Bitcoin is not needed but only for investment purposes

[KingsGambet19]

Do we really need bitcoin?

Most of the members here will say yes but bitcoin is not needed unless you want to earn or lose your money. Bitcoin is a form of gamblmg that if you are new you can have high chances to lose money and that benefits others as it comes to them as profits right?

If I am mistaken the growth of bitcoin market is because people are buying it even at the current price which is 13k$. See picture below,




I can see that there is a possibility that it will continue to grow and tha will help exisiting bitcoin holders to earn in it while others that are new could lose in their investment. This is one that bitcoin beimg featured and if you are a common user probably does not like to hold bitcoins or earn in this process. You could feel guilt about it when you think that others are investing it probably they are desperate to earn because they just being always told that bitcoin will going to continue the rise of bitcoin market price. This promise could deceive especially the new one like me.

This is why I would like to know your reply if it is alright to earn profit with bitcoin coming from the new investors of bitcoin? The existing bitcoin holders bought bitcoin cheaper than the new investors that they can get bitcoin at higher price as of the moment.

What do you think?

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[DooMAD]

Bitcoin is a form of sovereignty.  It places you in direct control of your wealth.  Some people do use it to gamble, but such people could be considered to be missing the point.

I've never set up online banking, as I feel it carries too much risk.  Traditional payment methods are not very secure.  I had a conversation with my bank the other day about setting up a separate account with a limited sum of money in it that I could access online, while leaving the rest of my funds securely inaccessible.  They told me that if I set up online banking, all of my accounts would be on there.  They don't have a way for me to keep only a portion of my savings accessible online.  How useless is that?

But with Bitcoin, I can move funds from hotwallets to cold storage as and when I please.  The level of security I maintain is entirely my decision.

[Oshosondy]

Do we really need bitcoin?

It depends on you. But for me, I really need bitcoin, I bought it at $7350 in last year, and now increased to $13000. In the country I am, the value of my local currenciy is declining and the president saying possibly we will enter recession. The value of my country fiat is worthless, I prefer bitcoin which its value is best than fiats that is always devaluing and depreciating.

Most of the members here will say yes but bitcoin is not needed unless you want to earn or lose your money. Bitcoin is a form of gamblmg that if you are new you can have high chances to lose money and that benefits others as it comes to them as profits right?

Bitcoin is becoming more realistic now, bitcoin is not about losing, but you can go for it if you want to earn, if you take a look at fiat, ones in depreciate, it can not be recovered but continue to appreciate, but unlike bitcoin, very soon the all times high will be realized, it will get above $20000. Which means, it is not about losing if truly you are an holder.

[acener]

Do we really need bitcoin?

Most of the members here will say yes but bitcoin is not needed unless you want to earn or lose your money. Bitcoin is a form of gamblmg that if you are new you can have high chances to lose money and that benefits others as it comes to them as profits right?

If I am mistaken the growth of bitcoin market is because people are buying it even at the current price which is 13k$.




I can see that there is a possibility that it will continue to grow and tha will help exisiting bitcoin holders to earn in it while others that are new could lose in their investment. This is one that bitcoin beimg featured and if you are a common user probably does not like to hold bitcoins or earn in this process. You could feel guilt about it when you think that others are investing it probably they are desperate to earn because they just being always told that bitcoin will going to continue the rise of bitcoin market price. This promise could deceive especially the new one like me.

This is why I would like to know your reply if it is alright to earn profit with bitcoin coming from the new investors of bitcoin? The existing bitcoin holders bought bitcoin cheaper than the new investors that they can get bitcoin at higher price as of the moment.

What do you think?

It depends on us if we really need it but for me yes I need it to survive I earn online through cryptocurrency.
I don't see Bitcoin or crypto as a form of gambling and yes the growth of market depends on the demand so basically the investors (we) are the one who put it on price who controls it.
And yes the early investors would get profit it is their earning for being early in this field they trust it while others doubt it.
New investors could still earn it all depends on their skills even the old investor could lose being here for a long time doesn't mean guaranty a profit for them.

[Boov]

Do we really need bitcoin?

It depends on you. But for me, I really need bitcoin, I bought it at $7350 in last year, and now increased to $13000. In the country I am, the value of my local currenciy is declining and the president saying possibly we will enter recession. The value of my country fiat is worthless, I prefer bitcoin which its value is best than fiats that is always devaluing and depreciating.

Most of the members here will say yes but bitcoin is not needed unless you want to earn or lose your money. Bitcoin is a form of gamblmg that if you are new you can have high chances to lose money and that benefits others as it comes to them as profits right?

Bitcoin is becoming more realistic now, bitcoin is not about losing, but you can go for it if you want to earn, if you take a look at fiat, ones in depreciate, it can not be recovered but continue to appreciate, but unlike bitcoin, very soon the all times high will be realized, it will get above $20000. Which means, it is not about losing if truly you are an holder.

The necessity of bitcoin was depend on the user or investor. In some other countries who legally adopted bitcoin used it as a mode of payment then bitcoin will become useful. Some are making it as an asset, as an investment that whensoever they need it they can have it, they can exchange it into fiat if necessarily. But at some point yes, bitcoin was can be iterate and classified as gambling on how we can able to grow our asset and even the risk.

[20kevin20]

Bitcoin is a form of gamblmg that if you are new you can have high chances to lose money and that benefits others as it comes to them as profits right?

That perfectly fits the definition of an investment. Try investing a sh*tload of money in real estate as a beginner - you would get screwed up, as you would with any other investment you are new to. High risk does not make it a form of gambling. Luck is part of the game, but it is almost completely unsignificant. Bitcoin is an economy, not a form of gambling.

If I am mistaken the growth of bitcoin market is because people are buying it even at the current price which is 13k$. See picture below,

As long as people want to purchase it for $13k, they consider it is worth the price they paid for. Had there been no demand for Bitcoin at this price, it would have decreased substantially.

You could feel guilt about it when you think that others are investing it probably they are desperate to earn because they just being always told that bitcoin will going to continue the rise of bitcoin market price. This promise could deceive especially the new one like me.

Here is the thing I do not get: some people literally invest their lifetime savings into something a complete stranger from the internet told them about. You are on the internet. If someone trusts Bitcoin, it does not automatically mean you should as well. You have a brain. Make your own ideas, your own thoughts and invest in what YOU think has a future.

This is why I would like to know your reply if it is alright to earn profit with bitcoin coming from the new investors of bitcoin? The existing bitcoin holders bought bitcoin cheaper than the new investors that they can get bitcoin at higher price as of the moment.

I am honestly not sure what you tried to say here. Do you think that we, earlier hodlers, profit off newbies? There are a lot of people who buy high and sell low - the exact opposite of what they should do. Newbies almost always jump straight into hypes and sh*tcoins, losing a large part of their money.

The fact that Bitcoin makes it possible so that only a signup and a few clicks are required to get started with trading makes BTC trading a very tempting action for newbies with zero experience, but you should know that once you trade, you are doing it on your own risk assuming your lack of knowledge.

[webtricks]

Do we really need bitcoin?

Most of the members here will say yes but bitcoin is not needed unless you want to earn or lose your money. Bitcoin is a form of gamblmg that if you are new you can have high chances to lose money and that benefits others as it comes to them as profits right?

When was the last time you were able to use money for whatever purpose you needed, say, gambling, whoring or purchasing a lambo without worrying about the regulations, taxes or Uncle Sam's agents? That's the degree of financial freedom bitcoin offers you! If your definition of bitcoin is limited to buying it on an exchange, holding it there and selling for profits then you most probably never understood what bitcoin really is! Trading is just one aspect of bitcoin because of its fluctuating value. But the anonymity and privacy person enjoys while paying/receiving bitcoin is what bitcoin is meant for.

This is why I would like to know your reply if it is alright to earn profit with bitcoin coming from the new investors of bitcoin? The existing bitcoin holders bought bitcoin cheaper than the new investors that they can get bitcoin at higher price as of the moment.

What do you think?

You are labeling bitcoin as some ponzi scheme here but that's not the case. There is no need for you to go on guilt trip. Bitcoin price depends upon much more factors than just the time of purchase. Although prices were extremely under-priced in initial 6-7 years but post 2016, prices are highly fluctuating and cyclic. Bitcoin was worth same on Aug 22nd, 2017 and Mar 17th, 2020. It's not like if I buy bitcoin today, I can guaranteed sell it at the higher price after a year. IMO, price shouldn't be the first reason someone purchasing the bitcoin. Today I use bitcoin for 'n' number of reasons which I can't with regular fiat currency.

[Sapphire915]

No. Bitcoin is highly needed by all individuals who knew more about it. I think the importance of bitcoin to our lives depends on how we believe and understand it as a digital currency. It has been praised by many and criticized sometimes, but it can't take away the trust of believers to keep on using it. Being characterized as an speculative bubble by nature,  I believe that Bitcoin will continue to grow because of growing numbers of investors that keep on trusting the profits it give.

[BrewMaster]

Do we really need bitcoin?
Most of the members here will say yes

when everyone disagrees with you then it means you are wrong not everyone else

bitcoin is a currency and it is needed. it gives up the full control over our own pocket instead of relying on third party shady people called banks who are involved in a lot of illegal activities and money laundering.
i can pay for anything on the other side of the world in matter of seconds and without any middle man or anyone capable of censoring it. if you don't see the need in that then you shouldn't even be in this forum!

[Upgrade00]

This is why I would like to know your reply if it is alright to earn profit with bitcoin coming from the new investors of bitcoin? The existing bitcoin holders bought bitcoin cheaper than the new investors that they can get bitcoin at higher price as of the moment.

This argument does not really hold much water. You're taking the assumption that Bitcoin is a bubble and the market collapses after each turn. While we had similar situation to this during the last bull run, I doubt that would be a regular cycle. As adoption grows I think Bitcoin would begin to maintain a more regular upward trajectory (although with intermittent rise and falls).
Also there are more utilities to Bitcoin other than its speculative value; Not everyone buying is a new investor getting in due to fomo.

Also, I could have bought bitcoins at $600 and sold at $2000 to someone who would go on to sell at the previous ATH, there is no perfect entry point (and quite frankly I believe there should be no exit point either). People buy and sell based on personal analysis.

[dothebeats]

To be fair with the question, I don't really do much with my bitcoin except keep it in a stash and just let it sit there idly. I do this because I want to safeguard whatever I earn and entrust it to myself alone. The appreciation in value, perhaps, is just a bonus on the side. Given my run-ins against banks imposing ludicrous maintenance fees every month on my passbook accounts with them, I just see to it that the frustration and questions I reserve every end of the year for waiving those is nowhere to be found when I keep whatever I earn in crypto. It's an easy avenue to comfort and peace of mind when it comes to MY money that banks cannot give me no matter how good their track record is.

[Bttzed03]

I guess you've never experienced moving your funds (in BTC) yet. You'll understand the importance of it once you realized you no longer need intermediaries that can hold/lock your funds.

This is why I would like to know your reply if it is alright to earn profit with bitcoin coming from the new investors of bitcoin? The existing bitcoin holders bought bitcoin cheaper than the new investors that they can get bitcoin at higher price as of the moment.

You are labeling bitcoin as some ponzi scheme here but that's not the case. There is no need for you to go on guilt trip. Bitcoin price depends upon much more factors than just the time of purchase.

Allow me to supplement this using a traditional business scenario @KingsGambet19

Let's say you decided to become an online retailer. You'll to get in contact with a supplier of that product and buy from them. If he sold that to you at $5 per piece, you'll need to double or triple that price to cover the cost and earn something. Now my question is, would retailers like you feel guilty of profiting from your customers too?

Another thing, there is real value in bitcoin. Don't think of it as money made out of thin air that you'd feel guilty when you trade it.  

[sheenshane]

It's the freedom to have your own wealth.

I'm not sure what you exactly meant when you say Bitcoin is a form of gambling that when you're new you are more prone to lose.  Probably it's true but we need to remember that in life we always gamble in order for us to survive just like when you go to business using fiat or whatever assets you have you're still taking the risk of the possibilities that you may succeed or lose.

But I perfectly understand where you're coming from because I also felt the same way as you do when I'm also new to Bitcoin.  However, there are lots of ways for us to keep earning Bitcoins aside from trading it by selling and buying we can also earn by rendering service to someone who can pay us with Bitcoin.  In that case, you can save it in addition to what you already have a piece of advice to try to remove in your mind that Bitcoins is always about gambling instead it is a decentralized currency that has a concept of what everyone is aiming for.

[taufik123]

anyone who enters the cryptocurrency platform and makes an investment must be prepared for all kinds of risks, including when as a new investor they experience losses and become profits for old investors who have bought at a price below it.

Bitcoin is not just an investment, but bitcoin is related to future technology that will be very useful in solving the current payment problem. Bitcoin is an important option to become a payment platform that is not centralized and transparent. Bitcoin is not regulated by the government or by any party.

Bitcoin is currently also being adopted by paypal as an alternative to payment using bitcoin and other altcoins, crypto transactions can be done in paypal, so it's not just an investment.

and need to remember, if you have entered into cryptocurrency you also agree with the risks.

As the warning below:

CAUTION Crypto asset trading is a high risk activity. Crypto asset prices are very volatile, where prices can change significantly from time to time. Please use extra judgment in making decisions to buy or sell crypto assets. Indodax does not force users to buy or sell crypto assets, as investments, or for profit-seeking. All crypto asset trading decisions are independent decisions by the user

[Gozie51]

If you are only interested in profit and not in the development of the crypto industry, then yes, bitcoin in this case is only needed for investment.

I think you have divided it in two ways, for those in it for the development/technology and for those in it for the gains in profit and investment but I think even with the classification of the people in technology, they also like the profit aspect to bitcoin because you can't be in the development side alone without wanting to profit and prosper financially.

[sunsilk]

You missed out the miners. Do you think that they're mining for the sake of profit only? maybe yes, maybe no. They make the network of bitcoin secure and at the same time, they earn through the reward that mining provides and through the confirmation of transactions.

With the description you have given, you're defining bitcoin as sort of ponzi which is not. Because bitcoin doesn't work like that,

[jamyr]

Do we really need bitcoin?

Not if you don't agree with Satoshi's view of the state of Commerce in the internet.

here is the link to illumination:

https://bitcoin.org/bitcoin.pdf

and I quote

1. Introduction
Commerce on the Internet has come to rely almost exclusively on financial institutions serving as
trusted third parties to process electronic payments. While the system works well enough for
most transactions, it still suffers from the inherent weaknesses of the trust based model.
Completely non-reversible transactions are not really possible, since financial institutions cannot
avoid mediating disputes. The cost of mediation increases transaction costs, limiting the
minimum practical transaction size and cutting off the possibility for small casual transactions,
and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible services. With the possibility of reversal, the need for trust spreads. Merchants must
be wary of their customers, hassling them for more information than they would otherwise need.
A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties
can be avoided in person by using physical currency, but no mechanism exists to make payments
over a communications channel without a trusted party.
What is needed is an electronic payment system based on cryptographic proof instead of trust,
allowing any two willing parties to transact directly with each other without the need for a trusted
third party. Transactions that are computationally impractical to reverse would protect sellers
from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In
this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed
timestamp server to generate computational proof of the chronological order of transactions. The
system is secure as long as honest nodes collectively control more CPU power than any
cooperating group of attacker nodes.

Most of the members here will say yes but bitcoin is not needed unless you want to earn or lose your money. Bitcoin is a form of gamblmg that if you are new you can have high chances to lose money and that benefits others as it comes to them as profits right?
What do you think?

Let me return the question to you,

What do you think?

[Krislaw]

With the way it isn't legalized in most countries, the real use case (payments) won't be put to use. It's only going to be used as mean of investment. It has always been about making profits right from start. Even the OGs only boast of the profit they make trading.
It's volatility has attracted people to want to make profit from it knowing well that it could lead to lose.

[hatshepsut93]

Do we really need bitcoin?

Most of the members here will say yes but bitcoin is not needed unless you want to earn or lose your money. Bitcoin is a form of gamblmg that if you are new you can have high chances to lose money and that benefits others as it comes to them as profits right?

Gambling is a game of fixed and well-known probabilities, where players, often regardless of their skill, are almost always at a disadvantage. You can't say that Bitcoin is gambling, because the probabilities of it going up or down aren't really known to anyone, and there's no "other side" that benefits from someone's lose all the time.

Being risky does not equal to gambling, after all, no serious person would call stock or commodity markets "gambling".

[target]

You have two questions here. Do we really need BTC?

Well, if you have the wealth and you don't want its value to keep draining then BTC is your hedge to it and you can also make it grow with BTC. This is just one purpose. There are more reason why you need BTC, one is decentralization.

Is it alright to earn profit with bitcoin coming from the new investors of bitcoin?

Its in the market, when people bid they allow themselves to be vulnerable also to losing money. If early investors profit from the new ones then that is because they are earlier than you