Understand this - Bitcoin is not a commodity it is a working product

[Cointikka]

When will they understand Bitcoin is not a quick "Make me Rich" product. I have been following this forum for more than a month and most of the time Users here are talking about the price or are trying to find out when the price will reach a new all time high.

If you understand Bitcoin and the concept, it was never meant to be a commodity. It was meant to be and will always be the replacement of FIAT currency and Financial dependence. It is was never never meant to become a quick way to become Rich.

It simply meant Financial Freedom from those individuals who control our present finance. Who controls them I do not know?

It meant freedom from controlled money and to ease of live.

[CryptoInsights]

When will they understand Bitcoin is not a quick "Make me Rich" product. I have been following this forum for more than a month and most of the time Users here are talking about the price or are trying to find out when the price will reach a new all time high.

It is only the topics like trading discussions, alt discussion or beginners. If you want to read about concepts there are serious discussion and technical discussion topics. Traders sometimes do see crypto currency as a opportunity to earn. If you are not interested in the those discussion you can focus on the technical topics.

[hatshepsut93]

Nothing is meant to be a, like you say, "get rich quick product". Generally, when someone tells you that they will make you rich, 99% chance they want to scam you.

Opportunities like Bitcoin are very rare, they are paradigm shifts that reward early adopters massively. We've seen it with the Internet and other technologies, how people who invested early became very rich. But think about it, none of them were presented as "get rich quick products" - the Internet, computers, mobile phones, etc.

The fact that Bitcoin is a working product is what drives its value upwards, and you can't really separate its use case as investment from its use case as money, that's just the reality. If some people view it only as a tool to make more fiat, it's their right, and willingly or unwillingly, they still contribute to Bitcoin's strength, because they provide the much needed market liquidity.

[jackg]

If you understand Bitcoin and the concept, it was never meant to be a commodity. It was meant to be and will always be the replacement of FIAT currency and Financial dependence. It is was never never meant to become a quick way to become Rich.

A lot of people that "missed the boar" or "don't understand and don't want to" are going to call it out. And when it's called digital gold, fiat is paper gold... But at least bitcoin is backed by its fiat market cap and people who know about it.


A strategy thst works once to get rich quick will rarely do the same thing twice... Anyone who thinks logically can see that it's not unlikely we will reach $20k again per coin because we did it before... What we don't know and probably won't is when that will be - until it happens.

I think the next financial crisis might push a lot of people to bitcoin. Poor(ish) governments might try doing what Greece did and hit the wealthy people to pay off their debts and people will be forced into bitcoin.

[jhonjhon]

Everyone has different looks for Bitcoin, it already represents both commodity and of a working product.
Some of us consider this as a commodity/investment just because they can't use it in their place. Just like what I did, I'd converted BTC into fiat money for me I can make use them. It is a big value in our country and considering this as a good investment to make money than to spend it in regular transactions.

Though it won't that meant to be and the creation of bitcoin isn't for just investment but that would be my stand as of now until Bitcoin is widely accepted as a currency to be used in our country.

[1Referee]

I don't blame people for being interested in the speculative side of Bitcoin. It's admittedly very interesting and for some even a very lucrative market to participate in. Most people start out as a get rich quick noobie because they have been drawn to Bitcoin because of the mad increases they read about or saw on TV being covered by the mainstream media.

Bull markets are the times where most of the user onboarding happens. Bear markets then cleanse this space to make sure those with genuine interest will stick to Bitcoin, where most of the rest panic sells to never look back. In other words, this market is pretty good at self regulation.

[TimeBits]

When will they understand Bitcoin is not a quick "Make me Rich" product. I have been following this forum for more than a month and most of the time Users here are talking about the price or are trying to find out when the price will reach a new all time high.

If you understand Bitcoin and the concept, it was never meant to be a commodity. It was meant to be and will always be the replacement of FIAT currency and Financial dependence. It is was never never meant to become a quick way to become Rich.

It simply meant Financial Freedom from those individuals who control our present finance. Who controls them I do not know?

It meant freedom from controlled money and to ease of live.

But bitcoin is $12,000+ nothings now! and in the future it will be $18,000+ nothings!

I mean you can tell who read the first sentence of the white paper and who did not, how many actually understood it? it seems 99.9% of the people are a waste of time. I been trying to spread the same message for months now brother, it is like talking to a wall, greed blinds these people, they are fucking hopeless, I can see why we are in this mess. The most common news about bitcoin is price of fiat LOL FUCKING MORONS.

Try and trade me $100,000,000,000 for .0001 of my bitcoin, I`ll punch you the fuck out.

[ityandsyn]

When will they understand Bitcoin is not a quick "Make me Rich" product. I have been following this forum for more than a month and most of the time Users here are talking about the price or are trying to find out when the price will reach a new all time high.

If you understand Bitcoin and the concept, it was never meant to be a commodity. It was meant to be and will always be the replacement of FIAT currency and Financial dependence. It is was never never meant to become a quick way to become Rich.

It simply meant Financial Freedom from those individuals who control our present finance. Who controls them I do not know?

It meant freedom from controlled money and to ease of live.

      We cannot blame to anyone saying bitcoin will make you rich quickly because that's can be reasonable if you have been invested earlier this year which the price was only $3300 and you would be able to hold until know so your investment is already tripled and you've to dump it all for now , but practically we are talking enough money for your capital .

[franky1]

bitcoin is not a commodity. as a commodity is a raw material used to create other products
EG wheat=bread/cereals, cocoa=chocolate. bitcoin will never appear on a commodities market

however bitcoin is an asset currency. which is better than forex currency.

however even in forex currencies there are many traders that play the exchange rates for profit.

even now many people are discussing the price of the british pound and speculating the new price after brexit.
and so you will always have people discussing the price and hoping for price changes, whether it be an asset or forex

[timerland]

Well said mate, you speak my mind perfectly! I've always tried to refrain from discussing the price of BTC on the forum, it's personally been something that goes against what I think BTC is - which is new, revolutionary technology.

Bitcoin was never meant to be seen as a get rich quick scheme, and after numerous articles and media attention, it's been packaged in a way which strays from it's true goal.

Bitcoin was built to replace centralized fiat currencies and give power back to the people. Not make people rich overnight.

[Darker45]

Much has already been said about this. This has been reminded over and over again. If we all go back to the 9-page Bitcoin whitepaper written by Satoshi Nakamoto himself, Bitcoin is never an asset or a store of value, much less an easy way to get rich. However, through months and years, Bitcoin has taken surprising turns that Satoshi himself might not have anticipated. Who would have thought that a single Bitcoin would reach $500 and then $2,000 and then $5,000 and even $20,000? This astonishing appreciation of value has changed everything. People begin to hoard them. Bitcoin became a precious and very coveted asset. And it will grow scarcer and scarcer in the coming years.

[joelsamuya]

Of course, you are right. However, Bitcoin can mean many things to different people. Since it is openly traded, traders and investors are looking at it as an investment vehicle or yes as a commodity and there is nothing wrong with that view. Now, there are also people who believe that Bitcoin is that paradigm shift that we need and so they are more focused and betting on its ability as a "working product" that can represents innovations or changes. Right or wrong, there are also people who are convinced that Bitcoin makes it easy for others to finance terrorism and scam other people. You see, Bitcoin is a very versatile thing that it is welcoming all of these perceptions without prejudice. That's the beauty of Bitcoin and let's keep it that way.

[avikz]

When will they understand Bitcoin is not a quick "Make me Rich" product. I have been following this forum for more than a month and most of the time Users here are talking about the price or are trying to find out when the price will reach a new all time high.

If you understand Bitcoin and the concept, it was never meant to be a commodity. It was meant to be and will always be the replacement of FIAT currency and Financial dependence. It is was never never meant to become a quick way to become Rich.

It simply meant Financial Freedom from those individuals who control our present finance. Who controls them I do not know?

It meant freedom from controlled money and to ease of live.

There's a good reason why people are always discussing price points. It's because bitcoin doesn't have much other usage in real world and that's why it is being used as an investment. If we see increased number of adoption worldwide by the regulatory authorities, we may see people using it as a currency. Otherwise, it will remain an investment only! Especially the price volatility of bitcoin, offers immense opportunity in trading market which is used by people to make quick money out of it.

Also it is never meant to become a "replacement of fiat"! If you have read the whitepaper of Satoshi, bitcoin is a "peer to peer electronic cash system"! Satoshi never talked about revolution or the replacement of fiats or banks. These are created by bitcoin maximalists!

[buwaytress]

Human nature, my friend. This new digital money, if it's meant to completely replace the very concept pf what mpney is (or displace it), then people won't be able to distinguish between money maker or money itself.

And when the commercial money is busy putting up ads and billboards about Bitcoin being digital gold, when whales are storing private keys in 3rd party mountain vaults... Can you blame mainstream interpretation?

Doesn't matter what it was meant to be. What matters is what it is and what it will become.

[Herbert2020]

you are 100% correct but at the same time you have to keep in mind that there is nothing wrong with being interested in bitcoin price and wanting to make profit. in fact many of those who understand bitcoin, want the financial freedom and the decentralization and all the other things bitcoin offers, also enjoy the profit that bitcoin is giving them.
it is more like hitting two birds with one stone. you take advantage of bitcoin while you also increase your purchasing power as bitcoin value increases.

[Jating]

Initially that was Satoshi wanted to happen, an alternative to fiat system that could help individuals the needed financial freedom that we all have been waiting for. However, when the price of bitcoin grows, to $10-$100 then the whole landscape can change.

It not began an era wherein people are trading and speculating on the future price of it, thus becoming a speculative asset. So it also evolved as well, from the initial vision of the creator to one of the best assets, even comparable to gold or even oil.

[Nadziratel]

When will they understand Bitcoin is not a quick "Make me Rich" product. I have been following this forum for more than a month and most of the time Users here are talking about the price or are trying to find out when the price will reach a new all time high.

If you understand Bitcoin and the concept, it was never meant to be a commodity. It was meant to be and will always be the replacement of FIAT currency and Financial dependence. It is was never never meant to become a quick way to become Rich.

It simply meant Financial Freedom from those individuals who control our present finance. Who controls them I do not know?

It meant freedom from controlled money and to ease of live.

Like or not, most of people think that BTC is a profit machine. If you see, all of the forum follow BTC's price closely. Because it is important all of us. We are looking for a USD value. Sad but true.

[BitHodler]

And when the commercial money is busy putting up ads and billboards about Bitcoin being digital gold, when whales are storing private keys in 3rd party mountain vaults... Can you blame mainstream interpretation?

You're more referring to smart money. I definitely get it that it goes against the general idea that you should be the sole owner of your private keys, but when you're so wealthy in Bitcoin to dollar terms, it's different.

Smart money knows it isn't safe enough to hold all their Bitcoin themselves. They spread the risk by utilizing the storage service provided by an entity they trust, which in this case is Xapo.

Would you be comfortable with holding $100 million in Bitcoin yourself? Or would you be more comfortable knowing that you have a portion of it stored elsewhere? I probably would go for the latter to be honest.

I do agree about the drop gold commercial. It's quite controversial but then again, we can't complain about the media attention it generated for Bitcoin. It got a lot of gold bugs understandably really upset.

[dothebeats]

If you understand Bitcoin and the concept, it was never meant to be a commodity. It was meant to be and will always be the replacement of FIAT currency and Financial dependence. It is was never never meant to become a quick way to become Rich.

It simply meant Financial Freedom from those individuals who control our present finance. Who controls them I do not know?

It meant freedom from controlled money and to ease of live.

It was supposed to be that, though of course you can't control a free world with lots of players in it. We all know that money dictates almost everything in this world, and people found out that they can trade bitcoins to fiat and so the rest is history. It was then used as a commodity for the most part but the darknet has other things in mind, and so used it as their primary currency when dealing with other people that wishes to buy stuff illegally. As time goes by, it became clearer and clearer that people wanted to use bitcoin as something to get profits from for the most part, and so the reason why it became a money making machine for a lot of people and why the primary perception by the newbies is that it's meant to make you rich, and not really its initial purpose, which is to serve as an alternative to fiat and to free people from using banks.

[Kakmakr]

The moment when the price jumped to $18 000+ ....loads of speculators jumped onto the Bitcoin bandwagon to make a quick profit and a lot of those people are still waiting around to get any kind of return on their investment, because they bought bitcoins when the price was at a ATH.

Friends of mine bought coins when the price was at $17 800 and they are still waiting since 2017 to get any kind of return on their investment. So it is normal for these people to get anxious, because they want their initial investment money and a little profit for their efforts.