BEEN IN THIS GAME FOR 6 YEARS

[Digitalasset123]

You are privileged to have invested in bitcoin when the price wasn't exorbitant for you. I still want to encourage anyone that has the fund to purchase at least 1btc to do so. But let it be a long term investment plan

[Webetcoins]

That was what exactly happened with bitcoin in late 2017 and 2018 after the bitcoin started getting high lot of people just brought it as a method of getting rich quickly. Lots of people buy over 10k$ just trusting the hype that it would go 50k$. But as it drops maximum of such people did the panic sell. Though it may not be the only cause of BTC price drop that time but it was a major cause.

It is always the same story even if the details change slightly, this happened with the tulip mania on 1637, the dot com bubble, the real estate bubble and it happened to bitcoin and cryptocurrencies in general in 2017, people are always looking for an easy way to make money and when they see an asset going up then they want to get some of the profits as well, for those that are smart that is the moment to get out of the market since the bubble cannot last that much longer, then the price crashes and any dreams of getting rich quickly gets crushed.

I do not have much idea about dot com bubble or real estate bubble or this thing, tulip mania in 1637, as I was not present at that time and cannot comment with certainty. But in case of bitcoin, everyone has witnessed it making progress for last ten years. It is not a bubble at all. No bubble can be this powerful. Even after being lashed by countries like China and America, it stayed with us. We are moving towards an era of digital currencies and bitcoin will dominate all assets.

[DaftAjax]

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We are moving towards an era of digital currencies and bitcoin will dominate all assets.

That's probably what's going to happen. But we forget that Bitcoin shouldn't be an asset, tho it's inevitable now. Bitcoin should just function like Fiat Money. Their main difference should only be Decentralization. As that's what Bitcoin should be solving from Fiat Money (centralized currency). But instead, it became more of an investment, an "asset" just like stocks and real estates and whatnot.

[davinchi]

Holding bitcoin for long or at least until next pump is right decision. It wont harm the investors. Waiting is the working method here. The amount of profits that can be gained from bitcoin depend on the duration of time for which a holder keeps it in pockets. If someone consider this choice a risky one, they have the option to learn about bitcoin and then make decisions to the best of their knowledge.

There is nothing bad about holding for those who want to have it as an asset and we know that asset is meant to grow, but there are other important roles too that we need to play if we really want what we are holding to really continue to appreciate naturally and not all these increase that we are seeing through all these manipulation.

The best way that our asset in bitcoin can really grow is if we are also using it as payment and not just holding it, we could have a portfolio where we have some of the coins for investment, but it is necessary that we also have another portfolio that we can be using to make payment through the bitcoin system because that is the best way to actually expand the network of bitcoin that will be responsible for demand of the coin.

[Clement Kaliyar]

I work online for a company (a remote job) and they pay their workers with bitcoin. Some people just use it to receive their payment and once it comes into their wallet they will sell/withdraw it to their bank account.

What kind of work you are doing and if you are willing to share i would like to know and i would not mind to work if they will pay in bitcoin. I do not have that much experience like everyone as it was not that easy to understand the market at first and since i was investing in stocks for a long time and i wanted to learn about the new market and five years went by in this market and luckily i was able to invest when the price was low.

[dimox]

actually, people will have same problem, like when you tell someone to put effort in bitcoin, invest in bitcoin before the price exploding, they are not interest what we said. and when bitcoin price is going to moon, people that dont interest in bitcoin will ask how to get it to us. and it hapoen to me, im really bored to make deal with them. and when they ask me, ill just ignore them. im just talk this with my friend that interest in bitcoin at first we are talked

[wheelz1200]

Lot of people are making price predictions and many years ago I did as well.However, I stopped thinking in fiat and only thought about stacking stats. In the end we are part of a financial revolution much like Tesla in cars- uber in taxis.The financial market is in a recession when you have bankers, government official telling you we are doing great it's to cover up the truth.

I told some friends in 12/2015 that btc in few years will be 10 k . I am no market analyst I just based it on scarcity. Those same friends bought in 2017 and called me thinking I knew what the next target is and I told them shit, I got lucky I have no idea. Four years later  and now I am thinking scarcity again and 95k in a few years is my next prediction because why not we all love a number to gravitate to.

In 2016 saw a youtube video, and in there was a Chinese mining operator that did not speak english well  but would say just buy 1 BTC and many people laughed at him dunno if it was because of his accent or because he was a miner  promoting BTC. I thought about that back than and realized that 1 btc is attainable at 500 usd.

I would tell family and friends and got  a response like I will wait till it comes down.  If those people listened 1 year later would have profited well. Now I tell friends  .1 BTC  I  think for many that is attainable, now the response is did bitcoin not crash. My point is that I think if we educate fundamentals which is tough we might win some hearts.

I agree there is thread after thread of peoe making fiat predictions of where bitcoin will go.  I mean just by math someone has to be right if every angle is predicted.  It doesnt necessarily mean that person knows what the hell they are talking about now it just means they were the lucky ones that were right.  Just keep stacking sats and let the rest work itself out.

[Bagaji]

The major problem is that, it is very difficult for one to believe someone else prediction of the market particularly when you are new to crypto currency. Am saying this because it was almost the same prediction that was made as regards what the market value of ethereum will be that made some of us to buy ethereum at the peack of $1,300 till today but the market is still against our position till date.

[qwertyup23]

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I would tell family and friends and got  a response like I will wait till it comes down.  If those people listened 1 year later would have profited well. Now I tell friends  .1 BTC  I  think for many that is attainable, now the response is did bitcoin not crash. My point is that I think if we educate fundamentals which is tough we might win some hearts.

Just to share my personal experience, I entered the cryptocurrency world back in 2017 where the price of each bitcoin were around $4,000-$4,500 fluctuating. I used to participate in campaign signatures that for a Jr. member, the payouts were like 0.004 BTCs/week (around $5 before converted). Many people have been speculating that the price may skyrocket within the year.

Around 2018 when the price of BTCs reached an all-time high of around $19,000, people assumed that its price would continue to increase and they started purchasing more for long-term investments. Unfortunately after a few weeks, its price dropped considerably and the people who JUST STARTED investing into BTCs branded it as a whole "bubble" and "scam" scheme.

[wheelz1200]

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I would tell family and friends and got  a response like I will wait till it comes down.  If those people listened 1 year later would have profited well. Now I tell friends  .1 BTC  I  think for many that is attainable, now the response is did bitcoin not crash. My point is that I think if we educate fundamentals which is tough we might win some hearts.

Just to share my personal experience, I entered the cryptocurrency world back in 2017 where the price of each bitcoin were around $4,000-$4,500 fluctuating. I used to participate in campaign signatures that for a Jr. member, the payouts were like 0.004 BTCs/week (around $5 before converted). Many people have been speculating that the price may skyrocket within the year.

Around 2018 when the price of BTCs reached an all-time high of around $19,000, people assumed that its price would continue to increase and they started purchasing more for long-term investments. Unfortunately after a few weeks, its price dropped considerably and the people who JUST STARTED investing into BTCs branded it as a whole "bubble" and "scam" scheme.

The same thing that people said at the end of 2013 run up to $1k, and subsequent 2 year drop into 2015.  Bitcoin is volatile and people will get burned because people are comfortable buying at the top when everything looks great.  Those people will be weeded out eventually another round like this will happen over and over until crypto has plateaued and the general public are all involved.  Volatility is not for the weak hearted.

[deisik]

We are moving towards an era of digital currencies and bitcoin will dominate all assets.

That's probably what's going to happen. But we forget that Bitcoin shouldn't be an asset, tho it's inevitable now. Bitcoin should just function like Fiat Money. Their main difference should only be Decentralization. As that's what Bitcoin should be solving from Fiat Money (centralized currency). But instead, it became more of an investment, an "asset" just like stocks and real estates and whatnot

And there is a good, sound reason for that

If you are unfamiliar with Gresham's law, you should be by now. In terms of this famous law, Bitcoin is good money being driven out of circulation by bad money, which is fiat in the context of this law. To put it differently, Bitcoin can only crowd out fiat or compete with it if it becomes worse than fiat but in that very case it is unlikely anyone will be using it either as an asset or as a currency. Isn't it a lovely paradox that we have discovered here?

[target]

History will keep repeating itself and I guess Bitcoin cycle will keep on going, the price will be more than its ATH by the next years.
This is the last halving and I guess those miners will just earn thru the transactions they process and they will not sell their coins for less on exchanges.

We are moving towards an era of digital currencies and bitcoin will dominate all assets.

That's probably what's going to happen. But we forget that Bitcoin shouldn't be an asset, tho it's inevitable now. Bitcoin should just function like Fiat Money. Their main difference should only be Decentralization. As that's what Bitcoin should be solving from Fiat Money (centralized currency). But instead, it became more of an investment, an "asset" just like stocks and real estates and whatnot

And there is a good, sound reason for that

If you are unfamiliar with Gresham's law, you should be by now. In terms of this famous law, Bitcoin is good money being driven out of circulation by bad money, which is fiat in the context of this law. To put it differently, Bitcoin can only crowd out fiat or compete with it if it becomes worse than fiat but in that very case it is unlikely anyone will be using it either as an asset or as a currency. Isn't it a lovely paradox that we have discovered here?

It may not be used as money anymore since people are going to keep storing it one hardwallet or keep trading for profit. One reason could be there are more altcoins that would work like that besides BTC. Wallets also that isn't using LN will have some fractions of coins that may not be able to sent somewhere due to transaction fees as a result there will be more coins that will be stored on wallets that will be forgotten.

[deisik]

If you are unfamiliar with Gresham's law, you should be by now. In terms of this famous law, Bitcoin is good money being driven out of circulation by bad money, which is fiat in the context of this law. To put it differently, Bitcoin can only crowd out fiat or compete with it if it becomes worse than fiat but in that very case it is unlikely anyone will be using it either as an asset or as a currency. Isn't it a lovely paradox that we have discovered here?

It may not be used as money anymore since people are going to keep storing it one hardwallet or keep trading for profit. One reason could be there are more altcoins that would work like that besides BTC. Wallets also that isn't using LN will have some fractions of coins that may not be able to sent somewhere due to transaction fees as a result there will be more coins that will be stored on wallets that will be forgotten.

To begin with, Bitcoin was never used as money

Maybe only in the first couple years of its lifetime (let's call it the early era or epoch), before first exchanges started to appear. Afterwards, it was only speculation in ever widening circles and strides. And altcoins are in no way better in this regard. In fact, they are even more speculative. So if Bitcoin can admittedly be used as a store of value (for the unbanked), most altcoins make a poor choice for this purpose as they are vehicles of wild speculation by their very nature, and will certainly remain that way in the future

[South Park]

It is always the same story even if the details change slightly, this happened with the tulip mania on 1637, the dot com bubble, the real estate bubble and it happened to bitcoin and cryptocurrencies in general in 2017, people are always looking for an easy way to make money and when they see an asset going up then they want to get some of the profits as well, for those that are smart that is the moment to get out of the market since the bubble cannot last that much longer, then the price crashes and any dreams of getting rich quickly gets crushed.

I do not have much idea about dot com bubble or real estate bubble or this thing, tulip mania in 1637, as I was not present at that time and cannot comment with certainty. But in case of bitcoin, everyone has witnessed it making progress for last ten years. It is not a bubble at all. No bubble can be this powerful. Even after being lashed by countries like China and America, it stayed with us. We are moving towards an era of digital currencies and bitcoin will dominate all assets.

From Investopedia
https://www.investopedia.com/terms/b/bubble.asp

What Is a Bubble?

A bubble is an economic cycle characterized by the rapid escalation of asset prices followed by a contraction. It is created by a surge in asset prices unwarranted by the fundamentals of the asset and driven by exuberant market behavior. When no more investors are willing to buy at the elevated price, a massive sell-off occurs, causing the bubble to deflate.

What we saw in 2017 in the market of cryptocurrencies was a bubble, that does not mean that bitcoin will not be worth 20k or even more than that in the future as many of us expect but the market behaved in an irrational way, the price became unsustainable and it crashed leading to a bear market that lasted more than a year, however despite all of this bitcoin is still here and it is reasonable to expect due to its scarcity that as the demand grows again we could surpass 20k without being in a bubble in the future.

[STT]

Bubble is an over used description, it cant be exacly correct in this context because a bubble once popped is gone and loses all integrity.   I'd rather we didnt use the words of the enemy like this, we know its not true and BTC is not a bubble.   Big price changes and volatilty sure, its breaking edge of a new wave in technology and a whole new sector so rapid change is a given.

You are privileged to have invested in bitcoin when the price wasn't exorbitant for you. I still want to encourage anyone that has the fund to purchase at least 1btc to do so. But let it be a long term investment plan

If we think about the long term plan for BTC, it wont be that everyone has 1 BTC each because there is a greater ambition for this blockchain then just  21 million users or holders.    Of course its relative to wealth but just being involved is most important I think and also to distribute that over time.
  Just by itself buying 1 BTC now is mostly speculation rather then usage and I'd rather see people develop usage in BTC and the prospects between us advance to our advantage.

[Maslate]

The major problem is that, it is very difficult for one to believe someone else prediction of the market particularly when you are new to crypto currency. Am saying this because it was almost the same prediction that was made as regards what the market value of ethereum will be that made some of us to buy ethereum at the peack of $1,300 till today but the market is still against our position till date.

Ethereum is too different from bitcoin because it has been dropping its price for couple of months already while bitcoin is still in a good place for investment. Predictions may don't have a full guarantee that it will really happen but somehow it will serve as a guide for us particularly for the the newbies so we will be more profitable in the near future.

[DaftAjax]

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If you are unfamiliar with Gresham's law, you should be by now. In terms of this famous law, Bitcoin is good money being driven out of circulation by bad money, which is fiat in the context of this law. To put it differently, Bitcoin can only crowd out fiat or compete with it if it becomes worse than fiat but in that very case it is unlikely anyone will be using it either as an asset or as a currency. Isn't it a lovely paradox that we have discovered here?

Hmm. Isn't it the other way around? Does Gresham's law work the other way as well (i.e. Bad money being driven out by Good money)? Because Fiat money, as we all know, isn't really good at all. And on the case of Bitcoin, it isn't even used as money anymore. So I don't know if it applies anymore, am I missing something? Or I am just a complete idiot that you just wanted to say that, Gresham's law was the cause of how we perceive it now?

[Kevondo]

History will keep repeating itself and I guess Bitcoin cycle will keep on going, the price will be more than its ATH by the next years.
This is the last halving and I guess those miners will just earn thru the transactions they process and they will not sell their coins for less on exchanges.

We are moving towards an era of digital currencies and bitcoin will dominate all assets.

That's probably what's going to happen. But we forget that Bitcoin shouldn't be an asset, tho it's inevitable now. Bitcoin should just function like Fiat Money. Their main difference should only be Decentralization. As that's what Bitcoin should be solving from Fiat Money (centralized currency). But instead, it became more of an investment, an "asset" just like stocks and real estates and whatnot

And there is a good, sound reason for that

If you are unfamiliar with Gresham's law, you should be by now. In terms of this famous law, Bitcoin is good money being driven out of circulation by bad money, which is fiat in the context of this law. To put it differently, Bitcoin can only crowd out fiat or compete with it if it becomes worse than fiat but in that very case it is unlikely anyone will be using it either as an asset or as a currency. Isn't it a lovely paradox that we have discovered here?

It may not be used as money anymore since people are going to keep storing it one hardwallet or keep trading for profit. One reason could be there are more altcoins that would work like that besides BTC. Wallets also that isn't using LN will have some fractions of coins that may not be able to sent somewhere due to transaction fees as a result there will be more coins that will be stored on wallets that will be forgotten.

If I am not wrong, we have not been able to use Bitcoin as a medium of exchange yet. The main reason behind this is governments not legalizing it.  There are only few companies that are accepting Bitcoin as a payment method. The digital coin market is also young. Most of the people do not even know about digital currencies but Bitcoin is the future of money and at present, holders themselves want to use it as an investment for making profits.

[deisik]

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If you are unfamiliar with Gresham's law, you should be by now. In terms of this famous law, Bitcoin is good money being driven out of circulation by bad money, which is fiat in the context of this law. To put it differently, Bitcoin can only crowd out fiat or compete with it if it becomes worse than fiat but in that very case it is unlikely anyone will be using it either as an asset or as a currency. Isn't it a lovely paradox that we have discovered here?

Hmm. Isn't it the other way around? Does Gresham's law work the other way as well (i.e. Bad money being driven out by Good money)? Because Fiat money, as we all know, isn't really good at all. And on the case of Bitcoin, it isn't even used as money anymore. So I don't know if it applies anymore, am I missing something? Or I am just a complete idiot that you just wanted to say that, Gresham's law was the cause of how we perceive it now?

It is somewhat paradoxical at first sight, so I can definitely relate to your confusion

But if we thoroughly think it through, it actually makes perfect sense. To resolve this seeming paradox you should take into account people's preferences. For example, which money would you prefer to keep and stash, bad or good? If you choose to keep good money (which is an obvious choice), then, in turn, you will certainly decide on getting rid of bad money. But you can only get rid of it by spending it, and this is how bad money drives good money out of circulation as people are encouraged to spend the former and hoard the latter

[DaftAjax]

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It is somewhat paradoxical at first sight, so I can definitely relate to your confusion

But if we thoroughly think it through, it actually makes perfect sense. To resolve this seeming paradox you should take into account people's preferences. For example, which money would you prefer to keep and stash, bad or good? If you choose to keep good money (which is an obvious choice), then, in turn, you will certainly decide on getting rid of bad money. But you can only get rid of it by spending it, and this is how bad money drives good money out of circulation as people are encouraged to spend the former and hoard the latter

Based on what you said just now, I think the image below is the best representation I can think of. Though the image is outdated, I think you get the idea.



Overtime fiat money will get worse, even more than it already is. And I think we are already experiencing it, bit by bit. I don't know what will the government do to prevent this or to slow it down. But considering how people treat Bitcoin right now, it's inevitable.