Understanding Bitcoin's Potential Realistically

[Hatchy]

Which leader doesn't want shortcuts to their economic problems while they've been thinking hard for years without effective solutions and wont end up bothering them too.

Nigeria and some African governments are not doing a good job when it comes to governance. they are a perfect example of such countries.Nigerians have been striving for a better government for a long time. However elections are no longer fair and free, and it seems like being in politics is treated as a right rather than a responsibility. Interestingly, these governments secretly hold Bitcoin but publicly criticize it. It's unlikely that African governments will accept Bitcoin anytime soon because they are more focused on their own selfish interests.

[Flexystar]

I think there are million thoughts to this. If any newly formed currency/asset was able to solve the world's issues then golds and diamonds would have already done that. They were discovered since the ancient time and look where it got us? Nowhere. In fact these are the assets which are now getting collected, and stored for the personal purposes. Like, biggies are converting their millions of dollars in the gold bricks and coins for easy accumulation and possession of the same. I am pretty sure this is what happening with the Bitcoin these days. Every other financial institute has made it some sort of money making business. Brokers started forming, exchangers came in and started offering discounts and promos so that more and more bitcoin can be stored on them which makes them whole lot of money. Do we really think that Bitcoin can overcome the hunger just like that? It's just asset mate, the one who posses it, possesses for the own benefit and profitability over the course of period.

[Out of PATIENCE]

I don't believe in conspiracy theories, but if we agree with you that the world is on the brink of world war 3, who is going to care about BTC then, there will be other things on your priority list, like staying alive and getting food to eat, you'll want to have only fiat then because nobody is going to be exchanging their fiat for your BTC's, so you can't even spend it. So we better do something to stop that war if it is truly coming, to save ourselves and not BTC.

If you are only holding fiat in a situation like this, you'll be having a tough time. Precious metals?

It's not a conspiracy that ww3 is on the brink of happening:
https://www.bu.edu/articles/2022/how-close-are-we-to-world-war-iii/
https://www.washingtonpost.com/politics/2022/03/17/why-biden-white-house-keep-talking-about-world-war-iii/
https://www.businessinsider.com/conflicts-that-could-turn-into-world-war-iii-during-2023-2023-1

And it hasn't gotten any better -- North Korea fires intercontinental ballistic missile after threatening US

The reason everyone is trying to prevent ww3 from happening and talking about it is because it's close to happening, i.e. on the brink of.   The conspiracy theory is [essentially] that there are superpowers [intentionally] creating various problems to send us here.

And you don't have to convert your BTC to use it, there are plenty of places that would continue to accept it as payment even with ww3, but BTCs potential would certainly suffer, as things like electricity, internet are targets for these wack job globalists, and yes people will prioritize survival, but BTC should still exist in some capacity.

[DanWalker]

The reality is that Bitcoin isn't the only thing that counts. Even if Bitcoin becomes the only legal tender in every country in the whole world, I can say with 100% certainty that there will still be poverty and wars and all kinds of evil. Even if all fiat currencies are gone and Bitcoin becomes the global reserve currency and even the only currency the world knows, I'm 100% sure that inequality and discrimination and hatred and greed remain.

Some Bitcoin supporters speak of Bitcoin as if it's something that controls human conduct and character. Far from it. Bitcoin is simply a tool, a tool for everybody; pedophiles, environmentalists, restaurant owners, human rights advocates, artists, meth dealers, and so on.  

Satoshi created bitcoin with the aim of making it a peer-to-peer currency that cannot be controlled by the government, he did not mention that bitcoin would become the solution to all problems in the world. But ironically, so many people who aren't its father are propagating it as a god who came to save our world from trouble.

To me, bitcoin is just money, a tool to help me earn money so that I can have a better life, other than that, it is nothing else in this world. When I say this, it will probably make many people unhappy, but other than using it for profit, I don't see any additional benefit to my life. We have more important things to care about, not just bitcoin.

[Z390]

Bitcoin can't solve the financial crisis in the world, it changes the lives of those who believe in it's future value, that's the best we can say about Bitcoin, can you keep accumulating when there is max fear in the market? Can you keep doing this for a few years straight without looking back?

Bitcoin can change lives, we know that, but it's not a short cut to freedom we seek, it's not different from investing on stocks and real estates, they take years of investment to become something good, and unfortunately, millions of people around the world are not ready for this, some get off in the halfway, some get tired, some lose hope, some lacks the will.

So Bitcoin can't solve everyone's financial problem, but it's possible, only if you are willing to put in the extra effort it requires.

[Latviand]

I agree with your point, bitcoin is bringing a lot of innovation in the financial world, but that doesn't mean bitcoin will become a panacea for our world. It's ridiculous how many people are so crazy about bitcoin that they see it as a savior that can alleviate poverty and improve the world economy, bitcoin will solve all problems for the world if we accept it Globally...They don't look at the ongoing reality that bitcoin is only seen as a tool for speculation. And for it to become a global payment method will also take much time, even more unlikely, let alone bigger things. We should be realistic and set goals for each stage instead of living in illusions, it will not make us better.

The reason for them being so hyped and overly optimistic about Bitcoin and what it can do is because they are invested in it, they've put money into bitcoin and they know that being optimistic and saying something positive about bitcoin helps in raising it's value, they don't look in the reality because it's the truth and the truth hurts so they live in this delusion that bitcoin is the cure all solution for all the worldly problems out there. If I'm being honest, there's already a solution existing since the Industrial revolution, the ruling class just don't want to do it because it destroys their control over the people that they govern.

[Plaguedeath]

Bitcoin can't solve the financial crisis in the world, it changes the lives of those who believe in it's future value, that's the best we can say about Bitcoin, can you keep accumulating when there is max fear in the market? Can you keep doing this for a few years straight without looking back?

It always funny when there's someone say Bitcoin can solve the financial crisis in this world because if Bitcoin is shared to every human in this world, the price would be very cheap or even worthless as everyone have it. The reason why currency has a value because it's limited, not everyone have it.

If @OP is really want to solve the financial crisis, he should have donate all of his assets to poor people and not save it to make him rich.

[Blitzboy]

Critical as I may be, I cant help but find amusement in the grand visions some hold for Bitcoin. The video you shared, I must say, paints quite a utopic picture. A world without poverty, hunger, or war? The envy in me rises, as I wonder, why didn't I think of that first?

I want to remind you, though, that Bitcoin is, at its core, a digital currency. Its not a government, a non-profit, or a magic wand. It cant make decisions, adopt policies, or feed the hungry. Its an amazing technological innovation, yes. It can reduce corruption, increase financial inclusivity, and promote economic freedom, but these effects depend on us - the people, not the coin.

Playfully speaking, your optimism reminds me of the dot-com bubble. Remember how the internet was supposed to solve all our problems? Look where that got us. Being pessimistic, I dare say we might be overestimating Bitcoin's potential. Just like the dot-com bubble, there's bound to be some Schadenfreude when the dreamers face reality.

[m2017]

I was about to reply to this thread before it was locked by the OP.  Our Vision: How to change the world in three simple steps by Bitcoin"

The discussion raised an important issue that I believe many of us can relate to and should consider. As long-term Bitcoin enthusiasts, some of us have been part of this journey since its creation and we have witnessed its transformative power firsthand. Bitcoin has undoubtedly changed lives and ignited dreams for the future.

Indeed it was, Bicoin!

recently, i came across a video on YouTube https://youtu.be/3Rnqst5qCgA where the creator was very optimistic about Bitcoin saving the world from POVERTY, HUNGER, GOVERNMENT, WAR, ECONOMIC CRISIS creating a UTOPIAN WORLD. he even went as far as predicting the year 2048 and 2109, how Bitcoin would be the only dominating currency in the world.  

Oh, those predictors. To believe them is to disrespect yourself. From their words, bitcoin are the solution to all the problems of mankind. This is absurd.

While we all share a belief in Bitcoin's potential it's crucial to strike a balance between optimism and realism. Placing Bitcoin as a sole savior in solving all the world's problems might not be a practical approach. We should all remember that Bitcoin at its core is a currency meant to serve as a decentralized medium of exchange. We should not bother it with unrealistic expectations.

Gold words. How nice to hear them, without those excessive and overestimated expectations that beginners most often set out when they first learned about bitcoin. You are right, need to soberly assess the possibilities of btc.

we must also recognize that not all countries will readily embrace Bitcoin regardless of its undisputed qualities. Governments tend to have different perspectives on Bitcoin and some may be hesitant to change their existing views and regulations. The acceptance of Bitcoin on a global scale will likely be a gradual process spanning several decades to reach its full potential.
Unfortunately many of us may not witness its complete realization and we should remember that while Bitcoin holds remarkable promise and has the potential to shape our future let's approach it with a sense of realism. We can appreciate its transformative power while understanding the challenges it faces on its path to widespread acceptance and maximum impact.[/left]

(This is just my on view)

Of course, not all countries will accept bitcoin. Already now, the developing countries of the third world are the first to move in this direction. I'm not even sure if strong world powers like the USA or England will ever accept bitcoin.

Undoubtedly, the bitcoin adoption process will not be as fast as BTC-enthusiasts expect. And also, most likely, it will be only partial, fragmented, as the Internet is gradually becoming in the world (there are countries, like China, in which there is a separate global network).

[lovesmayfamilis]

Nigeria and some African governments are not doing a good job when it comes to governance. they are a perfect example of such countries.Nigerians have been striving for a better government for a long time. However elections are no longer fair and free, and it seems like being in politics is treated as a right rather than a responsibility. Interestingly, these governments secretly hold Bitcoin but publicly criticize it. It's unlikely that African governments will accept Bitcoin anytime soon because they are more focused on their own selfish interests.

Your words only confirm the idea that the government does not seek to eradicate poverty at all. The utopian claims that Bitcoin saves the world from evil will continue to sound like this from certain fanatical prophets who make such lengthy predictions for the sake of their PR. Who can be convinced of these predictions for 2109? However, there will always be people who will say that this is what I thought and predicted, no matter what the circumstances. We always need our own sober minds and competent analytics.

[ElmedoRator]

past, present and future have differences but in terms of upside potential is the most obvious thing i see for bitcoin i think people will be able to completely trust with idle assets to invest with bitcoin and over long enough the amount of money earned is really substantial. More and more people are looking to bitcoin as well as crypto for the sake of profit rather than for issues like money transfer, technology, asset guarantee, etc. I'm not sure how the future will change but I believes in the potential for value that bitcoin will increase over time.

[ImThour]

Bitcoin has undoubtedly changed lives and ignited dreams for the future.

It surely did, I can't say for everyone on this forum however for me personally, I have seen a growth in my financial funds, savings over the time period and improved quality of my life.

we must also recognize that not all countries will readily embrace Bitcoin regardless of its undisputed qualities.

That's why it's made decentralized and for anyone and everyone. Main motive of creating Bitcoin was to create a magic internet money which works across boundaries and regulations of governments. Bitcoin Lightning is doing that and I am very impressive that the speed of transaction of a payment through Lightning is faster than a VISA Debit Card.

For some countries, Bitcoin can be very beneficial and for their own benefits, they will surely implement a framework around it.

[Magic-Money]

The world is gradually growing towards the technology, where digital assets are being implement through our local bank ATM to purchase a goods and services physical in the market, shopping center and any other open center of service. Come to talk about Bitcoin, is a something that is gradually spreading the world and government can't stop crypto as long the internet exist, this is another way to be get Rich while investing now that government and many others company have not been fully involved, soon or later base on the Bitcoin prediction, 1BTC =$100,000 or more, and is going to happen one day and what it needs is to have patience.

[mvdheuvel1983]

Sometimes I tend to sit back and either watch or read articles that paints Bitcoin as the messiah of all currency and economies. Some of these articles or videos are so delusional that the picture they of a Utopian world where Bitcoin unites the world blah blah blah is so laughable that I can almost imagine Satoshi Nakamoto rolling on his bed while reading them.

First, there can't be a Utopian society. If there is the world would fall out of balance. Second, no matter how much the human race tries, there would always be famine, hunger, sicknessess and many more that's how the world is. It can't be eradicated. Don't you know that these are big businesses? Lastly, I agree with you on maintaining a realistic view on Bitcoin. Even right now, aside from holding and there is still a limited application of Bitcoin in our present day. I am not say it will remain like this, I am saying that Bitcoin is not going to have it's application or real use cases in all spheres of life.

[ranochigo]

recently, i came across a video on YouTube https://youtu.be/3Rnqst5qCgA where the creator was very optimistic about Bitcoin saving the world from POVERTY, HUNGER, GOVERNMENT, WAR, ECONOMIC CRISIS creating a UTOPIAN WORLD. he even went as far as predicting the year 2048 and 2109, how Bitcoin would be the only dominating currency in the world.  

While we all share a belief in Bitcoin's potential it's crucial to strike a balance between optimism and realism. Placing Bitcoin as a sole savior in solving all the world's problems might not be a practical approach. We should all remember that Bitcoin at its core is a currency meant to serve as a decentralized medium of exchange. We should not bother it with unrealistic expectations.

we must also recognize that not all countries will readily embrace Bitcoin regardless of its undisputed qualities. Governments tend to have different perspectives on Bitcoin and some may be hesitant to change their existing views and regulations. The acceptance of Bitcoin on a global scale will likely be a gradual process spanning several decades to reach its full potential.

It won't. In fact, Bitcoin perpetuates inequality, same as any other currency. The whole premise of the blockchain gives the people with the most resources the ability to make more money and that by itself already makes Bitcoin a currency like any other. Those are societal problems and they cannot be solved using a new medium of exchange. Governments will never embrace Bitcoin as their sole currency, Bitcoin isn't backed by anything and is far too prone to market manipulation among other things.

The fact that it doesn't give the government the ability to enact economic policies nor impose capital control already makes it an inferior currency to them.

[Ucy]

Bitcoin was created for one main reason, to serve as an alternative system to a badly run traditional financial system, especially when it (the traditional financial system) starts to crumble.
It will be an alternative system for preserving lives and values from an upcoming global choas and tyranny.

Systems built on solid foundation are expected to survive the global catastrophy. Ofcourse, we expect those on weak foundation to crumble & probably be rebuilt. The strong or antifragile ones will continue to stand

[Ultegra134]

While we all share a belief in Bitcoin's potential it's crucial to strike a balance between optimism and realism. Placing Bitcoin as a sole savior in solving all the world's problems might not be a practical approach. We should all remember that Bitcoin at its core is a currency meant to serve as a decentralized medium of exchange. We should not bother it with unrealistic expectations.

Exactly!
Some "bitcoin enthusiast" as they call themselves that, tend to make such excessive statement about bitcoin being a currency to solve every problem in the world. Well, I don't really call them a bitcoin enthusiast, they're more of a person who wants to get rich real quick by excessively disseminating information about bitcoin as the global hero all over the internet. I'm not even sure how did they come up with such realization when bitcoin was created by Satoshi for us to get freedom form third party money processors, thus we can have a borderless transactions. I don't understand how it could solve poverty, hunger, and even war. That's just some ridiculous thoughts. 

Bitcoin is never going to become the world's currency. Even if that was possible, governments wouldn't allow it for a variety of reasons that have been previously discussed at the forum. I'm generally against such bold statements, especially those that concern the extremely distant future, like the OP is mentioning, the years 2048 and 2109 respectively. Even the so-called prediction is so far off, with a range of over 50 years inbetween. Bitcoin isn't capable of solving worldwide issues, it doesn't grow on trees, you cannot create it from scratch, unless you're mining it, which requires expensive equipment and expertise that the average person doesn't have. Thus, it's unlikely, not to mention impossible, that an asset like Bitcoin can solve worldwide issues such as poverty, hunger, or the financial crisis.

[Silberman]

Avoid excessive excitement. Bitcoin cannot solve all the financial problems in the world, as it was not originally created for that purpose. Its initial aim was to address the issue of money transfers, enabling peer-to-peer transactions without the need for intermediaries. However, we have also discovered that we can benefit from Bitcoin's volatility, leading it to become an investment asset, despite not being its original intention. The truth is that Bitcoin has provided us with more than what we initially anticipated.

Bitcoin also gave us a hard asset increasing its status as both a currency and an investment, as even if gold is a hard currency too we do not really have a precise idea of how much gold could still be mined, especially the gold that is under the sea, however with bitcoin we know exactly how many coins will be mined and when, and when we compare bitcoin to fiat on this regard the differences are massive, and it increases the chances bitcoin will succeed in gaining billions of users at some point in the distant future.

[Renampun]

...
 we must also recognize that not all countries will readily embrace Bitcoin regardless of its undisputed qualities. Governments tend to have different perspectives on Bitcoin and some may be hesitant to change their existing views and regulations. The acceptance of Bitcoin on a global scale will likely be a gradual process spanning several decades to reach its full potential.
Unfortunately many of us may not witness its complete realization and we should remember that while Bitcoin holds remarkable promise and has the potential to shape our future let's approach it with a sense of realism. We can appreciate its transformative power while understanding the challenges it faces on its path to widespread acceptance and maximum impact.[/left]

(This is just my on view)

I understand what you're aiming for on this topic and I really appreciate it but what you're saying reminds me of people who said bitcoin would never touch $50k for a lot of very plausible reasons but the truth is bitcoin is touching over $50k+ and it really doesn't make sense.
until whenever I will always say the future is a mystery and cannot be explained by logic, you are not a psychic or someone who comes from the future, so any opinion about bitcoin in the future can still be accepted and tolerated, don't immediately think skeptically of people's opinions another about bitcoin in the future.

[Zlantann]

I was about to reply to this thread before it was locked by the OP.  Our Vision: How to change the world in three simple steps by Bitcoin"

The discussion raised an important issue that I believe many of us can relate to and should consider. As long-term Bitcoin enthusiasts, some of us have been part of this journey since its creation and we have witnessed its transformative power firsthand. Bitcoin has undoubtedly changed lives and ignited dreams for the future.

The thread you are referring to was just a copy-and-paste information that the OP took from Twitter. He made no input and made the post very difficult to comprehend. The work came up with a template that nations should follow to enable Bitcoin to solve all their economic woes. All these predictions might either come from the imagination of some overzealous individuals to gain attention. I am not underestimating the potential of Bitcoin to contribute positively to the economy of nations, but it is limited by other factors.

recently, i came across a video on YouTube https://youtu.be/3Rnqst5qCgA where the creator was very optimistic about Bitcoin saving the world from POVERTY, HUNGER, GOVERNMENT, WAR, ECONOMIC CRISIS creating a UTOPIAN WORLD. he even went as far as predicting the year 2048 and 2109, how Bitcoin would be the only dominating currency in the world.  

Recently there has been a clamor to de-dollarize the global economy. There are also indications that some groups of nations are strategizing to float a currency that will compete with the dollar. The world is gradually desiring to have a decentralized currency that will not make a single or a group of nations have control over the payment systems of the world. The world is moving toward an era where a single currency printed or controlled by a country will be rejected for a a de-nationalized currency.

While we all share a belief in Bitcoin's potential it's crucial to strike a balance between optimism and realism. Placing Bitcoin as a sole savior in solving all the world's problems might not be a practical approach. We should all remember that Bitcoin at its core is a currency meant to serve as a decentralized medium of exchange. We should not bother it with unrealistic expectations.

Bitcoin will not make poor countries rich. It will not also solve all the economic problems of the world. Poor nations will always be poor if they don't do what rich countries do. It is just a currency that will help nations to bypass the manipulative influence of greedy middlemen. It will help nations to have the privilege of carrying out international trade without restrictions. Nations can invade sanctions placed on them using a decentralized currency like Bitcoin.