5 truths about bitcoin, in my opinion?

[Welsh]

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.

I'm probably going to say something a little dumb here, but holding Bitcoin in my opinion in the long term is probably going to mean you profit. I mean anything from five to ten years of holding it. However, even if it x10, if you've only got a dollar invested, that's only 10 dollars. So, generally you've got to have a significant investment in Bitcoin to be able to feel the benefit in the long term.

If you're aren't significantly invested, it's not likely to change your life, which I think is what the OP might be missing a little bit. Not everyone is going to have their life changed, simply because they're invested in Bitcoin or maybe I'm looking at it from a different perspective. Maybe, the OP meant that since they've used Bitcoin, their perspective on things like privacy etc has changed.

I mean, Bitcoin has certainly helped me form my views of today on third parties, privacy, and security, which I might have not been as passionate about if I didn't discover it when I did. So, I guess you could say without significantly changing my life style, it has changed my life for the better. I can go to bed easy, not having to worry about what third parties are doing with my money either, or getting rejected for a payment because it got flagged up, and then going through the painful process of verifying everything before making the payment again.

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[Amicable55]

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.

[mk4]

I'm probably going to say something a little dumb here, but holding Bitcoin in my opinion in the long term is probably going to mean you profit. I mean anything from five to ten years of holding it. However, even if it x10, if you've only got a dollar invested, that's only 10 dollars. So, generally you've got to have a significant investment in Bitcoin to be able to feel the benefit in the long term.

If you're aren't significantly invested, it's not likely to change your life, which I think is what the OP might be missing a little bit. Not everyone is going to have their life changed, simply because they're invested in Bitcoin or maybe I'm looking at it from a different perspective. Maybe, the OP meant that since they've used Bitcoin, their perspective on things like privacy etc has changed.

I mean, Bitcoin has certainly helped me form my views of today on third parties, privacy, and security, which I might have not been as passionate about if I didn't discover it when I did. So, I guess you could say without significantly changing my life style, it has changed my life for the better. I can go to bed easy, not having to worry about what third parties are doing with my money either, or getting rejected for a payment because it got flagged up, and then going through the painful process of verifying everything before making the payment again.

I mean, yea — maybe not rich, but at the very least far better off compared to just holding their local currency.

Also, doing finance and investing well will require them to not necessarily put in a huge lump sum of money, fortunately they can just DCA a certain amount after every paycheck (if they can afford investing in risk assets, of course).

tl;dr it's not just solely bitcoin that's going to help people significantly, but their other financial decisions as well.

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.

That's why you should be financially responsible to not over-invest, so you wouldn't need to sell at lower prices when you suddenly need the money.

[noormcs5]

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.

[lovesmayfamilis]

For bitcoin to make people rich, people have to invest a lot of money in it. And only rich people can do that. Thus, the formula where the rich get richer works. Of course, the controversial question is who and how much is considered wealth.
In order for bitcoin to save the world, it must first be accepted, but for now, its acceptance cannot be universal.
The whole list of "truths", OP, should have been more fully explained from your point of view, and probably many would have accepted your point of view, but for now, the phrases are only taken out of the context of general conclusions.

[Dunamisx]

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

it may but eventually not all, because we don't invest on the same day and we are not selling as well on the same day, the procudures adopted by each individuals differs from each other.

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 don't understand what you meant by the word stable here but know this that bitcoin is volatile and will always be, the only acceptable stability in it is the value it has created.

3. Bitcoin can save the world

how? thou i believe bitcoin to rescue individual from economy crampdown but it's not a collective thing, it has to do with individuals

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

aren't you part of those making things more complicated because you're not giving information as needed in details, but learning is the key to everyone who seek to know about bitcoin, no one is born with 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.

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

[Fivestar4everMVP]

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.

[Minor Miner]

3. Bitcoin can save the world

Bitcoin is good, but only in financial terms. Please don't exaggerate what bitcoin can do, bitcoin is not the god that can save the world.

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

Bitcoin is not too difficult to understand, anyone who knows how to use a smartphone can use bitcoin. Misinformation is alarming these days: many people still think bitcoin is a Ponzi scheme, a scam. These concepts come from scammers who have created projects impersonating bitcoin to scam users, making them feel bitcoin is a scam.

[Oasisman]

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.

What?
Loss can only happen when you sell at a lower price. If you keep holding and accumulating during a bear season, do you think you're lossing because the value of Bitcoin is down? Ultimately not.
If you're just holding a specific amount without accumulating, then I guess the possibility of getting huge amount of profit might be way lower than people who's actively accumulating everytime they get the chance buy at a lower price.

[taufik123]

I don't know where the OP got some answers that he said were bitcoin truths, but there were some points that got opposition from other members. If the OP does understand bitcoin it should also include some valid sources.

And the most absurd is about Bitcoin that will save the world. It should be explained how the rescue was, because bitcoin could not stop the war between Russia and Ukraine and several other wars. Saving the world is a complex word that can have different meanings.

[Detritus]

Bitcoin will only make some people rich and not too many people because some who bought at $17k sold already for $22k, some are waiting for $30k. Bitcoin is a potential crypto, perhaps only few people understands it, and those who understood may hold for a very long time. They will win.
 How do you mean Bitcoin can save the world? Please be more specific on the number 3, Bitcoin can save some investors the stress of buying some assets that really require their commitment when they can just own 1 or more Bitcoin safely stored in their device wallets without the Risk of theft, damage, paper filling and even without involvement of third party.

[BlackHatCoiner]

Let me add my 5 truths about bitcoin.

• You gain a greater capital appreciation than holding your national currency (with or without these little interests).
• Getting involved with it broadens your horizons.
• If wallet setup was made properly, you can't have it confiscated.
• It respects your Internet privacy.
• You gain full transparency over inflation rate, transactions, total coins in circulation etc.

[kryptqnick]

1. I think expecting somewhere around 5x profit is very reasonable, 15x profit is possible but perhaps unlikely, and expecting 50x, 100x or something like that is unreasonable. So profits can still be high, but if one invests $100 now, it can become up to $2000 but not $10,000, in my opinion. Thus whether you get rich depends on your initial investment.
2. I think we'll have more of Bitcoin in the future, but it's not very stable and in places with low Internet penetration it's barely accessible. Also, the network can't handle tons of transactions at once, so Bitcoin's future as a currency is limited unless we're talking about additional solutions.
3. Overstatement.
4. True, but it's the case about tons of things.
5. It has also spread to less than 5% of adult population of the world, so it might be less than many assume.

[buwaytress]

Bitcoin can save the world, it's true. Not in the way you'd think. And probably not including us in the saved

At the risk of being off topic, you know that behaviour when people increase their spending exponentially even though their income increase is not?

I actually recently met someone who did that with Bitcoin... unfortunately somewhat close to me (a relation of sorts). Bought Bitcoin at a good price. At ATH took out a huge loan to buy a new thing, thinking Bitcoin proceeds would offset the interest.

Well, yes, they'll probably have to end up selling everything and still get to pay off a loan.

So Bitcoin coulda saved them. They just didn't know how to be saved. And that's the truth about Bitcoin.

[Leviathan.007]

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

I've seen many people who were not rich and had financial problems during the last years while they are not independent that's to bitcoin and holding bitcoin.

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

While many people are thinking they know bitcoin completely and they enough information about it if you look technically and deeply you can see understanding blockchain and blockchain projects is not much easy for people, while this can not be a problem because having this information is not important for the normal people and investors of bitcoin.

[Welsh]

I mean, yea — maybe not rich, but at the very least far better off compared to just holding their local currency.

Also, doing finance and investing well will require them to not necessarily put in a huge lump sum of money, fortunately they can just DCA a certain amount after every paycheck (if they can afford investing in risk assets, of course).

tl;dr it's not just solely bitcoin that's going to help people significantly, but their other financial decisions as well.

In that case, absolutely. No fiat currency can compete with Bitcoin, in terms of the potential money that can be made, but also the features that Bitcoin offer. Unless, fiat changes with this digital money era we're going to go through, and I mean change significantly it'll likely be left behind, at least for the more technical, and privacy conscious people, which hopefully is the majority of the population in the future.

I'm personally more comfortable with having my money in Bitcoin than trusting a bank, but I do believe I'm an outlier in those terms. Most people look for the safety net that banks can provide, and that's alright too.

[darkangel11]

Are these truths or just your opinions?

Bitcoin can't save the world. That's bullshit. The world cannot be saved. Most importantly, it cannot be saved by free money, even if it's in its purest and most honest form.
To save the world you'd need to get rid of corruption and governments. Maybe a alien invasion can save us

[dataispower]

Bitcoin make some people to have a big industries and stop some youths from life stealing. Bitcoin has stopped many things across the nation and if you notice that since the existence of Bitcoin it has enriched some people from poverty. Trading of cryptocurrency have being one of the major concern and to stop youths from their evil doing doing. And i believe that many people now is not castigating the usefulness of cryptocurrency. Because bitcoin is now using exchanges of goods and services

[dark1234]

Are these truths or just your opinions?

Bitcoin can't save the world. That's bullshit. The world cannot be saved.

Correct...
in what way can bitcoin save the world...?
maybe saving assets and finances can happen to every individual or strengthen the economy of every country, but bitcoin being able to save the world is impossible and impossible. we know bitcoin war conflicts can only serve as a tool to be able to contribute and help those communities affected by conflict the

[Rengga Jati]

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

Holding will not lie. If we are patient, with enough capital, holding for several years, buying Bitcoin during the bearish market and selling them in the bullish era will be really worth. They will make us high profits as long as we are still holding them although in this bear market.

2. Bitcoin is the future ....

Bitcoin is not only the future, Bitcoin is Laos the present that has been being a very worthy investment and asset. This is not only a currency for global payment methods but also a digital asset which can make us get high profits for holding or even normal profits from trading.

3. Bitcoin can save the world ....

Maybe you need to explain this point in detail, what kind of saving the world?

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

Technically yes, this is very difficult to understand. But as long as we are willing to learn, this is not a kind of unable thing to learn. This is difficult but still accepted to learn. Btw, Bitcoin is also easy to learn at first to understand the general information of Bitcoin, not the technical one.

5. Bitcoin has spread far,....

Bitcoin acceptance and adoption has been widely spreading. That is why many more people know Bitcoin, accept Bitcoin, and use Bitcoin. However, in fact,not all people and contries acept Bitcin. This is always controversial when talking bauot Bitcoin because some countries still make this illegal