Why I Disliked Bitcoin

[EarnOnVictor]

I've known Bitcoin since 2012 but started using it in 2019, though it was still for payments (funding and withdrawal) of online Forex trading, nothing more because I was careful to deal with something that might aid illegality. I later discovered that I was naive at that time, the latest development/revolution in Bitcoin made me ever feel bad and I had lost a lot of opportunities in the past to this.

The lesson learned was that it is better to move closer to what is new to us than to be condemning it from afar. Can you imagine that despite having enough money to invest in the cryptocurrency between 2019 -2021, I was adamant that I wouldn't because I believed Bitcoin aids legalities like trafficking, money laundering, terrorism, activities of drug barons, and many more. I forgot to think that as it has its advantages, it also has its disadvantages, no system works perfectly.

Thanks to the present-day awareness, development and regulations that make it clear that Bitcoin is not as porous as I thought. 95% of my only transactions are now crypto-based.


I love to read your stories about Bitcoin adoption too!

[mk4]

Better late than never!

A lot of people are still pushing the "bad guys use bitcoin hurr durr" narrative not even taking into account that literally any tool out there can be used for both good and bad; and even forgetting that the very currency they're using everyday is being used for malicious purposes as well.

[OcTradism]

I've known Bitcoin since 2012 but started using it in 2019, though it was still for payments (funding and withdrawal) of online Forex trading, nothing more

Why did you stick with Forex to trade Bitcoin? First they are centralized platforms. You don't have keys of your Bitcoin. After you make a deposit to their platform, you can assume you lose control of your Bitcoin forever. Will you get it back by withdrawal? It depends on that platform, are they legit or scam? Will they get bankrupted?

Trading is hard to help you get rich. Investment can help you to get rich but if you invest seriously, you should not leave your Bitcoin on any exchange.

Recommended wallets

And another bad thing is with Forex, you can over leverage that will cause liquidation of your capital.

[Z-tight]

the latest development/revolution in Bitcoin made me ever feel bad and I had lost a lot of opportunities in the past to this.

Bitcoin is in its winter period now, which has seen bitcoin fall to 23k from its all time high of 68k, so there you go, that is another opportunity for you again. Bitcoin development is endless, it will continue well into the future, on that there is no missed opportunity, the possibilities are endless with this network, it matters less when you join.

The lesson learned was that it is better to move closer to what is new to us than to be condemning it from afar. Can you imagine that despite having enough money to invest in the cryptocurrency between 2019 -2021, I was adamant that I wouldn't because I believed Bitcoin aids legalities like trafficking, money laundering, terrorism, activities of drug barons, and many more. I forgot to think that as it has its advantages, it also has its disadvantages, no system works perfectly.

None of that is a disadvantage of bitcoin, fiat currencies have aided illegal activities for as long as possible, and it used for money laundering than bitcoin, if any currency should count that as a disadvantage of it, then it will be paper money. Disadvantages of bitcoin will be things like: (though they are subjective, and have advantages even in their disadvantages)
Volatility
Scalability
Limited adoption for now, and fewer places to spend it.
Responsibility and risk go hand in gloves (many folks take it to be too risky to protect their funds themselves, so they don't like bitcoin for that because they don't wanna take responsibility).

[Baofeng]

I guess your concern is genuine, but you have to think about it, will criminals used it when they know that it is psuedo anonymous, they can still be track by government? or just fiat, "cash is the king" philosophy? I guess those you describe as very smart and they know what there choices should be. Opportunities is still there, bitcoin is still fairly young as compared to stocks and other traditional financial markets. And with that said, this is the perfect opportunity, even if the price is around $20k, this is still at a discount and maybe in the next bull run, we might it at least $100k, just saying.

[landheer]

interesting topic,

your thoughts are good and correct thoughts. indeed I also know bitcoin from the first in 2015 but I started investing in bitcoin in 2020 because at that time I did not understand what bitcoin was but after I found out on the internet then I understood what bitcoin was, and finally I was interested in investing in bitcoin.  and of course I'm not the only one who is interested, but everyone is interested because they see a good opportunity in bitcoin. So don't be surprised if in this part of the world many countries are starting to adopt bitcoin, because they all see great potential in bitcoin.

[Upgrade00]

I've known Bitcoin since 2012 but started using it in 2019, though it was still for payments (funding and withdrawal) of online Forex trading, nothing more because I was careful to deal with something that might aid illegality. I

Functioning as a payment system is actually the main usecase of Bitcoin, as it was meant to be a P2P payment tool, so you were using Bitcoin regardless that you didn't agree with it. That's a plus, cause it gives the impression that bitcoin was the best, and simplest option for such payments.

I was adamant that I wouldn't because I believed Bitcoin aids legalities like trafficking, money laundering, terrorism, activities of drug barons, and many more. I forgot to think that as it has its advantages, it also has its disadvantages, no system works perfectly.

The propaganda of news agencies; Bitcoin supports fraud. All these while fiat is still the most used for illegal activities. These were more popular in the early days, but with more awareness, of which you've discovered, more people are begining to use it and see the benefits of it.

[Eternad]

I have this kind of thoughts too when I was a newbie here but that doesn't discouraged me to explore more about Bitcoin specifically Blockchain because this is th technology that makes Bitcoin unique. It's not too late to start accepting Bitcoin because it’s just in the initial stage which many ups and down. More important is you realized its worth and its better than ignoring it completely for the rest of your life.

[NotATether]

I've known Bitcoin since 2012 but started using it in 2019, though it was still for payments (funding and withdrawal) of online Forex trading, nothing more because I was careful to deal with something that might aid illegality.

Did Silk Road and Ross Ulbricht (aka. Dread Pirate Roberts) have anything to do with your decision by any chance?

[hugeblack]

I see that the ready responses that our minds are trying to formulate are an expression of internal failure or laziness in exploring something new, responses such as “this thing is difficult” “it is illegal” “bad people do it” and other vocabulary is the product of internal fear or laziness Or other negative psychological stimuli, but with a little research and courage, we will discover the opposite.

It is good that you have overcome your inner fears. You now need a clear plan, otherwise these fears will turn into greed.

[m2017]

Everything that is new and incomprehensible can repel us because of the strangeness. Over time, seeing the advantages and virtues, this primary plaque fades away. At the end of the last century, people looked with skepticism at home PCs and the Internet, without which almost everyone's life is now unthinkable. The same is happening with bitcoin, whose ranks of users are increasing. But this process is hampered by the negative information background spread by traditional media: television, radio, newspapers and everything else that is already loses its power. Most people find it difficult to break through this layer of negativity and "what a bad BTC" tale. OP's story only strengthened the idea of this. Only those who have been told the truth by friends and relatives, or sources of information on the Internet, most often from crypto-enthusiasts, decide to personally come into contact with technology of bitcoin. But the best place to bypass misinformation about btc is this forum.

[Rruchi man]

The lesson learned was that it is better to move closer to what is new to us than to be condemning it from afar.

This is a valuable lesson and one people who possess the bad character of hasty condemnation/criticism without first understanding what it is they are criticizing should learn from. IMO people who normally act in such manner do it out of ignorance and always want to get people to share their opinions with them. If you happen to meet some of these individuals and don't have a mind of your own, your opinions on certain things can be affected.

I imagine how many persons whom OP may have unknowingly during his time of ignorance turned into dislikers of bitcoin as well from his open condemnation. I hope they get to see the light as you have.

[cloudfir3e]

I have this kind of thoughts too when I was a newbie here but that doesn't discouraged me to explore more about Bitcoin specifically Blockchain because this is th technology that makes Bitcoin unique. It's not too late to start accepting Bitcoin because it’s just in the initial stage which many ups and down. More important is you realized its worth and its better than ignoring it completely for the rest of your life.

although not many but there are still some people who do not like bitcoin.
maybe because the price factor is relatively too high.
even though it had reached the highest ATH, it actually experienced a drastic price decline because it almost reached 150% of the highest ATH last year.
from this it can make someone dislike or find it difficult to believe in bitcoin even though bitcoin is king and has the highest value of other crypto assets.

[n0ne]

Even now many people have the same thinking about bitcoin and stay away from bitcoin and other cryptocurrencies. These are due to lack of understanding and out of fear. During the early days it had its usage on illegal activities, darkweb and money laundering.

Now there is more awareness and people prioritise it more as an investment and I don't say it is being used for the good alone. There is usage of cryptocurrencies for other illegal needs, but people are more into the good than bad.

[$crypto$]

I believed Bitcoin aids legalities like trafficking, money laundering, terrorism, activities of drug barons, and many more. I forgot to think that as it has its advantages, it also has its disadvantages, no system works perfectly.

It is this kind of dogma that keeps people from getting richer than the rich. This thought is considered deadlocked and has lived too long in ancient times. The stone that was made for weapons in those days was not just for hunting.

It's 2022 and that stigma still lingers in someone's mind? then there is something wrong with the concept of investment or perhaps the way to survive in responding to the development of modern times. Bitcoin is booming and you've seen it time and time again. Money laundering, terrorist financing and bad stigma are deliberately spread so you don't think. This is an era where we can invest and make a lot of profit just from home. Bitcoin is compatible with all types of technology available today. And we certainly know investing in them has given us many better life choices in the future.

[_BlackStar]

The lesson learned was that it is better to move closer to what is new to us than to be condemning it from afar. Can you imagine that despite having enough money to invest in the cryptocurrency between 2019 -2021, I was adamant that I wouldn't because I believed Bitcoin aids legalities like trafficking, money laundering, terrorism, activities of drug barons, and many more. I forgot to think that as it has its advantages, it also has its disadvantages, no system works perfectly.

Thanks to the present-day awareness, development and regulations that make it clear that Bitcoin is not as porous as I thought. 95% of my only transactions are now crypto-based.

You realized it too late? No, you haven't. Sometimes that awareness has to go through a process as evidenced by a positive development towards something new like you and your previous understanding of bitcoin. In your case, it's good because now you realize that no system is perfect because humans are greedy creatures.

Bitcoin is decentralized where it is not controlled by any authority. You can't blame the knife slicing your hand, but you can blame yourself for neglecting to use it. Likewise with bitcoin, it cannot be blamed as a payment system even though users can abuse it for things that violate legality and law.

[mk4]

You realized it too late? No, you haven't. Sometimes that awareness has to go through a process as evidenced by a positive development towards something new like you and your previous understanding of bitcoin. In your case, it's good because now you realize that no system is perfect because humans are greedy creatures.

Quick tip for the people who think they're "late": While of course you won't be making the same multipliers as someone who got in at as early as 2013, just a quick reminder that most people still actually think that bitcoin is a scam or a ponzi scheme.

[Oneandpure]

You was wrong assumtion when trading on forex although use bitcoin but get loss then you take final decision about bitcoin was wrong? Based on your story I think have bigger chamce taking profit because you have know with bitcoin trough 2012, actually if ypu looks serious you can be richest peraon right now. Many people made mistake when loaing on imvestment kind or wrong trade way claimed bitcoin as bad investment assets, actually they have made mistake how to invest money in bitcoin. Maybe very easy when you know bitcoin on 2012 and thousand way how to earn bitcoin with free qithout need to invest.

[logfiles]

I was adamant that I wouldn't because I believed Bitcoin aids legalities like trafficking, money laundering, terrorism, activities of drug barons, and many more. I forgot to think that as it has its advantages, it also has its disadvantages, no system works perfectly.

You also forgot to think that fiat currencies especially the US dollar has been used to aid human trafficking, money laundering, terrorism, drug trafficking, corruption etc for decades and decades but nobody bats an eye. If you want proof, it's staring at you. All you have to do is make use of your search engine. Bitcoin has been victimized because Governments are afraid they will lose grip from people.

[rdbase]

I've known Bitcoin since 2012 but started using it in 2019, though it was still for payments (funding and withdrawal) of online Forex trading, nothing more because I was careful to deal with something that might aid illegality.

Did Silk Road and Ross Ulbricht (aka. Dread Pirate Roberts) have anything to do with your decision by any chance?

His business and dealings in bitcoin will be like those stories that parents tell their kids about.
Soon enough it will be view as just a fairy tale to be told to those children are about to go to bed.
Just like little red riding hood.
But in this children's book, the FBI are the wolves and Ross is the youngling in distress.