BITCOIN misconceptions

[malikusama]

I disagree, not most of the people but few of the people sees it just as a currency. Mostly people are holding their coins as an asset and many of them are growing it throw other means like trading etc. People are much smart and completely aware of bitcoin, they know well that holding would be more profitable than spending it now.

[13abyknight]

I came across several threads on the forums about bitcoin as their source of income, people leaving their day jobs just to focus on campaigns here in the forum.

Why most of the people in the forum sees bitcoin as currency that you need to spend everyday? On my opinion at this point of time for bitcoin it is better to consider it as an asset, an investment that if you keep it there is a big chance that your investment will grow. Think of its future potential, at this time each coin cost $5600+ when maybe about 100 million people who is using it. imagine what will the price be if 1 billion people uses it in the future how much will the price be? And this also applies to alt coins. As much as possible keep you coins and wait for the price to boom.

Let me enlighten why people are quitting their jobs to earn money through campaigns here, actually meant. Basically, if they got a couple of accounts farmed to Full Member+ in a few months, they would be able to earn around 5-7 mBTC per account per week and that sums up to 25-35 mBTC per month. With more number of accounts, the earnings just keep going up and if at all you compare these earnings to the wages in a third world country, you would know the difference. (By no means do I support account farmers, just passing on the knowledge)
So what would you rather do? Settle for petty wages or make bank running an account farm? The choice for a money-minded is obvious in this case and this is exactly why they can't treat it as an investment.

[atc1-REAL]

Even if its meant to be a currency, the price appreciation and the way it is being treated in the market have made it of more use as an asset and not a currency, unfortunately. Plus, the link to the dark web has taken root as the primary view in the mainstream media, so those accepting btc as a currency too would think about that. In 2014, a lot of vendors started accepting btc, but they closed it in 6 months because people were barely paying using btc. All these combination of factors have made it what it is today.

[ibrohim]

quitting from daily job instead focusing on bitcoin is not a mistake. they perhaps try to focus on creating good quality of their post. moreover, they join signature, they should make a number of posts decided in a week during a month or more than a month. and it makes them thinking so hard.
I don't think that they spend btc as currency everyday. many bitcoin users around me keep the coins as asset or even to trade to make profit.

[ekoice]

Majority of this community treat bitcoin only as an asset which is capable of giving huge returns in a small span of time.It was only earlier when bitcoin was treated as a currency for buying products or for paying any services.

Since bitcoin has been treated as an asset,the demand for bitcoin has increased very high now and hence its price.If people have treated it just as a currency,then there would have been no demand for bitcoin.

Bitcoin price has increased from $650 to $5,694 today and it has been predicted that very soon,its price would increase more.In this situation,only newbies who don't know about bitcoin's potential would treat it as a currency.

[ningrum]

quitting from daily job instead focusing on bitcoin is not a mistake. they perhaps try to focus on creating good quality of their post. moreover, they join signature, they should make a number of posts decided in a week during a month or more than a month. and it makes them thinking so hard.
I don't think that they spend btc as currency everyday. many bitcoin users around me keep the coins as asset or even to trade to make profit.

indeed in our work also sometimes told like that but I think this is not hard work. because this is also a lot of friends who follow it, just choose just to work hard or not. because the choice was so much.

[MoonIsBlue]

Well you also have to understand that some people here come from countries where a signature campaign might be half their rent or something for the month.
So with all the bounty's you could potentially make a living on it and why not? Translating can be a full time job. Some people also quit their jobs to go 24/7 on social media. If you can do that and you like it and its better paying and quality work as opposed to your previous engagements why not?

I hodl and spend bitcoin. Sometimes I just like to order some food and I use BTC. Or when I made a profit on some altcoins and I put some of that BTC into a ''reward'' for myself.
I think its fun using Bitcoin to buy such things.

I would much rather see a future where fiat currency becomes obsolete, where the current system of debt slavery vanishes and where Basic Universal Income becomes a standard.
Less jobs that mean nothing to society and more self-development. I think people can add more value to society if you give them that freedom.

I think Bitcoin is a cataclyst for such changes to happen.

[ss890]

I'm pretty sure that's not the case really. I mean many people are there who see themselves as real investors of bitcoin. At first most of us think it as liquid money which can be used for daily needs. But later we get the sense of investing it for longer period of times.


Also, there is no problem if people are spending it daily because this maintains the proper economic flow of the fiat and crypto currencies. It's not possible for everyone to keep the money into crypto forever because they are not capable of doing that or may be it's not their real deal.


I think everyone has got the personal choice. The prices will increase without this concern because new additional people will keep coming ever.

[allthingsluxury]

It is truly stunning the amount of people who THINK they understand BTC, but have actually NO idea what it is, or its value.

[sukamasoto]

I'm holding most of my bits that I earn from this forum. I can said that this forum is the only one forum that able to paid people with insane amount of money ( bitcoin ) especially when bitcoin start increase every single month / year , imagine how much profit that you able to earn this time !

[olushakes]

I came across several threads on the forums about bitcoin as their source of income, people leaving their day jobs just to focus on campaigns here in the forum.

Why most of the people in the forum sees bitcoin as currency that you need to spend everyday? On my opinion at this point of time for bitcoin it is better to consider it as an asset, an investment that if you keep it there is a big chance that your investment will grow. Think of its future potential, at this time each coin cost $5600+ when maybe about 100 million people who is using it. imagine what will the price be if 1 billion people uses it in the future how much will the price be? And this also applies to alt coins. As much as possible keep you coins and wait for the price to boom.

I think you are the one that needs to correct his misconceptions because this is something so obvious. The price of bitcoin will not reach that high price if there is no market for it. If everybody is keeping, those who mine are also keeping, then there is no market and when there is no market, there is no demand and supply which there means the whole bitcoin becomes worthless since people can not place value on what does not exist to be bought in the market. You have your right to have a belief about bitcoin but not to castigate others for what they hold as their own belief.

[paul00]

I guess it was your concept as a bitcoin user but each of the users and campaign joiners have joined this group for different reasons. In my opinion, each of us has their own concept for what bitcoin is and it will depend on them if they will trade it, gamble with it, save it or invest it in some investments that you can find in bitcoin. i think it was not a misconception but a wise use of the value of bitcoin that you have. as for me, i don’t have my bitcoin for just one purpose, i make sure that i diversify my coins for it to earn and not all be on the lossing side

[Ishika0207]

Misconceptions about bitcoin are.
First there is a misconcept that we need to buy a whole bitcoin,  which is not true.  You can buy a portion or fraction of bitcoin.
Second bitcoin don't have a intrinsic value.  It value is because all us value because of the trade possible in million of people.
Third bitcoin can also be shut down,  as big companies lost share they shut down,  chances that it's too ca  be shut down.

[marcbitcoins]

I came across several threads on the forums about bitcoin as their source of income, people leaving their day jobs just to focus on campaigns here in the forum.

Why most of the people in the forum sees bitcoin as currency that you need to spend everyday? On my opinion at this point of time for bitcoin it is better to consider it as an asset, an investment that if you keep it there is a big chance that your investment will grow. Think of its future potential, at this time each coin cost $5600+ when maybe about 100 million people who is using it. imagine what will the price be if 1 billion people uses it in the future how much will the price be? And this also applies to alt coins. As much as possible keep you coins and wait for the price to boom.

Because they need the money to be expend immediately for their financial issues. Luckily for you and some rich investors that they earnings can be hoard directly for their future use while most of here are no choice but to leave their job and try their luck in the campaigns so that they could earn money for their immediate spending. Maybe if they are financially stable they could start keeping their bitcoin and enjoy the benefits of the highest value in the future.

[d5000]

Why most of the people in the forum sees bitcoin as currency that you need to spend everyday? On my opinion at this point of time for bitcoin it is better to consider it as an asset, an investment that if you keep it there is a big chance that your investment will grow.

I have pretty the opposite view on that subject. I think the concept of Bitcoin as an "asset" or "digital gold" (I view this as a misconception!) will not work if it's not combined with a growth in real usage as a currency.

If Bitcoin continues to be used mainly for speculation, it obviously can lead to profits for some "holders" in some periods, in bull markets like now. But a time will come where the current "target public" will already have bought and then the run for the few "greater fools" begins (That can happen every day, even tomorrow!).

As there is no (or only few) real usage, there are also very few that would "back" Bitcoin in bear markets. This leads to boom-bust cycles like 2010-11, 2012-14, and 2014 until now. And tell those who have invested at this years' peak ($6000? $7000?) why they should continue to hold after a crash down to $2000, for example (the "history repeats itself" does not! always work).

However, if the price growth is accompanied by a growth in services and real "usage", then the price growth becomes "justified" and also more people would be "backing" Bitcoin's value.

Even a "signature campaign participant" can be viewed as a "backer": He/she provides a service which has a relatively steady "value" for the campaign starter (exposure of name/products in the forum) and he would often provide that value if the price goes down a bit. Merchants that offer products for prices in Bitcoin are "backers", too.

Improving stability will go hand in hand with more use cases. More merchants will have the guts to use Bitcoin as a stream of income, more remittance and other financial services would appear ... and so we would slowly move in the direction of mass adoption.

Only speculating and "hodling", we won't.

Think of its future potential, at this time each coin cost $5600+ when maybe about 100 million people who is using it. imagine what will the price be if 1 billion people uses it in the future

There is no guarantee that Bitcoin will ever be used by a billion people. But using it as a currency, as I wrote above, is the best thing you can do if you want mass adoption to happen.

[fiulpro]

I came across several threads on the forums about bitcoin as their source of income, people leaving their day jobs just to focus on campaigns here in the forum.

Why most of the people in the forum sees bitcoin as currency that you need to spend everyday? On my opinion at this point of time for bitcoin it is better to consider it as an asset, an investment that if you keep it there is a big chance that your investment will grow. Think of its future potential, at this time each coin cost $5600+ when maybe about 100 million people who is using it. imagine what will the price be if 1 billion people uses it in the future how much will the price be? And this also applies to alt coins. As much as possible keep you coins and wait for the price to boom.

Hey
Maby people consider it as a any normal money that they get by doing signature campaigns , I completely agree with you because in the future obviously the price of bitcoins will for sure rise, experts has predicted for its value to hit the 6000$ mark and then 8000$ mark by the end of December.
Thus people who will hold onto it will have a hard time because of panic selling well, people will normally see before November 15 because they are concerned about keeping their assets safe, so the people who will be holding onto it won't be able to encash it if the need arrises.
Anyways... Bitcoins are a very nice option , well you can make better profit than gold if you hold onto it.

[palle11]

First and foremost, if you find something you can do (not just campaigns), to earn you far more than what your normal job will give you daily after devoting the same time to it, I see no reason why you should not. After all, we switch jobs for better pay, passion comes next. In this case, I do not see a problem if such a person decides to withdraw some of the coins to take care of somethings, unless he or she is planning to starve to death.

Moreover, if they were working, there could even be a possibility of not having enough to even buy bitcoins in the first place. So what are we then saying? Because the value of bitcoin will keep increasing, they should wait until then before they start making use of it?

I equally see reasons with you because you can't starve to death because you want to hold bitcoin. If one dies that way, he/she loses whatever fraction he has. Taking some parts of what you have to take care of your needs that you would also have done while on a pay job is still the same.

 You can even take some to do other businesses, trade etc, is still part of building finance from the capital raised from bitcoin .
No hard feelings.

[sofi@]

The main reason why many works on signature campaigns is to earn bitcoin to support their daily expenses so we cannot blame people if their earnings were spent right away instead of keeping them besides its their right to do so, they don't want to keep bitcoin as investment because they need it, just let them do what they want.

[yamortsac]

There were some people leave their job to focus here because they consider this also as their job since they earn income from here that is more higher than their previous job. and since this is their source of income they spend it to buy their needs and wants.
But i think when they stay here for a long time they will learn to hold their bitcoin because they will consider it as investment that will give them more profit.

[evilgreed]

         I highly agree with OP, there is no sense leaving your job and focus here full time. There are also what if's in this state, and to tell it honestly nothing is for sure and guaranteed. You can always do both having regular job, while at the same time part timw working here in the forum, investing in bitcoin instead of using it as a day to day currency.