Topic: You shouldn't be worried about bitcoin (Read 374 times)

Anything money is involved in will always bring worry but one just has to risk it sometimes to have the last laugh. Bitcoin has come a long way, since 2017 when I have come to know about it, I have seen a lot of highs and lows but through it all, it didn't collapse but is still strong. For me my days of worries are over

There was this picture post I found on Twitter one time where a group of persons where trying to load a 5 megabytes hard dick on a truck, the hard dick was about 20 by 20 square meter if not more, I saw that picture and was amazed, it made me realize how advanced the world have gone with technology, unfortunately for me, I didn't save the picture, i would have loved to share it here..

In essence, we are still pretty early on bitcoin, I strongly believe that bitcoin will one day, become a major currency in the entire world, all that is need of us is to invest and give it time to mature, after all, we all know that good things don't come easy.

Being worried is a normal human nature, and some people have the issue of worrying too much than others. The people that tend to worry too much need to reminded constantly that bitcoin is something that will last long even if another technology will evolve from it, they need to be told. As long as bitcoin is in existence, there will always be people that will worry about it and how long it will last. Since you are emotionally more stable and worry less than others, you can share your confidence with them to help them worry less.

I don’t know if bitcoin will be able to reach such a price, maybe in the very distant future, but it will definitely take its place in the global economy and be able to remain a digital asset that is recognized all over the world for many years to come. I see that there is an opinion that in the future Bitcoin may have a competitor and the like, but it's easier said than done. If it has not yet appeared, then over time it will become more and more difficult to implement, since bitcoin strengthens its position every year.

I don't think that the comparison is fair, computer didn't replace anything that government forced you to use, it has just evolved the things it used and help the government as well. Whereas crypto is here to change something big, and that "paper" money we are talking about (which is already pretty digital) is issued by the government and that is the important part, and we all know that it is not going to be similar.

This is why it is important to realize that we should not really be looking for a way to change that, not now anyway. Fiat will continue to exist, but the thing you are right about is the fact that we have seen it do well enough, not amazing or not best, but it wasn't liked by many back in the day, a lot more people are interested in it nowadays, that is good enough.

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Or maybe the best comparison is Internet vs Bitcoin adoption and growth throughout the years:

[img width=450]https://talkimg.com/images/2023/05/16/blobdbdd880b6e65ac3c.png[/img]

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And if we look at the chart, they have similar projections or maybe we can say that Bitcoin might be adopted faster. In the beginning we don't have any idea what Internet is, however, when we realized the big potential, companies started to build the backbone (similar to what we are seeing, exchanges, and other services related to Bitcoin) and then government adopted it (El Salvador and others). And now the impact is being felt globally, again the same why as Internet is in the mid-90s to early 2000's. Maybe your theory though is similar to Metcalfe's law.
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When people were adopting the Internet in its early days, they were actually using it, spending many hours per month, and the benefits of Internet were clear to see.

But with Bitcoin and altcoins, most users are just people who want to make some quick money from speculative trading. Most users are not adopting crypto to pay with it in stores or online. Adoption for speculative trading is not sustainable, it creates a bubble that will pop when there will be too few newcomers to sustain the growth.
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It's because Bitcoin has become a speculative assets, and there are no online stores willing to take the risk to accept bitcoin as payment system. Perhaps in the beginning there were a couple of them and we're glad to have that, but with Bitcoin's volatility it's not sustainable. So we can't blame Bitcoin for that one, it's just evolved very quickly. Now we have exchanges, and 3rd party before we can used it.

But at least the numbers keep growing just like what the Internet did. At first it was just a couple of countries who had the privilege to used it. Then slowly governments around the world work to build the infrastructure because they know what this technology can bring.

You shouldn't be worried about bitcoin.

This is a technology that has the potential to change the world and give people the power to make their voices heard. It's not going to go away any time soon, and it's not going to stop being exciting anytime soon either. As long as you keep an open mind and don't get too caught up in what other people think or say about it, then there's no reason for you not to embrace this technology as something that's going to make your life easier.

Only those people want to become rich quickly are mostly be a victim of those scam schemes since they easily believe that there's easy access for that situation especially when someone offer them huge profit without exerting any efforts since the only thing you need to do is to invest your money there. if they just take all the basic things and don't rush to jump on something they don't know maybe they can get more knowledge which can put them on more better positions which can generate them good profits.

Everyone who is related to the crypto world has trust and strong faith in Bitcoin. Bitcoin was created in a way that could never be believed by humans. There are also many people who do not believe in Bitcoin and think that this virtual currency does not have a good future. But already the way bitcoin has gained popularity and bitcoin has gained trust in every heart of people. You are right of course people didn't trust computer once but later everything in the world is stagnant without computer technology. So I think this bitcoin virtual currency will ban the world's paper money one day and everyone will use bitcoin then except paper money.

It is basically everything you've invested, like also in business, if you put it up it doesn't mean you'll gain profit immediately by tomorrow, you still need to establish it then you'll gain profit which is why every time takes time but the sad truth is that people are very greed and not patient when it comes to investment and profits because they always wants like in gambling which you will win in just short period of time but the truth is not.

People played an important part in adaptation of Bitcoin. People were eager to accept the fate of new changes and were already accustomed to them on a daily basis. Worrying about Bitcoin's current drop is just a distraction and a lack of trust; it's important to know what the future holds for us, whether Bitcoin will pump or dump; I'm always on the positive side, ready to give all the strength at my disposal; and it's nice to know the massive profits one can make from cryptocurrency, channelling the strength into more suitable form.

I agree that investors need to do their due diligence and research before investing in Bitcoin or any other cryptocurrency. In terms of ROI, there's no denying that Bitcoin has been a very profitable investment for those who did it early. However, it is also important to consider that past performance is no guarantee of future results. The cryptocurrency market is highly volatile and subject to sudden and dramatic price swings.

With that said, what steps should we take to manage risk when investing in Bitcoin or other cryptocurrencies? Do you have a particular strategy or technique that you find useful in navigating the market?

One more thing to take care is that when anyone invest in bitcoin they should not think that they will become rich in a day or overnight. Just like any other investment in property, land, houses, gold, stocks,  the investment in bitcoin is similar and will take time to give good returns. However the return in bitcoin is far far greater than any other asset or commodity. You can check the history for yourself that ever since the bitcoin is there from 2011 , 2012 to till now the ROI of bitcoin is the highest.

Your analogy uses computers, which were something the world didn't have before they were invented, and was something that instantly changed the way EVERYTHING worked.  Each generation of computer breakthroughs just mean the world could run and work in a more efficient manner.  The difference with bitcoin is that bitcoin isn't necessarily needed in most peoples opinion.  Computers were/are..no matter what anyone said or though..bitcoin is a currency, not a machine.

It wasn't just because of the continuous improvement of computers but it was due to the unstoppable support of the community bringing this technology to grow and adapted the technology.
Why they are worried? Because these people don't see the value and the benefits of Bitcoin in the future as they just think that it will fall and scam us. But for those who have a clear vision about it and understand how the system works, absolutely they gain faith and trust that this technology will give them a comfortable life.

Point made. Most people overlook the fact that bitcoin, regardless of how powerful of a currency/commodity it is, is still susceptible to regulations and outright barring of services within specific territories. Take for example China and their legendary move of banning bitcoin and crypto from ever being traded and used in their country. Right now I couldn't really say for sure if there are still miners in that country but they essentiallynwhittled bitcoin's chance of growing in China to zero.

People are of course afraid of jitcoin losing calue and them losing their investments, I'm scared of it as much as the next guy, but a bigger threat is at bay.

This limited supply is also a reason why some investors see it as a potential hedge against inflation. Thirdly, Bitcoin is decentralized and operates on a peer-to-peer network.For one to have patient they may use the progression of computer as a case study. Therefore, if we think Bitcoin has potential and we have the means to invest, it is undoubtable worthwhile to think about doing so and holding on for the long-term. Another thing is market volatility where in investors are usually making mistakes with regards to their entry and exit points.

I have been reading and watching people's posts, and I noticed that many are filled with worry and lack of faith in Bitcoin. However, Bitcoin is here to stay, as the technology behind it has already been established. It's similar to the evolution of computers:

The first generation of computers was built with vacuum tubes, and although some people were skeptical at the time, the technology persevered.

The second generation used transistor technology, which was an improvement over the vacuum tube technology of the first generation.

The third generation saw an upgrade in technology with integrated circuits, which was a major improvement over the previous two generations.

The fourth generation featured microprocessors that were even more advanced.

The fifth generation was an upgrade of the first four generations.

In conclusion, we should have the same mentality towards Bitcoin as we did towards these previous generations of computers. 

People have fear about the failing of bitcoin because they you don't know anything about it and if they realize the fact they will regret to not invest earlier. I think people get accepted bitcoin if they see the success of others who have put money in Bitcoin so people always inspires with the success of others.

I think as you give brief discussion about the past and present technologies so I think that all those new technologies which will arises in future will get the position of past technologies so we can say that may be in future something new will originate to occupy the space and will be stronger enough to be acceptable by everyone.

Bitcoin is good opportunity but its up to the decision of a person that which way he prefer more to earn money because everyone knows his position better than us.

It's true that Bitcoin has come to stay and it's value has great potential to increase with time, but comparing Bitcoin to the generations of computer is one thing I thing has no similarities and ought not to have been compared, because if you are to bring a computer developed within the 2nd and 3rd generation into the market, I assure you it will literally have no value, compared to Bitcoin if given the next 100yrs, of which who knows if its value might not skyrocket to over a million dollars, which is actually a huge sum of money.

So, while computer is a tool which enable us work faster, Bitcoin on the other hand is an investment asset for the future.