A Bitcoin debate and discussion

[Evergreenpost]

Yesterday I was out on the street to watch the final of a local football competition. While waiting for the match to begin, I sat near three guys who were quietly discussing past issues related to Premier League clubs. After a short while, their conversation shifted to Bitcoin and other cryptocurrencies.

They began talking about a man who had used his capital to start crypto trading but ended up losing almost everything just a few weeks ago. One of them strongly insisted that all cryptocurrencies, as well as Bitcoin, are nothing but scams.

I politely introduced myself and asked if I could contribute to their discussion as someone who is still learning. I tried my best to explain that Bitcoin is not a scam and that it was created with a meaningful purpose, far from what many people now assume. I wonder which planet those guys are from. I told them that Bitcoin is 16 years old now, i.e., one decade and a half as of today, and many institutions are using Bitcoin to transact business. Bitcoin can never be a scam, as they have believed, and even no government  anywhere in the world would have accepted it. And I also emphasised that trading is a different matter entirely. It is difficult. It is a skill that requires experience, strategy, and risk management.

Despite my effort, they stood their ground and argued that cryptocurrencies are nothing more than gambling or scams.

But one thing really stuck with me during our conversation. One of the men said, “Young man, if you ever want to invest in Bitcoin, make sure it is money that, if you lose it, you won’t feel any pain. Only invest what you can afford to lose.”

That statement made me pause and reflect. Now I’m wondering, is this actually good advice, or are these men just being overly cautious and afraid of risk?

As someone who is always ready to learn. You know, sometimes we learn and receive information from arguments. It's just like a debate. Our government use debate to make decisions and policies. Like our House of Representatives, and that is how it is all over the world.
 What can you say about our conversation?

[EluguHcman]

While you are submissive to learn in this Bitcoin journey, i will advice that you should mind how you interfer into public conversations about Bitcoin because you manner of approach can implicate you to risk amidst untrusted people especially strangers like that you just found yourself.
Don't just jump into conversations like that you are not invited.

Straight forward... let us talk about this guy that lost painfully on Bitcoin trading, before he ventured on that quest, was it that he knew Bitcoin was a scam and still invested his hard earned funds on it even in the consecutive basis of a straight one week trading? What was he thinking? To outsmart the scammer behind Bitcoin or to beat the house edge if it was a gambling resource?

Only the stupids or vulnerability to scam would ignorantly invest their money in anyway market or commodity without asking questions about how the market works especially researching to understanding the reliance and reputation of the commodity.
So if in reality your story is true OP, that guy was either scammed or he eventually ventured into the trading market with greeds mindset which paved him the Ignorant to question how the market works before he invested his money in the first place.

[I_Anime]

I literally get their point , Is normal to approach things with cautious especially things you are  not yet familiar with . Due to that unfamiliarity one will definitely be cautious to avoid making any mistakes without even noticing it , that’s why is always advisable to do your research , to avoid such mistakes and same time to correct some misinformation like calling all cryptocurrencies scam , yeah there are scam projects at there . Doesn’t make all cryptocurrencies a scam bitcoin has being around for past years and kept doing despite some unnecessary speculation concerning it getting crash to $0 some days , but it kept on proving them wrong .

Yeah Is good to use money you can afford to lose or should I say discretionary income (money you have left after taken care of any form essential expend) . And don’t forget inorder to get a better ROI you have to go in for long term when come to bitcoin am not saying there’s no risk in it , there’s that what make it an investment because there’s no risk free investment.

[Joy_learns_crypto]

Yesterday I was out on the street to watch the final of a local football competition. While waiting for the match to begin, I sat near three guys who were quietly discussing past issues related to Premier League clubs. After a short while, their conversation shifted to Bitcoin and other cryptocurrencies.

They began talking about a man who had used his capital to start crypto trading but ended up losing almost everything just a few weeks ago. One of them strongly insisted that all cryptocurrencies, as well as Bitcoin, are nothing but scams.

I politely introduced myself and asked if I could contribute to their discussion as someone who is still learning. I tried my best to explain that Bitcoin is not a scam and that it was created with a meaningful purpose, far from what many people now assume. I wonder which planet those guys are from. I told them that Bitcoin is 16 years old now, i.e., one decade and a half as of today, and many institutions are using Bitcoin to transact business. Bitcoin can never be a scam, as they have believed, and even no government  anywhere in the world would have accepted it. And I also emphasised that trading is a different matter entirely. It is difficult. It is a skill that requires experience, strategy, and risk management.

Despite my effort, they stood their ground and argued that cryptocurrencies are nothing more than gambling or scams.

But one thing really stuck with me during our conversation. One of the men said, “Young man, if you ever want to invest in Bitcoin, make sure it is money that, if you lose it, you won’t feel any pain. Only invest what you can afford to lose.”

That statement made me pause and reflect. Now I’m wondering, is this actually good advice, or are these men just being overly cautious and afraid of risk?

As someone who is always ready to learn. You know, sometimes we learn and receive information from arguments. It's just like a debate. Our government use debate to make decisions and policies. Like our House of Representatives, and that is how it is all over the world.
 What can you say about our conversation?

I go like talk about this part. For my journey and experience for cryptocurrency amongst the first take home advice I got was make I no invest what I can’t afford to lose, even for this forum you go also get that advice. What they told you is completely true and correct don’t invest money way you can lose.

But is bitcoin a scam? I go say a big No to that but there are scammers wey Dey after your bitcoin.

Is bitcoin a gamble? We have to look at it according to one of the definitions of gambling. I no go Dey wrong if I talk say gambling na game of chance wey you fit collect or then fit chop you. So using that I see all investment as gambling because we don’t know tomorrow and the market is volatile but bitcoin is a reduced risk type of gamble.

[Lida93]

They began talking about a man who had used his capital to start crypto trading but ended up losing almost everything just a few weeks ago. One of them strongly insisted that all cryptocurrencies, as well as Bitcoin, are nothing but scams.

This na just one of the discussions I been dey get with some users for the trading discussion board, about how some person just carry for mind say crypto trading just easy like ABC-Z. But nah until dem carry hand put inside and get burnt nah there then go know say trading hard pass to play cultism. You no just jump in with small strategy you think say you don test for demo come the think say it go work for live trading session. It no dey work lik dat

[nelson4lov]

~Snipped

But one thing really stuck with me during our conversation. One of the men said, “Young man, if you ever want to invest in Bitcoin, make sure it is money that, if you lose it, you won’t feel any pain. Only invest what you can afford to lose.”

That statement made me pause and reflect. Now I’m wondering, is this actually good advice, or are these men just being overly cautious and afraid of risk?
[...]

Whoever made that statement is correct in investment terms. As with any investment, you need to invest what you can afford to lose. Bitcoin is a store of value but there's a risk same with other assets that are close to the standard of bitcoin so you only need to invest what you're happy to lose because we have market cycles and they might invest close to the top, panic sell later and lose money. So yeah, relevant advice.

I also think there's no need trying so hard to convince people anymore. Bitcoin needed such a decade ago not now. If the almighty wall street investors that were shitting on Bitcoin are now apeing in with billions of $ daily has accepted Bitcoin, why should you have issues if some random guys can't accept it?

Best is just to focus on accumulating more and build your bitcoin bag.

[Wiwo]

What are we discussing here now, that is new or different from what we have always warned about high volatile assets like bitcoin that you should invest money that you wont need urgently and that you can effortlessly put away for a long period of time.

So whatthe guy told you about bitcoin investment with minimal amount is right and you should also make sure to clarify that, there is no money that one can afford to lose because every amount is important but risk management is what nake us winner in bitcoin investment.

[Smartvirus]

When having this kind of discussions, you no even need to argue with them. Left for me alone, I go just hear them and pass, na there matters last last. People way Dey make for inside the hustle go still Dey make am Dey go. As you try to give them update so, na you try pass but, you no go blame them much shah, na where them understand am reach na em them Dey use talk. No matter how you convince them, Bitcoin go always be scam to some people especially, when them don make some kind wrong moves or invest with cryptocurrency companies way no legit and them jakpa with their money.

[IjawMan]

Despite my effort, they stood their ground and argued that cryptocurrencies are nothing more than gambling or scams.

This guy you get energy oh. I no see why I go the argue with anybody about bitcoin as nobody come seat me down the educate me about am. Nah me on my own see di need to enter into new form of financial opportunities way currently dey in trend, tested and working. Nah there I use take the bold step to learn about bitcoin and this forum done do me much good in the learning process as e help broaden my scope about am. Nothing like scam inside am, and as for me I no get any energy to go di argue with any body papa sef. Make di benefits and profits I go start to receive for the future as I di buy small small sats di hold for my wallet nah go do the toking and arguments for me when them go see am.

[Evergreenpost]

While you are submissive to learn in this Bitcoin journey, i will advice that you should mind how you interfer into public conversations about Bitcoin because you manner of approach can implicate you to risk amidst untrusted people especially strangers like that you just found yourself.
Don't just jump into conversations like that you are not invited.

Straight forward... let us talk about this guy that lost painfully on Bitcoin trading, before he ventured on that quest, was it that he knew Bitcoin was a scam and still invested his hard earned funds on it even in the consecutive basis of a straight one week trading? What was he thinking? To outsmart the scammer behind Bitcoin or to beat the house edge if it was a gambling resource?

Only the stupids or vulnerability to scam would ignorantly invest their money in anyway market or commodity without asking questions about how the market works especially researching to understanding the reliance and reputation of the commodity.
So if in reality your story is true OP, that guy was either scammed or he eventually ventured into the trading market with greeds mindset which paved him the Ignorant to question how the market works before he invested his money in the first place.

According to those guys, before I intervene, a guy was given 2 million to start a business, but he used it on cryptocurrency trading. Lost almost everything; I don't know much about the man who lost his capital. According to them, it was in the news.

I only try to enlighten them; I didn't reveal any information about myself or if I have anything to do with Bitcoin.

Your message is noted andappreciated.d

[Evergreenpost]

Despite my effort, they stood their ground and argued that cryptocurrencies are nothing more than gambling or scams.

This guy you get energy oh. I no see why I go the argue with anybody about bitcoin as nobody come seat me down the educate me about am. Nah me on my own see di need to enter into new form of financial opportunities way currently dey in trend, tested and working. Nah there I use take the bold step to learn about bitcoin and this forum done do me much good in the learning process as e help broaden my scope about am. Nothing like scam inside am, and as for me I no get any energy to go di argue with any body papa sef. Make di benefits and profits I go start to receive for the future as I di buy small small sats di hold for my wallet nah go do the toking and arguments for me when them go see am.

When having this kind of discussions, you no even need to argue with them. Left for me alone, I go just hear them and pass, na there matters last last. People way Dey make for inside the hustle go still Dey make am Dey go. As you try to give them update so, na you try pass but, you no go blame them much shah, na where them understand am reach na em them Dey use talk. No matter how you convince them, Bitcoin go always be scam to some people especially, when them don make some kind wrong moves or invest with cryptocurrency companies way no legit and them jakpa with their money.

I appreciate everyone for your contributions.

There was one of my lecturers, a professor, who used to advise us that as educated individuals, we should not remain silent when people around us are spreading lies or fake rumours. He always encouraged us to politely educate those who are ignorant of the truth, rather than ignoring the situation.

I simply followed the same approach as the professor.

I was only trying to correct them and help change their mindset.

[Odogwu-Blockchain]

I simply followed the same approach as the professor.

I was only trying to correct them and help change their mindset.

You cannot change the mind of Nigerian by merely discussion to a group of strangers, we are stubborn and it takes Gun and Knife to change us, we no dey hear even if we pretend to have heard someone. In fact, pretending to hear a preacher means "Abeg, preach wetin you want make you comot soon, so I do my things" pretending be like respecting you to express yourself while you walk away when you are done.

Someone that really wants to learn about Bitcoin will need no preacher but will quietly go to his room alone, browse and read as many articles as he wants, download as many apps he desires, and participate in many airdrops he seems successful even when it doesn't.

This journey is an alone journey bro, dey your dey doing your things, that's the way crypto industry is designed.

[asarfiar]

Bitcoin requires some planned rules to invest regularly. You need to divide your money in such a way that your money invested in Bitcoin is safe. Bitcoin is a long-term process and there is risk in it. So invest in Bitcoin as an additional source of money here, although there is risk, after a long time, i.e. after one to two cycles, you can enjoy the benefits of making very good profits.

You do not need to know much to invest in Bitcoin, if you can only gain some basic knowledge, you can complete the investment process regularly. And if you apply the DCA strategy to reduce volatility, you will see that the volatility of the Bitcoin market will no longer exist. And if you can manage a long-term investment system, the possibility of risk will almost disappear.

[SatoPrincess]

When having this kind of discussions, you no even need to argue with them. Left for me alone, I go just hear them and pass, na there matters last last. People way Dey make for inside the hustle go still Dey make am Dey go. As you try to give them update so, na you try pass but, you no go blame them much shah, na where them understand am reach na em them Dey use talk. No matter how you convince them, Bitcoin go always be scam to some people especially, when them don make some kind wrong moves or invest with cryptocurrency companies way no legit and them jakpa with their money.

I agree with Smartvirus, there are people who are not open to learn they just want to argue. It’s better to just ignore and leave them to their own opinions. Nowadays you need to dey cautious the way you dey talk to strangers about crypto investments especially in person them fit think say you get millions and them fit try to rob you or set you up later.

[Mate2237]

When having this kind of discussions, you no even need to argue with them. Left for me alone, I go just hear them and pass, na there matters last last. People way Dey make for inside the hustle go still Dey make am Dey go. As you try to give them update so, na you try pass but, you no go blame them much shah, na where them understand am reach na em them Dey use talk. No matter how you convince them, Bitcoin go always be scam to some people especially, when them don make some kind wrong moves or invest with cryptocurrency companies way no legit and them jakpa with their money.

I agree with Smartvirus, there are people who are not open to learn they just want to argue. It’s better to just ignore and leave them to their own opinions. Nowadays you need to dey cautious the way you dey talk to strangers about crypto investments especially in person them fit think say you get millions and them fit try to rob you or set you up later.

True there are people who talk out of ignorance simply because they are opposed to learning new things which could be helpful to them because even though that crypto is one thing that everyone is not too familiar with with the level of information that is available at the disposal of any one it will be odd for anyone to still talk less of Bitcoin as been scam.




Our role as far as am concerned is to see how we can make people come to the understanding of how Bitcoin works and what it is all about because Bitcoin is not what you can compare to altcoins

[Uhwuchukwu53]

The problem of many in the system refuse to adhere that crypto is not quick to get rich scheme that has always been the challenge of many not just ignorance of information not being at their disposal but failure of adhere that  quick to get rich is not welcome in the system this just as binance official said if you want to get rich quick don't touch crypto, the man statement should be a course of study to many because his 100% correct crypto only appears scam for those who see the process as quick to get rich, in my opinion more knowledge is necessary for any with such thought as the results will always ends in condemning the process and giving it wrong tag .

[Btcdeybodi]

Despite my effort, they stood their ground and argued that cryptocurrencies are nothing more than gambling or scams.

In the midst of people who have made wrong investment decision, it is always hard to convince such people on the right path to go because at that material time, they might still be feeling the pain of their past mistake so there is nothing you will say at that point that will make any sense to them. The problem with most people is wanting a quick wealth which often lead them to invest in the wrong coins and tag all as scams.

But one thing really stuck with me during our conversation. One of the men said, “Young man, if you ever want to invest in Bitcoin, make sure it is money that, if you lose it, you won’t feel any pain. Only invest what you can afford to lose.”

That statement made me pause and reflect. Now I’m wondering, is this actually good advice, or are these men just being overly cautious and afraid of risk?

Sure that was a good advice, investing in bitcoin do not mean that you are sure of making profits or that you will succeed, that is why we advice people to invest with a discretionary income. This discretionary income means an amount that is left over after you must have settled your important needs, so that if your investment didn't work as you planned you will not feel the impact since you invested at your discretion and with what you could afford to lose. Normally, everyone is supposed to be very cautious when investing even if it an investment that once gave you a huge amount of profits.

[Doan9269]

Despite my effort, they stood their ground and argued that cryptocurrencies are nothing more than gambling or scams.

Sometimes you will hardly find me amidst bitcoin arguments because i cant force people as against their wish regarding bitcoin, some may see it as a profitable investment while some may not, some can even go to the extent of calling it all manner of names that its all about scam and fraudulent activities the way other ponzi scheme appears, but i know one thing for sure, they will get to know the difference with time.

[Coyster]

That one depend on how risky you believe say bitcoin investment dey, you no go hear person talk say make you invest only what you can afford to lose in real estate, and that is because they don't view it as being too risky, so if you believe say bitcoin no dey as risky as people think, then you can invest a large amount into it, just as you would do with stocks or real estate.

That said, the decision is up to the investor, nobody will give you investment advice. Some people have as high as 60% of their wealth in bitcoin because they believe in it, others have as high as 60% of their wealth in stocks; so you see, you have to make the decision, just make sure only a small portion of your money is in the bank though.

[Curious T]

But one thing really stuck with me during our conversation. One of the men said, “Young man, if you ever want to invest in Bitcoin, make sure it is money that, if you lose it, you won’t feel any pain. Only invest what you can afford to lose.”

Any form of crypto trading is a risky business; people need to understand that. If you go into a business you don't know well and when you lose money you start shouting "scam" then you are a fool. Trading is something you learn and gradually get better at. So yes, you will not put in more than you can afford to lose, or else you'll lose an amount you can't come back from. People outside just feel it's simply buying and selling, but it's more than that. The worst are people who trade different shit coins and memecoins without fully understanding what they're doing