Why Bitcoin is the most Preferred Choice

[pooya87]

Yesterday when the Fed announced interest rates at 0.75%, the stock market immediately continued to plunge but meanwhile, bitcoin was not volatile and still trading above $20k.

Very good point. Basically we are seeing the repetition of 2020 aka the pandemic crash. After all other markets crashed bitcoin followed leading a lot of bitcoiners into thinking "bitcoin follows US stock market" but then the stock market continued struggling while bitcoin remained stable and then started rising.

I'd bet that's because we have a large number of emotional bitcoin investors who making irrational decisions like this. They dump the only viable hedge against inflation when inflation grows.
But good news is that they are only a small part of the market, everyone else is that as irrational as them which is clear from the fact that price hasn't been crashing anymore over the past couple of months.

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[Die_empty]

Recently the Central Bank of my country came up with a directive that is targeted at redesigning the national currency. They advised every citizen to ensure that they deposit the current currency in commercial banks before the end of next year. This new policy is now causing so much controversy.

2. No KYC required for investment

Some people that wanted to keep their wealth secret would now be forced to go the bank to deposit their money and this would definitely expose them to fraud and other criminal activities. Bitcoin is the best when it comes to privacy because its transaction is anonymous to a large extent.

3. Digital and secured form of asset and currency

Bitcoin needs no redesigning or a third party custodian. It can be used to store an asset without fear that it could become obsolete or outdated.

4. High profitability with less risk

Most investments that have high profitability would always have high risk. Bitcoin have lost almost more than half of its value recently, I think its not less risky. But its ability to recover makes bitcoin exception.

5. No inflation tolerance or price manipulation

Compared to the currency of my country, bitcoin is less inflationary. It would be far better to hodl bitcoin than to keep my country's fiat in a fixed deposit.
 

[Zanab247]

The teams behind Bitcoin are too strong compared to the team behind gold for other digital currency to take over the position of Bitcoin in the world. During the pandemic, I believe we saw what happened that made many investors  to quite gold and other cryptocurrencies to focus on Bitcoin investment based on what bitcoiners was receiving from their Bitcoin investment. Based on what is happening right now in the crypto market show that people will continue to prefer Bitcoin investment as their first choice than any other assets, because it has more power to increase higher than the other digital currency in the community.

[suzanne5223]

I get what the image is trying to do, and I agree that Bitcoin generally has more benefits, but I want to comment on some of the content from it. Scarcity of gold is actually debatable because it's very possible that there are huge gold deposits somewhere that we just haven't discovered yet or are about to discover.

Yes, the gold being scarce is debatable but if you judge by the availability of gold in 1900 and the amount of gold mined by all gold mining companies all over the world you'll see that gold is indeed scarce. According to research, there are 20% left to be mine.

As for divisibility, I'd say gold is divisible enough, so not having a tick there isn't very fair.

I don't know the reason why the jpeg creator doesn't mark it but it is explained in the image that gold is divisible but has a limit.

If we chose something as relative stability, gold and fiat would tick, but Bitcoin wouldn't because it's usually more volatile. Also, we should ask for what Bitcoin is most preferred choice. For savings, for payments, for returns on an investment?

Yes, but both gold, fiat, and Bitcoin are not stable in price.

[The Cryptovator]

99% of forum users will say Bitcoin is great definitely. And we always prefer Bitcoin when choosing something between fiat or gold. But if you go to any fiat forum or gold forum (though I don't know if they exist) will oppose our opinion. But in the current situation in my country, I feel really Bitcoin and cryptocurrency are safer to invest in or hold. I don't feel safe when my money is in a fiat bank really due to many reasons. Especially bankrupt is the main fear lately due to the world economy going down every day.

[boyptc]

The foundation that bitcoin have has been set very well and that's why it's the most preferred choice. It's top in the market and was the first born crypto in the market. Forget about those failed crypto tests before it and let's just say it's the first one.

While the best thing about it is being volatile and having a limited supply, that what makes me hold it for a long time. The halving is also one of the greatest factors and features of it that makes the price appreciate every cycle.

[dunfida]

99% of forum users will say Bitcoin is great definitely. And we always prefer Bitcoin when choosing something between fiat or gold. But if you go to any fiat forum or gold forum (though I don't know if they exist) will oppose our opinion. But in the current situation in my country, I feel really Bitcoin and cryptocurrency are safer to invest in or hold. I don't feel safe when my money is in a fiat bank really due to many reasons. Especially bankrupt is the main fear lately due to the world economy going down every day.

But we cant really avoid the fact that we are still saving up money in our own banks.Its not always talking about bad things about having fiat savings.We've known on how beneficial it would be despite on having those

con's or simple talking about inflation thing or the risks of bankruptcy on where you do store up those fiats and here comes some options where people are tending to be wise and smart on diversifying out their money

through investment on which it could neither be on stocks,forex,indices or crypto or real estates.There are lots of choices as long your budget allocation would permit you out.
When it comes on Bitcoin choice then it would be no brainer for those people who are aware of it.

[Ziskinberg]

All you have said OP are some reasons why people have chosen Bitcoin among a thousand of crypto in the market but somehow, some people haven't seen it boldly, they sometimes ignore Bitcoin and choose shitcoins. A big mistake but these people turned back to investing in Bitcoin as they realized that this is the right investment for all time and really have a fortune.

Basically, we are just about to experience failure before we see and value a particular coin. And this is really what happens to the most newbies.

[DoublerHunter]

All you have said OP are some reasons why people have chosen Bitcoin among a thousand of crypto in the market but somehow, some people haven't seen it boldly, they sometimes ignore Bitcoin and choose shitcoins. A big mistake but these people turned back to investing in Bitcoin as they realized that this is the right investment for all time and really have a fortune.

Basically, we are just about to experience failure before we see and value a particular coin. And this is really what happens to the most newbies.

^They want high risk because it has a high return, for them, it is like gambling that has high odds because when there is hype about a new project it will surely have a good return. But it seems like gambling because anytime you will lose your money and easily wipe out in just a matter of time without knowing you. For those who wanted to play safe, BTC is the right choose for them, for those seeking a quick profit, altcoins are good for them and I think they already know the possible risk. This mindset will turn to crypto becoming bad in the eyes of the government.

[tam31]

For me there is a simple reason; it is not controlled by the governments. As someone who comes from a nation with corrupt officials, fiat means that there will be people at the top who will give themselves a lot, and make the money less worthy, so the money I own will worth less and less, while they don't have to worry about that because they get rich faster than the inflation rate because they can print more for themselves.

This is why, I moved to bitcoin because they can't ruin this. Doesn't mean big nations can't, USA or China may try, but my nation is so small and corrupt that they can't even ruin Zimbabwe, let alone ruin bitcoin so I have no worries about it.

[8rch7]

The reason bitcoin is preferred over other cryptocurrencies is because bitcoin is the first digital currency issued by Satoshi, if only bitcoin was not created by Satoshi most likely other crypto currencies would never exist, another reason because people have felt comfortable and have felt the tremendous benefits of bitcoin, first love is difficult for us to forget even though now there are other coins, it is certain that people can never forget bitcoin because bitcoin has become part of the identity of the buyer, even social media plays an important role in it like ticks tok, Twitter and Reddit, social media are driving the popularity of bitcoin, all it takes is patience and peace for bitcoin holders.

[Strongkored]

1. Decentralization of assets

This is if you don't save them in custodial wallets such as online wallets and CEX, although Bitcoins decentralized asset where you save them will be able to turn them into centralized because they are the master of your assets not you anymore

The reason bitcoin is preferred over other cryptocurrencies is because bitcoin is the first digital currency issued by Satoshi, if only bitcoin was not created by Satoshi most likely other crypto currencies would never exist, another reason because people have felt comfortable and have felt the tremendous benefits of bitcoin, first love is difficult for us to forget even though now there are other coins, it is certain that people can never forget bitcoin because bitcoin has become part of the identity of the buyer, even social media plays an important role in it like ticks tok, Twitter and Reddit, social media are driving the popularity of bitcoin, all it takes is patience and peace for bitcoin holders.

It's not because Bitcoin was the first that make it's hard to forget but because from all the coins that have emerged Bitcoin is the most well-performing of all, many shitcoins provide benefits to their holders but precisely because it makes crypto's original goal deviate and only becomes a target for quick profits, but Bitcoin is not like that if you are patient with it then it will be profitable for you

[Iranus]

99% of forum users will say Bitcoin is great definitely. And we always prefer Bitcoin when choosing something between fiat or gold. But if you go to any fiat forum or gold forum (though I don't know if they exist) will oppose our opinion. But in the current situation in my country, I feel really Bitcoin and cryptocurrency are safer to invest in or hold. I don't feel safe when my money is in a fiat bank really due to many reasons. Especially bankrupt is the main fear lately due to the world economy going down every day.

You are right, since this is a bitcoin forum and we are investing in bitcoin of course we will choose it but if we ask relatives, or people who are doing business outside, they will definitely face fierce opposition.

It's fair to say bitcoin has many advantages over gold and fiat, but it's not perfect in every way. If someone invested bitcoin since the beginning of the year and held it so far, they have lost more than 70% of their value and this has never happened with fiat or gold in such a short time. If you hold fiat your money will also lose value but it will be insignificant in the short term.

We should not discard any of them, they all have different uses, what we should do is try to balance it all and diversify our assets. should not focus on just one.

[worle1bm]

No doubt bitcoin is great investment decision for long term but if you insist on KYC then most of the exchanges have implemented it on their platform and if you want to withdraw or transfer funds over there you would have to go through KYC norms but there are ways to avoid it like P2P buy/sell or localbitcoins.com is good choice.

But you must keep in mind that there are profits as well as loss also in holding the coins so you must be patient and not getting panicked with normal dips which many do but if you can hold then it's best.

[pooya87]

It's not because Bitcoin was the first that make it's hard to forget but because from all the coins that have emerged Bitcoin is the most well-performing of all,

Bitcoin is actually not the first, there were many attempts at creating such a system before bitcoin and they all failed. You think bitcoin was the first because it succeeded and the rest are forgotten and can only be found in history books! The same thing about altcoins, many of them you haven't even heard of or have already forgotten since they died.

[ethereumhunter]

There is no doubt that bitcoin is a great choice for investment, especially for people who have been using bitcoin for a long time. But if you want to buy bitcoins and you use an exchange, let alone a centralized exchange, you have to go through a verification process before you can proceed with the purchase. And although you can buy bitcoins on p2p exchanges, they will also apply verification to their members, especially if they want to buy bitcoins in bulk. And if they do use bitcoin as one of their investments, they shouldn't need to panic when the price drops, but there are still many people who panic especially if they buy bitcoin when the price is at its peak and then drops dramatically.

[RealMalatesta]

But most people are hold their coins on centralized exchanges which kill the purpose of Bitcoin, the exchange aka third parties has a control over their coins and they will ask the user KYC since it's their rules.

Likely an exception. Most of the traders prefer a volatilty, convenient, fast way of appreciating their asset like bitcoin so to do trading on market with high volume they register there. OP probably didnt see that. Bitcoin is decentralized outside these cex and that should be prioritize which the government seeks not to happen but do a regulation about it.

Yeah, I think it's base on individual preferences, majority of us here doesn't want to complicate things, so either we just buy on CEX nad left it there (although this is a bad practice), or just HODL on a wallet that we have total control of private keys and mnemonic phrases.

As for bitcoin being the preferred choice, it's easy, the gold standard of crypto, the top one, and the prime mover.

And for those who have at least seen a full cycle, we know how big it's going to be, and the potential profit that we are going to make resulting in economic freedom.

I know it’s a bad practice, but what could happen to your bitcoin and ethereum if you keep it in binance? I get that it's "not yours if you don't own the key" but I am fine with it inside binance as well. They are as good as it gets and I trust them more than I trust myself and it's very rare that someone gets their binance account hacked that easily when you have 2fa as well.

So, I agree that we do not like to complicate things, just buy some of the top coins, put them in binance, and wait for it to grow, that’s a good idea. It is an idea that will make you rich in the very long run, not going to be something that is quick, but in many years, you will see the benefits of it.

[NNRR]

The main reason for choosing bitcoin is P2P transaction because this transaction does not require any third party so this bitcoin is becoming very popular for everyone and another main reason for the popularity of bitcoin is security because using bitcoin technology is the most security technology in the world. Even if you want, you can't hack easily, if a user doesn't give his data or private key somewhere, then it's not possible for anyone, so Bitcoin is becoming very popular for everyone.

[_BlackStar]

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Re: Why Bitcoin is the most Preferred Choice

1. Easy transactions with low fees.
2. Full control for your money
3. Better innovation than fiat
4. Bitcoin has value and utility as a currency with growing adoption.
5. Lets you protect your privacy

The 5 points above are some of the things that made me love bitcoin. Bitcoin is not just about tradable asset, but there are many benefits you can derive from it and are loved by those who adopt it.

[witcher_sense]

And although you can buy bitcoins on p2p exchanges, they will also apply verification to their members, especially if they want to buy bitcoins in bulk.

Centralized P2P exchanges demanding all personal information from their customers should be avoided at all costs, especially if they are not transparent about how they handle such information and with whom this data is shared once provided by users merely wanting to make cryptocurrency transactions. Instead of sponsoring businesses of such dishonest companies, users should promote the usage of cryptocurrencies in their local communities. It is in local areas, between neighbors, where real peer-to-peer transactions need to take place in order for the bitcoin adoption to spread out faster. Mutually-beneficial local exchanges between individuals who know and trust each other are the basis for bitcoin circular economies in which government money is fully replaced by more advanced currencies. Whereas government can influence the behavior of the participants in local areas in case fiat is used, it becomes impossible once people switch to decentralized currencies.