Bitcoin Forum
May 16, 2024, 10:23:13 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
  Home Help Search Login Register More  
  Show Posts
Pages: [1]
1  Economy / Speculation / Bull run again, huh on: March 06, 2024, 09:11:34 AM
On this forum, I found out some information, and seriously want to ask it here.
What is a realistic expectation from the bull run, given  the last one in March 2021, Bitcoin hit  $61,000 and fell down to 31k about two couple of months later... It rose later on, amazingly though. But is this price fall normal in the bull run?? What is a helpful tip here.
2  Other / Beginners & Help / Few cons to be aware of before going into Bitcoin on: February 29, 2024, 11:10:36 PM
So, I just did a little research and I think this information is worth sharing, and will help the newbies around here.  And I'm open to other ones too

These are a few cons to take note of before doing BTC

• Irreversible:  Most of us know that BTC transactions are final and not reversible,  and as such, if you send to a wrong recipient or a wrong amount, it becomes a really sticky situation. A lot of people tend to keep their digital currency in a cryptocurrency wallet, which puts them at rusk of losing investments if there is no longer access to their private key.

•Volatility: Satoshi Nakamoto imposed a limit of 21million Bitcoins, and then, it was regarded as  totally scarce. That contributed to Bitcoin's value. But also contributes to price volatility. Bitcoin's decentralization also implies that no minimum valuation is guaranteed, that is to say, if a large group of investors stops using Bitcoin, and sells them off, the value would significantly drop , and people with large amount of the coin will be affected 💔

•No Government Regulations: While decentralization is  considered as an advantage of crypto, it can be seen as a disadvantage of Bitcoin, given that it implies there is no investment regulations.
Unlike a currency regulated by a Central Bank, Bitcoin transactions are not accompanied with legal protection, and given it's irreversibility, makes it scam prone.

•Not accepted everywhere: Even as the rise of cryptocurrency is upon us, Bitcoin, still isn't accepted just everywhere. Major companies now recognizes Bitcoin as a means if exchange, it's still not widely accepted. This puts a limit on where you can spend.


3  Other / Beginners & Help / Common misconceptions about cryptocurrency (Bitcoin) on: February 28, 2024, 03:12:24 PM
As a beginner , in the digital finance space, it's vital to navigate through the endless sea of information, in this context, telling myth from truth.
There are actually numerous myths when it comes to the Bitcoin space and how it works. Here, I'll try to debunk the most common ones.

• Crypto is not affected by Traditional market: while this misconception may be a popular opinion among beginners, truth is, regulatory shifts and market sentiments can greatly influence the crypto market.

•Crypto (Bitcoin) is a 'get-rich-quick' scheme: Beginners are usually found in this school of thought. Most people think this to be true because of the results displayed by the professionals in the Bitcoin space. The increase in crypto asset prices have contributed to this fictional belief. Take note, there are risks involved, like any market.

• Crypto is for Tech wizards: As many beginners are likely to think this, it is not true. With platforms releasing better user friendly interfaces, it's become more accessible and even beginners like you can navigate the world of digital finance with ease.

• Crypto Gains are not Taxed: This is one misconception that if not addressed early can lead to disappointments later on. Fact is, they are subject to taxation in most jurisdictions. They are just like stock gains .

•Crypto doesn't have any reald world uses: Actually, they do. Other than existing as digital assets, their real world applications include payment of goods and services, like traditional currencies, and enhancement of supply chain transparency.
.
Conclusion.
Personally, I think telling truth from myth, fact from fiction is a great way to enter the digital asset space. You can make the best of your efforts. It may seem like I'm saying pretty basic stuff, but I think that's the point of relating to the beginners.
I'll post more myths later on.
Good luck!
Pages: [1]
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!