Why do people want Bitcoin?

Bitcoins act as new currencies in the digital age. It can cross borders without any banks or governments.

The recent boom in Bitcoin may be great news for those who put money here early. But it also made it possible for Bitcoin to become a distant currency.

I can now use my Bitcoin number to buy stuff at Overstock or book a hotel at Expedia. But if I use Bitcoin to buy $ 25 on the Overstock today, and next week Bitcoin prices will increase fourfold, I'll feel that stock is $ 100. If Bitcoin loses its price, at least I still have the stock to use.

Bitcoins are considered as a kind of asset, instead of currency, with great profit expectations later on.

I am amazed with number of people being fooled with BTC:

1. Transactions takes hours
2. Fees are high
3. Development team sucks, uncapable solve scalability issues for years
4. Its not anonymous, every solution to make it, failed so far
5. Its centralized: who is biggest hash power owner? Who is biggest miner hardware provider? Who owns most of bitcoins? What is % of Bitcoins in coldstorage and what in exchanges ( Ye Mt Gox )
6. There is 0 economics for BTC, it just tight to USD with liquidity providers, cut that and try to value pizza box with just BTC
7. Its not store of value, its not digital gold, and it will never be 100k USD. Because it has no value. It has value only for energy probiders, hardware manufactures and random phils.
8. Its not insured, If some crap happened to your BTC, its gone.
9. Bitcoin has a limited supply, but it does not help much. Bitcoin has a code that can be amended and its enough of small group of people to work together to support that. Question really is: do someone need that hassle? No really. Bitcoin has satoshis, that currently meaningless and just nice numbers after dot, but this a very well painless way to inflate any crypto currency and its up to liquidity providers. Again it falls to point #5 and #6. Added on 24/01/2018

Such crap will never be used in payments, noone wants to support Terrabytes or Petabytes of data.

Its funny to observe how uneducated shills trying to make casual office landline phone to look smart phone.

BTC is scam of the century, stay away.

UPDATE 23/01/2018:

useless, guys the fact that some of you become reach and wealthy does not make Bitcoin useful. You wealth does not come from values that are used in propaganda.

1. Why I am still here? I believe there are technologies that are better maintained and lead than BTC, I prefer put money in something that bring value, has use-case and been used.
2. LN is panacea! Well not, so far its more dream than reality, no doubt it will be delivered in one or other way, but it will not solve all problems and so far it has more questions than answers.

UPDATE 24/01/2018:

Everyone is amazed of why I called it useless, well, recently Stripe dropped support for Bitcoin payments. This is the prove of Bitcoin being useless. Stripe was not the only one in recent months to do so. It should ring a bell.

UPDATE 29/01/2018:
Few points were made here that are unfair:

1. Bitcoin is a first one, its revolutionary and so on and so forth, wrong, Bitcoin is a client that is build on top of practices that were developed and test long time before Bitcoin e.g. Proof of Work, Hashcash, eCash, bit gold, Merkle Tree, Peer-to-Peer,Byzantine fault tolerance etc.

2. Bitcoin is still in development and it needs a time and so on and so forth, really? its a 10 years old technology. Its usage is very easy predictable, no rocket science here. Scailibility problems were addressed long time ago. But like in every corrupted government, Bitcoin has biased devs, greedy miners and exchanges driven by capitalists. Why to care about tech? When everyone is just become wealthy on nothing. This is why its scam and this is how it become useless, because everyone only cares about price, not utility on day-to-day basis. Typical ponzi game.

3. Bitcoin is store of value, fake as is. Everything that has Blockchain underneath is store of value, Bitcoin is neither exception nor unique here. And again it has no value, because there is no utility. Remove exchanges from equation, and tell me how much BTC will be worth 1 pizza?

UPDATE 30/01/2018:

Bitcointalk, and many other crypto related forums are heavily manipulated by bots, the amount of useless posts and conversation is just crazy. Even look at this thread, so much messages about "it will make me reach", "it growing", "I am going to be wealthy" so much manipulation, only in ponzi game this possible. It proves just on how bitcoin is useless, because 90% of people just copy paste message from bots, even not knowing basic fundamentals.

Some people invest some if not all of thier asset in bitcoin. They are lured by its growing up value its equivalent to fiat currency but is bitcoin really safe and secure.? What do you think.,

Gano ka laki ang epekto ng sestemang merit sayu? at sa tingin no epektibo nga ba ito?
o lalo lang nitong ginogulo ang mga baguhan sa furom NATO?..

The lack of financial education in general is a worrying problem. We teach students about literature, maths, science, ... and we tell them that those are the things they need to know in life. Yet usually, the largest single expense they will have on their lives is a house, and that normally comes with a mortgage. Yet, only a few schools will tell them what should they be expecting, the risks and the consequences of such a contract.

Bitcoin and alts is another case in which people are carefully kept in ignorance by the governments and lobbies.

What can we do to make more people interested in economy and finance and to better educate the youth so that they don´t get ripped-off?

i like it a lot because this crypto i change how to make study hard.. like when im schooling before, and now same crypto before you move forward in all coin make sure study first. in crypto i make profitable income he even not much. also all ico token its like a lot also they also make your profit if you joined thier project.

1. Di ka na naliligo.
2. Di ka na natutulog.
3. Di mo na namamalayan ang oras.
4. Manhid ka na. Wala ka ng emosyon. Red tide? Just another day in Cryptos.
5. You now have an attention span of a goldfish (because of trading)
6. Parating tulala kasi iniisip parati ang mga coins nya.
7. Di na nakakapag-exercise.
8. Di na nakakakain sa tamang oras.
9. Parating tinitignan si Blockfolio every two minutes.
10. Parating bukangbibig na lang crypto. (Or tahimik na lang about crypto para wala masyadong kakompetensya sa mga bounties. Madaldal lang pag nakakausap sa fellow crypto addict rin.)
11. Di masyadong gumagastos. Kasi imbes na pambili ng yosi o ng alak, crypto na lang!
12. Mas importante na sayo ang crypto kaysa sa fiat. (Intangible coins now is better than tangible ones!)
13. Bibili ng 4k na sapatos, ang mahal naman. Bibili ng 100k na ICO, wala ng isip isip!
14. Dati nood TV series. Ngayon nood na ng tutorials sa YouTube about crypto.
15. Dati trabaho ka ng 8-5 para kumita. Ngayon 2 hours na lang!
16. Dati puro ka laro computer games, now crypto game na nilalaro.
17. Dati galit parati parents kasi walang pang-ambag sa bahay. Ngayon ang bait na ng parents lol
18. Tinatanong ka na ng parents mo kung nakapag-airdrop ka na ba? O magkano na ang nabenta mo? haha
19. Di ka na masyado sa Facebook sa Bitcointalk ka na nakatambay dahil nagpaparank!
20. Pag tumunog ang cellphone mo nagmamadali ka ng tignan kasi kala mo airdrop sa discord.
21. Pag may nakita kang post about cryptocurrencies babasahin mo na. Tapos feeling mo expert ka na hahaha
22. Ang tingin sayo ng mga friends mo sa facebook weird kasi puro about crypto shinishare mo at puro form pa!
23. Puro ka referral.
24. Nakakatamad ng lumabas kasi baka may ma-miss kang airdrop or bounty.
25. Pag may narinig kang nagpump na token dali-dali mong titignan sa mga exchanges.
26. Etherdelta is your bestfriend.
27. Dapat parating may laman ang ref para pag nagutom sa madaling umaga makakain agad. Nakakagutom kayang mag-bounty haha
28. Wala ng time maglinis ng room/bahay. Natatambakan na ng hugasan at labahan.
29. Pag di aabot ng 1000 ang holdings mo ng particular coin na yun, tinatamad ka na. Gusto mo at least nasa 1000 units or more per coin/token mo.
30. Nalilitan ka na sa hundred thousand, dapat usapan ay millions na. hahaha
31. Ang dami mo na parating tabs na nakabukas pag nagnenet ka.
32. Importante na sayo ngayon na marami kang followers sa Twitter and Facebook!

Ayan pa lang naiisip ko. Ano pang ibang naiisip nyo?

P.S. if nakita nyo na ito somewhere in Facebook don't label me as a content grabber kasi ako yung original poster nito.

P.P.S. Katuwaan lang po ito haha. Nothing serious.

Nabasa ko yan sa isang blog. Di ko matandaan kung saan pero makes sense. Kaya dapat talaga ma ipon tayo ng bitcoins ngayon p lng.

Lumabas ng bagong statement ang Bangko Sentral ng Pilipinas regarding the Bitcoin and other cryptocurrencies.


Important security considerations for VC users:

• Set-up and use a dedicated email account.  Avoid using the same email accounts or username that you have used in public platforms such as social media.
• Keep your VC-related email account to yourself.  In any VC transaction, users need their email account and password.  Thus, it is important to secure not only your password but also your email account.
• Set a strong password.  Use complex and hard-to-guess passwords (i.e. alphanumeric including symbols, lower and upper cases).  Avoid re-using the same password for more than one service.
• Observe basic internet security.  Exercise caution in accessing your VC wallet especially when using wi-fi connections.  Avoid installing software, browser plugins or downloading attachments from unknown or suspicious websites and emails.  At the same time, do not leave your device unattended.
• Subscribe to multi-factor authentication (MFA) provided by the VC wallet provider.  VC users should enable, whenever available, MFA options to their VC accounts.  Adding another layer of authentication can provide increased security to your VC account and transactions.
• Separate your funds and use cold storage.  VC funds should be separated in two or more digital wallets for transactional purposes.  The main wallet used to store VC funds for future use should be kept offline or popularly known as cold storage wallet to minimize vulnerability to theft, hacking or fraud.

Full article can be read on their site at http://www.bsp.gov.ph/publications/media.asp?id=4575&yr=2017