Bitcoin; one asset, different realities

[CTO114]

There's been a whole lot of opinions when it comes to Bitcoin. Good, bad, volatility, asset, inflation edge etc. one important factor that a lot of persons overlook is that your region and where you live can shape not just how you see Bitcoin, but how you utilize it.

In Europe, many see Bitcoin as an investment, or a way to diversify their investment or as a tool to reinvest. However, concerns about volatility, scams, regulation and environmental impact make others cautious.

In America, Bitcoin is increasingly part of the investment conversation, with institutional investors and financial products bringing it closer to traditional finance. Some definitely see it as an opportunity to build wealth, others see a very risky asset with prices rising and falling rapidly.

And a little close to home, in Africa conversations about Bitcoin can be more practical. In our country Nigeria, where a lot of persons face a depreciating currency in this case Naira, expensive cross border transactions and difficulties assessing certain financial services. Bitcoin surely offers an alternative worth exploring. However its volatility, costly transaction m, lack of Internet access and lack of overall understanding remain very obvious challenges.

The same Bitcoin that an American buys as a form of investment, might be used as a Nigerian, as a better alternative means to move money abroad, someone in Europe might be more concerned about it's regulation, and someone else might care more about financial freedom.

Surely these perspectives may not be universal, as people on different regions can actually see it the same way.

We're not seeing Bitcoin change, but the various problems it can solve can change based on regions.

[Joy_learns_crypto]

There's been a whole lot of opinions when it comes to Bitcoin. Good, bad, volatility, asset, inflation edge etc. one important factor that a lot of persons overlook is that your region and where you live can shape not just how you see Bitcoin, but how you utilize it.

From your illustration how you see and utilize Bitcoin is similar, in Europe investment is constant, in America investment is still constant this is actually from your illustration which I don't think is wrong, in Africa I think you wanted to make a shift but I don't agree with you. In Africa the currency can easily depreciate but that's makes stable coins a better option than Bitcoin since it is pegged to the US dollars, in Africa it is still about investment.

[Hyphen(-)]

Regardless of where you leave, your understanding of Bitcoin will determine how you will use it. It was created to solve so many financial crises that involved third parties and so on, if you can buy and hold or decide to do your transactions with Bitcoin, you will control your own money and keep it safe in your own, no one will be involved.

Talking about using it as alternative since our currency is depreciating, yes it is one of the reason we have Bitcoin. It has solved that problem for us and we can also save our money in Bitcoin without thinking of how inflation will affect our investment since Bitcoin stores value.

[Gravitypull$]

costly transaction fee

Bitcoin transaction fee is not a problem because it's the same everywhere all over the world as long as you want to make bitcoin transaction at a particular time. Currently, you can use as low as 1sat/vbyte for your bitcoin transaction. It's only when the network is congested that you will use high transaction fee and that happens once in a while.

What makes you feel that someone in Nigeria cannot use his bitcoin as an investment but on for cross boarder payment. We all ha e our different reasons for adopting bitcoin and we will use it based on our own reason. The good part of bitcoin is that it has many utility purposes.

[Odohu]

And a little close to home, in Africa conversations about Bitcoin can be more practical. In our country Nigeria, where a lot of persons face a depreciating currency in this case Naira, expensive cross border transactions and difficulties assessing certain financial services. Bitcoin surely offers an alternative worth exploring. However its volatility, costly transaction m, lack of Internet access and lack of overall understanding remain very obvious challenges.

The same Bitcoin that an American buys as a form of investment, might be used as a Nigerian, as a better alternative means to move money abroad, someone in Europe might be more concerned about it's regulation, and someone else might care more about financial freedom.

You are very correct in your analysis, Bitcoin is viewed from different perspectives based on location, the economy, prevailing laws and even environmental concerns. The goodnews is that Bitcoin server double purpose for us in Nigeria which is as a means of investment and as a hedge against inflation that is killing our Naira. This is why we should seize every opportunity to collect as much Bitcoin as we can.

[Cryptoprincess101]

In our country Nigeria, where a lot of persons face a depreciating currency in this case Naira, expensive cross border transactions and difficulties assessing certain financial services. Bitcoin surely offers an alternative worth exploring. However its volatility, costly transaction m, lack of Internet access and lack of overall understanding remain very obvious challenges.

I don't understand what you mean by costly transaction and lack of Internet access because the last time I checked, bitcoin transactions takes just few cents, not even up to a dollar for a transaction to be confirmed so I don't know where the costly transaction is coming from. There is Internet access in Nigeria, even if you stay in an area where one of the network providers is lacking internet connectivity, you can switch to another network and perform bitcoin transactions without network interruption. About lack of understanding about bitcoin, I agree with that because the reason why most people in Nigeria are not investing in Bitcoin is because they don't have the understanding even though a lot of people have the knowledge. There are some people that still thinks that they need to buy a whole Bitcoin before they can invest. They don't have the idea of the DCA method where they can buy small fractions of bitcoins at regular intervals.

[Franklyn-wood]

And a little close to home, in Africa conversations about Bitcoin can be more practical. In our country Nigeria, where a lot of persons face a depreciating currency in this case Naira, expensive cross border transactions and difficulties assessing certain financial services. Bitcoin surely offers an alternative worth exploring. However its volatility, costly transaction m, lack of Internet access and lack of overall understanding remain very obvious challenges.

The same Bitcoin that an American buys as a form of investment, might be used as a Nigerian, as a better alternative means to move money abroad, someone in Europe might be more concerned about it's regulation, and someone else might care more about financial freedom.

You are very correct in your analysis, Bitcoin is viewed from different perspectives based on location, the economy, prevailing laws and even environmental concerns. The goodnews is that Bitcoin server double purpose for us in Nigeria which is as a means of investment and as a hedge against inflation that is killing our Naira. This is why we should seize every opportunity to collect as much Bitcoin as we can.

In My own point of view Nigeria is one of the African countries that embraced Bitcoin and it has helped the economy despite the devaluation of our currency. We can now sell and buy not just with our currency but also with Bitcoin. International and locall transaction which has limited some people due to banking polices. Bitcoin has leverage many from being subjected under the control of fiat the opposite of Bitcoin. Fast and have control over it.

[letteredhub]

Bitcoin surely offers an alternative worth exploring. However its volatility, costly transaction m, lack of Internet access and lack of overall understanding remain very obvious challenges.

Let me tell you something, no asset is entirely perfect but what's important is that it's solving critical problems that previous long standing assets couldn't have solved regardless of how long they have existed.

As for it's volatility, it's important because without it bitcoin could have being a boring asset and surely couldn't be seen as inflation edge too. In the aspect of transaction fees I believe bitcoin transaction fee are not that costly when we compare the current value of bitcoin and what other altcoins are valued to the US dollar but yet has their transaction fees almost equivalent or a bit lower to that of bitcoin transaction fees, then how much more those altcoins were of almost close value with bitcoin, what could have being their transactions fees?