Topic: Why is Bitcoin membership growing very fast (Read 171 times)

Bitcoin is not a paradigm. It is just an electronic payment system that uses the coin of the same name for payments. Yes, such a phenomenon did not exist before. In addition, the decentralization of this system began to attract a large number of people who understood the advantages of this method of transactions. You can send money to any point in the world, which cannot be done with fiat money, for example, due to sanctions imposed on a particular state. This is where I live. Now I can’t just send money to another country. I have to use Bitcoin and other alts. Yes, a commission is charged and it takes more time, but this is a really great method that has no competition.

The answer to OP's question is very simple. People like winners and will do anything to be a part of the winning team. A lot of people who thought $50K bitcoin was expensive has since joined the bandwagon to ride it to $99K even at $100K and $150K, there would still be more buyers because Bitcoin is the only limited and finite asset in the world right now. So to conclude, use these on your bullet list of "why Bitcoin" question next time.

1. Only finite asset in the world (21M max supply, real number is even lower since millions is considered lost).
2. It's a movement already revolutionizing the financial world
3. Everyone loves winners and Bitcoin is one.
4. Permissionless and Completely community owned.
5. Bitcoin is Money. (this is the simplest definition of Bitcoin btw).

thats good point

Bitcoin is expensive because it has limitless opportunities to grow in the market, and wise investors have seen it and even proven its real potentials in the market. So regardless of the price, bitcoin still gains the most in demand crypto in the market due to its high utility case. Unlike most altcoins that are just pump and dump scheme, which gave no assurance if they can still recover from their dump price.

You’re right. You don’t need to buy 1 bitcoin($96k) at a time, buying a fraction of bitcoin using DCA strategy is the best way to accumulate bitcoins. I think the challenge is that most people buy bitcoin for investment purposes and have a preconceived notion that Bitcoin is a get-rich-quick scheme so you can imagine how buying $0.6 worth of bitcoin does not fit into their plan.

There's nothing actually like Bitcoin membership thing and it possibly mislead people especially if they just read the title header.

Reason why bitcoin grows more bigger is the demand and trust of people that bitcoin will dominate more. Compare to alts where everything out there is questionable.

There's lots of scam on altcoins that's why people are skeptical to hold it, that's why rather than having doubts or confusion better stick on gaining lots of knowledge about bitcoin since for sure that everything would be worth it. Although right now you may think bitcoin is expensive as a whole but you can buy a portion for whatever things you like to happen.

OP I think you should edit the title of your topic. I thought you were talking about the increase of members on the forum. It’s normal for people to become interested in bitcoin once the price is up, I think a lot of people are moved to buy bitcoin because of profits. And majority of them end up buying altcoins instead of investing in Bitcoin because they are interested in quick profits.

The answer is very obvious. Because bitcoin is the only reliable and highly profitable cryptocurrency in the market, the rest are just a copied image which until now cannot still surpass or even manage to grow and develop like bitcoin. And to think that bitcoin is the blood of the cryptocurrency market, the king of all cryptocurrencies,  no wonder why bitcoin gains more membership than other crypto coins.

Bitcoin has the largest market cap in the crypto market because it has the potential to store values and so much, not highily volatile like the AltCoins that're highily volatile very vulnerables to dump due to it limited utility potentials.
Very quickly, bitcoin has been a hot coin for enthusiasts in the crypto space in that it has a limited supply of 21 million invented bitcoins which is very intensive and attracted by users to buy because investors are holding and accumulating so much of it otherwise investing for long term which also big whales are diving into the bitcoin market including small investors are wailing to buy before it runs out of stock.
So it's like demands are more than the supplies due to the limited supply of bitcoin.

We usually use the term crypto user/investor and not a member though. Anyway, whatever the OP wants to convey, it is just about adoption in this market. And as this market is going mainstream, definitely, it will attract more users or investors as they are seeing how the price is increasing. This market is still very volatile, hence, people are very interested owed to the notion that they can get large profits in a very short period of time. However, it depends on how they will strategize in buying and selling of their satoshis.

Concerning benefit attached to bitcoin investment still requires knowledge, loss is totally unpredictable meaning an investor might encounter loss while investing but what’s more important about bitcoin is your profit making will be determined by you alone (optional) bitcoin investment is a long term investment that requires a good plan so anyone who decides to go for short profit will see the end result probably loss. Meanwhile altcoins at the other hand is totally not safe, these coins are created by  group of people either a community yet what’s their aim exactly? No need for deep explanation most people ended up investing everything in a dump coin except they’re smart enough to identify a coin potential or else it’s risky, I believe we’ve talked more on bitcoin vs altcoin well it’s common.

OP from what you said here, i can directly tell you that you are a bit confused because while trying to let your friend know that bitcoin started just like some altcoins are now before bitcoin got to where it is today, you are also indirectly telling your friend to invest in those altcoins since they are affordable and may also perform as bitcoin is performing now in the future but even if that is not what you really meant, you actually sounded like someone who is driving at such direction.

Bitcoin adoption will continue to grow because everyone wants to have an asset that is valuable and has the monopoly to outsmart other coins in the market and stand on it's own without being affected by the activity of other cryptocurrency. Bitcoin adoption being on the increase doesn't actually implies that everyone must own a whole bitcoin. Starting from any fraction of it you can be able to buy and hodl is a very good step to increasing your hodlings with time and before you realizes, you must have acquired more than 1 btc in your holding.

I don't think 'membership' is the correct word for the tittle, adoption/buyer/user/investor, would be better choice. And the reason why Bitcoin price and marketcap keep rising, while most altcoin is stuck and then died, is because the trust and adoption itself, because there are already many people using and invest on Bitcoin so it creates trust for everyone who wants to begin to buy Bitcoin. While some altcoins who are just started has no user so the trust is low, on the other hand we can see popular altcoin like ETH and BNB that already have their own users are able to maintain its price and marketcap.

I don't want to say that I am a member because indeed I am not a member but when it comes to bitcoin I would be very confident that I am one of the people who own bitcoin or the current owner of bitcoin.
The reason why I am in bitcoin is ultimately about confidence and seeing the potential of what has happened since a few years from when they existed until now so by seeing good progress like this then it is clear that being in bitcoin is a very worthy thing to do.

Why not with altcoins? actually this is the choice of each and I think everyone must have their own thoughts on this matter but for me personally as long as I can be in bitcoin and still think bitcoin is the king then why do I try in altcoins which are indeed in terms of conditions and management the risk is clearly much greater.

Op please edit your topic or subject whatever name you understand. If you are concerned on the content then your subject is out of point and if your interested in the subject then your content is out of point. Go and restructure your topic again because it is not tally with the body of the thread. Bitcoin price is not expensive for people to buy. You can buy as low N1,000 BTC which is equivalent to $0.6 and you can see it from the image below.


So you can't say Bitcoin is so expensive to buy. You don't have to buy 1 BTC before you that you are investing in bitcoin but you can invest with little amount every day, week and monthly through the DCA method.

Back in the past on which it isnt really that getting that much attention or recognition but still there are still those people who are really that believing into this technology and thats why the had risked out on investing into those moments or time that it was still that still cheap. So how it do end up? They are the ones who do make money with this current market condition specially on breaking up new all time highs.
No one had anticipated that this would really be that become too big on which it did really comes into a point that government and institutions are really that making up some recognition and now that it is really that starting these funds are flowing into this crypto market which does simply means that it is really that making some noise now and even government and billionaires are really that been starting out to dive in.

Adoption and recognition is on the move and one of the most notable event is that when the time that El Salvador did make Bitcoin as legal tender on which it did really shook up other countries on such decision.
They did even accumulate even more on the time that Bitcoins price dip on $15-20k as far as i remember and that one really paid off if we do base up on the current price condition that we are into.
This is why if you are an investor then riding up with the waves will really be the best thing to do.

Bitcoin will keep growing fast as long as there are lots of huge companies accepting it as an asset that is worth investing in. When it all started, the model was meant to be for payment especially. With time it becomes more like a store of value for safeguarding our fiat against inflation. But currently, it is one of the best assets to invest in for the long term. In the meantime, it generally serves all the purposes it was built for and another purpose we the adopters assigned to it.

It seems am not the only one who has been trying to figure this out. The value of an asset varies based on each local currency. An asset might be valuable to people who use Japanese Yen but comparing that asset to the US dollars it may not be valuable. Generalizing the asset to be valuable globally might look more like exaggerating.

Most altcoins have a lot of problems when compared to Bitcoin:

1) they are not really decentralized, they are managed by a single company -- this basically means they don't really need a blockchain and make no sense
2) if they are PoW currencies, they are far less secure than Bitcoin,
3) if they are PoS currencies, their security depends on a certain degree of centralization,
4) many have only speculative usage (with a few exceptions like ETH, XMR, SOL, LTC ...)
5) from those promising some sort of "new paradigm", most of those "paradigms" are small improvements which could often be adopted by other altcoins too,

In addition,

- altcoins have historically underperformed Bitcoin in all timeframes longer than 5 years,
- there were lots of scams in the altcoin sector, scaring possible users away (and often the users are correct ..)
- Bitcoin got ETFs, only two other altcoins have ETFs (ETH and SOL, SOL only in Brazil)

This is why Bitcoin's "membership" and also its market cap in comparison to altcoins -- popularly called "Bitcoin Dominance" -- is growing, see here.

Just a little addition: While "membership" may look strange and seem not totally accurate, I don't think it's totally wrong, because users of a cryptocurrency do form part of some kind of "decentralized organization" (DAO) or group.

One thing I want to ask is how you guys calculate and value a profit or an asset. Do your friends just consider all cryptocurrency to be sharing the same value? Let's take the limited supply of bitcoin aside from the demand for bitcoin; some are already arguing that bitcoin is currently underpriced rather than seeing it as something that is high in price. 
 
This might not make much sense to you, but you can use different countries currencies as an example. They all are official currencies for each country, but why is one currency much more valued than the other? 

Most of the altcoins now have been pumped already. And whenever someone says that Bitcoin was already very expensive, it will always be with that kind of description even in bear markets. You're right, people keeps on having a double mind to invest because they're doubting it even when the prices are considered low.

Change your title, Bitcoin has no membership. It's a decentralized cryptocurrency and a store of value for which we are all holding it as an asset. Maybe Bitcoin's "popularity" is rapidly growing.