiat currencies and banks until Bitcoin is usable more as a currency or a payment method than an investment asset because we have no choice. We love Bitcoin, and we want it to stay around forever and keep serving the properties that it has to us but we also can't deny the fact that we currently need money, in our local currencies, to be used for our expenses since Bitcoin isn't accepted everywhere in the world right now.

So, the rage and the hatred towards banks and traditional financial institutions are all useless for now because whether we accept it or not, we are all using them for our daily needs at the moment, and I believe we should wait for the time when we can finally say that we don't need their services at all and then say whatever we want about them and that will be fair and have no hypocrisy from our side at all.

Put differently, the so called status quo rich people for this reason of Bitcoin tending to be an equalizing force wouldn't likely let the status quo poor people reach their social status hence they work with the government or are the government itself, inorder to maintain the central control idea which Bitcoin oppose.
The concept of Bitcoin seems to be an attack to the social strata that has been in operation, when this status quo poor people end up seeing the advantages of Bitcoin and get involved & thereby prosper, then the social mobility is powered the government tends to be freightened by the speed in which the status will change and hence will use the banks and governments to manipulate them.
They believe when this status quo poor people get some level of exposure as a result of being elevated with Bitcoin, there will be a fight back because they may have enjoyed freedom and wouldn't likely go back to being manipulated. this is a major issue surrounded around the fight against Bitcoin, since they may not be able to make it open they have to use some covers like KYC etc as a welcome development to still initiate the central authority idea.

In as much I understand the perspective in which you are speaking from I will say most people who don't understand the concept of Bitcoin are mostly from remote areas or rural/under development environment because they may lack exposure to technology at the moment but when trying to enlighten them about Bitcoin one must not be in a haste because it may be misunderstood and then seems to them to be a scam but when you put in some effort understanding the type of things in which this people understand then relate Bitcoin to what they value or understand better it will be easier to convey your message faster.
Empathetically, if I have to be in their shoes I would love to see evidence that shows that something like Bitcoin truly exist either by the results of it in the life of the conveyor or something else but you wouldn't expect people from some interior underdeveloped areas to just believe what you convey.
So it more advisable to only educate those indicate interest and when changes occur in the life's of this people you can make reference to them then it will be easier to penetrate the hearts of people who may not understand Bitcoin at the moment.

It takes patience in teaching about Bitcoin to people who don't understand anything about Bitcoin, because if in our delivery we don't make them interested, of course they won't listen or even respond to what we have explained to them, but if we introduce it to those who do have The desire to know about Bitcoin will certainly be easier for us to convey it, so it will be better for us to convey it to those who don't respond well to what we have conveyed.

We don't need to explain in detail because they won't want to learn about this. and for those who want to learn it, we can teach it and guide them until they really understand Bitcoin well.

Even though I agree with the idea of bitcoin as an equalizing force, yet status quo rich people, institutions and countries have advantages to acquire more bitcoin than status quo poor people, institutions and countries.  At the same time, the status quo poor  may well end up seeing the advantages and/or their ability to prosper by getting involved in bitcoin earlier, which is part of the justification why there is likely going to be some ongoing wealth redistribution that comes through bitcoin and for those who identify getting involved in bitcoin earlier and who are able to accumulate bitcoin without necessarily losing too much of it along the way.

Bitcoin has solved the math, and in addition, solved the central controlling overbearing nature of the financial system. Most importantly, the blockchain technology it brought into the financial system is the main reason why people adopt and appreciate it as it's revolutionary. And of course, Bitcoin itself is a currency, so it was obvious that after the right acceptability and adoption, it would be inculcated into the financial system which is what we see now. Bitcoin is capable of doing what every other currency is capable of doing, also on its own, it has the addition of privacy and anonymity which makes it unique.

Additionally, what I believe Satoshi realized and solved which people seldom talk about is the disparity of payment systems among nations of the world. You might not know, but the top world countries were the ones enjoying most of the payment gateways before now, they were disenfranchising others for the reason best known to them. But Bitcoin solved the issues and we are equal before it. What the person in the USA could do with their coins is exactly what any person in the poorest country could do with their coins. This removes sidelining and favouritism, but people do not often say this even though it's mostly appreciated and has solved a whole lot in poor countries.

Like I have said before Bitcoin and other cryptocurrencies (shitcoins) are not in competition with with  traditional banks but are only here to offer a well cherish services with is elevator from centre control from government and the manipulation of monetary policies of the government, base on your assumption cryptocurrencies might replace banks in future is not correct or might be correct in some point but their is a big difference between banks and fiat or printed money, banks are the third-parties with hand and administer fiats but not fiat it self cryptocurrencies as you said could replace fist in future which we may not witness because it might take a centenary, even with this current improvement in adoption of Bitcoin and other shitcoins or crypto assets it doesn't mean third-parties won't be need in future rather it will require a trust system that will likely be an individual or institutions that are not completely detached, which means people will prefer to have a face to face or personal contact with their third-parties instead of the current operation of the traditional banks which is completely detached.

though banks may have betrayed the trust which was and is entrusted/beckoned on them but we cannot for some reason disregard or undermine the helps which banks had rendered. The purpose of Bitcoin is not to revenge what do ever that banks may have cost people, Satoshi created Bitcoin to free people from central control of the government and set financial freedom to all and not to take avenge or revenge on the banks.
In my opinion saying we will not give them a second chance sounds like we (you and whoever thinks in this same manner)  are in a competition with the banks, Bitcoin is not in any competition with banks, it's only fulfilling it goals whis is to freedom from government manipulation.

Your statement maybe considered void or should I say not correct.
Bitcoin is gradually being accepted globally, have you checked out the statistics of Bitcoin? or the performance of Bitcoin in recent times? you really have to check out some things and find out yourself. With the way you sound it seems you do not really read alot because the banks in which you support is just made up to have everyone in the hand of some f***kup minded people who only protect themselves from coming down from. the position which the assume or are afraid of people becoming rich as they are, the government which is in control of the the country is only using the banks to have everything being manipulated in their favour. How many people trust their banks? haven't you seen people panic as a result of the banking system policies? the current situation of people still patronizing the traditional banks are mostly because they have no choice for the time being, imagine when people begin to handle they without control do you think banks will have much costumers to serve? most of this banks are still in business cause the are no much option yet. traditional banks are tools used by monetary agencies of a state to control the lives of their citizens, I believe that is the exact reason Bitcoin has be initiated to free people from this set of people that manipulates the I've of people. Bitcoin is decentralized currency that allows everyone to have absolutely control of their funds.

Bitcoin is not only understood by young people mate, it depends on your view or the area which you are located. there are lots of people here in this forum whom are advanced of age but are well acquainted with the know of Bitcoin, e.g @philipma1957 , @The Sceptical Chymist, @Jet Cash etc this all advanced people by age but are well and far aquatinted with this Bitcoin knowledge, there is absolutely nobody who can't understand but because of the level of there exposure has reduce the understanding in them but concluding that only young people can understand Bitcoin is absolutely wrong.

This does not make a whole hell of a lot of sense.

The system is fairly complex, and it is likely that a lot of people are going to have to figure out various ways transition into bitcoin, and surely there is ONLY about 1% or so of the world's population that has any meaningful level of bitcoin, so are you considering just to completely drop bitcoin and go 100% bitcoin..

That's ridiculous, even though I don't disagree with ideas of protecting ourselves, safeguarding ourselves, and comparing various options including sometimes if we are paid in dollars we spend the dollars first, but that does not necessarily tell us very much how to approach specifics, yet an overwhelming number of normies are not going to be in a position to transition in to bitcoin either 100% or even high concentrations of net worth in bitcoin.  

First things first is getting off zero, and then building a bitcoin position, and it could take years, years and years before someone has built a large enough BTC stash that s./he has more options in bitcoin and might be able to "just say no" to banks.. but even that is a bit pie in the sky including people that we likely interact with too.. some will want to interact in dollars, and maybe more and more will be ready, willing and able to move some of their value into bitcoin in order that circular economies in bitcoin might become more practical and in practice rather than theories that are not realistic if we live in communities in which we ONLY know a few people who accept and/or transact in bitcoin, versus if we know where to buy our various products and services in bitcoin, we are likely going to be more empowered by those kinds of direct interactions to the extent that normies even know how to directly transact in bitcoin and/or in lightning and/or in other bitcoin - pegged products.. I am not really referring to any shitcoins in this regard, but sometimes bitcoiners might need to figure out if there might be abilities to transact in shitcoins and not in bitcoin.. or if bitcoin remains one of the available options.


You are not really saying much, and you don't even seem to be attempting to grapple with the questions and/or several of the problems that bitcoin is capable of resolving (or at least addressing and providing alternatives / other transactions and/or storage of value options) .


Fuck crypto.. Get to know bitcoin first, and surely even within the ideas of studying bitcoin first, there might be some circumstances in which shitcoins come up and some circumstances in which shitcoins might be used in some given area,  but try to stay focused mostly on bitcoin instead of letting yourself get distracted into shitcoins or even feeling like you need to say "bitcoin and crypto," when it is not necessary.  Focus on what is happening with bitcoin, and if their happens to be some various shitcoins in your area or relevant to whatever you are talking about, then surely you might acknowledge such happenings and/or even point out what is going on with the shitcoins, whether it is even important at all beyond just mentioning that some people are involved in x, y and/or z shitcoins for this that or some other purpose.. if you actually see it on the ground rather than hearing about crypto and thinking that it is important to mention crypto just to sound like you are smarter because you are not bitcoin exclusive.. which surely is dumb in and of itself, even though any of us can here a lot of seemingly smart people talk with such loosey goosey language and acting like they know what they are talking about when they likely do not... especially if they use the term crypto without some kind of a proper reference as to why it is being used, discussed or put at the side of topics in which we are talking about bitcoin.

Sometimes wanting to introduce bitcoin, systems, concepts to lay people is still difficult and they almost don't believe the concept after it is explained. I told my friends the same age as my parents, that they believed from the start that they only knew fiat money. only young people believe because the version of the modern world has changed. Until now, young people in my area can get to know bitcoin and crypto

bitcoin will never overtake bank, because now it is hard to predict that bitcoin will be adopt all of the country in future,
banking system is very strong, economically a country is managed through banks without it a state is immobilized,
so still people's have to trust their traditional bank, but i am not saying  that bank is completely secured,

The banking system has disappointed people in many ways. In the last economic crisis, the banks were bailed out with taxpayer money, and we were left with that money. This is unfair, and it shows that banks do not value people. We gave them a chance, but they abused our trust. It's time to let them take care of themselves. We will not forget what they did, and we will not give them a second chance.

The popularity of cryptocurrencies is growing rapidly and it is likely that it will replace banks in the future.

 I don't think this will happen immediately. It will take some time for people to accept cryptocurrency as an official payment method.

As cryptocurrency adoption increases, banks will need to adapt. They can do this by offering crypto-based services, such as crypto wallets and crypto payments.

If banks do not adapt, they could be devastated and become obsolete. However, I think this will be a gradual process.

In reference to bitcoin as a paradigm shifting technology, you (Churchillvv) are not wrong about anything that you seem to be saying, but it might be helpful to try to flesh out what you are saying a bit better, but surely you are on the right track.. and maybe talking about paradigm shifting cannot completely capture all of the special things about bitcoin, but it surely puts bitcoin in a category that is quite difficult to proclaim any of the shitcoins are fitting into a similar kind of category.

So for example ethereum and some of the other supposedly high market cap coins like to compare themselves to bitcoin as if they were similar to bitcoin (but different in some interesting ways.. blah blah blah) or they are better in better than bitcoin because of x, y or z reasons, and even though an overwhelming majority of them are distracting scams because they are frequently trying to print money and enrich the founders rather than really serving any meaningful purpose, and perhaps some of them do find some interesting and potentially meaningful purposes, such as Ethereum and some ofthe ethereum imitators abilities to empower people in the somewhat more user-friendly ways of writing, developing and promoting software that is largely just meant to enrich the founders rather than either providing some kind of service or being genuine in their claims of what they are going to do in the future. 

These various shitcoins and projects can still out-perform bitcoin for various short periods of time, and could even have very extended periods of outperforming bitcoin and maybe some of what they might be doing would be to attempt to support status quo systems and to undermine bitcoin, while stating that they are doing other supposedly good-for-society types lf things, but they may well be just being used to attack the robustness of bitcoin.

So, a paradigm-shifting technology, such as bitcoin, ended up radically transforming the ways in which we can both communicate information, and to be able to attach monetary value upon such information (whether it is transmitted or just held in storage), and even though several POW coins were attempting to replicate various aspects of bitcoin, they still would need to attract mining power to go over to them, so earlier in bitcoin's growth, it was likely more vulnerable to potential diversions of mining power and resources over to some other POW coin, and at the same time, bitcoin is not completely immuned to such attacks to split the network and to confuse incentives in regards to which is the "real bitcoin," or which of the forks will end up winning the sound money proposition - if there is a kind of assumption that it is difficult to maintain two, unless they might be very close to equal... which did not seem to be the case in the block-size wars of 2017 and even a variety of potentially competing forks that so far all ended up failing pretty spectacularly, even though it took a few years for a couple of the greater competitors of Bcash (BCH) and Bcash SV (BSV) to really show themselves as almost completely worthless, even though they still exist as kind of zombie coins that hope to someday recover like a phoenix from the ashes, and they are currently sold/marketed to the public as potential insurance against BTC's failure and sometimes get funding based on their ongoing claims of being "the real bitcoin."  So, sure there can be several ways of potentially dividing ideas and perceptions of what bitcoin is and where its value lies, that may cause some folks to hedge or even to pursue shitcoins that are proof of stake or even forks of BTC (which could also happen again in the future).

In essence the various shitcoins have not shifted any paradigm in any way that is even close to as meaningful that bitcoin has brought to the world, and likely for any kind of new technology to displace any incumbent, it has to be around 10x or more better than any of its competitors, and bitcoin has a lot of use cases that currently show that it is likely more than 10x better than many existing technologies, whether we are referring to how value is transmitted (internationally or even locally), storage of value like gold, fiat money that robs from the people based on it not really being pegged to anything in any strict way, except for some of the whims that politicians or financial folks or status quo rich folks want to either preserve themselves in the system or to prevent great corrections that are healthy for the system, but then if the corruption of continuing to print the money exists, it gets more and more difficult to allow a real and meaningful correction to play out. 

There are several other ways that bitcoin provides great empowerment to the system - and even a kind of parrallel system, and even though bitcoin is paradigm-shifting, it is not guaranteed to succeed, so in those kinds of regards it is likely better to stay invested in both systems, and surely if you really feel that you understand bitcoin, you might overly invest into the bitcoin system, but you don't necessarily want to overly invest into bitcoin in such a hard way that you are not able to survive if some things happen in which bitcoin has heavily, intensive and long correction periods and if you have not prepared yourself for a variety of situations, and a lot of the preparations are likely related to both you position size and making sure to have a decent amount of your bitcoin value in private locations that are completely in your control and/or shared custody with people who you trust not to screw you over..

..and you do not have to have all your private coins in one location, because even if you have given information to family members about how to get at your coins, you might choose to make some of those systems unable to breach absent your death and/or incapacitation.. which surely those kinds of protections are frequently easier said than done... but bitcoin systems are still building and evolving and likely any of us who are building our bitcoin stashes, we need to ongoingly spending some time to watch developments and make sure that our systems of private storage are sufficiently robust, and maybe even 10x to 100x more robust than seemingly necessary since sometimes the BTC price might shoot up by a lot all at once, and maybe someone who might have had 21 BTC on his/her phone (or some other hotwallet) in 2015 (which would have had a value of $5,250 - based on a then price per coin of $250),. but then by the end of 2017, those same 21 Bitcoins would have been worth close to $413k - based on a then price per coin of $19,666). And sure, that was a large and fast increase in value that could have had caused some of the HODLers holding their coins in places less secure than they should have had been, and also some of the coins might have also been held with 3rd parties which is not safe to have all your coins in such third party custody, even though you might decide to keep up to 30% or 40% of your coins with 3rd party custody.. and so each person has to decide those 3rd party custody matters, including how many people either got robbed of their coins or their coins were frozen for long periods of time, whether we are referring to MTGOX in 2014, or the various failures of several third parties in 2022 and perhaps continuing... including but not limited to Terra/Luna, Celsius, Voyager, BlockFi, 3AC, FTX, Gemini earn, Genesis, and Grayscale (BGTC).   

Exactly getting involved with shitcoins is the biggest mistake anyone can make in venturing into the crypto spaces, hence seeing themselves as early investors that will reap the fruit of a shitcoin.
While the real deal keeps appreciating and performing it's expected task and more which is offering financial freedom.
People who get involved with this shitcoins usually see themselves as to be in the position of hitting up a jackpot when this shitcoins raises believing that it was the same way Bitcoin started before it got to such a price and now they too have a chance of become rich with this shitcoins that are not in anyway to be compared to Bitcoin.
Knowledge as said by the wise men is the biggest weapon a man can get because it will provide you with a ground of success, just for have a good knowledge of what your getting involved with you will not fall for traps that glitters as gold.
I feel pity for anyone that has the believe of shitcoins and comparing to a paradigm itself.

It may not be possible for Bitcoin to completely take over the fiat for now but might be possible in future, if Bitcoin as a paradigm could be possibly launched with such revolution that it has brought then it might be possible to be the one of the currencies in future but the fact is Bitcoin originally wasn't created to take over fiat or to be in competition with fiat but rather to provide financial freedom and free people from governmental central control or manipulation.
though some people might just consider Bitcoin a digital asset but Bitcoin is not just a digital asset, it could be a digital asset to anyone who feels it that way because of its limited number but there are lot of features it holds if properly examine that makes it not just a digital asset but a paradigm shift. bitcoin is uncontrollable by any government and it's doesn't make it certain since it can't be controlled government will have to introduce traditional banking system rather the existing traditional banks will have to adopt Bitcoin and/or cryptocurrencies including shitcoins. in the case where they can't afford to adopt then such banks may die of or run out of business as earlier said by JayJuanGee.

I think majority know this that it was due and bound to happen and we all have Satoshi to thank for the brilliant idea. Bitcoin in it's original core like you said was meant to aid the whole system of central control of the public funds and help evaluate the idea of financial purpose and indeed it has and like every good project more idea and use always comes with it and this has also been the case of Bitcoin itself as the use of Bitcoin has been greatly diverse into an investment purpose and this has made Bitcoin superb in it's adoption. Bitcoin is an evolution in working progress and it will take some time to actually overtake the whole Rocker fellers central bank system but even if it doesn't really meet that goal, it's still very beneficial and one thing about evolution, it's doesn't really happen overnight.

The worst thing that can happen to people who discover Bitcoin but lack knowledge is to get fooled into investing in shitcoins, thus missing out on their chance at financial freedom and being early to this new paradigm when Bitcoin continues to provide the world real value.

Everything has a purpose the more people realize this the better. Most people who are hurt by the banking system and others who are involved the crypto world (especially here in the forum) has now over evaluated the presence of Bitcoin and/or shitcoins that they do not need this third parties, most for a selfish reason of not paying there dues for storing their money or should I say assets since it's not only money that is stored in the banks others especially the ones exposed to decentralization and/or involved in Bitcointalk (Bitcoin and shitcoins) are not even in reality not interested in third parties but just to build up the hype here in the forum as lovers of Bitcoin to get credits while in reality they patronize third parties more.  They don't realize the fact that some third-party will be needed one way or the other although it may not be banks but some kind of bank related services will be very much needed weather of the individual or institution.

If there will be some kind of bank that adopts Bitcoin I wonder how they will operate but the operation mode shouldn't be what thinking about cuz for everything has time accorded to it. when the time comes for firms that will operate with Bitcoin and or crypto in general there will surely be a way figured out.

when credit unions where created it some maybe started contradicting the aims of governments so inorder to still bring back their strong hold the corrupt banking system rules are being pushed to them to bring the power of control in. at these point most of the credit unions that are not strong enough to resist will have to partake inorder to remain valid.

Most times when ordinary citizens are cut up in this corrupt banking system they rather not speak because of the social status believing no matter how hard they try they voices can't be heard. Even when their banks aren't serving them they tend to remain shut than waste their time lamenting. when banks adapt to the paradigm then people will have option to either move their assets when their banks are not serving them as needed.

Since we don't know about the future we only speculate so for the current time being or in the nearest future (decades and/or more) co-existence might still be the situation but when a complete revolution may occur the faith of fiat might be less base on personal overview of the future. With what I have seen in the growth of tech money for children and the rest of it will not be a problem, from my observation comparing the past and the present then the present and the future it will surely be a different thing all the way in the future. If you want to truly see from my point of view watch some revolutionary movies and see how the future might look like and then search for movies from the late 80s and 90s that talks about this current stage we are now and you will be amazed to see that most of the revolutions are now happening or has happened already.
In a not shell Bitcoin dominance is still a speculate and/or prediction no one know the future.