Topic: Why is Bitcoin gaining this much fame despite it's restrictions? (Read 425 times)

China's "ban" was theatrics. They've made no real efforts of enforcement but I'd caution that it won't last forever. They're trying to introduce CBDC's (digitalized Yuan) and I'm anticipating crypto crackdowns within China to force citizens to adopt their digital currency.

The popularity increase of crypto in China was riding off the back of global crypto popularity rise so it wasn't necessarily that the Chinese bad had the inverse effect itself. Lot of Chinese crypto users were already in the space which is why China tried to ban it in the first place.

In addition Bitcoin features anonymous transactions and store of value this make it to be more famous and popular, people do save their monetary assets in form of Bitcoin hodled in their respective wallets instead of saving fiat in banks which I think is one of the best financial revolution though adoption of Bitcoin might be slow, however with the help of social media and internet it adoption will continue to be increase, Bitcoin also provide more profits during bullish season as you rightly said especially when investor invested it during a bearish run the profit earned is more that what could be earn as interest in a bank.

Bitcoin allows investors to gain more profits from it. The most important thing is that Bitcoin is decentralized without any control, nor can banks and governments control it. Bitcoin gives people the freedom to have complete control over their money. Bitcoin is more popular and widely accepted, and many people benefit from it.

Bitcoin deserves all the fame after all since it is very revolutionary compare to fiat. Fiat is the traditional money these days, very prone to inflation unlike Bitcoin. Fiat doesn't have the volatility like Bitcoin, which means it will not give you any profit at all when you hodl it. Maybe you'll say you can hodl it in a bank to gain profits but that profit is so little while the bank makes so big out of their clients money.

Imagine bitcoin's first price was $0.0008 and compare to its last all time high, it's very far from where it is started and even the government noticed that and started to gain interest in Bitcoin, even other cryptocurrency.

In my area people are also getting to know bitcoin, bitcoin is famous for its volatility and profitability. Many people in my area started talking about bitcoin and I happened to ask someone who is interested in bitcoin and they said it can be very profitable if we invest in it. Which shows that bitcoin is becoming famous for its volatility and everyone has a need to get rich.

All these factors contribute for bitcoin adoption and popularity increasement, however I think the main reason why bitcoin got so popular for real was due to its massive rise in price since the creation of the digital currency until nowadays. Most people don't care a lot about privacy or decentralization. All they want is to achieve better financial conditions, so they can have access to goods and services they couldn't before, and also the possibility of making their dreams come true.

Yes, because that's the reality. Many people have benefited from Bitcoin. What's more, the spread of Bitcoin has also been very strong in society and even though Bitcoin is banned for some reasons, it can't stem the desire of people to continue using Bitcoin and talking about it. especially if it is an environmentally conscious cryptocurrency business. This is always going to be a great conversation. In fact, many media also report on FUD and restrictions which make most newbies hesitate to enter the crypto world. But on the other hand, for those who have already made a lot of profits from crypto, they will continue to focus and engage in the crypto world despite certain restrictions.

Bitcoin, being decentralized and the promotion of pseudo-anonymity is one of the factors why users are getting interested in using Bitcoin.  Another reason why Bitcoin become popular or continue to have fame is that it disrupts the financial system by allowing borderless transfers with cheaper fee because of the no-need of 3rd party financial institution to process the transaction.

It is also gaining fame because of its capability of financial inclusion in countries where underbanked and unbanked people are rampant.  Bitcoin helped them to participate in the country economy by enabling these people to transact online.

Bitcoin has been here already earlier, but it has only become famous when it’s price has made a high surge that attracts a lot of potential investors and even scammers that are just waiting for some right timing to attack. So even if the government is clearly in opposition with bitcoin, but it cannot stop the sudden popularity of bitcoin since its now the hot topic all over the news and in social media. While this is an opportunity for some potential investors, this might also become a trap set by scammers around.

The "restrictions" are not restrictions, that's why. I mean bitcoin is the most free thing we have ever seen before, and that's why it's such a great thing. I do not mean free as in it's not costing any money at all, I just mean the freedom part of it and when you are using bitcoin you are as free as you can get with it.

In the end, people will use whatever they want to use and if they want to use bitcoin then it means they are free to use bitcoin as they want, there is nothing wrong with that. I support bitcoin because I believe that governments are only looking out for themselves and their rich friends, bitcoin is there to help everyone equally and why it's such a great thing.

Money.
Anything which generated money in any sense would be popular. Despite of not being allowed to be used to majority of countries, Bitcoin and other cryptocurrencies are still known by many people as a profitable asset. The market price is too volatile which is a downside as a currency but is something to be taken advantage of. No doubt. The rate of increase is what making this industry popular, higher than most kind of investments. Problem only is knowing which coin would have a price increase since all cryptos' market price are controlled by demand of the majority, therefore, analysis of the market will be always needed.

as we know and it has become a habit I think when the prohibition was made there were those who thought it was an order, with restrictions / prohibitions on bitcoin making people even more curious about what it is and feel the benefits / advantages that come when owning bitcoin
for my country there is no prohibition with bitcoin, it's just that we bear everything ourselves if fraud occurs in this case

For some reason the acceptance of bitcoin is good with most of the businesses. This has grown out of the increasing demand among the common people and upon people's better understanding about bitcoin as the best investment and transaction support system. The real-time usage access as well as the growth have made people look for loopholes to use it amidst restrictions in different parts of the world. This itself shows how demanding is bitcoin.

Bitcoin has a way of turning all the negativity out there from being against it and uses it for an advantage. Like Franky1 has rightly stated, people don't get or tend to see something until you put your mind to it. Once you start noticing it, then you get to see it all the place and all the time. I hope I I rephrase that right Franky1.

Anyway I would say, when the tough and powerful start to fight a particular thing and even if it were to be a person, watch out for that person or thing, therr might be something good about it that, they don't want exposed to the world.
The good news is, people don't blindly follow these days. People seek to investigate, to find therr own reason if they can, why or why not to do a thing.  The few which manage to go through a the research would find out that, the negativity ain't true.

People are looking out for means to survive and and not to lose opportunity in the new world and so, its not hard not to look.

In speaking with profitability then it cant really be denied that Bitcoin or crypto as a whole could really make out that kind of probability or giving out some chances for you to profit big in shortest time as possible.

it would really be that common for most newbies or who are just new into this market to have that misconception that earning would be easy.Just let them be and able to realize on whats the real deal on this market.
On the time that they would find out then pretty sure they would tell to themselves that it wasnt something that correlates or what they do expect on the time that they were just new.This is where people do learn on the time that they would be experience some losses.Recognition is on the move and we arent that blind on what are the things on what makes Bitcoin best among the rest.
This isnt comparable into that centralized fiat that we've been using.

Yeah you are not wrong, bitcoin is getting really famous because of maybe one or two things that been occurring in the crypto space for example the rapid rise in the price of over a short time which have seen many investors benefited from it and also the financial freedom its give its user because of its decentralized nature making one free government control fiat. Mostly the success stories are usually spread which catches the attention of most people who are easily drawn to news like this. But their is also a downside fact about bitcoin investment which most people don't like telling. Bitcoin is highly volatile which makes it unique and a bit dangerous too as you can lose alot after a bitcoin investment, when the price rate starts to go downhill just like what happened last year when bitcoin droped so much to almost 15 to 16k after reaching an all time high of 64k in 2021


As for bitcoin gaining more acceptance though its restricted in your locality, i think that's same faith also here in my place our government have put a band on crypto to be transacted with the nation fiat banks directly  but still didn't stop  people from queing up into the use of crypto through peer to peer transaction on popular exchanges like binance. Many people even go as far as accepting it as a means of payment in their businesses, so i am not really supprise as the forum here too have some thread created on how members have started the acceptance of bitcoin even after some restrictions on their region

Maybe because a lot of people are seeing it as a get-rich-quick scheme because of the fuss everywhere that bitcoin is the best way to generate huge profits. While for me it’s also true because you can really make the best of profits out from bitcoin but it can never be gained quickly as everyone is fussing around. And since it has the latest technology and we are at a digital world, then digital currencies will become of high demand these days.

Those who restrict Bitcoin are nothing but just haters. They do that because they can't control it. Despite of it, there are still people/government/countries who allows it and that is why BTC can still be able to shine. There is no need to wonder on why BTC is famous. Well, obviously because it's a one of kind currency. Not just a currency actually but it can also be use as an asset but other than a normal asset, btc can quickly dump and pump.

This is another reason on why many are interested about it. Just be careful OP because you said BTC is restricted in your country? I might avoid talking BTC in public until the situation changes and BTC became fully accepted.

My theory is that despite its restrictions, bitcoin is becoming so well-known because of the value it brings to our everyday lives. Just think of how much simpler it has made it for those without bank accounts to be able to provide their service, receive payment promptly, and then use that money to buy food for their families that same evening. Consider parents who send their children to a distant nation to attend school and pay for their living expenses. They no longer have to wait 3-5 business days for the money to transfer and pay USD 30 in transfer fees; instead, they may send the money with a USD 0.00001 cost each transfer, and their children will get it in 3 minutes.

Understanding and educating the public on bitcoin would spread more faster than just mere talking about bitcoin, the whole process involving bitcoin is one of the key part to know before buying pieces of it. Popularity of bitcoin is increasing by the day and the government doing everything within their capacity to restrict it's flow of operation, but seems like the harder the government push, the more it's value becomes important to the people. There are many ways to get discuss bitcoin in our society because it's existence really served as a great help to people who are using it.