Bitcoin cannot stop amazing me

[kamvreto]

a common reason why they trust bitcoin more than local currency is because bitcoin returns are faster. Bitcoin did almost lose almost 70% when the price drop occurred, but it is possible that it will be more than double the current shortfall. Compared to the local currency naira, which experienced inflation of 35%, this is certainly a disaster for those who still hold local currency.
Speculation about bitcoin that will continue to fall is only negative speculation, after a bear market occurs there will certainly be a bullish market. Bitcoin will not cease to amaze every believer even more.

[hatshepsut93]

Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment?

Bitcoin didn't actually face any serious media wars. There was never any coordinated attack on it from large media. Bitcoiners just have a persecution complex, so whenever some random news website says that Bitcoin is dead, they say that the whole media attacks Bitcoin.

And which corporations have attacked Bitcoin? Because I'm now aware of any long-term effort to do so by any large corporation.

Even governments aren't seriously attacking Bitcoin. China simply banned it, but they didn't order their propaganda machine to constantly bash Bitcoin. EU and US also don't care much about Bitcoin, there are some regulations and occasionally some officials make some statements that enrage Bitcoiners, but that's it.

If the powerful organizations actually decided to fight Bitcoin, things would turn pretty bad for it. If centralized exchanges got shut down, if banks would go after p2p transactions, if merchants were banned from accepting Bitcoin, the price would crash badly and would take decades to recover, if ever.

This kinda of uncertainty about Bitcoin's future is one of the factors why its so volatile and why not everyone rush to adopt it.

[TelolettOm]

How would people keep investing in a currency that recently lost almost 70% of its value against the naira that just lost 35% of its value? Why would people choose to invest in a currency that has been banned by the powerful central banks? Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment? There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

Bitcoin would not stop amazing me.

That is why many people love Bitcoin and cryptocurrency because cryptocurrency can always really make people alive better, much better without any centralized regulations, control, inflation, and other probems. The problem only relates to the regulations in the country. If reading the story by OP, this means that cryptocurrency can really help people to keep alive, right? Although way may be illegal, at least they can still make money during their bad situation. And Bitcoin and other cryptocurrencies also dont limit them to do the activities because they are not ontrolled by anyone or governemnt.
Bitcoi is special, and because of this situation, some govenrmet really don;t like Bitcoin much

[Darker45]

That 70% loss in Bitcoin's price is based on its ATH. That's the short-term. That's looking at a small portion of its overall chart. If you zoom out, you will see that in just a decade Bitcoin grew tens of thousands of fold. Whereas, Naira's 35% loss may also be a limited view of the currency's much longer history, but if you take a couple of steps back, you will see that Naira has always been falling in value. It has always been losing purchasing power.

Well, that's how Naira and the rest of the fiat currencies are designed. So we don't fault them that. However, Nigerians, and the rest of the people around the world need a currency that stores value over time.

[Nrcewker]

Bitcoin would not stop amazing me.

The reason for which many people are accepting Bitcoins is due to it’s decentralised nature. And for this nature the government cannot impose and tax on it for which it has been declared as banner in many nations including Nigeria.
Also your query regarding why many people investing in Bitcoins when Bitcoins are already down by a large margin. Then my friend let me tell you that Bitcoins are currently suffering a bear market, and soon it will recover and cross it’s all time high. For this reason people are buying the coin or investing in it in a flash sale price.

[oaz7t]

I am gonna say if we overlap the historical charts of Bitcoin and Naira then they are going to make a X where from zero to thousands of dollar is trend forbbitcoin and from a dollar (or less) to minus couple of dollar is trend for the Naira.

They are doing great, I am supporting this at all time.

[landheer]

indeed everyone has a different view, some like bitcoin and some don't, and that's normal, because in this world there are always pros and cons. but for ourselves we must be able to choose which one is best for us, and must be ourselves, but in fact the presence of bitcoin has helped the economy of many people, that's why many countries are adopting bitcoin, because they see good potential in bitcoin. and uniquely investing in bitcoin can be done by all people.

[bluebit25]

Currently, many Nigerians are hedging against collapsing local currency the naira by accumulating cryptocurrencies, particular stablecoins and bitcoins. According to recent data,many Nigerians traded over $5 million worth of Bitcoin on the popular P2P trading website Paxful, and LocalBitcoins saw a 258% increase from last week’s data. Despite the fact that banks are forbidden by the central bank from aiding cryptocurrency transactions, many Nigerians nonetheless exchange the digital currency in the peer-to-peer market.

How would people keep investing in a currency that recently lost almost 70% of its value against the naira that just lost 35% of its value? Why would people choose to invest in a currency that has been banned by the powerful central banks? Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment? There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

Bitcoin would not stop amazing me.

If this amazes you, then I think there are many other things that will amaze you even more when you study it in detail. As far as I know, Bitcoin was created to fight inflation. Some national economies we think are big but they still operate in a fragile and fragile way, so some options to invest in assets such as gold, real estate, and even crypto are channels to keep assets from being exposed to risks when they decline.
And I also think that if there is a certain amount of knowledge, I believe many people will agree that buying BTC will bring high profits during the economic downturn and during development again.

[GreatArkansas]

(......)
How would people keep investing in a currency that recently lost almost 70% of its value against the naira that just lost 35% of its value? Why would people choose to invest in a currency that has been banned by the powerful central banks? Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment? There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

The real problem at the beginning here is the Nigeria Naira, their currency. There are also a lot of other countries who experienced this, they want to solve their country's problem of inflation by holding Bitcoins that hold their own currency the value is really decreasing so fast.
It's just sad recently that Bitcoin really dumped too hard from $69k, it's very wrong timing but for me, I considered the recent huge dumps is a correction for long term run of Bitcoin to be more healthy and natural.

[Asiska02]

How would people keep investing in a currency that recently lost almost 70% of its value against the naira that just lost 35% of its value? Why would people choose to invest in a currency that has been banned by the powerful central banks? Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment? There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

Bitcoin would not stop amazing me.

Another indication that bitcoin won't depreciate to the point of becoming worthless is this. Many investors continue to leave investments that have just lost 35% of their value and rush into ones that have lost 70% of their value. Despite the rumors that bitcoin is a bad investment, a large number of people still believe it and invest in it. Fiat money will lose out to bitcoin.

[Adbitco]

Sincerely speaking that same people who kept talking against bitcoin are same people who buy secretly but they end up deceiving people who doesn't know the feature and future of bitcoin. Many Authorities have fought bitcoin with all it takes coupled much speculation right from the onset but yet they can't finished the battle to sink bitcoin when they noticed the effectiveness of it they turn a reversed moved by joining the trend to buy and hold. Bitcoin are mostly invested when the price are dip more especially those who entered the  market at top before the recently market sentiment caused by Luna before finally dipping.

There are lots of currencies that loses its values against the us Dollars at this point they believe on investment more especially our NGN Against USD was about #700 plus per Naira few weeks at this point people would love to invest in Bitcoin to secure the funds and bitcoin since it doesn't finally drop drastically like other currencies.

[suzanne5223]

How would people keep investing in a currency that recently lost almost 70% of its value against the naira that just lost 35% of its value?

Thats because crypto winter is the best time for a crypto millionaire to accumulate their moon bag before the bullish market.

Why would people choose to invest in a currency that has been banned by the powerful central banks?

The Feds and the Central Bank only understand the centralization platform and they see decentralization which gives people hope and liberation as a problem to their ruling power.
The people are already aware of the benefit BTC introduced and they issue to ignore the ban of the government from stopping them just the Chinese did.

 

Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment?

People are confident in BTC because of it potential and the bond it creates among its users. About the backlash from powerful nations, corporations, etc. This is expected to happen when an innovative concept is introduced and the same thing happened when the internet was introduced

There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

You said it yourself that they are speculation which means they are just assumptions and it does justify what will happen.

[justdimin]

I have the same thought regarding this. They take advantage of creating a FUD.
If we look at most of those who oppose bitcoin are very influential people. And what he said could affect a lot of people. We never know whether they really do it on the basis of the truth or indeed they don't want other people to get something of great value.

The biggest one I heard with the same excuse was China. There are a lot of people who say that China already banned bitcoin, and keep telling people they "banned" it again and again, so far we have seen 11 news regarding this, even if smaller parts, they keep saying they banned it.

But, the main reason behind it is said to be China buying a ton of crypto with the dollars they have, they know they can't cash that out since it is a lot of money and would ruin the economy, so instead they drop the crypto prices with such news, uses the dollar debt they own from USA to buy crypto, and they can move that around easier and quicker, and when it goes up they have a lot of profit from it as well.

[BlockchainMentors]

No country wants that their banking system should be completely destroyed, so they are stopping bitcoin, but it was very nice to see the interest of the people and the way its price is increasing, it seems that investors are getting a lot of profit. And in the future, fiat currency will be devalued and bitcoin will be used instead of fiat like nilgeria's people faith in naira has been reduced and their trust in bitcoin will surely boost the bitcoin market.
It's amazing to see bitcoin future is coming

[Detritus]

Seeing that lots of indigenes are now taking the decision to invest in Bitcoin rather than keeping their money in the bank savings account, that was why the central bank banned crypto transactions in the bank but citizens who still believed in the journey of Bitcoin will never relent from making their investment through P2P.
  When I read on the news that crypto transaction has been ban by bank in Nigeria, first thing I did was to search 🔍 on Google how to buy cryptocurrency via pier to pier, that was how I discovered Binance P2P.

[dlightag]

Currently, many Nigerians are hedging against collapsing local currency the naira by accumulating cryptocurrencies, particular stablecoins and bitcoins. According to recent data,many Nigerians traded over $5 million worth of Bitcoin on the popular P2P trading website Paxful, and LocalBitcoins saw a 258% increase from last week’s data. Despite the fact that banks are forbidden by the central bank from aiding cryptocurrency transactions, many Nigerians nonetheless exchange the digital currency in the peer-to-peer market.

How would people keep investing in a currency that recently lost almost 70% of its value against the naira that just lost 35% of its value? Why would people choose to invest in a currency that has been banned by the powerful central banks? Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment? There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

Bitcoin would not stop amazing me.

Base on the information getting from Nigeria, the economy are really clashing down, leaving your money in the bank as savings account at the end of every month Bank we cut charge fees instead of interest, beside is better to invest in cryptocurrency And the current price USDT stable coin to Naria $1 = #700  which is dollar is on Bull Run in Nigeria Naira Currency, which things are very expensive in the country, that is why many people are investing on Bitcoin as a passive income. Therefore with p2p payment transaction government can't stop Bitcoin investment in the country and beside, Bitcoin is the problem of Nigeria. The country need a good leader, so that things we start working perfectly in every sectors.

[KaliLinux]

There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

Baseless speculations.
P.S, we don trust here, we verify.

The deputy governor of Bank of England, Sir Jon Cunliffe, said to BBC, “Their price can vary quite considerably and [bitcoins] could theoretically or practically drop to zero."  Also, John Paulson, president and portfolio manager of U.S. investment firm Paulson & Co said to Bloomberg in an interview “Cryptocurrencies, regardless of where they’re trading today, will eventually prove to be worthless. Once the exuberance wears off, or liquidity dries up, they will go to zero. I wouldn’t recommend anyone invest in cryptocurrencies."
https://www.outlookindia.com/website/story/business-news-bitcoins-would-be-worthless-says-bank-of-england/405318
Baseless speculations by these powerful anti-Bitcoin forces have not been able to deter people from investing.

I believe it doesn't matter who these people are or the position they hold in society, this does not make them correct about everything. just yesterday I saw this post, https://bitcointalk.org/index.php?topic=5411824.0 made here by some Bitcoin hater talking along the same line, and as for the continuous Bitcoin adoption by many in Nigeria, rightly so this is one of the easiest ways to edge against inflation considering how the Naira has been losing value in recent years.
Back in 2015, African Richest Man Aliko Dangote warns we’ll end up buying a dollar at N500 and today it is about N700-$1 in a country where it is also difficult to access FX hence the adoption of Bitcoin will continue to grow regardless of what the Government through the Central Bank has ordered and besides, which other Investment will give you the type of profit you get from Bitcoin over time.