The reason that keeps me from investing in bitcoin

[The_Dark_Knight]

I think that the mining industry in bitcoin will soon be monopolised by China and other places where  electricity is super cheap. The vision of bitcoin was meant to be what you stated, for sure, but bitcoin has been transformed into something else.

This is where I believe that there is a window of time of 2-3 years (but probably less than 2 years) where BTC must establish itself as a mainstream currency of the masses that can be traded on FOREX and justify the loftiest of predictions on its future price.  If this doesn't happen in this timeframe, another altcoin (probably government backed...maybe initially backed by gold?) will emerge that will be accepted by the mainstream and FOREX markets.  That's actually another point of debate that people miss...just because BTC was around for years already doesn't necessarily mean that it will last for the same amount of time in the future going forward.  Of the 1000 or altcoins out there I predict that the majority will disappear much like companies in the dot-bomb era.  As of now it will be a race forward to see which currencies do the right things at the right times that makes them survive and go to the next level.  As much as people want to believe the contrary, BTC is not Coca-Cola when it comes to brand recognition.  Relatively speaking they are not even in the same Universe.

From where I'm sitting, this is where the idea of Tulip-mania creeps in.  In the case of cryptos, things happen so fast and due to their completely virtual valuation, things could be uglier than when Tulip bulbs went from a value worth an estate...to whatever tulip bulbs have sold for over time.  This idea of "buy and hold for years" echoed on this forum like gospel shows how little so many understand about investing and valuation of their investment.  And I'd bet that most of these people claim to be experts in BTC and other altcoins.  Those are the first people who will panic in a very bad way.

Yes, that is a very nice breakdown of what I said and I do agree with you. Tulip-mania (For people who don't know, he is referring to the first major financial bubble) seems to be present with Bitcoin and will only keep on being present unless Bitcoin establishes itself as a mainstream currency, useable in real life and digital situations. There are already project, for example cryptopay, which makes this a reality, but to we need to make Bitcoin itself, with no other outliers, useable in real life situations. Right now it is just too hard.

Even if the price of BTC crashes back down to $500-600 (regardless of it remaining the most valuable crypto per coin) I think that this will put a chilling effect on its specific place in the market where it trades in that range for a long period of time, just like the first time it was above $1000.  The fanatics will insist that it will come back...but I think the party will be over should this come to pass.  I believe that the smart money will cash out should it fall below what I said in my first post above and look for alternatives.  I believe that everyone here is correct on most of what they are saying...just that I think that the tortoise that wins this race will be not be the hare on which most are placing their bets.

A crash like that is not going to happen, that is the equivalent to the crash of 2013 and there is not an exchange that is as big to cause such a big damage to bitcoin, the only thing that could have the chance to make the price go that low is if bitcoin was banned all over the world but that is not going to happen.

[1714884940]

1714884940

[DannyDash69]

I think that the mining industry in bitcoin will soon be monopolised by China and other places where  electricity is super cheap. The vision of bitcoin was meant to be what you stated, for sure, but bitcoin has been transformed into something else.

This is where I believe that there is a window of time of 2-3 years (but probably less than 2 years) where BTC must establish itself as a mainstream currency of the masses that can be traded on FOREX and justify the loftiest of predictions on its future price.  If this doesn't happen in this timeframe, another altcoin (probably government backed...maybe initially backed by gold?) will emerge that will be accepted by the mainstream and FOREX markets.  That's actually another point of debate that people miss...just because BTC was around for years already doesn't necessarily mean that it will last for the same amount of time in the future going forward.  Of the 1000 or altcoins out there I predict that the majority will disappear much like companies in the dot-bomb era.  As of now it will be a race forward to see which currencies do the right things at the right times that makes them survive and go to the next level.  As much as people want to believe the contrary, BTC is not Coca-Cola when it comes to brand recognition.  Relatively speaking they are not even in the same Universe.

From where I'm sitting, this is where the idea of Tulip-mania creeps in.  In the case of cryptos, things happen so fast and due to their completely virtual valuation, things could be uglier than when Tulip bulbs went from a value worth an estate...to whatever tulip bulbs have sold for over time.  This idea of "buy and hold for years" echoed on this forum like gospel shows how little so many understand about investing and valuation of their investment.  And I'd bet that most of these people claim to be experts in BTC and other altcoins.  Those are the first people who will panic in a very bad way.

Yes, that is a very nice breakdown of what I said and I do agree with you. Tulip-mania (For people who don't know, he is referring to the first major financial bubble) seems to be present with Bitcoin and will only keep on being present unless Bitcoin establishes itself as a mainstream currency, useable in real life and digital situations. There are already project, for example cryptopay, which makes this a reality, but to we need to make Bitcoin itself, with no other outliers, useable in real life situations. Right now it is just too hard.

Even if the price of BTC crashes back down to $500-600 (regardless of it remaining the most valuable crypto per coin) I think that this will put a chilling effect on its specific place in the market where it trades in that range for a long period of time, just like the first time it was above $1000.  The fanatics will insist that it will come back...but I think the party will be over should this come to pass.  I believe that the smart money will cash out should it fall below what I said in my first post above and look for alternatives.  I believe that everyone here is correct on most of what they are saying...just that I think that the tortoise that wins this race will be not be the hare on which most are placing their bets.

A crash like that is not going to happen, that is the equivalent to the crash of 2013 and there is not an exchange that is as big to cause such a big damage to bitcoin, the only thing that could have the chance to make the price go that low is if bitcoin was banned all over the world but that is not going to happen.

Yes, totally agree.. well said DK !!

[jak3]

I don't see any way to lower the fees all we can do is adjust in that price because if we even solve it temporarily then also it is gonna give the problem again later and that time it will be much bigger so better do it now. I think if somehow we can do like dividing out fees into many small parts or time. Or we should use altcoins instead of Bitcoin they are extremely fast and extremely low money wastage. but the only problem is the price.

[kidoseagle0312]

Hello everybody.

I would like to invest some money in bitcoin, I don't use that money and I don't need it for the next 2/3 years.
I thought I found in bitcoin the perfect way to invest. BUT when I see the fees applied I don't see how the bitcoin will become mainstream! The fees are around 1mBTC which is approximatively 3$. Therefore what is the point of bitcoin?

The only thing I see : big amount transaction

But bitcoin won't be the money you use to buy your sandwich with those fees!

I saw a post saying: yeah burger king is willing to accept bitcoin in russia. Hopefully mcdonald will follow ! But why would someone pay 3$ fee therefore a third of his burger king menu in fee?

Will segwit may lower the fees?

Thank you

If burger king in your country is willing to accept bitcoin as payment, that's great news for sure, I guess all fastfood chain in the entire world will accept bitcoin as payment of their customers.

[sakkosekk]

Take a look at the bitcoin development history chart
It grows madly and miraculously
How can we ignore it
Your money deposited in the bank will only have inflation
But with bitcoin it is deflation
The bitcoin value is increasing and we do not know when it will increase

[jostorres]

It's fear. Fear has a massive grip on people. Your body has fear to protect itself but your mind over exaggerates then risk very often.
A negative mindset for example can be very destructive.

Fear keeps people from being successful and only those of us who push through our fears have any hope on success in what we do.

Ya my advice is don't get panic. In bitcoin you will earn a lot in couple of days. To inverse in bitcoin you must have Guts.Only the people having a Guts like me will inverse in bitcoin. No one who had a fear don't get into bitcoin. Bitcoin is only for the Brave people. This is not a place for Fearing and shivering people. If you have a Guts means inverse in bitcoin.

When we panic we will know later what were losing. If btc dumps soon it will pump. That's a cycle we just need to wait when it will happen and grab the chance once it's there.

I understand your mean, if have flash crash on market, not only Bitcoin, Altcoin price will recovery soon but how to know when time is lowest price very difficult. Need improve control our emotion and skills trading can solve any situation on market.

If your dreams do not scare you then they are not big. Investing in BTC can be risky only for those who do not adopt technology quickly. However, investing in BTC at the present moment is a little costly but still very beneficial. Do not be afraid of BTC and be patient whatever the challenges you might face in this journey.

[Mr.Anonymous]

Hello everybody.

I would like to invest some money in bitcoin, I don't use that money and I don't need it for the next 2/3 years.
I thought I found in bitcoin the perfect way to invest. BUT when I see the fees applied I don't see how the bitcoin will become mainstream! The fees are around 1mBTC which is approximatively 3$. Therefore what is the point of bitcoin?

The only thing I see : big amount transaction

But bitcoin won't be the money you use to buy your sandwich with those fees!

I saw a post saying: yeah burger king is willing to accept bitcoin in russia. Hopefully mcdonald will follow ! But why would someone pay 3$ fee therefore a third of his burger king menu in fee?

Will segwit may lower the fees?

Thank you

If burger king in your country is willing to accept bitcoin as payment, that's great news for sure, I guess all fastfood chain in the entire world will accept bitcoin as payment of their customers.

But Bitcoin not famous and need more time for confirmation, the fees spend for create transaction is big problem too if use it for purchase buy food.

[GoodLuck2]

Hello everybody.

I would like to invest some money in bitcoin, I don't use that money and I don't need it for the next 2/3 years.
I thought I found in bitcoin the perfect way to invest. BUT when I see the fees applied I don't see how the bitcoin will become mainstream! The fees are around 1mBTC which is approximatively 3$. Therefore what is the point of bitcoin?

The only thing I see : big amount transaction

But bitcoin won't be the money you use to buy your sandwich with those fees!

I saw a post saying: yeah burger king is willing to accept bitcoin in russia. Hopefully mcdonald will follow ! But why would someone pay 3$ fee therefore a third of his burger king menu in fee?

Will segwit may lower the fees?

Thank you

If burger king in your country is willing to accept bitcoin as payment, that's great news for sure, I guess all fastfood chain in the entire world will accept bitcoin as payment of their customers.

But Bitcoin not famous and need more time for confirmation, the fees spend for create transaction is big problem too if use it for purchase buy food.

yes you are right the transaction fee is high, and if we continually make transaction then our profit become less and this will make us less satisfy. But you are wrong, bitcoin is famous and you know what bitcoin is going to rule over global internet in future, and the transaction fee problem is suddenly solve when the legal authorities take action on this fees.

[The_Dark_Knight]

I did not invest bitcoin because I was new and still learning bitcoin so I could invest. This is because bitcoin or crypto currency is the future in terms of investment. You can also invest in a few other currencies that are at the ICO level.

I didnt too. Because i dont have enough money so support my needs and to buy some coins. So in orded for me to have coins i need to workhard and harder to earn bitcoin and also a coin. It is good to have so many coins that i have been keeping. Because it makes me have a money on it.

I know it is hard to get bitcoin especially with the current prices but we need to make an effort now to get as much bitcoin as we can, if we do not, then we are going to regret it for the rest of our life since we are never going to get another opportunity like bitcoin in our lifetimes.

[perfect999]

Anyone planning to invest in bitcoin needs to think twice else the person might end up regretting forever. Bitcoin is witnessing a period of unpredictable growth in which the market is going too fast to be analysed so I advice you thread carefully.

[Ya-ing]

It will probably be more expensive in 2 or 3 years, but anything can happen.

As for the big fees, I agree. They are too high right now, and hopefully they will find a solution for that.

[Colt81]

Investment in bitcoin or crypto currency with your spare money to me is the best option as compared to keeping your money in the bank without any additional intrest on your money. This is because bitcoin or crypto currency is the future in terms of investment. You can equally invest in some other currency that are at the ICO level before the lunch.

Well, investing in bitcoin is a good option and investing in bitcoin is one of the best way to gain and make more income. In addition to that, the reasons why people keep investing in bitcoin is the money that they could get if they invest in bitcoin. Lastly, if you invest in bitcoin there is a possibility that you could become rich.

[Similificator]

Hello everybody.

I would like to invest some money in bitcoin, I don't use that money and I don't need it for the next 2/3 years.
I thought I found in bitcoin the perfect way to invest. BUT when I see the fees applied I don't see how the bitcoin will become mainstream! The fees are around 1mBTC which is approximatively 3$. Therefore what is the point of bitcoin?

The only thing I see : big amount transaction

But bitcoin won't be the money you use to buy your sandwich with those fees!

I saw a post saying: yeah burger king is willing to accept bitcoin in russia. Hopefully mcdonald will follow ! But why would someone pay 3$ fee therefore a third of his burger king menu in fee?

Will segwit may lower the fees?

Thank you

I also have the same curiosity. The fees have gotten pretty high if you ask me, and it really has been confusing me for a long time now, because wasn't it made to be different from fiat?? I know $3 fees are pretty small from all the benefits you get in changing your money into bitcoins but it just really makes me wonder. And really kind of scary because what if this is a start of it becoming more like fiat?? I may be too paranoid but i just can't help but worry.

[Xester]

Hello everybody.

I would like to invest some money in bitcoin, I don't use that money and I don't need it for the next 2/3 years.
I thought I found in bitcoin the perfect way to invest. BUT when I see the fees applied I don't see how the bitcoin will become mainstream! The fees are around 1mBTC which is approximatively 3$. Therefore what is the point of bitcoin?

The only thing I see : big amount transaction

But bitcoin won't be the money you use to buy your sandwich with those fees!

I saw a post saying: yeah burger king is willing to accept bitcoin in russia. Hopefully mcdonald will follow ! But why would someone pay 3$ fee therefore a third of his burger king menu in fee?

Will segwit may lower the fees?

Thank you

I also have the same curiosity. The fees have gotten pretty high if you ask me, and it really has been confusing me for a long time now, because wasn't it made to be different from fiat?? I know $3 fees are pretty small from all the benefits you get in changing your money into bitcoins but it just really makes me wonder. And really kind of scary because what if this is a start of it becoming more like fiat?? I may be too paranoid but i just can't help but worry.

Fees are fees and we all do it for us to earn more bitcoin.   For sure, there were many who are into bitcoin and yet they understand the price made by transaction fee. It is just like a gasoline, when it rises also the price of it rises.  So there is no surprise about the price of bitcoin.  Considering the higher fees, it does mean that bitcoin is being stable.

[Aztek]

Bitcoin is actually more suited to be an investment rather than a day to day currency. I still suggest you to buy some and hold them instead of using them, and treat them as 'gold'.

If services like fast food restaurants decides to use Bitcoin as a payment method, maybe they can come out with a method that allows for no fees between accounts, but this is just a suggestion.

Existing methods including Bitcoinpay, but it still charges a fee of 0.8%, not completely free.

That is actually the point on investing in bitcoin. It is actually suited for transaction just like in trading and investment that is a big opportunity for people to earn and to have a big profit in the future. And when we say future as a part of opportunity it is a good thing because bitcoin is much aligned to technology that it has the time for achieved further development and growth to its price and value in the market that makes people get into bitcoin for daily transaction and to set more investment out of bitcoin.

[Gheka]

Investment in bitcoin or crypto currency with your spare money to me is the best option as compared to keeping your money in the bank without any additional intrest on your money. This is because bitcoin or crypto currency is the future in terms of investment. You can equally invest in some other currency that are at the ICO level before the lunch.

Well, investing in bitcoin is a good option and investing in bitcoin is one of the best way to gain and make more income. In addition to that, the reasons why people keep investing in bitcoin is the money that they could get if they invest in bitcoin. Lastly, if you invest in bitcoin there is a possibility that you could become rich.

Yeah, I also think the reason we keep investing in bitcoin is because it can give us a chance to become rich, a chance to develop in the future. We invest more and more money in bitcoin, we will become richer in the future, the best evidence is that a few years ago, the price of bitcoin is only $ 200-300, but at present the price of bitcoin has reached $ 4000, and many investors have become millionaires with bitcoin. Bitcoin is truly an ideal investment place now and in the future

[nrvasquez]

Investment in bitcoin or crypto currency with your spare money to me is the best option as compared to keeping your money in the bank without any additional intrest on your money. This is because bitcoin or crypto currency is the future in terms of investment. You can equally invest in some other currency that are at the ICO level before the lunch.

Yes, I also prefer to use my money to invest instead of letting it not grow in the bank, with us investing in cryptocurency, I think we can benefit and our money will grow.

[Funeral Wreaths]

the fee issue will be fixed, if you are really buying for the future than you should not worry in 2-3 years by will be different and better

for now if you really want to use bitcoin use it to buy expensive stuff in this way you will not feel the fee

also besides this bitcoin still hold other advantages against fiat, first one us the control and the no-one restriction you have over your money

another one is that by holding Bitcoin your chance to have a fortune in the near future is very high, compare this to fiat where you only lose money..

absolutely, your worried in an earlier approach, look forward and stop imagining things, there is always risk involved, but as what the others stated it is not suited to be a day to day currency not unless you have so many bitcoins to spend for your daily expenses. and if you will look forward and just don't mind about the fees or what is it really happening, you can think peacefully and start dreaming or achieving you long term goals.

[TheGodFather]

Investment in bitcoin or crypto currency with your spare money to me is the best option as compared to keeping your money in the bank without any additional intrest on your money. This is because bitcoin or crypto currency is the future in terms of investment. You can equally invest in some other currency that are at the ICO level before the lunch.

Well, investing in bitcoin is a good option and investing in bitcoin is one of the best way to gain and make more income. In addition to that, the reasons why people keep investing in bitcoin is the money that they could get if they invest in bitcoin. Lastly, if you invest in bitcoin there is a possibility that you could become rich.

Yeah, I also think the reason we keep investing in bitcoin is because it can give us a chance to become rich, a chance to develop in the future. We invest more and more money in bitcoin, we will become richer in the future, the best evidence is that a few years ago, the price of bitcoin is only $ 200-300, but at present the price of bitcoin has reached $ 4000, and many investors have become millionaires with bitcoin. Bitcoin is truly an ideal investment place now and in the future

It keeps mo on investing here in bitcoins because i see a lot of potentials here and i see my future that is here. i dont have any problem regarding this one thats why i will support bitcoin till the end i want to have a savings of it for my future, and we all know that bitcoin value has grown a lot that keeps us anyway.

[MetalGear]

Investment in bitcoin or crypto currency with your spare money to me is the best option as compared to keeping your money in the bank without any additional intrest on your money. This is because bitcoin or crypto currency is the future in terms of investment. You can equally invest in some other currency that are at the ICO level before the lunch.

Investing in bitcoin is one of the best way to gain more income and money. Furthermore, as of now many people already invest in bitcoin and I think even richest families also invest in bitcoin and some of them are whales because they have a lot of bitcoin. Lastly, I think investing in bitcoin is better than in investing in any properties or shares.