Topic: What's the view of an average citizen About crypto currencies - page 5. (Read 1206 times)

Bitcoin was created with the intention of being an alternative to the traditional monetary system, but so far. I hardly see many people talking about using bitcoin as a currency anymore and instead we all consider bitcoin an asset just like gold. Therefore, I think bitcoin's purpose of replacing fiat is gone, in our eyes bitcoin is already an asset for speculation. People were happy when bitcoin ETFS was approved, meaning people have long considered it an asset rather than a fiat alternative.

 

There are varying views about bitcoin. It is from good, bad to ugly. I will explain how different people see bitcoin to the best of my understanding based on my experience.

The average Government offices and officers: I am from Nigeria in West-Africa. There are diverse views in different government offices but the general sentiments towards bitcoin within the government is that it is used to perpetrate criminal activities example - fraud. The security agencies have caught many youths that have used bitcoin and crypto in committing crime. Secondly, generally, the government lack good knowledge about bitcoin or so I think and instead of

The average Business Start-up: Many business start-ups have built their tech start-ups around bitcoin. These are the folks who understand what bitcoin is all about and are using it. And many of them have started to use it one of the exchanges is Roqqu. Lately, one of those businesses was hacked and thousands of crypto currencies were stolen. Despite this, their indirect support of bitcoin is increasing.

The average Religious leader - Although most religious leaders haven't openly said anything about bitcoin, there is an indifferent view about bitcoin. For example, Zugacoin was founded by a religious leader. There are other religious leaders that have invested in bitcoin, Ethereum and other cryptocurrencies.

The Average Young Individual: As a young person, our sentiments are very positive towards bitcoin. This is why in crypto ranking Nigerians are top ten in adopting bitcoin and other cryptocurrency. It is economic freedom, from poverty and it possibilities in creating generational wealth.

The advantages of bitcoin are much greater compared to fiat and this is what reflects how someone has strong confidence in bitcoin. Volatility is indeed normal behavior in bitcoin because speculative assets will show the process much more, but this does not limit the other advantages contained in it. Also talking about volatility is what makes Bitcoin able to move up regardless of market conditions and vice versa when it goes down.

Being skeptical is normal because maybe they don't understand the process of Bitcoin's journey, but when they start learning it will be easy for someone to understand. Technology has developed so much and the internet has spread so quickly that the reason for knowledge may just be part of someone's laziness to learn it. Refusing to accept Bitcoin adoption is a form of someone's failure to protect the value of the currency they own because it talks about the depreciation of the value itself.

  Bitcoin is seen differently by different people. Some still see Bitcoin as a Ponzi Scheme which they are not interesting to invest in it. And the religious people are the ones always having that thought on cryptocurrency. Op Bitcoin is not here to replace the fiat currency (paper money) but it's an alternative to it. Bitcoin can not be printed and it can only be used online. So that your already replacement phrase is wrong. And yes Bitcoin changed life but we should not see from that angle too. If you want to invest in Bitcoin you should do that for the long term . Remove profit from your mind so that you won't get disappointed. Always be focused.

You have good expectations about the great potential of BTC in the future and that is the reality. Yes. The value of all these amazing features is captured in the value of Bitcoin and that is why many predict its price will become even more valuable in the future and for the volatility that still occurs frequently like today, I think it is very natural when it goes up and down.

Just sectoral ego. Currently, there are still many who do not really understand this great potential and I personally still consider it normal, especially if there are still some people with the views of the average citizen who are still skeptical about cryptocurrencies as they are now. However, over time I have confidence that the paradigm will change by itself.

The traditional fiat system have got many flaws and bitcoin with the blockchain technology made people understand well about value of money and people realised that we should have control over our money. As said the system is developed as an alternate and there is no talk of replacing the traditional fiat. The purpose for which bitcoin got innovated took a different turn when people started to prioritise it as a means of investment asset than currency.

One thing I want you to understand bitcoin is meant for a digital market and it is not meant to compete with the traditional currency so but when people think that why bitcoin come into existence is because it's want to take over the existence of traditional currency which has been in existence for long period of time, so that is why many people seen Bitcoin like what is good because it has its own privacy and it owns security and the investing on it you are sure of your investment based on nobody monitors it for you except to you

It’s ironic that you talk about decentralization being the element you admire most about Bitcoin and yet you only see Bitcoin for the profit you can generate from investing in it.

You’re being too optimistic. Bitcoin is not replacing fiat, there is no way that is happening in the near future even if nations around the world have all gone digital. As someone who cares about decentralization, shouldn’t you be worried about a future where there is no cash and the only currencies available are digital currency controlled by the government.

This is evidently the case. In fact. I wouldn’t wish for a feature without fiat money where we would have all transactions to be digitalized. Not like that would be the case but, imagine a feature without fiat, what happens when there is a glitch in the network, when your device gets faulty or when you have issues with network congestion as we do now. How would we run our lives and transactions? This is the space where fiat actually fills in and that’s why, both fiat and Bitcoin as a currency becomes complimentary. They fill in for themselves and that makes it relevant.
There is no way the government would give up on centralization which is there very essence and most of all, fiat currency which is there product and the very means by which, they control its citizens.

You are right, and Bitcoin has not and most likely will not be able to replace fiat currencies and this will not happen due to its volatility and other reasons. Bitcoin is just an alternative that perfects the shortcomings of banks and fiat as you said especially in terms of security and transparency, and Bitcoin and fiat will coexist and will not eliminate each other.
And I think the future of Bitcoin is very bright in terms of profits if we implement the DCA strategy as early as possible and stick with it for the long term. However, to be able to replace fiat completely, in my opinion it is impossible but both can be an option for transactions.

Bitcoin and other cryptocurrencies indeed became more popular however, there is a mixed of impression towards this industry; some are positive about sits development and some are not. Basically, we cannot do anything about it 'coz you would only appreciate this blockchain if you're one of the users or if you benefit from it through profit and it just happened that they don't which is why they are more likely against its adoption. If we would look back from the past, this industry has gone far already and that is by means of just allowing things to be known by itself. Allow them to seek for that curiosity which pushed us towards this industry on our early years. Spoon-feeding them will just result to misconception if they won't have the least initiative to read things about this industry for them to know more about it.
Not even close; there is a higher chance that fiat and digital currencies will co-exist in the future as alternative modes of payment.  Bitcoin and cryptocurrency in general won't be an option to be the main currency across countries given that it is decentralized and that of restrictions from other countries, despite of its advantages over the other; it has its own flaws such as high transaction fees to name one.

Bitcoin, altcoins, bankcoins, stablecoins; all get place for global economy. Some go dey use strictly as store of value, others as Inter-bank currencies, others as cross-border liquidity.

E go reach time wey all currencies go be cryptographic, and even if you hate Bitcoin, you go gots accept your pay for bankcoins or stablecoins. More than likely, most people go store their pay for their smartphone inside cryptographic wallet, with option to get insurance for your wallet if you want am.

From my knowledge there is no day bitcoin is replacing paper money and it's not created to replace paper (fiat) neither was it created to compete with fiat. Bitcoin is created to be a supporter to fiat where fiat payment can't scale through bitcoin will solve the problem, for instance you can be at your home to transacts some billions of dollars through Bitcoin without have to go queue in bank where they would start asking some silly questions about huge amount you are sending out to people, also in bank there are always some certain amount you can send per day or months but with bitcoin you won't experience those barriers.

Average person doesn't know what they are or what they do, thinks its a scam/fraud/ponzi, thinks its a bubble (likely the bubble already popped so now its too late to get in), thinks bitcoin and all others are all the same, thinks bitcoin is bad cuz of energy use, thinks its main use is for criminals, thinks it "isn't backed by anything / has no intrinsic value".


This is the misinformation that Bitcoin has to slowly fight against in the coming years/decades to continue growing adoption. Gone are the days of exponential growth during bull markets because everyone is jumping in to get rich quick. And for those who still do that they are gonna buy some useless random crypto like a meme token or something, whatever happens to be the flavor of the month, rather than Bitcoin which could actually grow their wealth safely, though is no longer a get rich quick vessel.


Most of the news about Bitcoin that is spread around the internet is negative and is wrong. So for the general public, who doesn't know much or anything about Bitcoin, they little that they do "know" is going to be negative and wrong.

since the existence of Bitcoin many people does not have a confidence that bitcoin Will Survive from the day one that it's been launched as a digital currency or a cryptocurrency but people that know about Bitcoin continuously welcoming bitcoin because they know the value why some of us who recently know about Bitcoin is the one finding it very difficult to understand the impacts of Bitcoin on Earth

Let me say that bitcoin is another form of currency that will be generally accepted across the nations if government legalize it as a currency because they are seeing bitcoin as a form of forms or way people use and they commit a money laundry without more stress or threats and that is why they are fighting bitcoin today but that is not the plan why bitcoin was created it is meant for easy transaction and bitcoin did not come to supersede the traditional currency that will have been using why from time

When you understand the technology and the reason why it becomes a massive adoption then you will now value Bitcoin if you don't have value bitcoin already currently people condemn the act of using Bitcoin that was then but currently there are massively embracing Bitcoin so therefore people have known the important of Bitcoin and also differentiate it from another currency

Has anyone sat down to consider why Bitcoin or cryptocurrencies is dominant in most regions than some?

In my opinion, the view of any average citizen who live in cities, and have grown accustomed to earning in fiat from regular jobs or hustle, the subject of Bitcoin as understood by them is that it is money;
It is a kind of money one can have and no one knows about it, mostly when they know that their accounts could be monitored by hackers or anyone else.
They care less for trading crypto as a means to earn profit also, because also, modern way of life would require a bank statement or credentials in order to get by, pay bills. They only see it as necessary means to purchase items or do some transactions they want no one to know about.

Besides this, unless it is allowed or regulated, no one wants to invest in a Crypto currency where all their funds might be lost in an instant without trace. This is some of the view of an average citizen about crypto currency according to my understanding.

What I find alarming is that people only always talk about the profits that bitcoin brings , they never mention the risks or losses when investing in bitcoin .Even when they advise or give bitcoin investment advice to others, they never mention it , and I don't know if they do it on purpose or if they are so naive that they don't know about the risks when investing . 

I even think investing in bitcoin is riskier than many other investments because its volatility is so great . It can help us make big profits but it can also make us lose everything we have .

It's really confusing when people only always say good things about bitcoin as if it's completely perfect and has no downsides .

Bitcoin is here to stay, and one things I admire so much about Bitcoin is it's decentralisation, which does not give any government power over it,  onlike other cash currencies that are centralised,  people really need to key into the fact that Bitcoin is here to stay and invest in it, for his or her own good, Bitcoin will make young millionaires in future, just know when to invest in it, we wait to see the value of Bitcoin in ten years time.

Not only do they not believe, but I was still unfamiliar with Bitcoin 10 years ago.
If I knew about Bitcoin when it was first launched, I would mine it in large quantities and hoard it somewhere.
Yes, but that's a story that will never happen, even when I knew Bitcoin only bought about 5 Bitcoins and sold them during ATH 2017-2018.
It's sad enough, but it's a history that is never forgotten.

Now, people who have positive thoughts on Bitcoin really should hold it before it reaches a new ATH.
Bitcoin is a long-term investment, people should be aware of the benefits it will provide in the future.
But some people just consider Bitcoin as a useless digital currency.

This standpoint only comes from experienced investors and those who have stayed around investing in assets for a long period of time. I have seen too much in a short time not to agree with your point.

Bitcoin seems to be the only asset that has outpaced other assets in comparison to the time it has been around and others.

It therefore should be a lifetime consideration but its unfortunate, people who are myopic about its potentials would agree less.