5 truths about bitcoin, in my opinion?

[bitzizzix]

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.

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[Lorence.xD]

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

Don't hold on too much hope in this one, don't invest in uncertainty even if there's a pattern, put some money in bitcoin just in case though since we won't know what can really happen.

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.

Same old but it's the truth, I guess we just have to say it until everyone accepts it

3. Bitcoin can save the world.

I don't see how it can save the world because bitcoin isn't a panacea that can cure all the problems that the society faces, can bitcoin solve wars? How about pollution? Habitat destruction? Sea levels rising? I don't think so.

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

This I can agree but we always have to remember that if something is unknown or new to someone they tend to get scared and they're prone to misinformation or misunderstanding, we can always educate them to change their minds or broaden their perspective.

[tranthidung]

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

Only if they use own money to buy Bitcoin and hold it for long term. If they borrow money to buy Bitcoin, they can not hold it for too long as consequence of repayment call.

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.

Please don't restrict Bitcoin to only one or a few use cases. It has more use cases.

3. Bitcoin can save the world

Please stop saying this, it is not true! It is sort of propaganda from Bitcoin maximalist but it does not make Bitcoin becomes better than it should be.

Perfectionalizing anything is not good!

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

In reality, in future, there will be times when people don't actually understand Bitcoin but still can use it for their own interests. Like now, we don't have to understand technical things behind the Internet to use it, daily.

[GreatArkansas]

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

I don't agree with this. It doesn't mean you hold for the long term, it will make you rich immediately because it will also matter with the size you hold, let's say you bought and hold for the long term but the question is, "Is that enough?"

3. Bitcoin can save the world.

I don't see how it can save the world because bitcoin isn't a panacea that can cure all the problems that the society faces, can bitcoin solve wars? How about pollution? Habitat destruction? Sea levels rising? I don't think so.

Hahahaha. Maybe the OP is just really straightforward which they don't specify really is. Or just a wrong choice of words.
It would be much better if OP said that it can solve problems about finances, like solving traditional banking or some remittances.

[noorman0]

-snip-
3. Bitcoin can save the world
4. Bitcoin is not very easy to understand and there is too much misinformation about it.

The 4th truth denies the 3rd truth, and that is the truth. Bitcoin only helps in certain aspects such as saving from 3rd party fees, saving personal data, and supporting cross-border transactions without being bureaucratic.

If you mean "Bitcoin saves the world" revenue-wise, that's just part of what people believe is wrong in my perspective. Like fiat, bitcoin can't help anyone who is passive. In addition, volatility has two equally sharp blades. If it doesn't save you, it will kill you.

[LogitechMouse]

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

This is what Bitcoin holders including me are believing that's why many of us are holding Bitcoins and base on history, it seems that it's true. Just look at the charts.

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 disagree with this. Bitcoin will not be a medium of exchange but it might be considered as an alternative mode of payment. I don't think that a currency that is scarce and has a limited amount can become a medium of exchange because let's face it, not all people in the world will have access to Bitcoin or any cryptocurrency in general.

3. Bitcoin can save the world

Save the world from?
Alien invasion? Global Recession? Financial crisis? Armageddon? End of the world? I mean elaborate this furthermore .

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

It depends on the person. I myself just learned the most basic parts of Bitcoin and I'm happy with it. I don't want things to be complicated for me that's why I'm just focusing on the basic parts and not on the complex side of it like the technical aspect, programming language, coding etc. but of course you will have an advantage if you know the most complex part of it.

In terms of misinformation, that's why many people are falling into scams because these people are teaching the newbies the wrong way. That's why I focused more on watching documentaries instead of going to seminars or events and in fact, I didn't attend any seminars whatsoever and I will not. Documentaries in youtube and the information here in the forum is enough for me.

[xSkylarx]

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

It's not that hard to learn the fundamentals of bitcoin, many people have access to internet now so it only depends if you are really interested to learn it. Like myself, no one thought me about bitcoin way back 2016 but since I learned that it has many uses that can help our financial system, I always keep updated to the current trend in the crypto space.

The reason why there is too much disinformation about bitcoin is because of its continuous rising value over the years. Scammers take advantage of that telling people that it is a get-rich quick scheme.

[mk4]

If anything, those are some of the most common opinions concerning Bitcoin.

Not really sure about this one though:

3. Bitcoin can save the world

Bitcoin can "save" people in some cases financially, but people really like to totally overstate Bitcoin's importance as if it cures cancer or whatever.

[Bobrox]

Not all points can be true depending with your opinion, exactly with this points

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

I think not all holder although two until seven years later will get much money by holding bitcoin, just depending right time and the right place when investing in bitcoin. I can give you proof about some investor buy bitcoin when price still on $60,000 and one year later bitcoin price drop right now under $24,000. Can you count with how much money losing with bitcoin investment after choosing wrong time for investing? No doubt with many people become rich person in bitcoin but they have been right time when investing with bitcoin, price still drop and they have strong hand keep hold bitcoin and right now with their patience have reach goal and take much profit from bitcoin investment.

[Jawhead999]

Again and again, another misconception about Bitcoin is.

Bitcoin isn't a charity and promise anyone to become rich, there's no such airdrop or giving free money for poor people.

Bitcoin is a computer program and not everyone understand about it, it's make sense how it's difficult to understand

Everyone already know Bitcoin has been accepted on El Salvador as legal tender, but a future currency? we don't know as government will launch their own CBDC.

[livingfree]

I am a bitcoin holder and will always be but I don't understand on your opinion and the logic behind how it can save the world. If you can add some reasons why you think is that, maybe that's justifiable.

But if it's all about saving people financially then it only means that it can really make people be wealthy which will categorize to the number 1 you've said.

That is only if it's the meaning of saving the world, financially.

[8rch7]

In my personal opinion, the truth that I get from bitcoin one of which is that we are given the freedom to transact and do not need a third party to transact, the other truth is that bitcoin can be sent anywhere in seconds, bitcoin never promises wealth but at least bitcoin can make our lives better and we are a little bit ahead in this digital age.

[_act_]

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

This I can agree but we always have to remember that if something is unknown or new to someone they tend to get scared and they're prone to misinformation or misunderstanding, we can always educate them to change their minds or broaden their perspective.

Bitcoin is not easy to understand, but you do not have to understand everything about bitcoin, there are some technical aspects of bitcoin and the blockchain used that is very difficult to understand by bitcoin users which are for developers to understand, not users. To buy and sell bitcoin by transferring it from one wallet to another is not hard, reputable wallets used today will give you just the basic warning like the reason to keep your seed phrase safe and not let anyone knows about your seed phrase, because anyone that knows your seed phrase is able to spend your coins.

[hZti]

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

I think point number 4 might seem true at this time but this will change eventually. While Bitcoin is complicated the normal banking system is also complicated. We just don't see it as complicated, since we are teached from a very young age how it works. IF it will be the same for bitcoin it is not that much harder to understand. Also there are a lot of improvements that make it easier as time passes.

[btc78]

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

The days of complete Holding is long gone now , why need to keep Hold for 5-10 years when you can double the amount for a certain years of Buying and selling from High and low.

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.

with this I think I must agree.

3. Bitcoin can save the world

Mind to explain and bring us some hints on how this can save the world?

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

well , Internet world and that is all it is , learn your field and never become greedy.

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.

they may clone but wont be completely , because the uniqueness of bitcoin is far from being cloned .

[tomos81]

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

Bitcoin investors can never get rich if they invest long-term. Because the price of Bitcoin keeps going up and down all the time. That is why it cannot be said that one can become rich only by investing. Because if you invest then of course profit or loss can happen here.

[Welsh]

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

Probably, but generally you have to be significantly invested in to see any meaningful return, at least in the terms of "rich".

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 kind of agree, and disagree here. I'm not sure if it's the entire future, likely there will always be other currencies floating around, especially now the world has been introduced to cryptocurrencies. I don't know if it's the future for the majority of people, but I know it's the future for me. Unless something crazy goes on, where another altcoin comes out, and massively outclasses Bitcoin, since the popularity of Bitcoin right now, means it'll have some resistance to certain altcoins which marginally improve on it.

3. Bitcoin can save the world

Hmm, probably not. As with everything, the rich will hoard a lot of the Bitcoin, and the poor will be late to the party. Obviously, Bitcoin can increase denominations to make Bitcoin worth using, but the rich elite will always remain the rich elite. Bitcoin does provide a path that isn't typically available to people though, which means they might find some success they otherwise wouldn't. The Blockchain definitely has its uses, and it might make things more comfortable in terms of transparency, but I still don't think it'll save the world as you put it.

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

Myself, and others have always said this is the biggest obstacle Bitcoin has. The complexity means that not everyone is going to understand or be comfortable with using it, even if they like the sound of the freedom it provides.

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.

Goes without saying. Anything good in this world, will be replicated a million times. Doesn't mean it's any better though. As we've seen over the years many have tried to become the next Bitcoin, but Bitcoin had everything in place, and basically was implemented at the right time to assure its success. It doesn't have gimmick features, it has features that were carefully thought out, and even though it might have not been implemented perfectly, it has been improved on since.

[mk4]

Bitcoin investors can never get rich if they invest long-term. Because the price of Bitcoin keeps going up and down all the time. That is why it cannot be said that one can become rich only by investing. Because if you invest then of course profit or loss can happen here.

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.

[hZti]

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.

[mk4]

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.

Well, it would be very unrealistic to think that everyone would make it out with a win. They don't really even need to 'experience' a cycle, then can simply check the charts and see what happened in the past. Along with that, the typical investing dos and don'ts. They do all those simple things right and there's a good chance they'll win in the end.