Bitcoin will never become mainstream

[bitcurve]

I think that bitcoin will never become mainstream due to the nature of it. The only possibility I can see that it will get mainstream is via centralized parties, like easy-to-use exchanges managing the users coins.

What are the arguments that support bitcoin will go mainstream? Any argument I can find online is something non-related to bitcoin itself - For example, if the US government buys bitcoin, or Tesla accepts Dogecoin it isn't something that (in my opinion, at least) makes bitcoin more accessible for the normal, non-technical every day person.

I think bitcoin became a scam not by purpose. see, these days people on social media just tell you to buy it, because it's a currency and its price will go up. but what makes bitcoin a currency? its community? but most of its community just bought it as an investment, not as a currency - as an asset. it's like a pyramid scheme.

Bitcoin does bring some good things to the world, where free (as in freedom ) digital money is inaccessible, but to the western world, what it brings? gambling? crime? mostly. some will argue privacy, but what exactly is private about bitcoin?

It also grows exponentially in terms of energy and resources needed to operate it, which is a total waste.

Some will argue it's a "new kind of global currency". but again, most bitcoin users don't use it for daily transactions. you might say, how do I know that? simple - because all the data on the blockchain is completely public.

And it's overpriced.

Leave your comments.

[Oshosondy]

Bitcoin will never become mainstream

Are you sleeping and not knowing what is going on in the world?

I think bitcoin became a scam not by purpose.

Bitcoin is not a scam. If you want to regard bitcoin as a scam, fiat are scam.

it's like a pyramid scheme

In pyramidal scheme, new investors will lose. Bitcoin always get to ATH. Also compare bitcoin to gold and other assets, not pyramidal scheme.

It also grows exponentially in terms of energy and resources needed to operate it, which is a total waste.

Miners use energy and pay for the energy to mine an asset that its value increases. Electricity companies gain from it while also bitcoin miners gain from it. How is it a waste? Something useful that brings food to the table a waste? So the electricity that those other industries used for production are waste? You need a lot to learn.

[franky1]

I think that bitcoin will never become mainstream due to the nature of it. The only possibility I can see that it will get mainstream is via centralized parties, like easy-to-use exchanges managing the users coins.

1. bitcoin wont replace a government fiat, but already does and is accepted as a alternative means of payment around the world
its already a internationally recognised currency which nearly all countries have recognised and created legilation about their recognition of

2. even the shares/stock market have recognised it and created ETF's

And it's overpriced.

3. a tonne of gold is over priced at $94m yet if you looked at its mining cost vs retail cost its only 50% speculated
bitcoin s most efficient mining cost is at about $60k meaning speculation is only 35% of the price($98k)

also you are not forced to buy a whole tonne of gold nor a whole bitcoin.. you can buy ounces of gold and sats of bitcoin, making it more accessible at lower purchase amounts

[bitcurve]

Bitcoin is not a scam. If you want to regard bitcoin as a scam, fiat are scam.

I didn't say it is a scam, I said that due to the fact that most people buy bitcoin as an investment and not as a currency to use, it is like a pyramidal scheme.
By the way, why do you think fiat currencies are scams?

In pyramidal scheme, new investors will lose. Bitcoin always get to ATH. Also compare bitcoin to gold and other assets, not pyramidal scheme.

That's not true. In a pyramidal scheme, the profits of old users are directly generated by the incoming money of new investors. it doesn't necessary mean new investors lose; it means that after some point, the whole thing will collapse, and then they will.

Miners use energy and pay for the energy to mine an asset that its value increases. Electricity companies gain from it while also bitcoin miners gain from it. How is it a waste? Something useful that brings food to the table a waste? So the electricity that those other industries used for production are waste? You need a lot to learn.

This is nonsense, because that energy could go to things way more important than mining bitcoin, like feeding hungry people, or warming their houses in the winter. Overall, the energy is wasted because it is used to accomplish something that can be accomplished without that heavy used of energy, hence it is wasted.

By the way, I didn't say that these arguments can't be made towards gold. I'm just saying they can be made against bitcoin.

Also compare bitcoin to gold and other assets, not pyramidal scheme.

It is wrong to compare bitcoin to gold since bitcoin's whole purpose is to be a currency, not an alternative to gold.

[bettercrypto]

All I can say is that no government can control Bitcoin, just remember that one of the features of bitcoin is decentralized, which is why no one can control it, no one powerful country.
Even so far no one has been able to do this.

Now, is Bitcoin a scam? The answer is no, who can be a scam? Right, those who use bitcoin to scam other people so they can make money from them.
So it's not really going to become mainstream, that's the truth.

[Plaguedeath]

And it's overpriced.

If you think Bitcoin price now is overpriced, actually it's not.

People can purchase Bitcoin via off-chain, so technically they don't have to pay fees to miners to own Bitcoin, which mean they bought lower than what it should be. Since you're wishing Bitcoin to be used as a currency and not linking to centralized exchange, Bitcoin price would be higher than now.

That's not true. In a pyramidal scheme, the profits of old users are directly generated by the incoming money of new investors. it doesn't necessary mean new investors lose; it means that after some point, the whole thing will collapse, and then they will.

Any kind of investments works like that except you invest in something like give fixed return e.g. time deposit, bonds etc.

[NotATether]

I think that bitcoin will never become mainstream due to the nature of it. The only possibility I can see that it will get mainstream is via centralized parties, like easy-to-use exchanges managing the users coins.

That's not why. Did you know that Libra (the coin developed by Facebook) was going to enable decentralized payments just like Bitcoin, but in Facebook, Instagram, Whatsapp etc? Kinda like TON for Telegram now but back then, the US Federal Reserve killed it because they did not want such a mainstream decentralized coin. I can provide a source for this.

And they tried to kill Bitcoin like that too, in Operation Chokepoint 2.0, shutting down the mixers, exchanges, etc, harassing Binance and so on. But they failed. That being said, they are currently trying to do everything possible to prevent Bitcoin from going mainstream. They want a CDBC like China.

[Jating]

I think that bitcoin will never become mainstream due to the nature of it. The only possibility I can see that it will get mainstream is via centralized parties, like easy-to-use exchanges managing the users coins.

We already have a lot of centralized exchanges or 3rd parties in between.

What are the arguments that support bitcoin will go mainstream? Any argument I can find online is something non-related to bitcoin itself - For example, if the US government buys bitcoin, or Tesla accepts Dogecoin it isn't something that (in my opinion, at least) makes bitcoin more accessible for the normal, non-technical every day person.

Not sure if you are hearing yourself, but bitcoin has been accessible already, we have wallets that we have total control. And you don't need to be technical savvy person, just some basics. And in this current age, everyone is already tech savvy with their phones and social media.

It also grows exponentially in terms of energy and resources needed to operate it, which is a total waste.

This has been debunked multiple times already, so find and make a search. Just look at banks as well, they are also using a lot of energy and resources in printing money, so why single out Bitcoin?

Some will argue it's a "new kind of global currency". but again, most bitcoin users don't use it for daily transactions. you might say, how do I know that? simple - because all the data on the blockchain is completely public.

And it's overpriced.

It's overprice because of supply and demand, not to burst the bubble for you but it seems that you don't grasp Bitcoin itself. I haven't check your account on how long have been here in the market, but it seems to be that you are a novice.

[bitcurve]

Any kind of investments works like that except you invest in something like give fixed return e.g. time deposit, bonds etc.

That's just not true, take for example stocks, real estate, etc.

Not sure if you are hearing yourself, but bitcoin has been accessible already, we have wallets that we have total control. And you don't need to be technical savvy person, just some basics. And in this current age, everyone is already tech savvy with their phones and social media.

You do need to be technical since via one small mistake you can lose your coins, and nobody can help you in such case.

[Ultegra134]

I didn't say it is a scam, I said that due to the fact that most people buy bitcoin as an investment and not as a currency to use, it is like a pyramidal scheme.
By the way, why do you think fiat currencies are scams?

I think bitcoin became a scam not by purpose.

But you did? Perhaps you didn't directly call it a scam, but what difference does that make?

it's like a pyramid scheme.

How is Bitcoin comparable to pyramid schemes? Pyramids collapse because they're unsustainable "business" models, if you could even call them that. They're paying you to sign up (by paying major amounts of money) people under your name, receiving extravagant commissions, and producing nothing in return. Eventually, the whole system collapses, and the founders run off with the money.

So you're comparing that with Bitcoin? I don't understand how these two could be comparable because they'll both (according to you) eventually collapse. If so, how do you know that?

[bitcurve]

So you're comparing that with Bitcoin? I don't understand how these two could be comparable because they'll both (according to you) eventually collapse. If so, how do you know that?

I don't "know" that but it is a very reasnable and logical assumption, and a probable outcome.

Most new people come to bitcoin to invest in it as an asset ->

They don't use it as a currency ->

This creates high damand for bitcoin and limited supply ->

The price goes up ->

People on social media promote bitcoin as an investment ->

The price goes up

It will eventually stop, and the price will crash.

This already happend on low-scale before, by the way.

The very fact that most users see it as an asset to invest in and not as a currency is the problem.

[Outhue]

What a perfect time to be saying this nonsense.

Right after Bitcoin is already on its mainstream journey.

Calling Bitcoin a pyramid scheme shows how much knowledge you lack about Bitcoin, here is what you should start asking yourself right now.

Bitcoin is a pyramid scheme like you said but is your brain comparable to that of MicroStrategy and BlackRock? Or even Elon musk? Are these people stupid for investing heavily on pyramid scheme?

Or you are the one that isn't seeing enough? Ask yourself these questions then whatever you think you know will be questioned.

DYOR.

[bitcurve]

Calling Bitcoin a pyramid scheme shows how much knowledge you lack about Bitcoin, here is what you should start asking yourself right now.

I don't lack knowledge about bitcoin, it's just an opinion.

By the way, I didn't call bitcoin a scam - read again what i wrote. I wrote that it will eventually crash.

Right after Bitcoin is already on its mainstream journey.

We've already been on a few "mainstream journey moments" before and always the price crashed right after. This is another evidence that people take bitcoin as an investment and not a currency.

[franky1]

So you're comparing that with Bitcoin? I don't understand how these two could be comparable because they'll both (according to you) eventually collapse. If so, how do you know that?

I don't "know" that but it is a very reasnable and logical assumption, and a probable outcome.

Most new people come to bitcoin to invest in it as an asset ->

They don't use it as a currency ->

do not confuse currency with government issued cash

currency can be anything.. women trade their body for many things.. sex is their currency
friends/neighbours trade alcohol for a helping hand.. beer is their currency

yes its not government issued cash.. but its all still currency.
anything traded that has an accepted value of exchange is a currency
gold is a currency

This creates high damand for bitcoin and limited supply ->

The price goes up ->

People on social media promote bitcoin as an investment ->

The price goes up

It will eventually stop, and the price will crash.

yes the price moves up and down.. congratulations you are learning that all currencies fluctuate
however bitcoin is deflationary. meaning over the long term its value per item bought increases to be able to buy more items

yep its not stable so swings up and down but broadly and long term the price moves up.
each time there is a crash/correction, its actually a good discount period/opportunity to buy more before the next rise
enjoy the crashes, dont fear them. because the next cycle the price will be higher, not lower

[hd49728]

I think bitcoin became a scam not by purpose. see, these days people on social media just tell you to buy it, because it's a currency and its price will go up. but what makes bitcoin a currency? its community? but most of its community just bought it as an investment, not as a currency - as an asset. it's like a pyramid scheme.

You can call Bitcoin as anything you want, scam, not scam, whatsoever. Bitcoin does not care, it is Bitcoin as it is.

In any market, it's zero sum game and if you can have demand is bigger than supply, price will rise and it's what Bitcoin has. How does it get this amazing skew imbalance between supply and demand, you will need to read.

The bullish case for Bitcoin.

[bitcurve]

So you're comparing that with Bitcoin? I don't understand how these two could be comparable because they'll both (according to you) eventually collapse. If so, how do you know that?

I don't "know" that but it is a very reasnable and logical assumption, and a probable outcome.

Most new people come to bitcoin to invest in it as an asset ->

They don't use it as a currency ->

do not confuse currency with government issued cash

currency can be anything.. women trade their body for many things.. sex is their currency
friends/neighbours trade alcohol for a helping hand.. beer is their currency

yes its not government issued cash.. but its all still currency.
anything traded that has an accepted value of exchange is a currency
gold is a currency

This creates high damand for bitcoin and limited supply ->

The price goes up ->

People on social media promote bitcoin as an investment ->

The price goes up

It will eventually stop, and the price will crash.

yes the price moves up and down.. congratulations you are learning that all currencies fluctuate
however bitcoin is deflationary. meaning over the long term its value per item bought increases to be able to buy more items

yep its not stable so swings up and down but broadly and long term the price moves up.
each time there is a crash/correction, its actually a good discount period/opportunity to buy more before the next rise
enjoy the crashes, dont fear them. because the next cycle the price will be higher, not lower

You defined a currency as a storage of value - that's incorrect. A currency has a fixed value, one US dollar = another US dollar.

[Swordsoffreedom]

I think bitcoin became a scam not by purpose. see, these days people on social media just tell you to buy it, because it's a currency and its price will go up. but what makes bitcoin a currency? its community? but most of its community just bought it as an investment, not as a currency - as an asset. it's like a pyramid scheme.

You can call Bitcoin as anything you want, scam, not scam, whatsoever. Bitcoin does not care, it is Bitcoin as it is.

In any market, it's zero sum game and if you can have demand is bigger than supply, price will rise and it's what Bitcoin has. How does it get this amazing skew imbalance between supply and demand, you will need to read.

The bullish case for Bitcoin.

In the financial markets, those who win and make big profits will consider this as their savior. On the contrary, people lose because of their greed and stupidity, and they never want to admit that the loss is their fault, they will blame the market or whatever they invested in.
Even as bitcoin price rises to $1 million and becomes legalized globally, we still hear some people hating it and calling it a scam. Simply because they are the losers in this game and do not admit it is their fault. Have you ever seen any successful or rich person complaining or blaming others? Only losers do that.

[Free Market Capitalist]

....

And it's overpriced.

Leave your comments.

My comment is that you have a lot of ideas but you don't have a dime.

At least it's not bad to have a troll around here once in a while, I was already missing proudhon.

[bitcurve]

....

And it's overpriced.

Leave your comments.

My comment is that you have a lot of ideas but you don't have a dime.

At least it's not bad to have a troll around here once in a while, I was already missing proudhon.

Instead of facing the arguments, let's call it a troll. this will solve the problem. good job big boy!

yes the price moves up and down.. congratulations you are learning that all currencies fluctuate
however bitcoin is deflationary. meaning over the long term its value per item bought increases to be able to buy more items.

First, how do you know it's deflationary? limited supply doesn't guarantee that. I can give plenty of examples of things that have limited supply and are not deflationary.
Well, bitcoin fluctuate based on hype on meme coins, investigation against crypto exchanges, social networks, Elon musk tweets, and stuff like that - unlike any other fiat currency.

[Kelward]

Bitcoin gives freedom and privacy to it's holders that is why they're at liberty to either spend it as a decentralized digital currency or they can hodl it as an investment asset. Bitcoin is a new innovation in the financial system and it's not even two decades old, so you can't expect it's usage as a currency to be compared with fiat just yet, you have to give it time. I believe that in the near future the naretive about Bitcoin by those that are still skeptical about it will change, it's already happening, the adoption is increasing geometrically. Some businesses have started to accept Bitcoin, gradually more will join as the awareness and adoption continues to increase. Remember that great things starts from small beginnings and it's sad that Rome, wasn't built in a day, so it's not too late for you to hop on the train.