5 truths about bitcoin, in my opinion?

[South Park]

3. Bitcoin can save the world

How will bitcoin save the world? Can you explain this as everyone thinks that bitcoin is a lifesaver  

You will only be rewarded if you hold bitcoins and getting bitcoin is not easy. You will either have to convert your fiat to collect bitcoins or work / provide service for bitcoins. Many people think that getting bitcoins is easy as compared to fiat money, which is totally a wrong perception.

Without a doubt that asseveration out of the five points the OP makes is the one that is completely mistaken, bitcoin as amazing as it can be and as influential as we think it may be is not going to save the world or anything remotely close to it, it can help us to reach a greater degree of financial freedom if we use it appropriately, but it is just a possibility, for all of those which invested their money in bitcoin at the ATH and sold for a bad price investing in bitcoin did not help them at all.

[sulendra12]

3. Bitcoin can save the world

Pretty sure it couldn't. When we were in war, we would ended up using gold and dirhams as our payment anyway when the technology is cutted off and stuff. We will back to our root using those currencies.

4. Bitcoin is not very easy to understand and there is too much misinformation about it.

New people have been told that it's for currency, but there is so much in-depth stuff to even dig in especially the technology behind Bitcoin(Blockchain) and some of them have been implemented for security purpose which is nice. When they know Bitcoin is not just currency, they would probably be overwhelmed with the stuff they learn.

[uneng]

3. Bitcoin can save the world

How will bitcoin save the world? Can you explain this as everyone thinks that bitcoin is a lifesaver  

You will only be rewarded if you hold bitcoins and getting bitcoin is not easy. You will either have to convert your fiat to collect bitcoins or work / provide service for bitcoins. Many people think that getting bitcoins is easy as compared to fiat money, which is totally a wrong perception.

Without a doubt that asseveration out of the five points the OP makes is the one that is completely mistaken, bitcoin as amazing as it can be and as influential as we think it may be is not going to save the world or anything remotely close to it, it can help us to reach a greater degree of financial freedom if we use it appropriately, but it is just a possibility, for all of those which invested their money in bitcoin at the ATH and sold for a bad price investing in bitcoin did not help them at all.

I think he should have been clearer on what aspect bitcoin can save the world. Maybe he meant financially?

If so, bitcoin can indeed help to save the world by being a tool used to empower average citizens when paying and receiving for produts and services or when simply storing their money.

On the other hand, bitcoin alone does nothing. Jobs opportunities are needed in first place. Without jobs bitcoin end being useless, because most people won't be able to earn or buy it.

[_BlackStar]

1. Bitcoin will probably make a lot of people rich especially for long term holders... again

Yes it's possible. But it might also bankrupt him in the long run and that's the risk. There are benefits and there are risks.

2. Bitcoin is the future and bitcoin is the medium of exchange because it is widely accepted, portable, shareable, accessible, commensurate and relatively stable. That's why it will be used as future currency.

There are many advantages and I think this has been in its innovation. You may have forgotten some things and you didn't mention them, bitcoin is an innovative payment network with a decentralized idea and it's not just about receiving and sending money.

3. Bitcoin can save the world

I don't know exactly, it has to have supporting details and we can't just reflect on the benefits.

4. Bitcoin is not very easy to understand and there is too much misinformation about it.

It is not easy, this is subjective and never the same between one user and another because our ability to gain knowledge and learn it is very different. Effort will improve your skills, and there are plenty of great places to get the right information.

5. Bitcoin has spread far, far more than most people know. There are already some of the biggest companies in the world using blockchain technology and some countries actually want to clone bitcoin, because bitcoin is so good.

Governments are lying if they say bitcoin is useless and the disadvantages outweigh the benefits. Adoption is a fact of how good this technology is, but the government has spoken differently about it. The network will get stronger and stronger, bitcoin has great potential as a payment alternative but not to replace the existing financial system.

[lienfaye]

1. Bitcoin will probably make a lot of people rich especially for long term holders... again

There's a possibility but it depends on how much you invest to achieve the goal of becoming rich. What im certain is, you'll gain if you hold for long period especially if the price reach another ath. However the word rich is only for investors who invest huge amount and able to hold it for years until there's a good result already.

3. Bitcoin can save the world

Save the world? How exactly?

[Bobrox]

There's a possibility but it depends on how much you invest to achieve the goal of becoming rich. What im certain is, you'll gain if you hold for long period especially if the price reach another ath. However the word rich is only for investors who invest huge amount and able to hold it for years until there's a good result already.

I think not only about amount with how much invested on bitcoin but also moment he try to invest and entry buying bitcoin, no matter and what for investing much money but he made wrong time when investing with bitcoin, some investor have wrong moment when investing bitcoin still reach all time high price, one years later keep holding not any profit yet because bitcoin price drop drastically. We found with many investor try to invest with huge amount when bitcoin on ath price but now when drop they think bitcoin as bad investment way, just mistake made why keep invest when bitcoin have been all time high?

[Tony116]

~~
 for all of those which invested their money in bitcoin at the ATH and sold for a bad price investing in bitcoin did not help them at all.

Bitcoin came along and gave us the opportunity to be financially free. But it cannot bring us the available wealth, that opportunity is because we know how to seize it and keep it.

You just want to spend money to invest without knowledge, don't know anything about bitcoin, you should not expect a worthy reward from bitcoin. People who become rich from bitcoin, they study and learn about bitcoin from there they have undying faith in bitcoin so they deserve the rewards that no one else has.

[Darker45]

1. Bitcoin will probably make a lot of people rich especially for long term holders... again

Probably.

2. Bitcoin is the future and bitcoin is the medium of exchange because it is widely accepted, portable, shareable, accessible, commensurate and relatively stable. That's why it will be used as future currency.

I'm wondering at the level of stability Bitcoin's price would reach in the future. Would it be as stable as fiat?

3. Bitcoin can save the world

That's too general a statement. Big words. I don't agree with this obvious exaggeration.

4. Bitcoin is not very easy to understand and there is too much misinformation about it.

One doesn't have to understand everything about Bitcoin. In the same manner that people don't have to understand everything about fiat and planes and washing machines and toasters.

5. Bitcoin has spread far, far more than most people know. There are already some of the biggest companies in the world using blockchain technology and some countries actually want to clone bitcoin, because bitcoin is so good.

Bitcoin isn't blockchain and blockchain isn't Bitcoin. Clone Bitcoin?

[Davidvictorson]

1. Bitcoin will probably make a lot of people rich especially for long term holders... again
2. Bitcoin is the future and bitcoin is the medium of exchange because it is widely accepted, portable, shareable, accessible, commensurate and relatively stable. That's why it will be used as future currency.
3. Bitcoin can save the world
4. Bitcoin is not very easy to understand and there is too much misinformation about it.
5. Bitcoin has spread far, far more than most people know. There are already some of the biggest companies in the world using blockchain technology and some countries actually want to clone bitcoin, because bitcoin is so good.

Like the OP said, they are his/her opinion about Bitcoin. Some of which I do agree with and some of which I don't. For example, nobody truly knows the future of bitcoin. We are all speculators. I don't think a 3rd of the worlds population even knows about Bitcoin. Bitcoin still has a long way to go.

I believe that Bitcoin can save the my world. For example, when the youths in my country protested against police brutality. A lot of people donated in bitcoin to help pay for the medical bills and carry out other expenses of victims during the protest. So I can say that bitcoin saved my world.

[lixer]

Tell that to the people who bought bitcoin even at cycle peaks pre-2017. Not sure if they necessarily got rich because it will completely depend on how much capital you allocated, but I'm pretty sure a of them are doing well if they just held.

The issue is that many people are in bitcoin for maybe a year and never really even saw one full cycle. Also many think that the cycles are the same, but actually each cycle is way higher on the chart than the one before, even if the cycles are a little bit the same anytime.

I would guess that the cycles are growing smaller as well. Like when it moved from just under a dollar to over 30 dollars that was x30+ and more, which means when it moved from 100 bucks or so to 1400 dollars in 2014 that was also a bit 14x give or take, and when it moved from 700 dollars to 20k that was about a good chunk I will have to agree with that, but then we moved from 10k to 60k which was just 6x, 7x if you count 68k as 70k.

As we can see, people who are investing now, will still make a good money, better than any stock they can pick or gold, but it wouldn't be as good as the early birds who made x100 and then some on their bitcoin if they are still holding it.

[smartaction]

1. Bitcoin will probably make a lot of people rich especially for long term holders... again

Yup it can happen but must of the time it is depends in luck and patient .

3. Bitcoin can save the world

It is true bitcoin is a virtual currency and And its religion is always to keep its price up and down. It may support some people financially and take care of the world economy but we cannot say that Bitcoin can save the world.

[Dunamisx]

5. Bitcoin has spread far, far more than most people know. There are already some of the biggest companies in the world using blockchain technology and some countries actually want to clone bitcoin, because bitcoin is so good.

clone as in? do you mean duplicate or in creating their own CBDC?

I believe that is exactly what the op meant , some countries have attempted this including my country Nigeria, the government launched a digital version of Naira which they called e-Naira, but unfortunately, I can say that the project wasn't successful as not many people find the project interesting enough to use it.
I , for example downloaded the e-Naira app, signed up but deleted the app few weeks after.
There can never be another version of Bitcoin, several countries might attempt creating their own crypto coin but Bitcoin will forever remain Bitcoin, the network can't be counterfeited, like it is with fiat.

You're right as well mate, things never worked as expected for the government over bitcoin, the one that could have been an ultimate punch on is would have been the success of CBDC over bitcoin but their attempt resulted into massive failure, not only in Nigeria but across the world where CBDC was launched, there's a clear difference between centralized currency and a decentralized one and their path can never meet because the main purpose for each is different from the other, no amount of resisting force can bring down the spread of bitcoin and it adoption, the more they try the more they see the opposite.

[DanWalker]

1. Bitcoin will probably make a lot of people rich especially for long term holders... again

Become rich or not, we cannot be sure because to become rich we need a lot of money to invest in bitcoin or those who accept adoption very early. But one thing is for sure, bitcoin will make everyone's economy a lot better if they invest and hold bitcoin.
 

3. Bitcoin can save the world

I don't understand what you mean here, how can bitcoin save the world? Bitcoin is a currency, a profitable investment tool, so it can only make people rich as you mentioned (1). But it can't save the world.

[Wakate]

1. Bitcoin will probably make a lot of people rich especially for long term holders... again
2. Bitcoin is the future and bitcoin is the medium of exchange because it is widely accepted, portable, shareable, accessible, commensurate and relatively stable. That's why it will be used as future currency.
3. Bitcoin can save the world
4. Bitcoin is not very easy to understand and there is too much misinformation about it.
5. Bitcoin has spread far, far more than most people know. There are already some of the biggest companies in the world using blockchain technology and some countries actually want to clone bitcoin, because bitcoin is so good.

Wow this is very impressive because Bitcoin is more than a currency the way we are seeing it. It has so many advantages that is attached to it that makes it unique for holders to make more profits just by holding the way we hold our normal fiat and keep them in the bank. Bitcoin is an investment also a currency that is when it is volatile which makes the price to be going up and down. We can't hold fiat in the bank and the price increases with high profits apart from the normal interest banks allocates to customers but Bitcoin can do more than that.

[BitcoinPanther]

1. Bitcoin will probably make a lot of people rich especially for long term holders... again

As well as make a lot of people poor.  For a person to gain, someone needs to lose. That's equilibrium.

2. Bitcoin is the future and bitcoin is the medium of exchange because it is widely accepted, portable, shareable, accessible, commensurate and relatively stable. That's why it will be used as future currency.

I do not think Bitcoin will be the future, at best it can spark innovation in the future monetary system.

3. Bitcoin can save the world

I don't know how can Bitcoin save the world, and it would be great if you share your thought why Bitcoin can save the world.

4. Bitcoin is not very easy to understand and there is too much misinformation about it.

True, one of the proof is some of your pointers.

5. Bitcoin has spread far, far more than most people know. There are already some of the biggest companies in the world using blockchain technology and some countries actually want to clone bitcoin, because bitcoin is so good.

I might agree with you on this but wouldn't it be great if you support your claim with data and charts?

[coolcoinz]

I would guess that the cycles are growing smaller as well. Like when it moved from just under a dollar to over 30 dollars that was x30+ and more, which means when it moved from 100 bucks or so to 1400 dollars in 2014 that was also a bit 14x give or take, and when it moved from 700 dollars to 20k that was about a good chunk I will have to agree with that, but then we moved from 10k to 60k which was just 6x, 7x if you count 68k as 70k.

As we can see, people who are investing now, will still make a good money, better than any stock they can pick or gold, but it wouldn't be as good as the early birds who made x100 and then some on their bitcoin if they are still holding it.

That's completely normal as volatility always decreases when an asset matures. More users means more stable environment, less coins in the hands of a single individual and so on.

Cycles getting smaller is maybe not the best description. They are getting less volatile but longer. If you count how many days it took for bitcoin to bottom after the 2013 peak and do the same with 2018, you'll see that it took more time and will possibly again take more this time, taking us into 2023. You never know a pattern is valid until it confirms.

[adzino]

1. Bitcoin will probably make a lot of people rich especially for long term holders... again
2. Bitcoin is the future and bitcoin is the medium of exchange because it is widely accepted, portable, shareable, accessible, commensurate and relatively stable. That's why it will be used as future currency.
3. Bitcoin can save the world
4. Bitcoin is not very easy to understand and there is too much misinformation about it.
5. Bitcoin has spread far, far more than most people know. There are already some of the biggest companies in the world using blockchain technology and some countries actually want to clone bitcoin, because bitcoin is so good.

1. Don't invest with the hope of "getting rich". High chance you will be disappointed and end up regretting when you see the bear market.
2. It is not widely accepted yet and not "relative stable".
3. How?
4. It is easy to understand how to use bitcoin. We don't need to know the ins and outs of it.
5.Clone bitcoin? You mean create their own digital currency?

[tbterryboy]

Totally disagree with point no. 1 in present situation. Why I am saying that if you buy at 69K and selling it on 17K then how become you rich. Suppose you enter in a market when BTC was up to 60 or 65K then become a rich person is your dream. And above sample is also for long term. Now if it cross to his next higher then it will be beneficial for you. Your second point is valid as BTC will be used as a currency in near future.

But who buys in 69k anyway? That price is the ath of btc and no one will risk during that times. People are waiting for a moment like this where prices are dropping before they accumulate and then they will wait again for another bull run before they sell but that doesn't mean that they will now be rich. Being rich is not easy.

Btc is already being used a currency. I only don't agree when he says that bitcoin is relatively stable because we know that it is highly volatile. Some on his list are a fact but some are just a myth like on his number 3. Btc can't save the world lol, that's crazy. We shouldn't expect too much only for just a digital currency.

[darewaller]

I would guess that the cycles are growing smaller as well. Like when it moved from just under a dollar to over 30 dollars that was x30+ and more, which means when it moved from 100 bucks or so to 1400 dollars in 2014 that was also a bit 14x give or take, and when it moved from 700 dollars to 20k that was about a good chunk I will have to agree with that, but then we moved from 10k to 60k which was just 6x, 7x if you count 68k as 70k.

As we can see, people who are investing now, will still make a good money, better than any stock they can pick or gold, but it wouldn't be as good as the early birds who made x100 and then some on their bitcoin if they are still holding it.

That is mainly because the amount of money required goes up. When the bitcoin world was small, going from 1 dollar to 30 dollar required only a few million dollars, was early days so it was hard to find that, today that’s like not even a price that would change the bitcoin price 30 bucks even at this rate. Whereas, today we need billions of dollars that could change bitcoin, without that we are not going to move at all.

This doesn't mean we can't see 10x or more increases again, it could happen because there are more people involved right now. But that is still a difficult challenge that I believe barely ever happens, only on full cycles that see a huge bull run, which is once every few years.

[dark1234]

whatever the perception and opinion about bitcoin that has been used at the present time, whether it's for a transaction tool or as an asset, in essence all collect it and even hold it because they have the belief that bitcoin has a bright future and gives positive hope ....
bitcoin is not a god who can change anything.... but it is the user who can change the role of bitcoin so that it is valuable