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I don't even understand why people would categorize Bitcoin as a scam, when all the transactions are done and regulated by you, yourself. I may be new to the concept of Bitcoin and I not be into the big aspects (such as trading and mining) of retrieving Bitcoins, but in what way can you say you have been scammed through Bitcoins? I think the mistake here is that they are comparing Bitcoin with other scamming ventures which gives Bitcoin a bad impression. You can explain that Bitcoin is not a scam by telling them how you are in charge when it comes to Bitcoins. All the transactions, processes, and other ventures does not include a third party agreement, or even a down payment. Bitcoins assure security despite the financial freedom, you just have to be very vigilant with everything, nonetheless.
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When Bitcoin is falling, I believe the first thing a person who owns, stores, or invests in this kind of currency should NOT do is to panic; but often times, most people ends up doing so because of losing more than what they deserve to gain. I do get that the volatile characteristic of Bitcoin can be quite frustrating at times and it can provoke a person to do something impulsive out of (maybe) fear, as well as to gain assurance that you would not experience any deficit at your part. However at circumstances like this, it is important to not panic and remember that all these events are temporary and sooner or later Bitcoin will be rising again. When Bitcoin is falling, one should not panic and be impulsive, instead just be patient and wait for time to do the work and fix the current status of Bitcoin.
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I think with the rate of how Bitcoin has impacted the society, economy, and the world, it will not end anytime soon. Since the demand for it has continually risen, I don't think something that is so popular and bring benefits to its users can just quickly be gone or end for no reason. Maybe the only thing that can end Bitcoin is reaching the end of accessing the internet, which I think is far from happening because its development has been a priority to provide efficiency in different aspects. Overall, I don't see any applicable reasons for Bitcoin to end.
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I get my allowance on a daily basis and what I do is allot my savings first and foremost, and then what's left would be what I use for my daily expenses such as for my food and transportation (commute). Since my schedule is not as hectic as before, I end up not spending much and my money for expenses would be put into savings as well. I usually save more than 50% of my allowance during the weekdays. When it comes to weekends, I limit my expenditures by budgeting or allotting a certain amount spend.
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I had the same question in mind when I first started, and I also often asked who is the one to make sure that things that are going on with Bitcoin are safe and secure. Since Bitcoin assures financial freedom, I guess the answer to the question who can protect you in this platform is you, yourself. Bitcoin is secure because of you. You have to take the right measures like having a password that is hard to crack and not saving them on any devices to assure your security. It is you who can guard your Bitcoin the best against all those strategic and smart hackers.
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My friends and I were out one time and we were tricking one another of not spending too much anymore because we don't have enough money since were still in college and we don't have any source of income (except for allowance). I told them how I'm trying out Bitcoin and how its value can multiply over time especially when you convert it to fiat (Bitcoin is not really popular in our place right now). Our other friend has been investing through Bitcoin for over a year now, he just showed his wallet and I told them how easy it can be and I think they were convinced and now trying out Bitcoin too!
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What are the chances of living in a world with no actual money ?  Low. I think personally that cryptocurrencies wont make FIAT useless, but I think that cryptocurrencies will work hand-in-hand with FIAT money. Especially in countries like the United States, and the other first-world countries; I don't see FIAT going anywhere soon. Yup, I agree with mjglqw. The usage of cryptocurrencies is beneficial to those who has access and knowledge about it, otherwise it's worthless to those who does not have. We have been using fiat for the longest time I can remember, and for it to be completely gone would affect the society drastically. As mjglqw said, fiat and cryptocurrency can co-exist and help one another for the betterment of the economy. Mass adaption won't also be a complication to experience since fiat will still be existing alongside crypptocurrency. |
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Aside from getting hacked, I think one of my biggest fear as a Bitcoin holder is if the time comes that the value of Bitcoin is so low that it can be considered as something worthless after investing so much of your money and holding on to it for a long time (probably years and years of keeping it safe and unused in your wallet). This may be far from happening since Bitcoin is gaining its momentum as of the moment, but its unpredictability, volatility, and the establishment of various new innovative technological platforms can truly overcome the value Bitcoin has gained throughout the years. It would be devastating to lose something that you have took care of and kept safe for a long time.
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With regards to this matter, I think in the future governments will introduce new ideas on trade and commerce. This will include the new monetary system of each country. I think they will consider the idea of making their own cryptocurrency that can be used globally. But I think they will not set aside the use of fiat for it is the money that can be held physically by people. Because of the excellent features of bitcoin, maybe they will design those currencies like bitcoin if this thing will happen in the future.
I agree with groll. The government may be open to creating and establishing new systems, but will not fully disregard what most of us has been used to. Take into consideration fiat, yes the world is evolving with the usage of electronic money but let's not forget that not all of us has access to this kinds of platforms. Mass adaptation may take awhile but with proper implementation and assurance that all people are capable of accepting the changes with the system, then I think there's nothing wrong with the government establishing their own cryptocurrency. |
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Robots replacing humans would truly be something that promotes development in the technological aspect that allows efficient living. Of course jobs can be done in a much faster rate making every transaction easy with the use of robots whose minds can be programmed to function at its best all the time. The downside is that its maintenance may be a burden and that it can greatly affect a country's economy as more people will be unemployed. Sometimes, there are just some things that humans can achieve at a better quality compared to robots, so before this is to be implemented it should consider how costly it can be and how it can affect the humans it will replace.
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Even the blind can see that crypto Currency is making people millionaires all over the world
no it is not. how many people do you think held their coins when price was dropping from $220 to $180 and how many do you think bought that day, and how many of those do you think dumped when price was $450 and it dropped hard. or all the other panic FUD daram that led to panic sells. how many do you think will dump in the coming month of August, and how many do you think will hold and buy more. it doesn't matter that you heard a coupld of stories about someone getting rich. there is always only a handful of people who don't listen to anything and keep holding for the real long term profit. and this is just the start. we have started the mainstream mass adoption for less than 6 months and price rise is just getting warmed up.  I couldn't agree more with RoommateAgreement. What he/she said with regards to the stories and rumors about Bitcoin should not be a hindrance to what you stand for. We are just getting started and I believe that it's never too late. Yes, the early adopters will have a lead or an advantage since they have earned a lot over time, but you should not compare your situation with theirs. Your goal is not to exceed what they have gained, rather just simply earn. In obtaining Bitcoin, you should know that time is a critical aspect, whether you started early or late, there will come a point that we all have just to wait, be patient, and let time do it's thing. |
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I didn't spend anything yet i just save it in order to buy expensive things. I am also planning to invest in altcoins so thats why i also save it. Everyone wants to get rich from bitcoins.
But if you spend your profit in a day you will not come far.
Me too, I haven't spent anything yet from what I earn through Bitcoin. I am currently just collecting and waiting for it patiently to multiply over time . When I get to obtain enough Bitcoins, I plan to buy my own property. It will take such a long time still, but I am hopeful that it will all be worth it. I totally agree with Lomperd1 with his/her end note, spending your profit daily defeats the purpose of storing your Bitcoins to allow it to multiply in value. This is where the importance of saving and self control comes in. At the end of the day, I think what matters is the long term value of what you saved so you should learn how to spend it wisely. |
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I had no idea what Bitcoin was until I caught my partner on his phone looking at this value which to me seems very small (since it doesn't even have a value of one) as it is represented by a decimal. I asked him what he's looking at and why it's represented in such a way. Then he told me that it was his wallet and he then said that it has an equivalent value to our currency. I was so surprised to know that the thousandth value had a huge equivalent in fiat form. I started asking what it was and how he accumulated such amount. So he started telling me everything there is to know about Bitcoin, how you can gain it and how beneficial it can be. Here I am now, still learning though; but truly enjoying the advantages of Bitcoin.
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Very good points. I'd like to add:
5) Banks can't steal it from you. You may think they can't steal cash either; that's not true. With central banks printing money by the hundreds of billions, and commercial banks creating money as debt like there's no tomorrow, they're effectively lowering the relative worth of your money in their advantage. Remember: stealing 5% off your deposit, or increasing the total money supply by 5% by creating it out of thin air, has essentially the same effect.
I could not agree more! It's the financial security you enjoy through Bitcoin that makes you prefer it over cash. I would like to share how there was a time when I thought banks were the safest place to put your money or other valuable things. Little did I know is that banks are making all these hidden transactions which doesn't allow your money to grow like what they promised. At least here in Bitcoin, you have full control over your money; and despite its volatility, you can assure that Bitcoin will bounce back over time and make up for what you may have lost. |
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Here is a tutorial for dummies about doubling our money and not Bitcoins with scam scripts, remember no one has your best interest in heart to help you double your coins, however there is this thing we call it Bitcoin and indeed you can effectively double your fiat money with it.
But how?
-Simple, whatever you have buy Bitcoin(s) and deposit them in never before used addresses and forget about them for literally 6 long months/half a year.
-Tip: don't pay any attention to news and don't participate in crypto related forums and social medias, it will drive you crazy.
-Result: after 6 months and after your phone alarm went off since you set it to ring in calendar for exactly 180 days, open your browser and go to one of the reputable exchanges and look at the market price, if your fiat money wasn't doubled if you were to sell your Bitcoins then find me and kick my ass for bad advice. :?
Please refer to the Bitcoin price and charts to see if the price did or did not doubled every 6 months.
I can't find anything remotely similar to this can you? and if so please share with us.
Edit:
Disclaimer:
This post was intended as a quick suggestion to double your fiat money and not your Bitcoin, any body telling and promising to increase the amount of your Bitcoin is either misleading you or tries to scam you, even legit interest paying companies have their own high risk of loss.
Only idiots gamble in hopes of earning money or double their money.
I have a great feeling that this will absolutely work and if you're lucky, there are chances that your money won't just double but triple, or even exceed the rate that you expected if the market has been good during the duration of your keeping. I might actually try this! I do see your end note about gambling and I somehow agree, but let's not say that they're idiots right away. Gambling is all about luck, and if it pours you get to multiply your money instantly while enjoying or entertaining yourself. If you want a sure return, then your strategy can be considered; but if you like taking risks and you're willing to accept the outcome no matter what it may be, then gambling can also be an easy way to make your money grow (hopefully). |
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Education is supposedly a right but now has became a privilege since there are a lot of people who can't earn it due to certain circumstances. However, despite not being educated in a formal setting (like a school perhaps), this should not be a hindrance towards learning about Bitcoins. I believe that this platform is open to all especially those who are eager to learn about it. Despite the complexity of Bitcoin, I think that with the right approach, strategy, and perseverance, one can go a long way in this venture. Nothing should be considered a limitation because anything is possible for anyone.
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Investing in bitcoin is good idea. Because it can help to grow your money . But invest only that you can afford to lose because bitcoin is risky to invest the price is increasing and decreasing fastly. And no one knows what is the future of the bitcoin. If the bitcoin price dump or up it depends on the market if many people buy bitcoin the price for sure increase and that's good for us and what if may people sell their bitcoin and you buy bitcoin at high price and the price decrease what do you think will happen to your money ofcourse it decrease also. Always be vigilant!
I was actually just asking my friend about this; I was telling him how I wanted to cash out some of the money in the bank and convert it to Bitcoin to allow it to grow for some time before I convert it back to fiat. In that way, my money will multiply at a much faster rate compared to the terms in the bank. I think there's nothing wrong with doing that, however, we should know the risks that are possible to happen during the time being that our money is invested in Bitcoin. We should only invest what we're ready to lose because as Question123 said, the future of Bitcoin is unpredictable so we have to be ready to whatever may happen. |
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I am confused with this thread as I am unsure if it's about scamming or donating that will lead to dependency. To answer the subject, I guess people scam because they want to earn more in an "easy" way. Scamming is a form of dishonesty, and this is not how transactions are supposed to be done. Scamming will not benefit anyone as you are just making a fool out of yourself and deceiving other people for your sole benefit. How much selfish can that be?
When it comes to giving others financial aid, there is a difference between begging and donating. Donating should not be made mandatory, it is something that should be freely done by your own will, while not expecting something in exchange. Begging on the other hand is asking for money, these are the people who would rather just ask than earn their money. Donating is very different and should not be compared to begging.
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Actually it's totally different,
even though its name was Cryptocurrency,we can not compare it to actual money aka Fiat.
if we want it to be considered as a 'real currency' we should have a physical form.
right now the best word to describe it is 'Electronic Payment' not 'Electronic Money'.
'Electronic payment' was a tool for people to help them send their money across the world,
it's just a tool and will never replace the real 'money' itself.
Point taken. It is true that cryptocurrency cannot be compared to actual money as they have a different stature in the society. Although they almost have the same purpose, they still are different from one another in many aspects. As stated by DaMut, the physicality of a currency is important in establishing its state. We should also take note of the accessibility towards these "money". I think for Bitcoin to be considered real currency, it should be accessible by everyone. Since Bitcoin can only be accessed through the use of the internet, then it is more of a privilege or opportunity to own compared to how fiat is earned. |
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Definitely. Billionaires despite the enormous amount of money they have would continue to invest in different ventures just to make sure that their money will continue multiplying. I have a feeling that they have this radar towards investment ventures because for them it has become a hobby to allow the continual circulation of their money. Billionaires are for sure into Bitcoin because it is something that can bring so much advantages that you can enjoy.
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