To Understand the Potential of BTC, What we Must Know?

[Japinat]

I agree with the op's general idea. The potential of Bitcoin as a currency shines if one understands the issues with banks and fiat, and knows that Bitcoin is truly different. The fact that your funds can't be frozen, and you can send and hold money without anyone's approval, using a non-custodial wallet, is a big thing, but only if a person knows how much oversight banks have.
But to many people, Bitcoin's potential as an investment is much more interesting, and to estimate that, I think one needs to be familiar with the main adoption stories and the price chart.

Bitcoin and fiat are obviously designed as a currency, but the difference is that fiat is centralized which is totally controlled by the government while bitcoin is a decentralized currency which enables you to have the full control over your own coins. Hence, anonymity and privacy is more realized especially if you are a big time bitcoin buyer and seller. However, all the potentials of bitcoin will end up useless if the user alone is not knowledgeable or familiar enough on how to use it at its high advantage. That’s the reason why bitcoin is not used by everyone because some refused to be educated believing that fiat is more than enough compared to bitcoin.

[TheGreatPython]

Almost every single person who uses or have invested in Bitcoin understands the potential it carries and how much beneficial it is for us, but a lot of people are still ignoring the facts and figures that prove Bitcoin's actual potential and instead, they argue that banks and traditional financial systems are the best when deep inside, they know that they are wrong and banks and traditional financial institutions are nothing more than centralized manipulators.

However, as we move into the future, more and more people will start realizing the potential of Bitcoin and how useful it is as compared to banks or other traditional financial systems. I say that because I have confidence about Bitcoin and I know that it will prove people wrong in the long run.

[bayu7adi]

I have that point of view before that it's really made to be against the fiat system. But everything is being set and changes that it's a great alternative instead of having that view that it should be against.

And the government is afraid of it due to the fact that they have no control over it. That's all that they're thinking of and that's why they're against to it.

Other than that, they have to recognize the power of the people and this is what Bitcoin is all about that has made a financial disruption and they need to realize that.

However, in the field, the presence of Bitcoin has not found its place and is not allowed to thrive due to the government's complete control over the media. So, even though the product might be beneficial for the general populace, the government may not be willing to adopt it, as it might not yield profits for them.

Alternatively, there could be certain shortcomings that prevent Bitcoin from being integrated into the current governmental system. Its volatility, for instance, has the potential to create economic disparities when utilized for official transactions.

[Faisal2202]

I have that point of view before that it's really made to be against the fiat system. But everything is being set and changes that it's a great alternative instead of having that view that it should be against.

And the government is afraid of it due to the fact that they have no control over it. That's all that they're thinking of and that's why they're against to it.

Other than that, they have to recognize the power of the people and this is what Bitcoin is all about that has made a financial disruption and they need to realize that.

However, in the field, the presence of Bitcoin has not found its place and is not allowed to thrive due to the government's complete control over the media. So, even though the product might be beneficial for the general populace, the government may not be willing to adopt it, as it might not yield profits for them.

Alternatively, there could be certain shortcomings that prevent Bitcoin from being integrated into the current governmental system. Its volatility, for instance, has the potential to create economic disparities when utilized for official transactions.

Totally agreed with your point, But let me ask you something, every crypto related project like take an example of Silk Road in which Government of US has seized 69,370 BTC and another example 94,640 BTC were seized from Bitfinex. (source).

And you might have seen the current news, in which they are regularly selling those seized BTC but in batches. Now tell me where that profit or money going after selling BTC. Is it do not indicates that they (governments) are making money.

Why they are not adopting BTC. It might not because they can not control it because IMHO they can control it that's why we all are saying they have manipulated the market. Does manipulating the market does not fall under the controlling category. Well, moving back to topic, they are not adopting it because they are already making money out of it by seizing huge amounts of BTC and they also not wanted other companies to move out of the US because they could set up there empire in there and after some time when they grew a lot, By finding a small loophole or using some legislation they could seize that money too.

[davis196]

2.We can remain anonymous while hiding our real identity which is not possible in banks. So that's how we will save ourselves from debit/credit card offers from the banks. We would save ourselves from all the offers or i would say phishing offers by banks to borrow money or lend money to earn more interest etc. which will sink our money. other than this, we will save many other offers coming directly or indirectly from the banking sector, how do they know about our current financial situation? Because they have our whole information and they know about us but here on the BTC blockchain that's not an option.

3.BTC blockchain is decentralized and i know even the newbies know this, that Decentralization is the only thing for which BTC has been made (if I am not wrong about the financial crisis of 2008 in which the centralization of banks becomes a reason of all banks collapsed I know the other reasons too but i am just writing the whole story in one statement).

4.BTC Blockchain provides us the level of security that banks don't because there is no single vault or wallet where all the money is placed. There is no single entity owning the whole BTC blockchain that could run away with all the money (Rug Pull). BTC blockchain is tamper-proof while the banking sector still has many back doors even in the age of modernization.

2.This is partially true, because centralized crypto exchanges(that require KYC verification) are still a thing.

3.This is true.

4.Bitcoin/crypto security(in a cold wallet) is a bit different than holding money in a bank account, mostly because the user is 100% responsible for keeping the coins in his own cold wallet safe. That way, you can't blame anyone else for you own mistakes.
Bitcoin/crypto security when it comes to using centralized crypto services(and their hot wallets) is basically the same as leaving your money in the bank and hoping that the bank won't steal your precious savings.

CBDCs are an idea of the central banks, not the commercial banks. The central banks want more control and more control means less decentralization. CBDCs cannot be truly decentralized.

[Kelvinid]

To understand the Potential of Bitcoin, it is also to find how important it is in our life and on our daily activities otherwise, we can't see any appreciation of it.

What we must know;
- do people are using it? Or just for investment?
Because we already know that Bitcoin is a good investment but it wasn't just like considering that it was created as an alternative currency, therefore, we use this not only for investment but as a currency as well. Or we really don't get what is this meant for.

[Sim_card]

2.We can remain anonymous while hiding our real identity which is not possible in banks.

Our privacy is in our hands,bitcoin has given privacy to us but if we don't practice how to remain anonymous when using bitcoin,we can be traced through IP addresses or through CEx. Just as @Charles-tim said using Tor to connect your wallet gives privacy and makes you anonymous.

As i said, That's why they are launching their own CBDC or many other shits (like ETFs) to control the whole interest of users shifting towards decentralization.

The government are looking for how they can divert their citizens mind away from bitcoin by creating their own CBDC to enable them still have full control of their citizens financial activities,but they have seen that it isn't working because their coins is centralized and is the opposite of bitcoin. This has made the citizens to still believe in bitcoin due to its potential values. Banks are in business that is why they extort us and use our money to make profit without our knowledge. The fact is that we can't do without fiat because it is controlled by the government.

[hd49728]

The government are looking for how they can divert their citizens mind away from bitcoin by creating their own CBDC to enable them still have full control of their citizens financial activities,but they have seen that it isn't working because their coins is centralized and is the opposite of bitcoin.

This is what governments like and want to do but they will not succeed to control their citizens completely. Their citizens have rights and choices so they will not choose CBDCs to use for their fund transfers. Not all citizens will pick CBDCs and because governments can not completely observe and block their citizen activites, there will be areas governments are unable to control.

This has made the citizens to still believe in bitcoin due to its potential values. Banks are in business that is why they extort us and use our money to make profit without our knowledge. The fact is that we can't do without fiat because it is controlled by the government.

Banks, central banks are centralized and they can either seize our funds or censor our transactions. With Bitcoin decentralized network, no censorship and you only need to have bitcoin and use enough good fee rate to have confirmations.

[348Judah]

What Potential Does BTC Have?
1.We can send, receive, borrow, and store BTC. Example of how BTC is better than the Banking sector.

You can't borrow bitcoin as banks do borrow money from you and lend to others, if you have your money you can exchange it to bitcoin or best means to have this is to earn bitcoin just as you earned your regular fiat currency when you get paid for something, so i will like to put it this way that bitcoin will not put you into the mess of indebtedness, it will rather erace your mentality from such to learn how to work for and earn finances than relying on institutions to borrow you, if you have your own money, you can go decentralized but if it's not yours, you're under centralized authorities.

We can borrow BITCOIN, but not from banks. We can buy it from another person in p2p trade. But most of the BTC lender charge interest with high or lower rates. Which i do not promote. Because interest will lead one to usury which is not good for the social life of one. And also its an immoral work.

After showing my feelings towards interest, and usury, you might think, the thread i am going to mentioned now, that i am against it. So, no hard feelings. But people are borrowing in BTC means people can borrow BTC.

• Lending Service Started! (USDT/BUSD/BTC/LTC/ETH/DOGE/ETC)!

Well i don't know the kind of bitcoin borrowing scheme people will engage doing without fetching them an interest for doing that, also for someone like me, honestly i don't think i can recommend someone for taking bitcoin loan if paraventure one exist, loan will hodl you down form making achievement in whatever you're doing and the little you could earn and safe will still be diverted on loan, also options like this should not be presented to newbies who are just being introduced to bitcoin except for the experienced bitcoiners who already know how to manage risk and investment.

[Faisal2202]

The government are looking for how they can divert their citizens mind away from bitcoin by creating their own CBDC to enable them still have full control of their citizens financial activities,but they have seen that it isn't working because their coins is centralized and is the opposite of bitcoin. This has made the citizens to still believe in bitcoin due to its potential values. Banks are in business that is why they extort us and use our money to make profit without our knowledge. The fact is that we can't do without fiat because it is controlled by the government.

I totally agree with your point that banks are in business using our money and that's what i also trying to emphasized here. This CBDC and ETFs and other things are more like a centralized version of cryptocurrency and BTC respectively. That's why many people like me are against such things (not like enemy type but do not like such ideas).  That's why people should know that these things are the centralized version of BTC and Alts and they should avoid them not indorse them.

Well i don't know the kind of bitcoin borrowing scheme people will engage doing without fetching them an interest for doing that, also for someone like me, honestly i don't think i can recommend someone for taking bitcoin loan if paraventure one exist, loan will hodl you down form making achievement in whatever you're doing and the little you could earn and safe will still be diverted on loan, also options like this should not be presented to newbies who are just being introduced to bitcoin except for the experienced bitcoiners who already know how to manage risk and investment.

Even such schemes are presented to newbies (if you are also referring to the newbies (rank) here on BTT) then those newbies can not apply for that loan because the lender has set some rules and requirements. From which i can say, newbies, members can not borrow BTC.

And if you are referring to all the newbies other than BTT rank, then definitely we should not do that. Instead i think we should teach them the bad impact of borrowing. Either its the borrowing of BTC or Fiat. Many topics on this issue have been made on BTT and many members have suggested some books, and opinions. But the one thing remains in all of the answers is: we should teach them, give them the knowledge of borrowing's bad impact on social and personal life.