Absolutely should not borrow money to invest in bitcoin, it is true that bitcoin can bring good profits in the future, but no one can say for sure, the possibility that bitcoin will never recover is still possible despite that probability is very low. If you want to invest and have no capital, work hard instead of thinking about loans. It will kill you before you make a profit.
It's not just about if it will recover or not. Imagine we all believe it will: we don't know the other part of a puzzle, when will it be. It can be this year or in ten years. If someone will be so unlucky to take a loan, to repay it and then in 5 years see their assets still cost less they payed for it and then sell to cover part of the losses and then in 5 more years it will grow up fast... It will be even more painful to see that. |
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We choose bitcoin because the returns it offers are too great, and we can't escape the temptation. If I were a millionaire, I would still choose gold over bitcoin, when I already have a lot of money, I don't need to risk investing in a risky asset like bitcoin. I still believe that profit is what we are all looking for with bitcoin and I don't want to lie about it.
Well no, it can be correct for many but definitely not for all: earn on bitcoin would be impossible if it hadn't some other benefits which attracted people much earlier than it got it's value. It was insane to sell pizza for some coins you can mint on your own PC: why? It was not as popular as now, but in those times it already was bitcoin and that's why some people already seen it's benefits and started using it. Nowadays many people still understand that bitcoin is not only about trading or investing, it is a representative of another type of finance, an alternative to modern system. |
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Yes bitcoin will not become the world currency because it is not created to be the world currency or neither was it created to fight other currencies because it was created to be an alternative currency. The battle for bitcoin is not to be the world only currency, rather it is fighting to survive side by side along other currencies and even cryptocurrency.
It depends on how do you define this combination of words. If you define it as an only currency in the world then right, bitcoin will hardly become so as its decentralized nature is just opposite to it. But if you think about being among anchor currencies then why not: bitcoin can be and an anchor currency and be accepted really widespread, and we can call that a world currency even if there will be multiple currencies else. |
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So let's say introverted people? They can't talk much face-to-face, but online they can talk a lot. Though I haven't experienced this kind of meet-up, for sure most of us are shy at first because even though we know each other online, face-to-face is different, but still, there are people who want to meet up physically, and there are also people who want to meet up online. Whatever the reason, the goal is the same: to discuss bitcoin, have fun, and also the plans of oneself about bitcoin.
As an introvert I can say that I can talk face-to-face a lot, I just need to have a rest a lot after.  So no I mean you think about what you talk more if you see someone in front of you: anyone can follow you if they'll think something wrong and criminals can visit bitcoin meetings purposefully. This not only happens when you own bitcoin, if you have a lot of money and brag, you will also still be attacked by robbers. In this case, I find bitcoin more secure, I don't think the robbers know about bitcoin. They are addicts, I don't believe they take the trouble to update technology news daily to serve their theft. The area I live in has never heard of any bitcoin-related robbery, what they need is cash, phone, gold...I also don't like talking about bitcoin in public, simply because I like it private.
Yes, problems happen not with bitcoin holders only, but there are several things why we should be at least not less cautious: first bitcoin transactions are irrevocable so criminals expect we won't return anything; second criminals expect we will have problems with proving that we owned those assets they steal and so they expect that in less cases bitcoin holder will visit police. So IMO we should be more cautious then by default. |
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Peer pressure 😂.
Funny enough, I know people who hodl their coins simply because others are holding as well, the probably don't want to look like the odd 1 in the midst of their peers
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Yeap, sometimes happens so. And that's one of the worst things both for traders and for investors as if to do what all others do you maximize your risks of losing: a crowd rarely behaves reasonably. And especially in crypto where as we know manipulators try always to go against majority expectations. But well, even if to keep in mind all that, sometimes we all anyway give in to "peer pressure".  |
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There is a lot of gold in the planet. The only problem is that only a very few deposits make financial sense for extraction. Other deposits are of low quality, and it costs more to exploit them compared to the potential returns. However, as the gold prices increase, many of these deposits may become financially viable. And another factor is the environmental damage. A large fraction of the gold output comes from regions such as Amazon rainforest. As countries implement more environmental friendly regulations, the output from these regions may decline.
And there's even more gold in the space. One day someone will decide to get a golden asteroid to Earth and gold price will will fall really quickly. Fortunately bitcoin has no such backdoor at the moment. And fortunately gold price is not decisive for the world economy. It is just a familiar asset for investing. Of course all metals will keep their importance in long term, but I think that more in an utilitarian sense than in financial. |
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But not these two countries but several other countries are in the pipeline to recognize Bitcoin as legal tender.
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Ukraine
Russia &US
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These countries hardly will adopt bitcoin as a legal tender in the nearest future. All rhetoric of their governments doesn't give us such expectations. Even when they say about permissive legislation of bitcoin they don't mean it will get all right of a national currency. Look at Brazil: they permitted even to use bitcoin to pay with it (we have news about that Brazilians can even pay taxes with bitcoins), but they didn't make it a legal tender and I didn't hear they are thinking about anything like that. |
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^^^ But that's the point. You can't easily steal someone else's bitcoins, even if you shoot the guy dead.
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But well we know that there are cases with torturing to get bitcoins. And unfortunately no one knows that you don't have millions, they will torture for long expecting to get sometimes even what you don't have. So I'd prefer that others know that I don't have that much! But if I will go to the meetings just to say that I'm a beggar that would be suspicious: who will believe the one attending bitcoin meetings and saying he has nothing? |
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The revolution has already happened, and the fact that everyone will use cryptocurrencies is inevitable. The fact is that every year enthusiasts are added to the crypto community, the idea is growing, and the idea of Satoshi Nakamoto is getting more and more into the heads of people who are influential, who will be able to rebuild the unfair modern system of money. There are more and more of us, and those who learn about cryptocurrencies and Bitcoin never stop keeping this idea in mind.
Growth of enthusiasts number in bitcoin community is good, but — even if it would sound strange — even more important IMO that middlebrows and townees consider bitcoin as something they are ready to deal with. They are not enthusiasts, they count if they can earn on it, but their mercantile interest moves the word about bitcoin much deeper than enthusiasts can ever. And that shows that the revolution already happened. |
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I don't think it's true that bitcoiners don't like meeting face to face. There are weekly meetups (of ~10-20 people) in the city I live in - however from my personal experience with these, it's just a giant circlejerk, there's no added value from those conversations. Every meaningful discussion happens online, imho.
Well we all have fun different ways and to meet to discuss an interesting topic has no less sense than lots of other forms of entertainment. But in offline meetings most would hardly say something exact because it can be unsafe, so I guess main topics would be abstract. And anyway IMO it is good to meet, to know that bitcoin becomes more popular, etc.  |
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Why Bitcoin users are afraid of see each other physical?
They are not, but they don't want to be cross identified. It is okay if you'll talk to me about bitcoin somewhere else, but I prefer you not to know that I have an account here. The idea of anonymity implemented in bitcoin is important: it is about safety, it is about security. I don't want others to know if I have a couple of satoshis until we know that about each and every. And many in here respect that right on anonymity: some can visit offline meetings but not asking to say your online nicknames.  |
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Because I want the state to starve.
Bitcoin is the vessel through which anarcho-capitalism will become a reality.
It won't. Government is plastic enough to adapt to new conditions. It will take time but it will learn how to deal with bitcoin. May be it will not be the best way, but I'm sure it will be so. And still bitcoin will be good for us as, because returned control over our money will remain with us. If fiat will remain, we will still have a decentralized alternative. Don't expect financial revolution, it already happen. |
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Ну возможно, что сейчас нфт-ординалы на биткойне станут хайповой темой...
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Было бы печально. Опыт эфира уже показал, что пропускная способность сети в итоге может существенно пострадать, если такое станет реально популярным. И какой-нибудь взрывной рост комиссий и длины очереди в самой известной криптовалюте, как минимум, на короткой перспективе не только сильно усложнят жизнь, но и на имидже могут нехило оттоптаться. Я лично буду надеяться, что эта тема не успеет развиться. Для NFTшек есть и куча других сетей, которые не так жалко. |
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Fear of losing money and fear of missing out are the common fears I believe that most of the new traders have.
They want to earn a lot of profits but they don't want to risk their money at the same time, which contradicts everything. While fear of missing out is that they are being jealous to a friend trader who just made a lot of profits in a single trade of a certain coin so he will instantly put his money on that certain coin and expecting to make a lot of profit as well even know he doesn't even know its current situation.
Do you think that experienced traders are not prone to fear? I guess they'll make a lot of mistakes if so. Big fear is a foe which prevents earning, but no fear is a foe also: you can become careless and lose everything if you think that you are experienced enough to be sure in the market trends. Balance is a virtue... and how hard to find it! |
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One of my greatest worries about the El Salvador Bitcoin adoption project is the fact that the government may change and Bukele leave how is the Bitcoin project going to be, what of the successor does not have the same positive vibe to bitcoin same way Bukele does.
-And what of the subsequent government give in to pressure re re by following the international monetary funds warning and the other anto bitcoin International financial institution?
-i think Bukele have a lot to do within the limited time he have in this present tenure, to make Bitcoin attain a legal status that will make it hard for anyone to delist or marginalize it in the future.
There have already been several attempts within and outside El Salvador to sabotage the government efforts in making El Salvador economically buoyant a f the Bitcoin project sponsored by the Presiden of the country.
You are right, it is a possible scenario and that's why they should work as much as possible. But as we see in this topic, they do so. I'm not sure if they can do really much more: they implement different educational courses, they develop different infrastructure project, they try to attract bitcoin friendly business and tourists, they try to multiply BTMs. If they have an option to do more it is of course important to do it on this early stage, but what they already do is amazing by itself. |
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Again: you should ask people who take loans, not me.
If someone is 99,99% sure, he should not take a loan.
Don't ask me how is 100% possible, ask people who take loans, because I don't!
Sorry, it was your idea. We can read some stories in the topic about what reasons were used by those who took a loan for investing in crypto, no one said they were 100% sure. And you didn't say not to take a loan unless you 100% sure, you said to take it when you are. But anyway I see that you didn't really mean what you said, so okay, we can consider this discourse over. I don't understand what he means either, but if you take out a loan with collateral, as far as I know, the loan term can be extended up to 3 years. This means we can pay the principal one time, but in those 3 years, we have to pay interest monthly or quarterly, interest must be paid during the term of the loan and principal can be paid on the last day of the loan term. The long-term loan package has a higher interest rate than the short-term loan package. If we do not have a job or a stable source of income, borrowing is extremely risky. In general, you should not borrow money to invest, just use idle money.
Seems that not everyone in the topic realizes what a loan could mean. |
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I don't just mean bitcoin has benefits, fiat and gold are useless, I mean bitcoin is a multifunctional asset. I'm not a fiat hater like many others because no matter how bad it is the fact that we are still using it every day, and without it we would have a lot of trouble in life. Gold is not profitable with bitcoin, but its safe. I invest in bitcoin, but I am saving gold for my kid's future. All 3 have their own benefits and different use cases.
Fiat currencies and gold are also multifunctional, but well I'd say that I don't like fiat and we still use it just because bitcoin is not widespread in the world enough. Otherwise I'd prefer to get payments and pay in bitcoins or sometimes probably in some other decentralized cryptocurrency but not in fiat. Just because it is not possible in many cases I still use fiat. But if some others would like to use fiat when we all will get an opportunity of not doing so I'll still stand for their right on choice: even if I don't like fiat they should have such option. |
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Wnfortunately we don't know if the current price is a bottom or there is still a chance to go up, we can say this because it has happened, but I think borrowing fiat is a good thing because the potential for bitcoin in the future is getting better, so what I want to say is borrowing money but with a long term payback period, for example 5 years or more.
Usually when you take a loan you have to start your payment nearly immediately and do so until a debt is fully repaid. So most of us would hardly find a way of borrowing something what can be returned in five years. If there was such an option it would be very attractive for lots of things and crypto was not even in the top of them. But I don't know any place where to get such a loan. Any hints?  |
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Why do you ask me?  Ask people who take loans for that purpose. Because it is your advice in a topic with a question if someone can take a loan for investing in bitcoin. If you say yes in case of 100% certainty then I'm wonder how can that 100% certainty be reached. If you have no clue then how can you give such an advise? I suppose it is impossible so I want to warn people who might want to try to follow your advice. And I hope none is taken loan basing in such idea so I hardly can ask anyone who did. |
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However, as a result, only 1.6% of these transfers are made through digital wallets. A Deutsche Bank study found that people prefer to exchange bitcoins for dollars, which is not so easy to do. They often turn to unofficial money changers who set their own fees.
Strange. If we look at the description of Chivo Wallet app we can see that direct exchange between BTC and USD is implemented inside it, so you need no searching where to find some unofficial changers. I can even remember that there were some texts in press which said that there were some problems with rates when these exchanges were not beneficial for gov. So this is the first time when I see any publication saying there is a problem with exchange and it seems strange: I'd prefer to see the full text from Deutsche Bank because probably they meant something else. |
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