Why is Bitcoin gaining this much fame despite it's restrictions?

[Sakanwa]

Though I'm new in the cryptocurrency space,I have been hearing so much about crypto ( Bitcoin precisely) lately even before I got registered on the forum and I had to ask this very question because in three days I've heard and seen people talk and discuss about Bitcoin and cryptocurrency in general and it prompted my question wanting to know why it has been talked about this much and gaining more acceptance in my local community despite it's restrictions in my country and is it also gaining this much fame in your environment?

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why it has been talked about this much and gaining more acceptance in my local community despite it's restrictions in my country

You tell us — we don't even know what country you're in.

is it also gaining this much fame in your environment?

Not really. The bitcoin/crypto hype peaked in 2021 in the country I'm currently in (Philippines), and I'm pretty certain it's pretty much the same for most parts of the world. Not because we had a good price bounce after all the exchange fiasco doesn't necessarily mean bitcoin is gaining fame.

[franky1]

its like.. "silver car"
once you say it. you see them everywhere on the road.

however 10 minutes ago you were not thinking about cars and so you were not looking or recognising or caring about them when they pass you by on the street

..
over the years i have gone down the same motorway(highway) dozens of times a fortnight. oblivious to my surroundings.
then giving a lift to a friend that is obsessed with fishing. he was pointing out al the rivers, and ponds along the motorway. now i cant stop noticing them.. and im not even into fishing but now its like these fishing spots are everywhere i see loads of them on my travels

[jackg]

What sort of restrictions have been placed on it. Regulations normally allow things to gain acceptance providing they're not an outright ban (or near one).

When were people talking about it? Was that recently due to the last spike or has it been ongoing for a while? If it's more recently, are you sure they weren't already talking about it like franky said?

Crypto hype in general has been going on for longer than bitcoin has been a thing imo. Bank security is generally worse than most exchanges that function in cryptocurrency now because of it and a lot of cryptocurrency holders also have more secure assets too because they have no need to trust in anyone else to keep their keys secure (though there'll be people in the market with weaker security too so it's a topic worth researching).

[tranthidung]

why it has been talked about this much and gaining more acceptance in my local community despite it's restrictions in my country and is it also gaining this much fame in your environment?

Human are greedy and they're always looking for something which can help them to be richer. Bitcoin is one of most profitable assets for investors so it is noisy on media in the last few years.

You can see how Bitcoin survived through many fuds, crashes in cryptocurrency market as well as many shocks from economics, politics black swan events.

Bitcoin is not dead but it was called as dead 450+ times.

• https://www.bitcoinisdead.org/
• https://99bitcoins.com/bitcoin-obituaries/

Bitcoin will become stronger and stronger year by year because of Lindy effect that was mentioned in
The Bullish case for Bitcoin. If you love reading books, let's buy this book

One of easiest (but too naive) ways to see people interest in Bitcoin is Google Trend.

• https://trends.google.com/trends/explore?date=today%205-y&q=bitcoin

[Andrew1788]

First of all, he is popular because of his idea — the idea of free money that neither the bank nor the government controls.

[bittraffic]

People spread the word quickly when they want others also to make money with what is in the trend. BTC is not just the trend recently, it had been trending over and over, the mainstream media, however, wasn't very open in talking about it for the people to be interested but they keep claiming it's a scam.

Last week it was on the news because Bitcoin price is spiking high. Everybody becomes a mentor once again spreading the word to invest in BTC and the people who see it as an opportunity I guess FOMO is on the air.

[Obari]

Just as other users have said, Bitcoin hype has been there since 2021 when it reach it's all time high of about $60k that's if I'm not wrong.
Since I don't know your country I think you alone can answer that question but generally I think the recent hype would be because of the recent rise in the price of Bitcoin because it has been down in the bear market for a long time now and most people would be happily talking about it.

is it also gaining this much fame in your environment?

Yes it is and I've got more people wanting to jump into the industry lately with hopes of catching up with the price rise.

[pooya87]

Bitcoin doesn't really have that much fame in my opinion. We hear about it in the media from time to time but I don't consider it "fame" because it doesn't have corresponding adoption and adoption is the only "fame" bitcoin needs or has. We all know bitcoin adoption is still very small globally.

As for the reason for whatever amount of "fame" bitcoin has, it is pretty obvious if you ask me. Bitcoin offers a very unique set of utilities that people can not find elsewhere. There is no other currency in the world that can give you financial sovereignty and appreciate in value over long term.

[Mate2237]

Though I'm new in the cryptocurrency space,I have been hearing so much about crypto ( Bitcoin precisely) lately even before I got registered on the forum and I had to ask this very question because in three days I've heard and seen people talk and discuss about Bitcoin and cryptocurrency in general and it prompted my question wanting to know why it has been talked about this much and gaining more acceptance in my local community despite it's restrictions in my country and is it also gaining this much fame in your environment?

You are welcome to the platform. Cryptocurrency and bitcoin in particular is decentralized asset in which nobody including authorities can't control or regulate the price of the currency. And also investing in bitcoin is much more better than Fiat currency so known this people leave their minor works and investment to Join bitcoin. When you buy bitcoin at the rate of $16,000 or below and you wait till at the rate of of $50,000 and sell it then you Will see the increase income of it.
From the way narratively present  your content, your mood look similar to a country I know.

[franky1]

Bitcoin doesn't really have that much fame in my opinion. We hear about it in the media from time to time but I don't consider it "fame" because it doesn't have corresponding adoption and adoption is the only "fame" bitcoin needs or has. We all know bitcoin adoption is still very small globally.

not so true

lets use some prospective
coinbase, binance have cumulative 100m customer accounts
that means there are more crypto accounts than british people
thus more people in the world use crypto than there are people that use the british pound

yes the pound is mentioned now and again in media and yes when brits hear the pound mentioned in america media brits think it must be something important to get america to care about the pound. and yes brits like me see alot of pound based community in britain

but from an outside prospect if americans seen pound mentioned they would not care so much.

but over all crypto is more used by more people than the pound

[Zaguru12]

Firstly bitcoin has gain massive recognition not just because it’s the first of its kind but its uniqueness which is classified decentralization. The continuous regularizations by banks or restrictions to the freedom of one’s funds when they want has inclined people to bitcoin. Its features like hedging against inflation also plays a role. But the most important part of its fame is the ability to gain profit by just holding for long. Humans look everywhere to gain profit and that is why even Ponzi schemes get lots of people investing in them. The fud or rather hate by the government has one way or the other spread news about it and this has some investors into picking interest in it, clear example is countries whose its adoption grows after government ban. Lastly the social media which is easily use this days to spread news or stereotypes has one way or the other influence it’s popularity.

[pooya87]

coinbase, binance have cumulative 100m customer accounts
thus more people in the world use crypto than there are people that use the british pound

The important factor is active accounts not user accounts. Anybody can create any number of accounts on any of these websites (I have one with Binance) and never use it (I don't) and yet be a statistic there. Maybe someone who created the account to see what bitcoin is and then realized they don't want to buy it at all. I said accounts since until you verify your account you can create as many as you want.
You also aren't taking into account the people who have an account on both sites.
So you can't use that number to find number of "crypto users".

That's not to mention that trading cryptocurrencies is not the same as using them (ie real adoption)...

[kryptqnick]

Maybe you're from Nigeria or a similar country where Bitcoin is sort of restricted, but it seems that people are actively using it just fine, which leads me to assuming that using it isn't really prosecuted even if it is technically illegal. If your country has strict and enforced anti-crypto legislation, then I'd be surprised if Bitcoin still were popular. In many countries, luckily, Bitcoin isn't banned, and it's either legal or in the gray area, which is basically safe in most cases. So I'd attribute Bitcoin's fame to being a great-performing asset (if you zoom out), being a revolutionary kind of money (the one no authority issues or controls, the one with fixed total supply and without monetary policies set by anyone, and the one you can send internationally without getting banks or anyone else involved), and partly to it not being severely restricted by the authorities of various countries, actually.

[Nrcewker]

Though I'm new in the cryptocurrency space,I have been hearing so much about crypto ( Bitcoin precisely) lately even before I got registered on the forum and I had to ask this very question because in three days I've heard and seen people talk and discuss about Bitcoin and cryptocurrency in general and it prompted my question wanting to know why it has been talked about this much and gaining more acceptance in my local community despite it's restrictions in my country and is it also gaining this much fame in your environment?

Due to the decentralised nature of Bitcoins, no one other than yourself can know how many Bitcoins you have in your wallet. This feature provides the user to manage his finances independently, without having to beg and follow the government or banks. This is the main and primary reason for which Bitcoin has lot many fame. And to counter this many government have banned the coin. Another reason for which many people have interest on Bitcoins is that due to the limited amount of coins. Soon it will become valuable and people will sell it in high price.

[Asiska02]

As a human, this is very simple to grasp. When something becomes popular and becomes the talk of the society or community, it is either used for good or used against it. Bitcoin has suffered from both, most notably from black ash and bad press from those who oppose its global implementation as legal tender.

One thing you should take away from all of this is that bitcoin is still gaining acceptance around the world, despite the government's opposition. People still believe and trust in it, which should persuade you that bitcoin is worth the good name and fame it carries. Millions of people can't be attached to something if it's not worth it.

[Die_empty]

Though I'm new in the cryptocurrency space,I have been hearing so much about crypto ( Bitcoin precisely) lately even before I got registered on the forum and I had to ask this very question because in three days I've heard and seen people talk and discuss about Bitcoin and cryptocurrency in general and it prompted my question wanting to know why it has been talked about this much and gaining more acceptance in my local community despite it's restrictions in my country and is it also gaining this much fame in your environment?

In my country, Bitcoin is mainly popular among youths and people in the tech sector. Most people that are fifty and above have little or no knowledge about the currency in my locality. Although it is restricted in my country, yet young citizens are attracted to the coin because of some notable benefits it offers. I think bitcoin would get more recognition if the economic condition of my country improves. This is because people are currently focusing on meeting their basic needs and only a few are considering investments. A good product would always get the right attention, that's why bitcoin would keep attracting more people to its fold.

[mindrust]

Though I'm new in the cryptocurrency space,I have been hearing so much about crypto ( Bitcoin precisely) lately even before I got registered on the forum and I had to ask this very question because in three days I've heard and seen people talk and discuss about Bitcoin and cryptocurrency in general and it prompted my question wanting to know why it has been talked about this much and gaining more acceptance in my local community despite it's restrictions in my country and is it also gaining this much fame in your environment?

It is because bitcoin offers freedom. People are not mostly free nowadays. Some of them think they are free but in reality they are just slaves. Bitcoin is putting an end to slavery. With bitcoin, you are your own bank. You have the total control of your funds. Gold offers a similar deal too but the difference is, bitcoin is actually portable and you can move it from one country to another without asking permission from anybody.

Bitcoin is life changing tech. Of course people will talk about it.

[Iroh]

Why is bitcoin gaining this much fame despite its restrictions? Easy… Bitcoin is a life changing innovation that has shaken both the governments of the world as well as the traditional financial institutions.
Of course it would attract the curious minded ones and curiosity is a trait that’s in every individual and that’s why it has and is still fast gaining adoption despite restrictions, criticism and outright bans from governments and financial institutions.

[Hyphen(-)]

Though I'm new in the cryptocurrency space,I have been hearing so much about crypto ( Bitcoin precisely) lately even before I got registered on the forum and I had to ask this very question because in three days I've heard and seen people talk and discuss about Bitcoin and cryptocurrency in general and it prompted my question wanting to know why it has been talked about this much and gaining more acceptance in my local community despite it's restrictions in my country and is it also gaining this much fame in your environment?

Bitcoin gives us control over our wealth; with Bitcoin, we can now save money by investing in Bitcoin with the goal of making a profit over time, as opposed to FIAT currency, which depreciates over time, and holding fiat in commercial banks can earn you nothing or only small interest, whereas Bitcoin can give you more than 10x of it without any third-party having control over your wealth.

Despite the Federal Government of Nigeria's Bitcoin restrictions, the Nigerian youth are very interested in Bitcoin investment, and the rate at which the youths are adopting Bitcoin is very high, which has drawn the government's attention to Bitcoin legalization.