Topic: You shouldn't be worried about bitcoin (Read 368 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.

What worries investors of this industry is the tendency that this technology could be restricted to majority of countries because of regulation issues in particular with taxation procedures. Another thing is market volatility wherein investors are usually making mistakes with regards to their entry and exit points.  However, we cannot reallily blame those people who are anxious and worried of Bitcoin simply because they have invested into it, and it is their money we are talking about. It is normal for them to feel so, what's not okay is to let their worries drive their actions, leading to permanent loss. We all know that loss during dumps are temporary and will only be permanent once you sell it. Problem is, we do have different tolerance in this market which makes their emotions valid.

Right, also why should people may not be worried about Bitcoin is first, Bitcoin has been around over a decade, and its technology has proven to be secure and resilient. While the price of Bitcoin may fluctuate, the underlying blockchain technology that powers Bitcoin remains stable. Secondly, Bitcoinhas a finite supply. There will only ever be 21 million bitcoins in existence, which means that it is not subjected to inflation like fiat currencies. 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. This gives us more control over our own money and reduces the risk of centralization and manipulation.

So, you're trying to say that Bitcoin right now is not good enough and should be improved? IMO that's nonsense. Bitcoin can't be compared to PCs, it can be compared to gold. Gold hasn't experienced much change in it's history. It was born perfect, same with Bitcoin. Let's not over-complicate things.  

Who is worried about Bitcoin? I can only see a bunch of crypto newbies being worried about Bitcoin(and a bunch of FUDsters and bears being "worried" as well). No experienced Bitcoin trader/investor/HODLer is worried right now. The price even bounced back to 29K after a short term drop.
You shouldn't mix the technology with the price. The Bitcoin blockchain would be just fine, even if the BTC price drops down to 1K. The market conditions have little to do with the development of the blockchain technology. The markets aren't always rational. Sometimes they can be totally irrational (when the panic hits).

Generations of the computer industry was a development of human desires in the industry, and the development will continue in many industries. For example, according to Moore's Law, that the number of transistors on a microchip doubles every two years^[1].

Hence, the development of transistors marks a complete revival of the industry, and it is different from Bitcoin, in which development is good, but it is separated by sufficient alertness and proper use.
Many think of Bitcoin as an investment or a speculative tool, and therefore it will not make a difference if I keep it in a note or in a bank, but its use as a currency is very limited.

[1] https://www.investopedia.com/terms/m/mooreslaw.asp#:~:text=Moore's%20Law%20states%20that%20the,will%20pay%20less%20for%20them.

Fourteen years of existence and only a few hundred million users is still not a long time, and there is nothing to say that bitcoin will be around for long in the future. That is why bitcoin is still listed as a risky asset. But that's the game, those who take the risk get the rewards they deserve, and it's a fair game.

The other things you say here are a bit deep, but for people like me who at least have an understanding of bitcoin, I understand what you want to convey. Until now, there are still many people who doubt bitcoin even though there are many proofs of bitcoin among those it has helped.

         But anyway, it's not our problem if there are people who are really negative about bitcoin, that's really there and that's part of the industry we live in. There are really many Thomases who have the habit of believing only when their eyes see it and many people jump on the faith in bitcoin.

Bitcoin growth and popularity can never be compared with computer growth because then it was purely backend and supported by the government even till now but this same bitcoin government is against it since is out of their control they had all means in other to sink the development of bitcoin which led them to restrict most of their citizens not involve themselves in transaction of cryptocurrency coupled with the Anonymity of the founder who has remained anonymous and untraceable till date, this has cause so much threat to bitcoin growth and government not accepting it as a means of legal tender.
Then for individual who invested their funds, Yes they need to panic why because they didn't know what they are investing on, i believe if they knew the value of what they dealing with i don't think there should be so much FUD, while on the market increase everyone needs to be optimistic about the bitcoin price given themselves a higher hope.

While this shows a trajectory of how many wallets are being created and the projected growth of future wallets, it's actually entirely inaccurate as to how Bitcoin is being adopted. Anyone can create and fund more than one wallet, in fact I believe this would be common among Bitcoin users who use Bitcoin every day. If this is standard practice, this would only become more so over time. It's likely that Bitcoin wallets will exceed internet users in the future, if it has not already. It's also not an indicator of how many internet users are using Bitcoin.

Internet users is also inaccurate. There are bots, servers, botnets, proxies, etc. which all could be more than one internet user or many users controlled by one user. All of the data relating to internet users is as accurate as trying to determine how many actual individual people hold Bitcoin from how many Bitcoin wallets have been created/are currently funded.

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.

Computers are not to worry nowadays because we have seen it all already, were probably the generations that have been seeing one big phone carried like a suitcase but now they just fit in our hands but still function like computers.

With BTC, there is also nothing to worry since its technology is solid. Its the government that is to worry because somehow if they are creating CBDC, then they will be making it difficult for BTC holders.

Bitcoin is a new innovation that is going head-to-head with a lot of traditional and century old systems. And from all indications aside it's volatility, it has performed very well. And mind you, Bitcoin means different things to different people.
My worry is more on creating awareness that would lead to mass adoption than on whether it is here to stay or not. As a matter of fact, this is no longer a debate. Bitcoin is here for the long term.

During the rise of computing, there was a much more tangible and understandable level of progress. Since Bitcoin was beyond, it has been beyond comprehension and therefore harder to understand its progress technologically. To the average person, Bitcoin has always been Bitcoin. They aren't aware of the upgrades it has gone through from version 0.1 to 24.0.1. Until they learn more, it is always the same thing to them. I suppose the same could be said about computing except that the increase in functionality, speed, design etc was all in your face...and also, supported by corporations and governments with almost no adversary to its growth.

Bitcoin on the other hand, has the largest adversary of all...all of the interests that are involved in keeping the modern day fiat money/reserve banking system alive, These interests will do whatever it can to hinder peoples comprehension and faith in its progress, and profit from the Bitcoin market.

You can't blame people for being worried about Bitcoin and what it will do to their portfolio. It is attractive enough to put your savings into it, but it is volatile enough to make you worry. I do agree that at this point faith should be higher...though since we've seen growth from $0.01, $0.1, $1, $10, $100, $1000 to $10000 to $80000 ath...it's hard to trade or hold an asset at $20-30k without being worried about revisiting much lower price points. It's innate to be worried considering the monumental growth.

you can't deny the fact that even if you have enough knowledge and orientation about bitcoin you can still make some mistakes or failure because that's what humans do, if we fail, we learn and if we learn, we get experience to it then make another progress to build a new idea. in investing it's not always about gaining profit but also the loss. i am not saying that i don't believe in bitcoin but there are a lot of things that we should consider especially if you're new in crypto currency.

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It is a good thing to have faith in our investments especially when we have done thorough research about it.  I am also one of those people that believe Bitcoin is here to stay but have the reserve in mind that everything will eventually come to an end except if they keep on evolving to cater to the needs of the masses.

It is a good point to compare Bitcoin to the development of computers but have you thought of the fact that these old computers are obsolete and are not in circulation anymore, nor is any demand for them?  And these new batches of computers can be associated with different cryptocurrency that has the latest technology. I think the case can happen to Bitcoin.  If Bitcoin failed to develop and update itself to compete in the market, it might be overtaken by the latest technology of alternative cryptocurrency.  Remember, there is no permanent in this world but change, there is no wrong in believing about the possible achievement of Bitcoin and the profits that lie ahead in the future but we must keep ourselves vigilant and updated about the cryptocurrency market.  It doesn't hurt to have some reservations and cautiousness in dealing with Bitcoin investments, after all, it is our money we put into the Bitcoin investment and obviously we have to protect it against any kind of losses.
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I got your points mate, practically i am not comparing bitcoin with those computer but rather looking at how long it took them to have these developments from 1 to 5 and above, it didn't just end there but today we have lots of AI developed that even makes our computer works more better and smarter. What i was only referencing was the time it took to process the computer from 1 to 5 can also be seen and liken for bitcoin to gradually develop and have a better stands without us being in a haste to let out of the whole market pump happened immediately without us excising patient for gradual developments and increase in price.
For one to have patient they may use the progression of computer as a case study.
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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/blob277c8a7d3fdc1ab0.png[/img]

Source

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.

I got your points mate, practically i am not comparing bitcoin with those computer but rather looking at how long it took them to have these developments from 1 to 5 and above, it didn't just end there but today we have lots of AI developed that even makes our computer works more better and smarter. What i was only referencing was the time it took to process the computer from 1 to 5 can also be seen and liken for bitcoin to gradually develop and have a better stands without us being in a haste to let out of the whole market pump happened immediately without us excising patient for gradual developments and increase in price.
For one to have patient they may use the progression of computer as a case study.

It is a good thing to have faith in our investments especially when we have done thorough research about it.  I am also one of those people that believe Bitcoin is here to stay but have the reserve in mind that everything will eventually come to an end except if they keep on evolving to cater to the needs of the masses.

It is a good point to compare Bitcoin to the development of computers but have you thought of the fact that these old computers are obsolete and are not in circulation anymore, nor is any demand for them?  And these new batches of computers can be associated with different cryptocurrency that has the latest technology. I think the case can happen to Bitcoin.  If Bitcoin failed to develop and update itself to compete in the market, it might be overtaken by the latest technology of alternative cryptocurrency.  Remember, there is no permanent in this world but change, there is no wrong in believing about the possible achievement of Bitcoin and the profits that lie ahead in the future but we must keep ourselves vigilant and updated about the cryptocurrency market.  It doesn't hurt to have some reservations and cautiousness in dealing with Bitcoin investments, after all, it is our money we put into the Bitcoin investment and obviously we have to protect it against any kind of losses.

It is advisable before anyone venture into bitcoin investment or cryptocurrency investment should go for a sensitization ( knowledge and orientation) before taking the final decision to venture into investment otherwise it would be too hard and disappointing haven invested their hard earn money and it went sideways without yielding to what they thought it could be. As a matter of consideration as a new comer you should know what you need in bitcoin investment or cryptocurrency investment, for one to be stressed free he needs to look into long term investment by taking bitcoin as the only currency that would survive for long run maybe somehow taken Altcoin for short time investment with this he may have the full control of his or her investments.

It's great to see that you have a positive attitude towards Bitcoin and its potential for the future [SO AM I]. It's true that Bitcoin and blockchain technology have come a long way, and there's still a lot of potential for growth and innovation. With each day, more and more people are beginning to see the potential benefits of using Bitcoin, and this trend is likely to continue in the years to come. So, if you believe in the potential of Bitcoin, and you have a possibility to invest, in my opinion, it's certainly worth considering investing in it and holding on for the long term, but don't do this bluntly, please research first.

I have been silently reading and watching people's post.. It's mostly filled with worries and lack of faith, bitcoin is here to exist and there are no alternatives. The technology has been recorded already so I don't think anything else would come break the efforts they puts in building bitcoin and blockchain Technology. It's just as computer is being built which includes;

1. The first Generation of computer which was built with a vacuum tubes ( At then I believe there were Thomas who didn't believe on that technology but today where are those people)? calm down bitcoin still have a long way to go..

2. The Second Generation of computer which is solely built with transistors or discrete transistors was then and upgrade of Vacuum tubes.( Yet there were Thomas that kept saying for how long will this last), I believe so..

3. Third Generation of computer was then an upgrade of second Gen, that is being built with Integrated Circuits which was far more better than 1 & 2 generation computer. So why killing your self just know bitcoin haven't reached up to 20 years or 30 years.

4. Fourth Generation which was then know for microprocessors also better than 1, 2, and 3.

5. Fifth was also the upgrade of 1 to 4 generations so it is to come till whatever generation to come..


Inclusion and summary, Why don't we have this mentality towards bitcoin and know its the latest Generation that has came to stay which through bitcoin we had a blockchain that featured all forms of technologies in the world, and yet you think one day bitcoin price will fail you? My dear this is No to my answer because those who witnessed those 1 to 3 Generations of computer aren't there again so in essence why not buy bitcoin and hold and think of 20 years to come and more, if only we can centered our heart with the progression of computer then we would patient enough not to talk about price of bitcoin at this present moments.
So please bring down your tension and feel free with bitcoin since there are more things to explore with this current Technology.

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NB. Some of the information are being highlighted and source from google