New to bitcoin? Read this!

[nokati]

I am on this forum for a couple of years and normally only read and never post, but as I see a lot of similar topics popping up the last couple of months I had to put this out so the new bitcoin users get to know more.

This days you only read topic of how much is it now in USD and if its an bubble and when is going to crash… Well its not a bubble, its not going to crash and it doesn't matter how much USD you get for it…. Let me explain!

When I got into the btc, like many others couple of years ago, its was around 300USD…. I do admit I got involved as I could make some money by mining bitcoins and also the mind blowing potential of the blockchain was like getting introduced to a new internet again. In the good old days you could by a antminer s3 and voila… you got your self a bit of bitcoin everyday….  But I didn't get in only for money and I am definitely not staying in the game for money. Its the idea that we can finally beat the system! The banks, governments, multimiljarders getting richer and richer by shady deals behind the closed doors and almost every nasty thing that have made humans a bunch of mindless machines, just smart enough to keep the system running and dumb enough to ask any question… I didn't sell when it was crashing to 150USD, I didnt sell it when it was exploding to 800USD, I dindt sell when it was 8000, I dint sell when it was crashing to 5000….I didnt sell when it was up at 10000…you get the point?! I am not going to exchange it for USD or Euro or any other fiat, even if its 1USD or 100000000USD.

Why am I telling you this? Because you should know that there are many,many,many people out there thinking like me. Thats why bitcoin is now where its is now. Let me give you some examples;

1) Its a bubble;
No, to have a bubble, you need first over value a thing… BTC is not even started yet! There is only 21000000, and there will be no more. Nobody can change this… they have already try forking like bitcoincash en bitcoin gold but guys like me understand that the strength of the btc is that the code should NEVER be changed, once you start forking, its done! Game over….. next fork is we want more speed, then bigger this, then bigger that…. Then more coins….. then we need to exclude criminal transaction, then you open up the door for the big guys and governments to regulate and we all know how good they can regulate in there own interest. A bubble can also only burst when the price is going down and people get scared and start selling which make a chain reaction. But as long as there are people like me that dont give a damn about price going down it will recover. There is no going to zero and bitcoin is not a company that will have bankruptcy. As long that I am on this planet willing to give my service and goods for btc in exchange, bitcoin will live.

2) I am going to sell at xxx USD.
Let say that I have a goal to sell at let say 100K as I have for example 10BTC and thats when I am a millionair…. Now let imaging that it is now 2019 and price is 100K. Why should I sell? To by a car or a house maybe?
Its 2019, price is 100K every body has now accept that bitcoin is here to stay as otherwise its wasnt 100K a BTC… there are still more people that are getting involved everyday and I can just buy the car and the house directly using my btc as every car seller now know what bitcoin is and is willing to accept it by now. You see?!! once you get there…. There is no reason to exchange/sell it anymore, you just spend it

3) Bitcoin is death
Yes If I could get 1 satoshi for every… I am not going waste any words on this one.

4) What if bitcoin will get illegal
It cant! For that you need every government work together…. It means they need to have a common  interest and not trying to screw each other behind there back…. Lol…. Not going to happen

5) Bitcoin was the first but AOL was also the first and can be replaced by....
Bitcoin is not a company, its not a share, its not even gold… you can not compare the bitcoin and use any other statistic from any other branch. Please stop trying to use pointless standard statistic of the wallstreet to determine anything even related to bitcoin. Bitcoin is something more like internet, its totally different than anything else we have ever seen before.

6) Should I invest now or am I to late…
Ask your self this: Should I start using INTERNET or am I to late to start using INTERNET. There is no right or wrong moment to get involved. That my grandma still don't accept that she can use Internet to order things, send a massage, read etc…  didnt stop Internet to get big either! Do you get the point?! Its a train that it is continuously moving… or get on board or just stay and wave to it… either way the train will keep going and going….


Bottom line is that there are many, many, many people like me that understand the real value of the bitcoin and are not going to get out just because the price is falling or some newspaper annalist call it a bubble or a bankier calling it an scam and as long that I am on this planet willing to give my service and goods for btc in return, bitcoin will live. You can beat it to death but you cant kill it. Its not money, its not gold, its not bubble,its not hype.. its not xxxxx....

ITS A NETWORK BASED ON YOU AND ME

This should be an sticky so the new users read something meaningful than standard how much is it worth by end of this year over and over.

p.s: read how the bitcoin blockchain works technically, if its to difficult, read it over and over till you really understand it.

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[Crypto Piece]

Great post! 

The Crypto Piece TM

[SuperD007]

Well said bro, well said.. awesome post!!!

[GazorpPozorpec]

Beautifully said. I completely agree with you, I think is the perfect answer to all critics of bitcoin.

[cryptogideon19]

very well said totally agree 100% agree for this post

For all thread that I read here this ones makes me time to read and have big big thumbs up for this kind of thread thanks bro

[legonappy]

This is an excellent message to spread for everyone who's criticizing and judging the nature of bitcoin. You deserve a boost in karma.

[Ryan Dugan]

Thank you!! Thank goodness someone with some sense. I still do not understand why people say they will sell at $$xxxx. Why they here if they just going to exchange to tether. I keep my bitcoin and I  spend them. I don't need to use tether very often. I don't think of bitcoin as being worth $$xxxx I just use that as a guideline to know how much buying power bitcoin has. You don't have to think of it in usd and then think you must sell it. Why? You spend it. It is a currency.

Thank goodness you spoke about the "bubble" I hate when people use that word. It means nothing. Nothing is going to pop nor plummit. Also if bitcoin is a bubble then everything should be a bubble. Our life expectancy is a bubble too.

[odolvlobo]

1) Its a bubble;
No, to have a bubble, you need first over value a thing… BTC is not even started yet!

So, then you don't consider the rise from $100 to $1200 in 2013 and subsequent fall to $200 to have been a bubble? Or the rise from $1 to $30 and subsequent fall to $0.25 in 2011 to have been a bubble? What then is your definition of a bubble?

2) I am going to sell at xxx USD.

I totally agree. You can't predict the future price by looking at the current price.

5) Bitcoin was the first but AOL was also the first and can be replaced by....

Bitcoin could easily be replaced by a better technology. It may never go away completely, but its popularity could fall and people could move on to a better currency. It would whither way like the 1000's of forgettable altcoins that used to be popular.

6) Should I invest now or am I to late…

I wish people would stop investing in Bitcoin and start using Bitcoin. That would solve a lot of problems.

[nokati]

1) Its a bubble;
No, to have a bubble, you need first over value a thing… BTC is not even started yet!

So, then you don't consider the rise from $100 to $1200 in 2013 and subsequent fall to $200 to have been a bubble? Or the rise from $1 to $30 and subsequent fall to $0.25 in 2011 to have been a bubble? What then is your definition of a bubble?

2) I am going to sell at xxx USD.

I totally agree. You can't predict the future price by looking at the current price.

5) Bitcoin was the first but AOL was also the first and can be replaced by....

Bitcoin could easily be replaced by a better technology. It may never go away completely, but its popularity could fall and people could move on to a better currency. It would whither way like the 1000's of forgettable altcoins that used to be popular.

6) Should I invest now or am I to late…

I wish people would stop investing in Bitcoin and start using Bitcoin. That would solve a lot of problems.

3) for me to have a bubble, you need a ground to determine the current correct price in the first place and it should already be mainstream.... bitcoin or other cryptos are not even started yet. 2011 was in my opinion not a bubble! it was mtgox screwing people! If there was no fucking around by mtgox the price was already 10x more by now and was also adopted much faster around the world and believe me that nobody would even talk about a bubble by now. Btc was young and mtgox almost kill it. But now even big guys at gov and bank need to get together to try at least maybe regulated. Btc is not a baby any more, its already a teenager and have survived the most vulnerable time when it was only a geek thing.

If it was now 2038 and everybody was using crypto and suddenly price would rise 15%, I would then called a bubble.... its now just a natural grow and sure it will have a lot of pump and dump, but a bubble no A bubble will burst to get back to the real value.... but I think we will all agree if btc or any other crypto will get it making to 2038, the USD and euro will be the bubbels that are going to burst.

"I wish people would stop investing in Bitcoin and start using Bitcoin. That would solve a lot of problems."

Totally agree

[nokati]

Its funny to read my old post from 2017! For what it takes... I still stand for all the 6 points and some have already been proven by now!
Getting back to check it over a couple of years again

[buwaytress]

Its funny to read my old post from 2017! For what it takes... I still stand for all the 6 points and some have already been proven by now!
Getting back to check it over a couple of years again

I don't necessarily agree with everything you said, or at least not in the way you said it, but I can definitely agree on the "you and me" sentiment and "no right no wrong time" sentiment. As much as I'm wholeheartedly for Bitcoin, I'm not "all-in" simply because I'm not a lonely rock on this planet and must still live and eat with dollars etc, but yes, I can't see a day I'm alive where I'll give up on this ideal, and I'm happy to see others on that same page (even if it's a huge page with many points of differing ideas). Worth 1 merit to see you come back and see an old post from 2 years ago!

[Darker45]

Well its not a bubble, its not going to crash and it doesn't matter how much USD you get for it….

First and foremost, I agree with most of what you are saying.

However, let's be careful not to resort to extremes or become overly confident about it that you cannot entertain any possibility contrary to it.

Words like "its [sic] not going to crash" or "it doesn't matter how much USD you get for it" may sound like fanaticism. I mean, I believe in Bitcoin and I believe that it's here to stay for a while, but I also believe that it has a lot of room for improvement and something much better may actually replace it in the future. Moreover, while I am counting my BTC, I cannot deny that if my 1 BTC is falling from a fiat value of $20,000 to just $2,000 I would lose some sleep.

[AicecreaME]

The way you explained it on if it's too late to invest on bitcoin or not is very well said, that's the shortest yet full of information explanation for those people who still can't decide whether to invest in Bitcoin or not.

But if I'm going to add more to it, I will say that don't invest in bitcoin just because you realized you're not too late and you have the money. Invest in Bitcoin if you know what Bitcoin really is and the other complicated things that's connected to it, that way, you will never belong to the group of people who are FOMO.

[JuSayCo]

This is something very informative that a newbies must read on. I agree all the words you've written and was grateful for the additional knowledge that I've got from this thread. For I admit, I don't really have enough knowledge here but continuously doing some research and basically learned and applies my personal experiences while working here in blockchain industry for a quite short period of time. To those who thinks bitcoin as complicated thing and negative,  I hope they can read this epistle here.

[CarnagexD]

Its funny to read my old post from 2017! For what it takes... I still stand for all the 6 points and some have already been proven by now!
Getting back to check it over a couple of years again

I don't necessarily agree with everything you said, or at least not in the way you said it, but I can definitely agree on the "you and me" sentiment and "no right no wrong time" sentiment. As much as I'm wholeheartedly for Bitcoin, I'm not "all-in" simply because I'm not a lonely rock on this planet and must still live and eat with dollars etc, but yes, I can't see a day I'm alive where I'll give up on this ideal, and I'm happy to see others on that same page (even if it's a huge page with many points of differing ideas). Worth 1 merit to see you come back and see an old post from 2 years ago!

I don't know how and when but you are on my ignore list @buwaytress, I don't remember ignoring someone here except spy100.

Anyways, I want to point out the legality and political interest of countries to bitcoin, the fact that every country has a unique government type shows how bitcoin is potentially adoptable. For some country like India or NK where crypto is highly doubted due to some possible 'threats' being seen the rest of the world is taking just fine with bitcoin which is good enough to be recognized.

[BrewMaster]

reading this bumped topic makes me wonder how many people who read this topic (or some others similar to this one) actually learned from it and made some changes in their strategy in bitcoin world. if there could be a survey asking people how they used to think a couple of years ago and how they think about bitcoin now, it would give very interesting results.

in any case although i disgree with some points in OP (such as selling part) i think it is a good post which is still valid to this day. i disagree with selling part because i think it should never be black and white. it could be best if people sold a little in big rises near the ATH. even in mass adoption in many countries bitcoin may not still be accepted as payment.

[kryptqnick]

Point #2 is controversial. A person must be planning to sell Bitcoin for fiat at a certain point OR buy something valuable with Bitcoin. It's 2020, and there are still only a handful of places that accept Bitcoin. And it's not really about selling BTC for USD or about caring what the price in USD is, I agree. But it IS about Bitcoin's purchasing power. What can you buy with one Bitcoin? It is a pizza, a cheap car or a luxurious flat? This matters, and for now it's easy to assess Bitcoin's purchasing power by taking a look at its price in USD.

reading this bumped topic makes me wonder how many people who read this topic (or some others similar to this one) actually learned from it and made some changes in their strategy in bitcoin world. if there could be a survey asking people how they used to think a couple of years ago and how they think about bitcoin now, it would give very interesting results.

The problem with such a poll would be that people often don't remember how they felt about something or, worse, they remember is wrong (false memories). So to assess how one thought about Bitcoin, one would have to look at one's own posts and messages from the past. Otherwise, it can be a very distorted image. And people would probably just fill in the survey based on their assumptions rather than doubt themselves.

[buwaytress]

I don't know how and when but you are on my ignore list @buwaytress, I don't remember ignoring someone here except spy100.

Anyways, I want to point out the legality and political interest of countries to bitcoin, the fact that every country has a unique government type shows how bitcoin is potentially adoptable. For some country like India or NK where crypto is highly doubted due to some possible 'threats' being seen the rest of the world is taking just fine with bitcoin which is good enough to be recognized.

I'm shattered, man, shattered. Why would you ignore me?

Regarding the unique governments, yes, but in reality, it would take a very special type of government to be able to effectively ban Bitcoin if it chooses, and that would mean a government well in control of its citizens access to Internet and identities -- suggesting a small draconian country with huge resources.

But the small countries have seen, better for them to attract Bitcoin instead, and use it to their advantage, making it friendly while others reject it.

Hard to see a situation where there's more to gain from actively preventing Bitcoin. End of the day, it's about cost-benefit.

@BrewMaster @kryptnick, problem with all these surveys as well is very few have been done to the level of scientific or academic rigour one would hope to be able to derive useful information. Every survey's generally sponsored or skewed at least I'm sure.

[Kez1817]

Very informative and well explained. Hope this will help newbie to understand something about bitcoin and investing on it and not always asking and thinking negatively about bitcoin. We do not hold the future of bitcoin because it can be replaced by another, but if the demand of bitcoin still high then it will remain valuable even in the future. So, you must think now if you invest or not! "Time is Gold!"