Bitcoin is not needed but only for investment purposes

[stomachgrowls]

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?

To tell you this where Bitcoin isnt deceiving everybody and it didnt really tend to invite people to engage with it.People are the ones who are willing to use it and of course its a side feature where someone can possibly earn by just holding.If you dont know or realize on how market works then you would really be ending up with this kind of perception where you do believe that people who bought early is on advantage and the ones
are at disadvantage.

Well, this is somewhat true but to think that you do have the free will not to buy or you could just wait a little bit more before making up any decisions.Unless if you are really that in a hurry or cant wait
then you decide to buy even on peak price and since you do know that market price is volatile then you are pretty much aware on the risk.

Bitcoin is a digital currency which should really be needed to be used and not to be stored but i cant blame out people on why they do keep it instead of actively spending for circulation
and thats because people do see thats capable of making of when it comes to increasing price.So its not something new anymore.

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[royalfestus]

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.

Sometime when you visit a bank and the cashier check your account he could look at you again with surprise for such huge account balance, for a crooked cashier with your personal details you could be kidnapped and they demand ransom. Have read of similar cases in some part of the world but at the moment the use of bitcoin does cover all transaction or exchange and anonymity still hold many advantages.

[Genemind]

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?

As for me the importance of Bitcoin depends on an individual's situation and its legality in a certain country. It's actually important for me because I'm earning through it and I'm able to use it to purchase my needs online and to pay for my necessities. Some people might not see its value and importance because of its legality situation in their country but Bitcoin has been playing a big role in our lives since its existence.

[kawetsriyanto]

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 gambling 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 you say so, I will like to answer YES, personally. I really need Bitcoin, not as a payment method (because in my country it is still not legalized for payment), but just for digital assets. That means putting my funds there to earn profits from it, by investing or event trading.

Gambling?
Well, ley's see the definition:

gambling is the wagering of money or something of value (referred to as "the stakes") on an event with an uncertain outcome, with the primary intent of winning money or material goods.

.
Seen from the definition of general gambling well, this condition may be included as gambling.
But, personally, there is also something a little bit different from the term of the results. In Bitcoin, we can control our money to decide the right time to sell and buy with certain analyses and also strategy. And if we think that we still lose, we can hold it in order to avoid loss.

But well, about earning profits, it can be got from the new investors or even the older one. The market is like a cycle where it will be always moving.

Source:
https://en.wikipedia.org/wiki/Gambling

[pixie85]

Bitcoin is a form of gamblmg

Gambling?

I'm sorry but you lost me there when you compared Bitcoin to gambling. There are no similarities here. I can gamble with my coins but holding them has nothing to do with gambling!

On the other hand even if you were right and bitcoin was only needed as an investment it gives it a purpose so it is needed. By saying it is needed only as an investment you're contradicting your statement about gambling.

[Oceat]

You probably haven't traded or buy something with Bitcoin that's why you can say such thing. Bitcoin is like our own money on the bank but the difference is you are the one who got full control of it wether you buy, sell, or exchange it for fiat. This is the difference between banking system and blockchain technology. You won't need any third parties to control your whole money/investment and this will ensure you that the risk is in all of your own hands. Bitcoin has a lot of useful things to use it's not just for gambling or investment.

[Oasisman]

Do we really need bitcoin?
What do you think?

Have you ever asked why Bitcoin was created?
Does Bitcoin really created for investment purposes?
The last time I checked, Satoshi didn't mentioned about Bitcoin as an investment tool. Instead, Bitcoin was created to provide peer to peer payment system without no central authority like banks that's controlling it.
Though, it's also true that a lot of people today considered Bitcoin as an investment tool, but it wasn't its primary purpose.
So, my answer is Yes! Bitcoin is needed more than just an investment.

[goinmerry]

Different bitcoin enthusiast does have their own reason why they used bitcoin.

Disregarding the trend, bullish or bearish, either people want it to used as a currency or investment, to dump or to hodl it until death, we are not in place to tell others where they should use their bitcoin.

Just continue and stick with your own purpose and don't mind the others.

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 think there's confusion here. Why think of that idea? You will earn profits because of your strategy. You don't need to mind those new investors that willing to take the risks of buying at the current price.

[KennyR]

Different people have difference of usage with bitcoin. Majority give importance to bitcoin as a form of investment.

Everytime there arises controversy whether bitcoin is an investment asset or alternate to traditional fiat.

As of now it is  multiple usage asset that evolved from a state of payment gateway. People who haven't used it for other needs than investing will tend to consider it an investment asset and not required for other needs.

[CarnagexD]

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.

I think what the OP meant of "needed" is in terms of purchasing goods and items, which clearly bitciin isn't suitable for at least for the meantime. But nevertheless, bitcoin is needed by many people, either as means of purchase with the peace of mind of security and anonymity, or because they want to earn. Most jobs right now rarely get you by, this is where cryptocurrencies, particularly bitcoin, comes in.

[CODE200]

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.

Who would want to lose money in the first place?
Bitcoin has more advantages than being a form of investment. Convenience with transactions is something this technology is giving to its users but since there are still limitations of its usage, mjority of people are just looking in the perspective of it, being an investment. And I doubt once it is globally accepted as an alternative payment, people will still minly use it as means of investment.Its market value will not continue increasing, I do more anticipate a more stable market value in the future once mass adoption occured. Investing mhas risks, and investing into it is not by force. It is the decision of someone to engage with it. The price is indeed high but it doesn't need that much of an increase to generate profit. It is on the investor on how will he make things at its fullest.

[Shasha80]

Everyone has different purpose regarding Bitcoin, for sure I really need Bitcoin. Because Bitcoin provides freedom to manage our own
finances. I actually need Bitcoin right now as a digital asset, because with Bitcoin I can make a profit. I also really hope to use Bitcoin
as payment, but unfortunately my country still prohibits using Bitcoin as payment. So in the meantime I am using Bitcoin for investing,
trading and gambling.

[Lorence.xD]

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.

It is not just a form of freedom for financial stability. Other see it as a cash grab because they invest in it. Both are true in a way because most people who invest on bitcoin see its potential that it might revolutionize the world, although there is still no practical uses of bitcoin, time is slowly leaning towards it. The problem with banks is that they have a vague terms of services and most of their talk is technical jargon that gatekeeps people that wants to try to open an account, there is nothing wrong with opening a bank account, the problem is that they make an invisible wall that prevents people from accessing one.

[gurjasmeetsingh]

Although this's only investment platform. But l think it's not only for investment, because lot of  countries had adopt this currency & increase their revenue through crypto currency. It's not a gambling platform, in other word we can say it is a platform to get  good profit in future. I think so.

[daarul50]

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.

Who would want to lose money in the first place?
Bitcoin has more advantages than being a form of investment. Convenience with transactions is something this technology is giving to its users but since there are still limitations of its usage, mjority of people are just looking in the perspective of it, being an investment. And I doubt once it is globally accepted as an alternative payment, people will still minly use it as means of investment.Its market value will not continue increasing, I do more anticipate a more stable market value in the future once mass adoption occured. Investing mhas risks, and investing into it is not by force. It is the decision of someone to engage with it. The price is indeed high but it doesn't need that much of an increase to generate profit. It is on the investor on how will he make things at its fullest.

There is no way bitcoin to have a stable market , decentralized means nobody can control over it to make things stable.
It is just ok to me those people treat bitcoin as investment, what is wrong with that?
It is showing how multifunction bitcoin can be , its technology have inspired a lot of projects to appear to fix this world into a better and efficient world.
My message to op kingsgambet19 : Dont be so skeptical like that.

[molsewid]

Do we really need bitcoin?

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?

Who will buy bitcoin to intended to lose money? A newbie who buys bitcoin intended to earn money, not to lose. But of course, earning from bitcoin is base on your trading skills. And it does not mean you bought bitcoin at a high price you can't earn from it. If you sell it at a low price, then it's your fault. But some people who buy at a high price will wait the right time to sell their bitcoin at a higher price to earn from their investment.

How could you know that your profit is from the new investor? Some bitcoin traders buy too at a high price because they know the bitcoin price will rise higher.

A newbie should trade if they know the consequences of trading. You could lose money on trading if you sell it at a lower price, but if you have patience and wait the right time to sell your bitcoin, you can earn from it.

[goldade]

Of course, bitcoin is not needed only for investment purposes. I agree with you that many people now see bitcoin as a form of investment because of the profits they are liable to make but bitcoin is much more than that. Relegating bitcoin to only a form of investment defeats the true purpose of bitcoin as conceived by Satoshi.
Bitcoin was made as a currency that should be used just like every other currency in the world only that it is not controlled by the banks or the government. Trust me, bitcoin has and is being used as a currency to make payment for goods and services. I have, several times, received bitcoin as payment for my services. It is true this is not as popular as intended, it is only a matter of time before it become the most widely recognized currency in the world.

[adzino]

-snip-
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?

Why is it not okay? I don't see anything wrong with "new investors" making profit by investing in bitcoin. Are you trying to say it is because the price is too high to invest and a bit too late? Well no.. It is not too late and you can still invest in bitcoin even if the price is high. You don't have to invest in one whole bitcoin. You can always buy fractions of bitcoin and still make reasonable profits! If you still want to own whole coins, you can  try investing in altcoins. And remember the price of bitcoin tends to increase in the long run, so its never late and you make profits in the long run as long as you don't sell it for a loss, no matter at what price you invest in.

[LogitechMouse]

Do we really need bitcoin?

Depend on how you see and how you use Bitcoin.
You using it every day then its obvious that you need it.

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?

Every investment has risk and an investment that you invested your money on it without knowing anything and you just invested on it like throwing your money away is kinda gambling already.
Bitcoin has been created for an alternative way of paying things but most of the people here sees Bitcoin as another form of investment so we need Bitcoin to earn money .

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,

Trust.
One word that explains why people are still buying even the price is at its highest already. Many investors especially these newbies are trusting it thinking that even they will buy at its highest now, they believe that in the long run it will give profit to them.

[imstillthebest]

on your description you said bitcoin can grow and i believe on that so why say why we are here to loose money ? instead say that we are here to earn a money and not only the old investor can earn money on here but new investor as well because there will always be new set of people that are going to invest . latest investor can also benefit on old investor when they want to sell and invest again because after they sell the price can decrease .

 i fully agree with your title that btc is more like an investment and we dont need to force our self to use btc for other use because there are altcoins around .