I regret to scrutinize bitcoin!

[KingsGambet19]

Here are some of my topics I am writing about bitcoin that I made some regrets. I am not a fan with bitcoin before but I am now!

What made you think of investing in bitcoin?
Bitcoin is not needed but only for investment
Bitcoin could destroy economy
Which is more important bitcoin or fiat?

As I checked the market, bitcoin has got a good demand and support from the community which result to high market for bitcoin now due to the fact that bitcoin liquidity in every exchanges are depleting.
Paypal is one of the possible reason introducing bitcoin in their platforms to its users for easily access to buy bitcoins.

So? This made me regret why was so dumb not seeing the important of bitcoin. And here is some of my realization when writing some posts against bitcoin.

1. What made you think investing bitcoin?
Realization: Bitcoin is not only for investment for its main function is to act as a  digital currency where it uses P2P network where users has full control over his funds with no third party service and KYC does not really necessary.

Privacy is one of the key feature about using bitcoin. It can save your ass from robbery or from thieves especially when you like to gamble and winning a lot. Being anonymous will help you to conceal your identity and your winnings. It does not only cater gambling but also to other aspects where identity concealment matter.

2. Bitcoin is not needed but for investment only.
Realization: Bitcoin is good for investment yes, but if you dig deeper on its use then it is one of the best technology that could solve problems in the future. If you have reserve money (fiat) it will be good if it will be converted as  an asset like gold. But if I were to chose between gold and bitcoin as asset then I prefer to use bitcoin as an asset or reserve back up.

3. Bitcoin could destroy the economy.
Realization: Nope, in fact it could be the opposite. Bitcoin could beat the inflation rate vs. fiat especially now that we are in pandemic and fiat currency now is greatly affected by inflation rate making it lesser capability when exchange to goods, products or services. Fiat currency value now depleted a lot that even the food value now a days become double its market price. This because fiat currency is vulnerable to inflation rate.

4. Which is more important bitcoin or fiat?
Realization: In this trying times we need a currency that could help us to get our needs and get away from getting the transmission of the covid19. Hence using bitcoin for online transactions is ideal compared to using physical money to where virus can be acquired especially if minimum health protocol like washing hands and wearing of mask is not observed. For me bitcoin is important, aside from what I mention above that bitcoin is dependent and that could not be affected by inflation rate like fiat currency.

Anyway, I was also happy that bitcoin is in bullish trend and this would be my first time to see bitcoin market rally to possible ATH in this year or could it be the year 2021.

Still I wanted to get confirmation with you guys. What do you think of my realization? Am I coulr be right? or Wrong?

I'll be happy to hear with you guys! Thank You!

[mk4]

1. What made you think investing bitcoin?
Realization: Bitcoin is not only for investment for its main function is to act as a  digital currency where it uses P2P network where users has full control over his funds with no third party service and KYC does not really necessary.

Privacy is one of the key feature about using bitcoin. It can save your ass from robbery or from thieves especially when you like to gamble and winning a lot. Being anonymous will help you to conceal your identity and your winnings. It does not only cater gambling but also to other aspects where identity concealment matter.

Just take note: Bitcoin isn't actually anonymous, it's only pseudo anonymous. Though you don't necessarily have your name tied into your bitcoin addresses to start with(only until you interact with custodial exchanges and such), the blockchain is fully transparent.

To achieve "somewhat-anonymity" on Bitcoin, you really need to know what you're doing as Bitcoin's current state isn't private by default. You need to learn how to use peer-to-peer exchanges, use coinjoin/mixers, proper address handling, and such.

[MusaMohamed]

Here are some of my topics I am writing about bitcoin that I made some regrets. I am not a fan with bitcoin before but I am now!

Can you share if you were not a fan of bitcoin, how did you join the crypto, please.

As I checked the market, bitcoin has got a good demand and support from the community which result to high market for bitcoin now due to the fact that bitcoin liquidity in every exchanges are depleting.

Awareness of bitcoin is increasing and adoption growth is slowly increasing. Demand is on its rise but it is not true if you say the price of bitcoin is decided by demand from community. It is true in the long growth of bitcoin market but sometimes in short period the price is decided by greed, panic and liquidations.

Paypal is one of the possible reason introducing bitcoin in their platforms to its users for easily access to buy bitcoins.

People do not buy bitcoin directly on PayPal. PayPal is a middle company and they cooperated with Paxos to help PapPayl customers have a gate to buy bitcoin on Paxos.
PayPal & Paxos Bring Crypto to Millions of Users

1. What made you think investing bitcoin?
Realization: Bitcoin is not only for investment for its main function is to act as a  digital currency where it uses P2P network where users has full control over his funds with no third party service and KYC does not really necessary.

Privacy is one of the key feature about using bitcoin. It can save your ass from robbery or from thieves especially when you like to gamble and winning a lot. Being anonymous will help you to conceal your identity and your winnings. It does not only cater gambling but also to other aspects where identity concealment matter.

Bitcoin is another reliable asset to store your money. Privacy and anonymity with bitcoin is not a 100% perfect and it depends on your usages with your bitcoin, wallet, address (reuse address or use change address), and your transaction broadcast.

2. Bitcoin is not needed but for investment only.
Realization: Bitcoin is good for investment yes, but if you dig deeper on its use then it is one of the best technology that could solve problems in the future. If you have reserve money (fiat) it will be good if it will be converted as  an asset like gold. But if I were to chose between gold and bitcoin as asset then I prefer to use bitcoin as an asset or reserve back up.

They are both good as asset storage but the volality of bitcoin is greater and you can get more profits from it with bitcoin.

3. Bitcoin could destroy the economy.
Realization: Nope, in fact it could be the opposite. Bitcoin could beat the inflation rate vs. fiat especially now that we are in pandemic and fiat currency now is greatly affected by inflation rate making it lesser capability when exchange to goods, products or services. Fiat currency value now depleted a lot that even the food value now a days become double its market price. This because fiat currency is vulnerable to inflation rate.

Look the message from Genesis block: https://blockchair.com/bitcoin/block/0

��
EThe Times 03/Jan/2009 Chancellor on brink of second bailout for banks

[KingsGambet19]

<snip>

Thanks for the correction. I always do like people who are always there to correct mistakes though it is not an obligatons but yes it can be a rapple effect where in the future I can also share the same thoughts correcting possible the same wrong thoughts about anonymous in bitcoin network. I like more this forum now due to the fact that bitcoin is a good system and other members are thoughtful to l others as well.

[manfredmann]

Lol, I can also remember my experience here during the first few days of exploring about bitcoin. I had so much negative thoughts about this system and for me it will not going to work on centralized system or will never going to be adapted by the community. The reason is that I do not know the importance of bitcoin and its possible use. At the end of the day when one will know everything about bitcoin then it can definitely change your mind just like what you are experiencing right now.

[Wexnident]

I agree with most except 4, Bitcoin is one of the answers, but it isn't the only answer. Digital payments are already a thing, and you can do cashless transactions with various merchants now adays, Paypal being a good example. We aren't really looking for quality here btw, just the ability to pay cashless transactions. Another thing is that Bitcoin may not be affected by inflation, but it is a highly volatile asset. Well, considering the two, I'd go for Bitcoin all the time but it is still a factor to pay attention to though.

And besides, most of those new players in the community right now are more often than not investors instead of users. It's not really a bad thing, but it kind of misses the point of what Bitcoin is really. Well, at this point we want every type of advertisement about it though, I guess time would fix that false identity of Bitcoin as an investment.

[Smartprofit]

Could Bitcoin disrupt the modern economy (Point 3)?  In theory, it can. 

The modern economy is based on interest rates.  Fiat money is an inflationary asset.  Bitcoin is a deflationary asset.  Bitcoin is a virus for the global financial system.  He is destructive to her.  People prefer good money to bad money (paper money is bad money, bitcoin is good money).  Therefore, national governments strive to control Bitcoin. 

What will happen next?  Various options are possible.  I think the world financial system will be reformed. 

Central banks will issue their own currency (CBDC).  CBDC does not imply the use of deposits.  Banks and loans at interest rates will also be abolished.

[The Cryptovator]

1. What made you think investing bitcoin?
Realization: Bitcoin is not only for investment for its main function is to act as a  digital currency where it uses P2P network where users has full control over his funds with no third party service and KYC does not really necessary.

Good points. To be honest, maximum peoples are thinking Bitcoin is an investment opportunity and they want to get the advantage of the volatility. Most peoples don't want to know the goal of bitcoin creation and they are fully unaware of how bitcoin technology works. We know that bitcoin gives you full freedom to control your funds, but unfortunately, due to the use of wrong wallets, we are losing that freedom. Many exchanges and web wallets blocking user's funds. So, the realization of bitcoin technology is quite important.

[pawanjain]

4. Which is more important bitcoin or fiat?
Realization: In this trying times we need a currency that could help us to get our needs and get away from getting the transmission of the covid19. Hence using bitcoin for online transactions is ideal compared to using physical money to where virus can be acquired especially if minimum health protocol like washing hands and wearing of mask is not observed. For me bitcoin is important, aside from what I mention above that bitcoin is dependent and that could not be affected by inflation rate like fiat currency.

Everything else seems just right except for this part. You forgot that fiat money also has online platforms. Although bitcoin can be used for contactless payments but internet banking, online bank transfers etc.. also can be used. During this pandemic using fiat money online has been the most efficient way of contactless payments. In my country we have services like Paytm and G-pay which enables UPI payments. Just scan the QR and the money will be debited from your bank account. This is very useful for micro payments and to be honest bitcoin is just not there yet.
We have seen in the last 6 months how network congestion raised bitcoin fees and how long we had to wait for transaction confirmations. Scalability is still an issue with bitcoin unless lightning network is used.

[cosmofly]

 Your opinion has really changed and I am happy for that. I am a long-term holder of Bitcoin and I will be happier if everyone recognizes the real value of Bitcoin more and more.
Actually, it does not need to be a currency for general payment, it just needs to achieve the target of reducing inflation, it will be very successful. That will make people buy more Bitcoin, and certainly our Crypto market will go up.

[BrewMaster]

Could Bitcoin disrupt the modern economy (Point 3)?  In theory, it can. 

The modern economy is based on interest rates.  Fiat money is an inflationary asset.  Bitcoin is a deflationary asset.  Bitcoin is a virus for the global financial system.  He is destructive to her.  People prefer good money to bad money (paper money is bad money, bitcoin is good money).  Therefore, national governments strive to control Bitcoin. 

What will happen next?  Various options are possible.  I think the world financial system will be reformed. 

Central banks will issue their own currency (CBDC).  CBDC does not imply the use of deposits.  Banks and loans at interest rates will also be abolished.

that is not disruption though, it is more like a correction. as you said yourself the financial systems could be "reformed" as the result of bitcoin's existence. that doesn't stop there either, there is a lot of corruption going on in the banking system and all these payment processors that will be eliminated as their powers diminish thanks to bitcoin and the fact that people in countries with a corrupt banking system will migrate to bitcoin.

[Mike Mayor]

I am so glad you have come to terms with bitcoin and crypto and have changed your mind! It is good to admit when you are wrong and not everyone is capable of doing that. Some people just think they always right. Well done on the research you have made. Bitcoin is more than an investment bitcoin is the future. Good points & I see people have already corrected some of them for you so now that's sorted.

[hatshepsut93]

People prefer good money to bad money (paper money is bad money, bitcoin is good money).  Therefore, national governments strive to control Bitcoin. 

People in developed countries have lots of options for putting their money in funds that are guaranteed to make profits in the long term. People in less developed countries stick to holding US dollar, as it's much more reliable than their own currency. Bitcoin is not a game-changer here, most people still avoid it in their savings because of how big its volatility is. Bitcoin needs to become much bigger in terms of adoption before it can start showing any macroeconomic influence.

[Darker45]

This happens all the time. You are certainly not the only one, and definitely not the last one either, who flipped regarding Bitcoin. There are a number of very strong Bitcoin advocates today who used to doubt and question Bitcoin a lot or even outright rejected the idea initially as uninteresting. If I'm not mistaken, even the respectable Andreas Antonopoulos wasn't immediately a Bitcoin fan when he first encountered it.

I guess your number has ballooned just recently and will probably increase more in the coming months not because of the realization that Bitcoin is indeed a noble innovation but because the price has increased so high that they are afraid to miss the train. That would be a sort of a cheap conversion but it is much better than seeing them stubbornly sticking to the old views.

[Debonaire217]

I am happy for you as you fully understand bitcoin now. I was once the dsame as you before when I have too many doubts in mind accompanied by my lack of knowledge to economy and Bitcoin itself. The first reason I thought is that bitcoin's supply is limited, and once everything was mind, it's all over but that is wrong. Thus with my experience here on the forum, I have found out that bitcoin was really palanned carefully to provide services we didn't expect it was capable about, making bitcoin so helpful not just in trading but to practice absolute freedom.

[meanwords]

4. Which is more important bitcoin or fiat?
Realization: In this trying times we need a currency that could help us to get our needs and get away from getting the transmission of the covid19. Hence using bitcoin for online transactions is ideal compared to using physical money to where virus can be acquired especially if minimum health protocol like washing hands and wearing of mask is not observed. For me bitcoin is important, aside from what I mention above that bitcoin is dependent and that could not be affected by inflation rate like fiat currency.

What? I thought it was debunk that money wouldn't help in transmitting covid19 virus? And you probably forgot that there's online wallets now that holds fiats so that you can use fiats to buy online. Also, there's Paypal and Central Bank Digital Currency. Overall, you have a good realization on most of the part which is why Bitcoin is having a blast right now.

[Warkop]

4. Which is more important bitcoin or fiat?
Realization: In this trying times we need a currency that could help us to get our needs and get away from getting the transmission of the covid19. Hence using bitcoin for online transactions is ideal compared to using physical money to where virus can be acquired especially if minimum health protocol like washing hands and wearing of mask is not observed. For me bitcoin is important, aside from what I mention above that bitcoin is dependent and that could not be affected by inflation rate like fiat currency.

In my opinion, with the realization that you convey here I strongly agree with number 4, in this increasingly sophisticated technology era you no longer need to shop for the things you need by relying on fiat, because using digital currency will really help you to buy. goods or whatever you need, especially now in a pandemic era like today, if we use fiat money it will be very dangerous with the transmission of the covid19 virus, so we have to maintain and break the chain of the Covid19 virus by using digital money like bitcoin, so you don't need to interact get directly with someone to buy what you need without having to use fiat.

[bitmover]

Could Bitcoin disrupt the modern economy (Point 3)?  In theory, it can. 

The modern economy is based on interest rates.  Fiat money is an inflationary asset.  Bitcoin is a deflationary asset.  Bitcoin is a virus for the global financial system.  He is destructive to her.  People prefer good money to bad money (paper money is bad money, bitcoin is good money).  Therefore, national governments strive to control Bitcoin. 

What will happen next?  Various options are possible.  I think the world financial system will be reformed. 

Central banks will issue their own currency (CBDC).  CBDC does not imply the use of deposits.  Banks and loans at interest rates will also be abolished.

that is not disruption though, it is more like a correction. as you said yourself the financial systems could be "reformed" as the result of bitcoin's existence. that doesn't stop there either, there is a lot of corruption going on in the banking system and all these payment processors that will be eliminated as their powers diminish thanks to bitcoin and the fact that people in countries with a corrupt banking system will migrate to bitcoin.

In the extremely remote possibility that bitcoin would replace fiat, the interest rates would continue to exist.

Interest rates are something very old. Interest is the price of your money.

Banks (or other institutions) will borrow/lend bitcoin and charge interest rates just the same way as they do now with fiat currencies. Actually, there are already many exchanges and similar websites doing so.

[KingsGambet19]

4. Which is more important bitcoin or fiat?
Realization: In this trying times we need a currency that could help us to get our needs and get away from getting the transmission of the covid19. Hence using bitcoin for online transactions is ideal compared to using physical money to where virus can be acquired especially if minimum health protocol like washing hands and wearing of mask is not observed. For me bitcoin is important, aside from what I mention above that bitcoin is dependent and that could not be affected by inflation rate like fiat currency.

Everything else seems just right except for this part. You forgot that fiat money also has online platforms. Although bitcoin can be used for contactless payments but internet banking, online bank transfers etc.. also can be used. During this pandemic using fiat money online has been the most efficient way of contactless payments. In my country we have services like Paytm and G-pay which enables UPI payments. Just scan the QR and the money will be debited from your bank account. This is very useful for micro payments and to be honest bitcoin is just not there yet.
We have seen in the last 6 months how network congestion raised bitcoin fees and how long we had to wait for transaction confirmations. Scalability is still an issue with bitcoin unless lightning network is used.

But I think you do not like to use fiat right?

This because it can get affected by the growth of the economy like the inflation rate that can really affect the fiat currency and it will result difficulties for families that are striving to get the food on the table. This is why if one is really smart then taking advantage to beat the inflation rate that could happen in fiat currency could be possible by investing in bitcoin. Bitcoin is in up trend nowadays and probably will break an ATH record that has happen in the year 2017. However, the current market make it more risky due to high or being expensive at the moment.

[AakZaki]

Which is more important bitcoin or fiat?
~snip~

If you look at the rules in several countries in the world, all of them have differences, then this will cause differences of opinion. As in my country, cryptocurrencies can only be used as assets or commodities, not as payments. My country uses the official currency for payment as fiat with a stable value that doesn't change in value. So in my opinion, if fiat currency is used for life, it is certainly more important because it has been legally recognized by the world for payment. Although bitcoin can be converted to fiat via an Exchanger, the process takes a little longer.