A Noobs thoughts on BTC

[Eebertay]

So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar.

I recently became interested in cryptocurrencies because i was finally able to wrap my head the ideas behind blockchain and now firmly believe it is the future.

I went out and bought some BTC, ETH and LTC

Obviously Japan recognizing BtC as a form of currency is huge but i am wondering which of these cryptocurrencies will be around in 10-20 years time.

Most holders of these cryptos are in it for purely speculative reasons and in turn, creating large bubbles.

The only way thes bubbles will resolve is from 3 things that need to happen:

-wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people

- price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below.

- fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars.

This would create a huge price instability, loss of public trust and then we circle back to square one.

Just wanted to share my thoughts.

I am in as a skeptical long term buyer but did want to address some possible pitfalls to btc

[Yakamoto]

You're right, however, bubbles and volatility is also a lot of what attracts investors to the market, especially whales with a lot of money to move back and forth. Day trading Bitcoin is almost a pastime for these people, and it is where the Bitcoin market gets a lot of its money from to keep the value high, assuming I understand the markets and big players correctly.

Stability is brought on by what you said, but I don't know if enough people are really interested in stability or them to want to move towards that yet.

[unamis76]

All 3 may survive these 10-20 years... Only thing that's almost certain in my view is if Bitcoin goes down, all others will most likely go too. For other to exist, there must be Bitcoin or anything based upon it. But nobody can make exact predictions regarding this...

I think we can consider Satoshi's coins as lost, unless found/stolen... As for others, don't forget that many people who have large holdings in Bitcoin have a vested interest in the ecosystem and/or are worried in other things beyond profit, so they can't exactly "tank" Bitcoin.

[U2]

Lol you believe in blockchain technology yet you bought eth. That's hilarious. They're just a centralized hard forking shitcoin. Oh no something went wrong again? More shitty code? Another hack? Hard fork the bitch again and we'll pretend it never happened. Eth is a clusterfuck. I'd stay out.

[coolcoinz]

I don't look into the future as far as you do. To me the important is here and now (2-3 years) and I hope my investments will bring some profits in that period.
20 years is a very long time for a technology and it will have to evolve to continue being used. I'm sure electronic payments are the future and cryptos are going to survive, but will it be Bitcoin? I doubt it. To me Bitcoin is a big truck that goes through all the mud and dirt to mark the way for new currencies that will follow.

[Eebertay]

Lol you believe in blockchain technology yet you bought eth. That's hilarious. They're just a centralized hard forking shitcoin. Oh no something went wrong again? More shitty code? Another hack? Hard fork the bitch again and we'll pretend it never happened. Eth is a clusterfuck. I'd stay out.

ETH is speculative on the grounds that it is being researched by a lot of larger companies with deep pockets and distribution channels.

What else?

[bitbunnny]

Don't look so far in the future, there is no use of it. You can't know what will happen and how the Bitcoin market will develope. Let's focus on now and maybe 2-3 years from now, everything else has no sense. Besides Bitcoin is faced with challenges and issues that should be solved now otherwise the future will not be bright.

[Harlot]

I think that you made a wrong thing that you split your money and invest it in all BTC,LTC, and ETH. As you must invest it in just Bitcoin in which is has the most growth potential in terms of value. Also you are right that Fiat currency being gone is not an option because it won't happen even in the future. But I don't think fiat currency being gone will be the success of Bitcoin. Bitcoin is a limited currency that is not controlled by the government, I don't think something like that can replace a fiat currency.

[BrewMaster]

I went out and bought some BTC, ETH and LTC

if you think any altcoin deserves the same attention as bitcoin you make a big mistake and you will pay for it with a lot of money lost.
be careful with eth in near future and in long term and then afterwards ltc in longterm

-wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people

not necessarily, bitcoin can only be used when we need what the decentralized currency offers us and price still goes up and it gets adopted.
it certainly would be a lot better if we could do everything with it but it is not required for success.

- price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below.

the "hoarders" are human just like you and me, they just saw the potential and instead of waiting around for a drop to low prices they took action and bought bitcoin.

i myself hoarded a lot of bitcoin when it was about $400. it is not negative, it is an investment that i made and i will start spending the day i see mass adoption. and meanwhile i enjoy my wealth grow and spend small amounts (as i said above) when i want the benefits of bitcoin.

but i agree with the price needing to stabilize and that happens only with more adoption. when whales dump to create panic, if people start buying cheap coins instead of joining in the spread will happen easy and cheap.

- fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars.

it will all come down to usage. if bitcoin continues to grow in being usefull and get adopted like what we are seeing over in Japan, no matter how much whoever the fuck dumps, there will always be more buyers gladly buying their coins cheap and waving them goodbye as the price rises afterwards.

[Mometaskers]

The price volatility is probably most people heard about and got into bitcoins anyway. Sure what attracted me. I don't think this is necessarily bad. If you are thinking of investing long-term in bitcoin they you can just hold, after all, you still have the same amount of bitcoin in your wallet anyway. The dumps are also the time when people manage to get coins. Sure there may be some coordinated movement to force them but small players also benefit. I'm no economist but I believe the price MIGHT stabilize as it become more widespread.

[QuestionAuthority]

So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar.  

You mean you heard about it in 2013. Bitcoins initial big splash happened years before that when two articles, one in Galker and one in slashdot, let everyone know they could buy drugs at Silk Road anonymously online with Bitcoin.

I recently became interested in cryptocurrencies because i was finally able to wrap my head the ideas behind blockchain and now firmly believe it is the future.

I went out and bought some BTC, ETH and LTC

Why? Out of all the investments you could have made you chose crypto? Was it fast bucks, drug money or ideology?

Obviously Japan recognizing BtC as a form of currency is huge but i am wondering which of these cryptocurrencies will be around in 10-20 years time.

Does it matter? You'll most likely have three kids, a mortgage and a wife spending all your cash as fast as she can by then. Worry about today, that's more than most people can handle.

Most holders of these cryptos are in it for purely speculative reasons and in turn, creating large bubbles.

All "holders" are speculating but day traders/forex traders are creating the bubbles.

The only way thes bubbles will resolve is from 3 things that need to happen:

Wrong, these cryptos are playing in the world economy. It's almost infinitely complex. There are a mountain of reasons why bubbles happen. Here's one you might not know about: an exchange operator called Mark Karpeles used two trading bots and created a bubble because he was covering up his incompetence.

-wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people

Would help but can't guarantee no bubble.


- price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below.

Bubbles are created by traders. I already covered that. Without trading watch cryptos shrink to nothing in short order.

- fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars.

Not in your lifetime.


This would create a huge price instability, loss of public trust and then we circle back to square one.

Just wanted to share my thoughts.

I am in as a skeptical long term buyer but did want to address some possible pitfalls to btc

The items you mention aren't a downside or a pitfall. They are a normal aspect of commodity trading. Gold has been traded since forever and still has massive swings in price when trading is heavy. I don't mean this as a jab against you but If you're skeptical and unsure of your decision try something more stable and safe. Try a long term investment like government bonds. If you like the ideology behind Bitcoin stay and don't spend more money than you can afford to lose.

[Kprawn]

A few years I had those same thoughts and concerns until I got to experience the pitfalls and the advantages of using this technology for myself.

The volatility is just a part of this technology and you quickly get use to that and then you start using that to your advantage. You have your

pessimists with all new technologies, until they learn more about it. Mass adoption will eventually happen, when we have done the leg work to

promote it properly and explain it to more people. 

[Eebertay]

So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar.  

You mean you heard about it in 2013. Bitcoins initial big splash happened years before that when two articles, one in Galker and one in slashdot, let everyone know they could buy drugs at Silk Road anonymously online with Bitcoin.

I recently became interested in cryptocurrencies because i was finally able to wrap my head the ideas behind blockchain and now firmly believe it is the future.

I went out and bought some BTC, ETH and LTC

Why? Out of all the investments you could have made you chose crypto? Was it fast bucks, drug money or ideology?

Obviously Japan recognizing BtC as a form of currency is huge but i am wondering which of these cryptocurrencies will be around in 10-20 years time.

Does it matter? You'll most likely have three kids, a mortgage and a wife spending all your cash as fast as she can by then. Worry about today, that's more than most people can handle.

Most holders of these cryptos are in it for purely speculative reasons and in turn, creating large bubbles.

All "holders" are speculating but day traders/forex traders are creating the bubbles.

The only way thes bubbles will resolve is from 3 things that need to happen:

Wrong, these cryptos are playing in the world economy. It's almost infinitely complex. There are a mountain of reasons why bubbles happen. Here's one you might not know about: an exchange operator called Mark Karpeles used two trading bots and created a bubble because he was covering up his incompetence.

-wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people

Would help but can't guarantee no bubble.


- price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below.

Bubbles are created by traders. I already covered that. Without trading watch cryptos shrink to nothing in short order.

- fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars.

Not in your lifetime.


This would create a huge price instability, loss of public trust and then we circle back to square one.

Just wanted to share my thoughts.

I am in as a skeptical long term buyer but did want to address some possible pitfalls to btc

The items you mention aren't a downside or a pitfall. They are a normal aspect of commodity trading. Gold has been traded since forever and still has massive swings in price when trading is heavy. I don't mean this as a jab against you but If you're skeptical and unsure of your decision try something more stable and safe. Try a long term investment like government bonds. If you like the ideology behind Bitcoin stay and don't spend more money than you can afford to lose.

Not sure what you are gettin at, 2013 is when a great majority of people heard about bitcoin.
Im not an idiot and understand it was around since 2009 but BTC did not enter the popular conversation till mainstream outlets wrote into it

Also, i dont think you understand the fundamental concept of what a bubble is.
Lots of speculation and not being used.

Bitcoin and most other cryptos falls under this right now

[Catmony]

-wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people

- price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below.

- fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars.

- Bitcoin is already being accepted by wide range of merchants and to get more adoption it will require more time.

- Price will be stable when marketcap will grow to over 100 billion, low marketcap is the only reason behind unstable price and easy manipulation.

- Fiat currency will never disappear for sure, cryptocurrency can't replace fiat completely.

[Pearls Before Swine]

You're right, however, bubbles and volatility is also a lot of what attracts investors to the market, especially whales with a lot of money to move back and forth. Day trading Bitcoin is almost a pastime for these people, and it is where the Bitcoin market gets a lot of its money from to keep the value high, assuming I understand the markets and big players correctly.

Stability is brought on by what you said, but I don't know if enough people are really interested in stability or them to want to move towards that yet.

Yes, and bitcoin is still *only* a 12 billion dollar market (or thereabouts), so I don't think many whales have jumped in the water yet, because them doing so would inflate bitcoin much higher.  That's how I see it,  anyway.  But I agree, volatility and huge growth are good draws for investors/speculators,  and more is, in this case,  better.

[QuestionAuthority]

So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar.  

You mean you heard about it in 2013. Bitcoins initial big splash happened years before that when two articles, one in Galker and one in slashdot, let everyone know they could buy drugs at Silk Road anonymously online with Bitcoin.

I recently became interested in cryptocurrencies because i was finally able to wrap my head the ideas behind blockchain and now firmly believe it is the future.

I went out and bought some BTC, ETH and LTC

Why? Out of all the investments you could have made you chose crypto? Was it fast bucks, drug money or ideology?

Obviously Japan recognizing BtC as a form of currency is huge but i am wondering which of these cryptocurrencies will be around in 10-20 years time.

Does it matter? You'll most likely have three kids, a mortgage and a wife spending all your cash as fast as she can by then. Worry about today, that's more than most people can handle.

Most holders of these cryptos are in it for purely speculative reasons and in turn, creating large bubbles.

All "holders" are speculating but day traders/forex traders are creating the bubbles.

The only way thes bubbles will resolve is from 3 things that need to happen:

Wrong, these cryptos are playing in the world economy. It's almost infinitely complex. There are a mountain of reasons why bubbles happen. Here's one you might not know about: an exchange operator called Mark Karpeles used two trading bots and created a bubble because he was covering up his incompetence.

-wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people

Would help but can't guarantee no bubble.


- price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below.

Bubbles are created by traders. I already covered that. Without trading watch cryptos shrink to nothing in short order.

- fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars.

Not in your lifetime.


This would create a huge price instability, loss of public trust and then we circle back to square one.

Just wanted to share my thoughts.

I am in as a skeptical long term buyer but did want to address some possible pitfalls to btc

The items you mention aren't a downside or a pitfall. They are a normal aspect of commodity trading. Gold has been traded since forever and still has massive swings in price when trading is heavy. I don't mean this as a jab against you but If you're skeptical and unsure of your decision try something more stable and safe. Try a long term investment like government bonds. If you like the ideology behind Bitcoin stay and don't spend more money than you can afford to lose.

Not sure what you are gettin at, 2013 is when a great majority of people heard about bitcoin.
Im not an idiot and understand it was around since 2009 but BTC did not enter the popular conversation till mainstream outlets wrote into it

Also, i dont think you understand the fundamental concept of what a bubble is.
Lots of speculation and not being used.

Bitcoin and most other cryptos falls under this right now

The great majority of people still don't know what Bitcoin is. Sure they may have heard about it but they don't know what it is. It really became something useful and exploded in use when the Slashdot and Galker articles were released. Silk Road put Bitcoin on the map.

You didn't read everything I wrote. Bitcoin acts as both a currency and a commodity at the same time. You only like the currency part of that equation. Bubbles are normal for commodities and they mean Bitcoin is being used. To say bitcoins are being used for speculation and bitcoins are not being used in the same sentence is an oxymoron.

[susila_bai]

So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar.  

You mean you heard about it in 2013. Bitcoins initial big splash happened years before that when two articles, one in Galker and one in slashdot, let everyone know they could buy drugs at Silk Road anonymously online with Bitcoin.

I recently became interested in cryptocurrencies because i was finally able to wrap my head the ideas behind blockchain and now firmly believe it is the future.

I went out and bought some BTC, ETH and LTC

Why? Out of all the investments you could have made you chose crypto? Was it fast bucks, drug money or ideology?

Obviously Japan recognizing BtC as a form of currency is huge but i am wondering which of these cryptocurrencies will be around in 10-20 years time.

Does it matter? You'll most likely have three kids, a mortgage and a wife spending all your cash as fast as she can by then. Worry about today, that's more than most people can handle.

Most holders of these cryptos are in it for purely speculative reasons and in turn, creating large bubbles.

All "holders" are speculating but day traders/forex traders are creating the bubbles.

The only way thes bubbles will resolve is from 3 things that need to happen:

Wrong, these cryptos are playing in the world economy. It's almost infinitely complex. There are a mountain of reasons why bubbles happen. Here's one you might not know about: an exchange operator called Mark Karpeles used two trading bots and created a bubble because he was covering up his incompetence.

-wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people

Would help but can't guarantee no bubble.


- price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below.

Bubbles are created by traders. I already covered that. Without trading watch cryptos shrink to nothing in short order.

- fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars.

Not in your lifetime.


This would create a huge price instability, loss of public trust and then we circle back to square one.

Just wanted to share my thoughts.

I am in as a skeptical long term buyer but did want to address some possible pitfalls to btc

The items you mention aren't a downside or a pitfall. They are a normal aspect of commodity trading. Gold has been traded since forever and still has massive swings in price when trading is heavy. I don't mean this as a jab against you but If you're skeptical and unsure of your decision try something more stable and safe. Try a long term investment like government bonds. If you like the ideology behind Bitcoin stay and don't spend more money than you can afford to lose.

Not sure what you are gettin at, 2013 is when a great majority of people heard about bitcoin.
Im not an idiot and understand it was around since 2009 but BTC did not enter the popular conversation till mainstream outlets wrote into it

Also, i dont think you understand the fundamental concept of what a bubble is.
Lots of speculation and not being used.

Bitcoin and most other cryptos falls under this right now

The great majority of people still don't know what Bitcoin is. Sure they may have heard about it but they don't know what it is. It really became something useful and exploded in use when the Slashdot and Galker articles were released. Silk Road put Bitcoin on the map.

You didn't read everything I wrote. Bitcoin acts as both a currency and a commodity at the same time. You only like the currency part of that equation. Bubbles are normal for commodities and they mean Bitcoin is being used. To say bitcoins are being used for speculation and bitcoins are not being used in the same sentence is an oxymoron.

What you said is correct about bitcoin and its features, Bitcoin has lot of potential  and the main thing is bitcoin is very good as long term investment.

[Arcteryx]

I started with ltc and then to btc  to eth and now back to ltc.
 

It is a weird cycle but that is how I managed to start in the cryptocurrency world.

And yes I did see it at $0.50 when it first started and thought it wouldn't last past a year.
Now 7 years later I am thinking I should of been more open minded back in late 2009.

[bitart]

The great majority of people still don't know what Bitcoin is. Sure they may have heard about it but they don't know what it is. It really became something useful and exploded in use when the Slashdot and Galker articles were released. Silk Road put Bitcoin on the map.

You didn't read everything I wrote. Bitcoin acts as both a currency and a commodity at the same time. You only like the currency part of that equation. Bubbles are normal for commodities and they mean Bitcoin is being used. To say bitcoins are being used for speculation and bitcoins are not being used in the same sentence is an oxymoron.

According to the noobs, and to the majority of people. I will be happy if young people will share the cost of the beers after a Saturday night by just sending some BTC (OK, some satoshi) to each other via their web wallet on their smartphone, and they won't care about the technical background or about the future of BTC. If the form of the small payments could be a BTC wallet (and parallel a kind of commodity, to save value), it would mean that our work has been done well.

[QuestionAuthority]

The great majority of people still don't know what Bitcoin is. Sure they may have heard about it but they don't know what it is. It really became something useful and exploded in use when the Slashdot and Galker articles were released. Silk Road put Bitcoin on the map.

You didn't read everything I wrote. Bitcoin acts as both a currency and a commodity at the same time. You only like the currency part of that equation. Bubbles are normal for commodities and they mean Bitcoin is being used. To say bitcoins are being used for speculation and bitcoins are not being used in the same sentence is an oxymoron.

According to the noobs, and to the majority of people. I will be happy if young people will share the cost of the beers after a Saturday night by just sending some BTC (OK, some satoshi) to each other via their web wallet on their smartphone, and they won't care about the technical background or about the future of BTC. If the form of the small payments could be a BTC wallet (and parallel a kind of commodity, to save value), it would mean that our work has been done well.

That day is coming. Just be patient. Bitcoin is very young for payment networks. Today it's enough that it performs as a trading commodity and an occasional currency. Eventually it will be a currency that is also traded like every other currency in the world is now.