When investing in Bitcoin: what to consider? - page 6.

Mate2237

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Quote from: Ojinga on May 16, 2024, 02:54:00 PM

And critics say Bitcoin doesn't work as a currency,

Then on your own how do you understand bitcoin? Then the critics should also tell your the functions of the fiat currency so that we can see if there is any different between the two. And if I am not mistaken, fiat currency is to exchange goods and services physical and in the recent time it has used as the digital Banking system which is known as cashless transactions of buying and paying things. In my country if you go inside the bank, the highest amount of money will be given to you now is $6 or $8 and I don't know if because we are from the poor people.

But when I went to the bank to take some amount of money, the cashier told me that it's only $8 they're giving out to customers and I took the money and left. Because of the things we buy now is transfer and not cash a again. So I don't see any different between bitcoin and fiat anymore and the only different is that bitcoin has lost it core value of digital currency to buy things but people are only interested to invest with it.

Ojinga

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Patience is key

Quote from: Frankolala on May 16, 2024, 03:04:40 PM

Quote from: Ojinga on May 16, 2024, 02:54:00 PM

So what are your opinion towards the people that are investing in Bitcoin?

I will say that no matter what the government is doing to see how they can kill privacy in the crypto space and critics on bitcoin , you should keep on accumulating more bitcoin and save your coins in a noncustodial wallet where only you have control over your keys that will be the best way to be an anonymous bitcoin hodler.

In future bitcoin will be seen as safe haven since some banks and countries have already started buying bitcoin as their reserve funds. I believe that in future bitcoin price might hit $1m, and this is why it is worth hodli for a long period of time.

while securing and accumulating more Bitcoin, what if it's crashes along side while battling with the government? I know it's very difficult for Bitcoin to crash, but what if it happens in the future that Bitcoin got down. Then all investment are gone, we all know that Bitcoin is heading very far it will surely be as safe haven soon. I like your response and believe towards it. And the banks they already know what's coming, seeing things and how Bitcoin operates and price hitting up it shows something huge is coming. I like your consideration.

Zoomic

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Quote from: Ojinga on May 16, 2024, 02:54:00 PM

First how does Bitcoin operate? Bitcoin it's a digital currency uses Blockchain technology to support transactions between users. If you know how Bitcoin operates then you will also know the consideration that comes with. And critics say Bitcoin doesn't work as a currency, Citing volatility use in illegal activity, but supporters argue that it's too early to make some of these claims, is already fixing many of those concerns. I know their are so many things to be consider with when it comes to anything investment. Mostly concerning the highest exchange in the world. So what are your opinion towards the people that are investing in Bitcoin?

Yes, bitcoin price is highly volatile. Are you willing to invest in a project you are not certain about it's outcome? I think this is the very first thing any prospective investor should consider before investing. Most of these Bitcoin critics who are using bitcoin price volatility against Bitcoin base their judgement on the fact that they or someone they know lost their hard earned money after a very short while of investing. This can really be painful, especially when they are not prepared for such a loss.

A person who has already put these price fluctuations thing into consideration will bring up strategies to reduce his risks so he can make some profits. It's either he adopts the DCA approach or invest for a very long time as there are possibilities that the value of his investment must have appreciated as at the time he will be ready to withdraw.

Nwada001

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Quote from: Ojinga on May 16, 2024, 02:54:00 PM

Mostly concerning the highest exchange in the world. So what are your opinion towards the people that are investing in Bitcoin?

The purpose of bitcoin is not based on a big exchange, although most people buy and hold bitcoin because of the people who are selling it, and they prefer to hold it on an exchange as they believe it's the best place for them to store it.

What I will say to those who invest in bitcoin is that they made the right choice, especially when they invest in it with their spare money, which means the price dump and shake won't affect them at all as they will be patient enough till the price of bitcoin increases.

electronicash

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Quote from: Ojinga on May 16, 2024, 02:54:00 PM

So what are your opinion towards the people that are investing in Bitcoin?

they make use of technology in their finance development. but it may be different for some people with ideology. after all when they consider themselves unbanked then Bitcoin is their way to bank their money.

if you are to invest in BTC, consider the most important thing to have, always hide your seed phrase. keep it somewhere hidden in a place where no one ever visits but of course you may give a clue to your kid or wife.

aoluain

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Quote from: Ojinga on May 16, 2024, 02:54:00 PM

First how does Bitcoin operate? Bitcoin it's a digital currency uses Blockchain technology to support transactions between users. If you know how Bitcoin operates then you will also know the consideration that comes with. And critics say Bitcoin doesn't work as a currency, Citing volatility use in illegal activity, but supporters argue that it's too early to make some of these claims, is already fixing many of those concerns. I know their are so many things to be consider with when it comes to anything investment. Mostly concerning the highest exchange in the world. So what are your opinion towards the people that are investing in Bitcoin?

So when investing in Bitcoin you dont need to consider whether some people use it for
illegal purposes or that it doesnt operate as a currency, they are irrelevant considerations.

What newcomers should be considering on a basic level is that there is not going to be
a 100x profit and profits will take time depending on what way the investment is done,
like by trading and/or DCA. Other considerations are at what stage in Bitcoins cycle
the investment is starting and how long you are willing to wait.

Quote from: Ojinga on May 16, 2024, 02:54:00 PM

So what are your opinion towards the people that are investing in Bitcoin?

I dont have an opinion about other people, they are free to use Bitcoin as they see fit
for themselves.

Dunamisx

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Quote from: Ojinga on May 16, 2024, 02:54:00 PM

And critics say Bitcoin doesn't work as a currency, Citing volatility use in illegal activity,

Critics are known for what they do, which is by antagonizing anything they don't seem to go along with, the first one is that coming from the government and this is because they believed that they have no idea on how they can be in charge of it, control and regulate it, instead they had to prefer making attacks by calling it various names just to discourage others from adopting it.

Quote from: Ojinga on May 16, 2024, 02:54:00 PM

but supporters argue that it's too early to make some of these claims, is already fixing many of those concerns.

When we are considering a decentralized digital currency like bitcoin, we don't have to wait till the government make approval for the use of such, we need to go for what we want when we are been denied of it from the first place.

ChiBitCTy

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Quote from: Ojinga on May 16, 2024, 02:54:00 PM

First how does Bitcoin operate? Bitcoin it's a digital currency uses Blockchain technology to support transactions between users. If you know how Bitcoin operates then you will also know the consideration that comes with. And critics say Bitcoin doesn't work as a currency, Citing volatility use in illegal activity, but supporters argue that it's too early to make some of these claims, is already fixing many of those concerns. I know their are so many things to be consider with when it comes to anything investment. Mostly concerning the highest exchange in the world. So what are your opinion towards the people that are investing in Bitcoin?

As stated on here many times, the best way (typically) to invest in anything is utilizing a strategy called DCA, or Dollar Cost Averaging where you're putting your money in to bitcoin, say $100 every other week throughout the entire year. No one knows for sure when bitcoin is going to be high, or low, so this strategy allows you to make sure you at least hit some of the "lows" to get more bang for your buck.

dunfida

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Quote from: Ojinga on May 16, 2024, 02:54:00 PM

First how does Bitcoin operate? Bitcoin it's a digital currency uses Blockchain technology to support transactions between users. If you know how Bitcoin operates then you will also know the consideration that comes with. And critics say Bitcoin doesn't work as a currency, Citing volatility use in illegal activity, but supporters argue that it's too early to make some of these claims, is already fixing many of those concerns. I know their are so many things to be consider with when it comes to anything investment. Mostly concerning the highest exchange in the world. So what are your opinion towards the people that are investing in Bitcoin?

When you are at first engagement or totally noob about Bitcoin then reading up its WP would be giving out that direct idea on what it is https://bitcoin.org/bitcoin.pdf
On the moment that you do make yourself aware on what it is then you would definitely be having the idea on what you are dealing with. It is really just that a bonus that its value is something
that do increase but we cant really be able to deny that majority will really be giving out some emphasis when it regards on making money rather than on its actual usage or utility.
Investing on Bitcoin and what are points to consider? Invest on what you can afford to lose, dont expect something about 100% assurance. Bare up with the risks involved when it comes to volatility.
Get prepared in terms of those cycles whether bull or bear cycles. Expect tons of criticisms or other negative inputs and legal issues and never ending sentiments that this market
could really have.

GideonGono

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We have different opinion about Bitcoin so why bother what others or critics think of it?
They don't see it as a currency then move on we don't need to force them to see it that way, we have been using it however we want (payment option or investment tool).

Frankolala

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Quote from: Ojinga on May 16, 2024, 02:54:00 PM

So what are your opinion towards the people that are investing in Bitcoin?

I will say that no matter what the government is doing to see how they can kill privacy in the crypto space and critics on bitcoin , you should keep on accumulating more bitcoin and save your coins in a noncustodial wallet where only you have control over your keys that will be the best way to be an anonymous bitcoin hodler.

In future bitcoin will be seen as safe haven since some banks and countries have already started buying bitcoin as their reserve funds. I believe that in future bitcoin price might hit $1m, and this is why it is worth hodli for a long period of time.

Charles-Tim

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Quote from: Ojinga on May 16, 2024, 02:54:00 PM

And critics say Bitcoin doesn't work as a currency, Citing volatility use in illegal activity, but supporters argue that it's too early to make some of these claims, is already fixing many of those concerns.

Critics will say bitcoin is too volatile and also bitcoin mining is demanding for too much electricity. No one can say bitcoin is not a currency because bitcoin is money and what represents it as money is its currency part.

About the illegal use of bitcoin, fiat are used more for illegal dealing.

Bitcoin is not fixing anything related to this because there is nothing to fix regarding this.

Ojinga

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Patience is key

First how does Bitcoin operate? Bitcoin it's a digital currency uses Blockchain technology to support transactions between users. If you know how Bitcoin operates then you will also know the consideration that comes with. And critics say Bitcoin doesn't work as a currency, Citing volatility use in illegal activity, but supporters argue that it's too early to make some of these claims, is already fixing many of those concerns. I know their are so many things to be consider with when it comes to anything investment. Mostly concerning the highest exchange in the world. So what are your opinion towards the people that are investing in Bitcoin?

Topic: When investing in Bitcoin: what to consider? - page 6. (Read 709 times)