You shouldn't be worried about bitcoin

[SmartGold01]

I have been silently reading and watching people's post.. It's mostly filled with worries and lack of faith, bitcoin is here to exist and there are no alternatives. The technology has been recorded already so I don't think anything else would come break the efforts they puts in building bitcoin and blockchain Technology. It's just as computer is being built which includes;

1. The first Generation of computer which was built with a vacuum tubes ( At then I believe there were Thomas who didn't believe on that technology but today where are those people)? calm down bitcoin still have a long way to go..

2. The Second Generation of computer which is solely built with transistors or discrete transistors was then and upgrade of Vacuum tubes.( Yet there were Thomas that kept saying for how long will this last), I believe so..

3. Third Generation of computer was then an upgrade of second Gen, that is being built with Integrated Circuits which was far more better than 1 & 2 generation computer. So why killing your self just know bitcoin haven't reached up to 20 years or 30 years.

4. Fourth Generation which was then know for microprocessors also better than 1, 2, and 3.

5. Fifth was also the upgrade of 1 to 4 generations so it is to come till whatever generation to come..


Inclusion and summary, Why don't we have this mentality towards bitcoin and know its the latest Generation that has came to stay which through bitcoin we had a blockchain that featured all forms of technologies in the world, and yet you think one day bitcoin price will fail you? My dear this is No to my answer because those who witnessed those 1 to 3 Generations of computer aren't there again so in essence why not buy bitcoin and hold and think of 20 years to come and more, if only we can centered our heart with the progression of computer then we would patient enough not to talk about price of bitcoin at this present moments.
So please bring down your tension and feel free with bitcoin since there are more things to explore with this current Technology.

NB. Some of the information are being highlighted and source from google

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[zezaiement]

It's great to see that you have a positive attitude towards Bitcoin and its potential for the future [SO AM I]. It's true that Bitcoin and blockchain technology have come a long way, and there's still a lot of potential for growth and innovation. With each day, more and more people are beginning to see the potential benefits of using Bitcoin, and this trend is likely to continue in the years to come. So, if you believe in the potential of Bitcoin, and you have a possibility to invest, in my opinion, it's certainly worth considering investing in it and holding on for the long term, but don't do this bluntly, please research first.

[SmartGold01]

It's great to see that you have a positive attitude towards Bitcoin and its potential for the future [SO AM I]. It's true that Bitcoin and blockchain technology have come a long way, and there's still a lot of potential for growth and innovation. With each day, more and more people are beginning to see the potential benefits of using Bitcoin, and this trend is likely to continue in the years to come. So, if you believe in the potential of Bitcoin, and you have a possibility to invest, in my opinion, it's certainly worth considering investing in it and holding on for the long term, but don't do this bluntly, please research first.

It is advisable before anyone venture into bitcoin investment or cryptocurrency investment should go for a sensitization ( knowledge and orientation) before taking the final decision to venture into investment otherwise it would be too hard and disappointing haven invested their hard earn money and it went sideways without yielding to what they thought it could be. As a matter of consideration as a new comer you should know what you need in bitcoin investment or cryptocurrency investment, for one to be stressed free he needs to look into long term investment by taking bitcoin as the only currency that would survive for long run maybe somehow taken Altcoin for short time investment with this he may have the full control of his or her investments.

[lionheart78]

It is a good thing to have faith in our investments especially when we have done thorough research about it.  I am also one of those people that believe Bitcoin is here to stay but have the reserve in mind that everything will eventually come to an end except if they keep on evolving to cater to the needs of the masses.

It is a good point to compare Bitcoin to the development of computers but have you thought of the fact that these old computers are obsolete and are not in circulation anymore, nor is any demand for them?  And these new batches of computers can be associated with different cryptocurrency that has the latest technology. I think the case can happen to Bitcoin.  If Bitcoin failed to develop and update itself to compete in the market, it might be overtaken by the latest technology of alternative cryptocurrency.  Remember, there is no permanent in this world but change, there is no wrong in believing about the possible achievement of Bitcoin and the profits that lie ahead in the future but we must keep ourselves vigilant and updated about the cryptocurrency market.  It doesn't hurt to have some reservations and cautiousness in dealing with Bitcoin investments, after all, it is our money we put into the Bitcoin investment and obviously we have to protect it against any kind of losses.

[SmartGold01]

It is a good thing to have faith in our investments especially when we have done thorough research about it.  I am also one of those people that believe Bitcoin is here to stay but have the reserve in mind that everything will eventually come to an end except if they keep on evolving to cater to the needs of the masses.

It is a good point to compare Bitcoin to the development of computers but have you thought of the fact that these old computers are obsolete and are not in circulation anymore, nor is any demand for them?  And these new batches of computers can be associated with different cryptocurrency that has the latest technology. I think the case can happen to Bitcoin.  If Bitcoin failed to develop and update itself to compete in the market, it might be overtaken by the latest technology of alternative cryptocurrency.  Remember, there is no permanent in this world but change, there is no wrong in believing about the possible achievement of Bitcoin and the profits that lie ahead in the future but we must keep ourselves vigilant and updated about the cryptocurrency market.  It doesn't hurt to have some reservations and cautiousness in dealing with Bitcoin investments, after all, it is our money we put into the Bitcoin investment and obviously we have to protect it against any kind of losses.

I got your points mate, practically i am not comparing bitcoin with those computer but rather looking at how long it took them to have these developments from 1 to 5 and above, it didn't just end there but today we have lots of AI developed that even makes our computer works more better and smarter. What i was only referencing was the time it took to process the computer from 1 to 5 can also be seen and liken for bitcoin to gradually develop and have a better stands without us being in a haste to let out of the whole market pump happened immediately without us excising patient for gradual developments and increase in price.
For one to have patient they may use the progression of computer as a case study.

[Baofeng]

[quote author=SmartGold01 link=topic=5450654.msg62175047#msg62175047 date=1682893689]
[quote author=lionheart78 link=topic=5450654.msg62174798#msg62174798 date=1682890161]
It is a good thing to have faith in our investments especially when we have done thorough research about it.  I am also one of those people that believe Bitcoin is here to stay but have the reserve in mind that everything will eventually come to an end except if they keep on evolving to cater to the needs of the masses.

It is a good point to compare Bitcoin to the development of computers but have you thought of the fact that these old computers are obsolete and are not in circulation anymore, nor is any demand for them?  And these new batches of computers can be associated with different cryptocurrency that has the latest technology. I think the case can happen to Bitcoin.  If Bitcoin failed to develop and update itself to compete in the market, it might be overtaken by the latest technology of alternative cryptocurrency.  Remember, there is no permanent in this world but change, there is no wrong in believing about the possible achievement of Bitcoin and the profits that lie ahead in the future but we must keep ourselves vigilant and updated about the cryptocurrency market.  It doesn't hurt to have some reservations and cautiousness in dealing with Bitcoin investments, after all, it is our money we put into the Bitcoin investment and obviously we have to protect it against any kind of losses.
[/quote]

I got your points mate, practically i am not comparing bitcoin with those computer but rather looking at how long it took them to have these developments from 1 to 5 and above, it didn't just end there but today we have lots of AI developed that even makes our computer works more better and smarter. What i was only referencing was the time it took to process the computer from 1 to 5 can also be seen and liken for bitcoin to gradually develop and have a better stands without us being in a haste to let out of the whole market pump happened immediately without us excising patient for gradual developments and increase in price.
For one to have patient they may use the progression of computer as a case study.
[/quote]

Or maybe the best comparison is Internet vs Bitcoin adoption and growth throughout the years:

[img width=450]https://talkimg.com/images/2023/05/16/blob277c8a7d3fdc1ab0.png[/img]

Source

And if we look at the chart, they have similar projections or maybe we can say that Bitcoin might be adopted faster. In the beginning we don't have any idea what Internet is, however, when we realized the big potential, companies started to build the backbone (similar to what we are seeing, exchanges, and other services related to Bitcoin) and then government adopted it (El Salvador and others). And now the impact is being felt globally, again the same why as Internet is in the mid-90s to early 2000's. Maybe your theory though is similar to Metcalfe's law.

[Supreemo]

It's great to see that you have a positive attitude towards Bitcoin and its potential for the future [SO AM I]. It's true that Bitcoin and blockchain technology have come a long way, and there's still a lot of potential for growth and innovation. With each day, more and more people are beginning to see the potential benefits of using Bitcoin, and this trend is likely to continue in the years to come. So, if you believe in the potential of Bitcoin, and you have a possibility to invest, in my opinion, it's certainly worth considering investing in it and holding on for the long term, but don't do this bluntly, please research first.

It is advisable before anyone venture into bitcoin investment or cryptocurrency investment should go for a sensitization ( knowledge and orientation) before taking the final decision to venture into investment otherwise it would be too hard and disappointing haven invested their hard earn money and it went sideways without yielding to what they thought it could be. As a matter of consideration as a new comer you should know what you need in bitcoin investment or cryptocurrency investment, for one to be stressed free he needs to look into long term investment by taking bitcoin as the only currency that would survive for long run maybe somehow taken Altcoin for short time investment with this he may have the full control of his or her investments.

you can't deny the fact that even if you have enough knowledge and orientation about bitcoin you can still make some mistakes or failure because that's what humans do, if we fail, we learn and if we learn, we get experience to it then make another progress to build a new idea. in investing it's not always about gaining profit but also the loss. i am not saying that i don't believe in bitcoin but there are a lot of things that we should consider especially if you're new in crypto currency.

[BenCodie]

Why don't we have this mentality towards bitcoin and know its the latest Generation that has came to stay which through bitcoin we had a blockchain that featured all forms of technologies in the world, and yet you think one day bitcoin price will fail you?

During the rise of computing, there was a much more tangible and understandable level of progress. Since Bitcoin was beyond, it has been beyond comprehension and therefore harder to understand its progress technologically. To the average person, Bitcoin has always been Bitcoin. They aren't aware of the upgrades it has gone through from version 0.1 to 24.0.1. Until they learn more, it is always the same thing to them. I suppose the same could be said about computing except that the increase in functionality, speed, design etc was all in your face...and also, supported by corporations and governments with almost no adversary to its growth.

Bitcoin on the other hand, has the largest adversary of all...all of the interests that are involved in keeping the modern day fiat money/reserve banking system alive, These interests will do whatever it can to hinder peoples comprehension and faith in its progress, and profit from the Bitcoin market.

You can't blame people for being worried about Bitcoin and what it will do to their portfolio. It is attractive enough to put your savings into it, but it is volatile enough to make you worry. I do agree that at this point faith should be higher...though since we've seen growth from $0.01, $0.1, $1, $10, $100, $1000 to $10000 to $80000 ath...it's hard to trade or hold an asset at $20-30k without being worried about revisiting much lower price points. It's innate to be worried considering the monumental growth.

[mvdheuvel1983]

Bitcoin is a new innovation that is going head-to-head with a lot of traditional and century old systems. And from all indications aside it's volatility, it has performed very well. And mind you, Bitcoin means different things to different people.
My worry is more on creating awareness that would lead to mass adoption than on whether it is here to stay or not. As a matter of fact, this is no longer a debate. Bitcoin is here for the long term.

[bittraffic]

Computers are not to worry nowadays because we have seen it all already, were probably the generations that have been seeing one big phone carried like a suitcase but now they just fit in our hands but still function like computers.

With BTC, there is also nothing to worry since its technology is solid. Its the government that is to worry because somehow if they are creating CBDC, then they will be making it difficult for BTC holders.

[hatshepsut93]

Or maybe the best comparison is Internet vs Bitcoin adoption and growth throughout the years:



Source

And if we look at the chart, they have similar projections or maybe we can say that Bitcoin might be adopted faster. In the beginning we don't have any idea what Internet is, however, when we realized the big potential, companies started to build the backbone (similar to what we are seeing, exchanges, and other services related to Bitcoin) and then government adopted it (El Salvador and others). And now the impact is being felt globally, again the same why as Internet is in the mid-90s to early 2000's. Maybe your theory though is similar to Metcalfe's law.

When people were adopting the Internet in its early days, they were actually using it, spending many hours per month, and the benefits of Internet were clear to see.

But with Bitcoin and altcoins, most users are just people who want to make some quick money from speculative trading. Most users are not adopting crypto to pay with it in stores or online. Adoption for speculative trading is not sustainable, it creates a bubble that will pop when there will be too few newcomers to sustain the growth.

[BenCodie]

Or maybe the best comparison is Internet vs Bitcoin adoption and growth throughout the years:



Source

And if we look at the chart, they have similar projections or maybe we can say that Bitcoin might be adopted faster. In the beginning we don't have any idea what Internet is, however, when we realized the big potential, companies started to build the backbone (similar to what we are seeing, exchanges, and other services related to Bitcoin) and then government adopted it (El Salvador and others). And now the impact is being felt globally, again the same why as Internet is in the mid-90s to early 2000's. Maybe your theory though is similar to Metcalfe's law.

While this shows a trajectory of how many wallets are being created and the projected growth of future wallets, it's actually entirely inaccurate as to how Bitcoin is being adopted. Anyone can create and fund more than one wallet, in fact I believe this would be common among Bitcoin users who use Bitcoin every day. If this is standard practice, this would only become more so over time. It's likely that Bitcoin wallets will exceed internet users in the future, if it has not already. It's also not an indicator of how many internet users are using Bitcoin.

Internet users is also inaccurate. There are bots, servers, botnets, proxies, etc. which all could be more than one internet user or many users controlled by one user. All of the data relating to internet users is as accurate as trying to determine how many actual individual people hold Bitcoin from how many Bitcoin wallets have been created/are currently funded.

[Adbitco]

Bitcoin growth and popularity can never be compared with computer growth because then it was purely backend and supported by the government even till now but this same bitcoin government is against it since is out of their control they had all means in other to sink the development of bitcoin which led them to restrict most of their citizens not involve themselves in transaction of cryptocurrency coupled with the Anonymity of the founder who has remained anonymous and untraceable till date, this has cause so much threat to bitcoin growth and government not accepting it as a means of legal tender.
Then for individual who invested their funds, Yes they need to panic why because they didn't know what they are investing on, i believe if they knew the value of what they dealing with i don't think there should be so much FUD, while on the market increase everyone needs to be optimistic about the bitcoin price given themselves a higher hope.

[bettercrypto]

The other things you say here are a bit deep, but for people like me who at least have an understanding of bitcoin, I understand what you want to convey. Until now, there are still many people who doubt bitcoin even though there are many proofs of bitcoin among those it has helped.

         But anyway, it's not our problem if there are people who are really negative about bitcoin, that's really there and that's part of the industry we live in. There are really many Thomases who have the habit of believing only when their eyes see it and many people jump on the faith in bitcoin.

[MoonOfLife]

Bitcoin is a new innovation that is going head-to-head with a lot of traditional and century old systems. And from all indications aside it's volatility, it has performed very well. And mind you, Bitcoin means different things to different people.
My worry is more on creating awareness that would lead to mass adoption than on whether it is here to stay or not. As a matter of fact, this is no longer a debate. Bitcoin is here for the long term.

Fourteen years of existence and only a few hundred million users is still not a long time, and there is nothing to say that bitcoin will be around for long in the future. That is why bitcoin is still listed as a risky asset. But that's the game, those who take the risk get the rewards they deserve, and it's a fair game.

[hugeblack]

Generations of the computer industry was a development of human desires in the industry, and the development will continue in many industries. For example, according to Moore's Law, that the number of transistors on a microchip doubles every two years^[1].

Hence, the development of transistors marks a complete revival of the industry, and it is different from Bitcoin, in which development is good, but it is separated by sufficient alertness and proper use.
Many think of Bitcoin as an investment or a speculative tool, and therefore it will not make a difference if I keep it in a note or in a bank, but its use as a currency is very limited.

[1] https://www.investopedia.com/terms/m/mooreslaw.asp#:~:text=Moore's%20Law%20states%20that%20the,will%20pay%20less%20for%20them.

[davis196]

Who is worried about Bitcoin? I can only see a bunch of crypto newbies being worried about Bitcoin(and a bunch of FUDsters and bears being "worried" as well). No experienced Bitcoin trader/investor/HODLer is worried right now. The price even bounced back to 29K after a short term drop.
You shouldn't mix the technology with the price. The Bitcoin blockchain would be just fine, even if the BTC price drops down to 1K. The market conditions have little to do with the development of the blockchain technology. The markets aren't always rational. Sometimes they can be totally irrational (when the panic hits).

[serveria.com]

I have been silently reading and watching people's post.. It's mostly filled with worries and lack of faith, bitcoin is here to exist and there are no alternatives. The technology has been recorded already so I don't think anything else would come break the efforts they puts in building bitcoin and blockchain Technology. It's just as computer is being built which includes;

1. The first Generation of computer which was built with a vacuum tubes ( At then I believe there were Thomas who didn't believe on that technology but today where are those people)? calm down bitcoin still have a long way to go..

2. The Second Generation of computer which is solely built with transistors or discrete transistors was then and upgrade of Vacuum tubes.( Yet there were Thomas that kept saying for how long will this last), I believe so..

3. Third Generation of computer was then an upgrade of second Gen, that is being built with Integrated Circuits which was far more better than 1 & 2 generation computer. So why killing your self just know bitcoin haven't reached up to 20 years or 30 years.

4. Fourth Generation which was then know for microprocessors also better than 1, 2, and 3.

5. Fifth was also the upgrade of 1 to 4 generations so it is to come till whatever generation to come..


Inclusion and summary, Why don't we have this mentality towards bitcoin and know its the latest Generation that has came to stay which through bitcoin we had a blockchain that featured all forms of technologies in the world, and yet you think one day bitcoin price will fail you? My dear this is No to my answer because those who witnessed those 1 to 3 Generations of computer aren't there again so in essence why not buy bitcoin and hold and think of 20 years to come and more, if only we can centered our heart with the progression of computer then we would patient enough not to talk about price of bitcoin at this present moments.
So please bring down your tension and feel free with bitcoin since there are more things to explore with this current Technology.

NB. Some of the information are being highlighted and source from google

So, you're trying to say that Bitcoin right now is not good enough and should be improved? IMO that's nonsense. Bitcoin can't be compared to PCs, it can be compared to gold. Gold hasn't experienced much change in it's history. It was born perfect, same with Bitcoin. Let's not over-complicate things.  

[zanezane]

It's wonderful to know that you think highly of Bitcoin and its future prospects. Although Bitcoin and blockchain technology have come a long way, there is still a ton of room for improvement and advancement. More and more individuals are starting to understand the potential advantages of using Bitcoin every day, and this trend is expected to continue in the years to come. Therefore, if you think Bitcoin has potential and you have the means to invest, it is undoubtedly worthwhile to think about doing so and holding on for the long haul. However, before doing so, please do your research.

Right, also why should people may not be worried about Bitcoin is first, Bitcoin has been around over a decade, and its technology has proven to be secure and resilient. While the price of Bitcoin may fluctuate, the underlying blockchain technology that powers Bitcoin remains stable. Secondly, Bitcoinhas a finite supply. There will only ever be 21 million bitcoins in existence, which means that it is not subjected to inflation like fiat currencies. This limited supply is also a reason why some investors see it as a potential hedge against inflation. Thirdly, Bitcoin is decentralized and operates on a peer-to-peer network. This gives us more control over our own money and reduces the risk of centralization and manipulation.

[Yatsan]

What worries investors of this industry is the tendency that this technology could be restricted to majority of countries because of regulation issues in particular with taxation procedures. Another thing is market volatility wherein investors are usually making mistakes with regards to their entry and exit points.  However, we cannot reallily blame those people who are anxious and worried of Bitcoin simply because they have invested into it, and it is their money we are talking about. It is normal for them to feel so, what's not okay is to let their worries drive their actions, leading to permanent loss. We all know that loss during dumps are temporary and will only be permanent once you sell it. Problem is, we do have different tolerance in this market which makes their emotions valid.