Topic: What Inspired Me To Invest In Bitcoin. - page 6. (Read 815 times)

People are anticipating the possible huge change in the economic system which makes them decide to invest in Bitcoin could be one factor. But the main reason why most investors are coming to crypto is to make a profit from this considering that this is an investment opportunity. For now, it has never been considered a form of currency, instead as an investment that influences their mindset and encourages them to take risks.
There is a growing number of investors day by day and what makes these new investors it because they believe that investing in Bitcoin help them financially.

Definitely bitcoin is created to be use in a decentralized way where no middle man is needed but this has been subjective to how people use it now, there stuffs like ETF where shares are bought, centralized exchanges where where which acts as escrow during a transaction and lots more but this doesn’t in any case affect the sole aim of bitcoin been a total decentralized way, just that people have twerk it a bit to their satisfaction.



Definitely the transaction is fast if you actual want it to be fast that’s you paying the actual required transaction fee, but the transaction can also be slow if the right rate isn’t payed, but when compared to fiat system mostly especially during international transactions then the fastest would be bitcoin if the accurate or right fee is payed.
My take on bitcoin transaction is that it cannot be reversed once it gets confirmed, this could be a disadvantage to a wrong transaction but definitely the best rather than seeing a transaction been faked as we see in the fiat currency. This irreversibility has given more protection to businesses owners, once more 6 confirmations is gotten nothing can reverse it, even a single confirmation can hardly get reversed

What inspired me to invest in Bitcoin was its anonymity and the ability to make fast transactions worldwide within seconds. It was truly insane for me, especially in my country where sending money online to other countries was a hard task due to the lack of international Visa/Mastercards issued by most banks. Imagine we couldn't use paypal or any online banking sites till now. :/

Bitcoin became my only viable option, and as I get deeper into it, I realized it offered advantages far beyond using local currencies. It felt like a path to financial freedom where no one could exert control over your funds and you had the flexibility to use your earnings as much as you like.

I have many reasons for getting into Bitcoin but the one I've explained is one of the important reasons.

 
Exactly, the first thing I heard about bitcoin was also the financial freedom it gives: I can spend my funds any day, anytime I want, and I will be able to get access to it, and that is what motivated me to start using bitcoin. And how decentralised it is that I can do my transactions without a third party (a middleman), which is very good to me. Later, I also realised that people buy bitcoin and hold it until the price rises more than they invested, then sell it and get profits.



Sure. Bitcoin transactions charge more than transferring fiat currency. There are also some mobile apps that even allow someone to make three transactions a day before starting to charge for fees, and other banks are there that don't charge when you want to send funds to someone who uses the same bank you are using to send money to them. However, local banks do have specific charges for any transaction you make. For example, when you transfer large amounts of money to someone, the charges will be the same as when you transact a small amount.

Unlike bitcoin, if you want to make your transaction faster, you will choose high transaction fees. But at local banks, once your network is stable, the money you send will be received ASAP without wasting your time. So I think when it comes to transaction speed, both bitcoin transactions and our local bank’s transactions are almost the same; we just have a little bit of a difference.

During the period when I was not invested, the price of Bitcoin was at a very low level, but since then the price of Bitcoin has fluctuated a lot and the value of Bitcoin has increased a lot. Every year when I planned to invest in Bitcoin but for some reason my plan didn't work out but even though my plan didn't work out the price of Bitcoin was increasing by almost double every year. Seeing the value of Bitcoin rise so much motivates me to invest in Bitcoin. I was thinking at that time that if I can invest in Bitcoin then maybe after I invest Bitcoin the value of Bitcoin will double more and I can earn a lot of money. Basically, I started investing in Bitcoin with these thoughts in mind.

Op, It's really amazing that Bitcoin-inspired you somehow but I think there is a misconception as I have seen a lot of debate on this topic that whether Bitcoin is a mode of payment or Bitcoin is an asset just like Gold. So my vote is that Bitcoin was primarily designed to be a mode of payment its own intrinsic value. The volatility in the market price of Bitcoin doesn't prove that Bitcoin is a good asset the dominant features/characteristics of Bitcoin (Fundamentals of Bitcoin) prove that Bitcoin is a reliable asset as well.

Op you need to give some time to learning the basics of Bitcoin and the market as this market and Bitcoin is not a money doubler it is an opportunity and you can utilize this opportunity only if you focus on learning by just getting hyped in any signal or development you really cant stand by in the market. Learn about the strategies of the Accumulation. I have a good topic on the accumulation of Bitcoin as you can have a look  Topic: Things to keep in mind before accumulation of Bitcoin.

For the rest to learn more you need to pick informative topics such as this topic created by the Ritmove;


For the transaction speed, it's not factual that the Bitcoin network is fast at least for the low transaction fees spenders. For the rest, Bitcoin is an asset as a store of value as well whatever you want to give a name or idea for the Bitcoin utility according to the fundamentals you can.

But some people wanted to save the erosion of their funds, which are in the form of fiat, so they tried to convert those funds (in fiat form) into another form (like gold), where the erosion due to inflation could be stopped. But many don't prefer to use gold as an alternative to fiat. due to a lot of reasons. One is that they don't want to convert all of their funds into a single form. They want to diversify it.

There are real estate and other forms, but they are not that efficient due to the lack of funds and the high taxation. There, BTC comes in handy. It does not have the issue of lesser funds, we can buy a single satoshi, and there is no huge taxation either. We can easily carry it with us, unlike gold.

This shows that not everyone is looking for profits while holding BTC, but they did make a profit, and what's bad about that? 

Everything you say is true. But for me, one of the main reasons that inspired me to invest in Bitcoin because of the dramatic increase in Bitcoin's value was its scarcity. because we know there will only be 21 million Bitcoins, and that is a fact and cannot be changed at any time. This is very different from Gold, which is rare but we don't know how much it is because it continues to increase.

So, you can imagine if for example the entire supply of Bitcoin were to be given evenly to everyone on earth, then there would only be 0.0026 BTC for each person, this is just my rough calculation. If you have more than 0.0026 BTC, then you will have more than most people can afford and that should be enough to inspire you to buy Bitcoin. So maybe your minimum Bitcoin investment should be at least 0.003, if you can collect more Bitcoins it will make your future better than before.

Not really. I'm sure you've tried to send money to someone during a bank holiday, the weekend, or something like that.
My bank processes transactions 4 times a day in what's called a session. I think it's something like 9 am, 11 am, 1 pm and 3 pm. If you send money past 3 pm you're not going to have it processed until 9 am the next day. Might look like nothing, but I have a job and one day I wanted to buy a car. The seller lived two hours by car from my house, so on that day I had to call in sick at work just to be able to drive there on a week day and be at his place before 3, to send him the money. Otherwise I'd have to go there twice, one time to see the car, wire money and get there the next day to pick it up, which would mean about 8 hours of driving only because I'm unable to send my money whenever I want. Bitcoin doesn't limit you like that.


Tell that to market analysts who draw charts every day by looking at past years.
I don't like it too, but the whole stock market is built on these principles.

For me, financial freedom inspires me to invest in Bitcoin. When I realised that holding Bitcoin means it's my own bank and I can spend it whenever I want, I started playing with Bitcoin. On the other hand, the decentralised module behind the financial freedom script Bitcoin volatility gives me another inspiration to get benefits from that. Bitcoin has become the most popular cryptocurrency because of its high volatility. Investors could get profits from the volatility. But as I said, financial freedom is more important for me. No one asks questions when I want to spend my funds, whereas banks ask questions when trying to withdraw a large amount.

Another point is Bitcoin is cheaper to transfer then visa or mastercard and lightning networks fee are negligible compared to bitcoin and other payment processors.
Bitcoin is very secure then any other network. it cannot be hacked and manipulated.

You failed to mention the number one benefit of using Bitcoin which is privacy and decentralization. Bitcoin allows users to become pseudonymous. As a currency, Bitcoin assists users in bypassing all forms of financial restrictions placed by the government through the central bank.
Bitcoin is the most reliable cryptocurrency to altcoins but the security of your coins depends more on you. That is why every Bitcoiner has to understand the basics of crypto security. The Bitcoin network might be safe but if you don't take necessary security precautions you might be a victim of wallet hack or phishing which will lead to loss of funds. We have been also advised not to keep money in centralized crypto firms.

Exactly — hence why I said that bitcoin isn't necessarily "faster" with the sending speed, but specifically, far less annoying in general because of the obvious lack of AML/KYC and the lack of required intrusive information(as we have with banks).

The things that inspire you are good about bitcoin, and yes we know that these are all the facilities we get from bitcoin, there's no harm in thinking like that, everyone can be inspired by anything to do something, including buying bitcoin.

For me, it's simple in terms of what inspired me to invest in bitcoin, the first is of course talking about value, bitcoin always gets a high increase in value in each cycle, and it has been proven that bitcoin has very good performance as a current investment asset, apart from me can keep my hard-earned money safely from work, I can also get capital gains during bullruns.

I think you just wanted to post something.
More like reasons not tips.
With low fees, transactions will be delayed. People who use bitcoin for transactions but know little about how to check the transaction fee to make sure they broadcast a transaction with a good fee will one day have their transaction not processed on time.

I've said this before, but investing in Bitcoin is more than just the long-term profit. It broadens your horizons on how money works. You wouldn't really think of how disastrous the current financial system is for the middle class if there wasn't such alternative. You'd have to accept the inefficiencies and the potential for natural human corruption because there wouldn't be an alternative for comparison. However, now that there is one, all it takes is individual adoption to drive a revolutionary change.

Until you transact with someone to whom you don't share the same bank. Just imagine the time (and cost) it'd take for signature campaign participants to get paid in fiat every week.

It's not new to people that bitcoin is not an asset, even someone who doesn't know bitcoin properly will tell you that bitcoin is an asset, when people talk about bitcoin some do think that with bitcoin investment they will make all the money they wanted but bitcoin is not what we will say it's something like life bencher, but the way our new people talk about bitcoin it looks like when you invest in bitcoin will surely make money instantly with it, but they don't know that bitcoin investment also have disadvantages and when the disadvantages arises many of you will dislike bitcoin investment

You said a lot in a few words, because most of the time, people come to learn about this after big losses and disappointments, but I have also seen many people, even younger ones, come to learn about it at an early age. Even I realized this very late in my life. That positive vibe, with a proper plan in mind and knowing what to do and what not to do, is everything we should need before starting things.

Many people will not understand the weight of these words.

Most people invest in BTC due to its scarcity factor because they know that in the long run they are going to make profits, while if they keep the funds in fiat, they are going to make losses. People love free money; they know that by simply holding BTC for a longer period of time, they can make free money. I don't know why you chose TX as a fast option, because there are many other coins and tokens that are making way faster TXs.

But talking about the ease of transaction, I think fiat currency also is not left behind if you want to cut of the third party handling by not going to the bank or using your ATM machine, POS through your debit card,. You can have such ease also by staying in your closet and making use of your bank mobile app. Of course all banks have one form of mobile banking where you use your bank app for your transaction and this doesn't give you any additional stress different from what you have when you want to access your crypto wallet from your noncustodial wallet, exchange wallet or casino wallet. All it entails is login with your username, email address or phone number depending on what was used to register just like your bitcoin wallet and you are good.

In fact regards to fees, mobile banking fees are lesser than transacting with bitcoin. Sometimes to use mobile app depending on the size of fiat you want to transact, you may be charged maximum of $0.1 but to have a fast transaction using usdt, you are parting with $1.

However, bitcoin eliminates the third party control from the government but that is gradually going off through the exchange regulations.

No doubt Bitcon transactions are fast, and no doubt we can transact them whenever and wherever we want at any given time, but let's not forget the fact that how fast we want our transactions to be carried out and executed depends on how much fee we are willing to pay for the transaction to be completed. It also depends on how congested the network might appear to be at the very moment that you choose to transact.
 
On the aspect of no limitation, no one might be able to stop you from completing your transaction, but power supply might, and lack of access to the internet can also still go. If you don't have access to the internet, I don't see how possible it will be to broadcast your transaction on the blockchain.
 
Please don't get me wrong. I'm not against the fact that Bitcoin transactions are not fast or not; I'm just trying to point out things that can also affect the speed limit of your transaction.
 
Above all, bitcoin offers us a lot more benefits than any fiat or other currency can, as it has already proven over the past years, which has led to its rising popularity and adoption by many as their choice of investor and reserve option to be considered.