Learning about bitcoin is always what I wanted to do here in the forum but reading only without participating in the discussions could not help one to learn more about bitcoin. Bitcoin is new to me and there some things that confuses me especially what the members had think about bitcoin. So, what I did is to purposely create threads to scrutimize bitcoin in order for me to get ideas from other members that are also bitcoin enthusiast. I may sound awful but I know I had created a good discussions of those few threads. Here are some of my few threads below,
Which is more important bitcoin or fiat?Bitcoin could destroy economyBitcoin is not needed but for investment purposes onlyWhat made you think of investing bitcoin at the current market?All of the threads that was created was to get the ideas of other members on how they think or what they think about bitcoin. I may have idea about bitcoin but of course I know there are things that I should learn about bitcoin.
However, after creating such threads I had learn some of the replies like in the below,
(Honestly fiat currency has value with or without bitcoin)
Yes. Gold was valuable back then even without fiat currencies. It's just a lot easier to accurately trace asset values in general with fiat currency, but not necessarily needed.
- Without fiat assets like bitcoin and gold will still have value. It's just going to be more difficult to find out their market prices.
- You can earn bitcoin without fiat, and a lot of us here are doing it, along with some people worldwide. It's simply not just a lot of people because bitcoin is freakin 11 years old. We need time for it to grow.
And to answer your poll, both assets are important and needed in today's society in their own ways. I like meat, but veggies and fruits are also important.
the value of bitcoin is in the fact that you can use it to purchase goods. that means even if you couldn't exchange it with fiat or fiat didn't even exist, you could still exchange it with goods. and that is how value of a currency is defined.
wrong.
you don't "need to" buy bitcoin with fiat, you "choose to" buy it with fiat. it is like saying you "need to buy US dollar"!!!
the real way of gaining bitcoin is to getting paid for the work you do just like the way you are getting paid in US dollar (or any other fiat you get paid in if you are in another country).
An attempt to compare Bitcoin to the dollar, gold, or stocks is an attempt to classify it according to the classification rules followed in precious metals, financial markets, and monetary currencies, which is a wrong classification, so it is better to consider Bitcoin as Bitcoin and include a new classification that includes cryptocurrencies due to its difference in essence from gold, stocks, and cash.
Thus, the answer to your question is that both are important. Just as you need paper money, stocks, real estate and investment portfolios, you need to acquire some cryptocurrencies.
What do you say about fiat? is it an exception for these activities were in fact even bitcoin was launched, these acts have been always there. And they were funded and made done through fiat/cash.
Bitcoin is money and the same as fiat could be used for good and bad. Let's remove this idea that bitcoin was only made solely for these acts.
I'm not sure how Bitcoin could destroy the economy with your reasons, but what I can see is that it's improving the financial aspect when Bitcoin was born. It influenced cashless transactions all over the world with a click and made it easier. It's the start of a great improvement.
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.
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.
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.
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
Being a smart investor doesn't necessarily mean that you only buy when prices are "cheap". You can still be a smart investor if you invest in businesses or assets that you think will be worth a lot more in the future(assuming you've done the research), regardless of current price.
To answer your question, it's pretty simple. People buy at current prices because they think it will be worth more in the long term.
Also, define "high"? Bitcoin being at 15k, which is approximately 5k away from the all-time high, doesn't make it's price "high". Personally, as a dude who's long-term bullish on bitcoin, I'd even say that 20k is "cheap" when talking about potential future prices.
There are many post that I consider but I had only chosen few. There are piles of post in the thread but still I can still learn and based on my observation is that there are other members do not like to read post and just went directly to make replies even they are going off topic replies already. However, their contribution is still worth to read. I think that is all enough to learn about bitcoin but of course I still wanted to learn more about it.
Bitcoin as a great advancement of technology, digital currency, investment and an asset.Bitcoin is a great advancement in technology as it was created for a decentralized in manner taking you in charge of your funds. Satoshi nakamoto stated that
Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible. And this is why bitcoin was created.
Yet, I was not expecting too much not until I learn that bitcoin is not only considered as digital currency but also an asset like gold where you store it and people wanting to gain bitcoin by purchasing it making demand will help the value of bitcoin to grow just like gold as an important asset. Bitcoim as an asset like gold are also considered as investment where you can earn.
LEARNING BITCOIN IS LIKE LEARNING ABOUT THE ACCESS TO FINANCIAL FREEDOMWhat do you think? AM I RIGHT?
