Should I be worried about Bitcoin.

[Eren Eeager]

Many guys on the internet claim that our economic system will change drastically in the coming years because of Bitcoin. So I have been worried that I don't know much about the basics of trading Bitcoin. Should I Invest in learning and reading books about Bitcoin or these are Just wild dreams of decentralization of money?

[Norbert Somogyi]

Claims are valid if they are backed up by proof. Without them their value is close to zero. Either way, it's best to do your research.

I personally don't know much about bitcoin, but you never know what useful bit of information you could possibly learn. Once you invest into studying it, you may discover things about this fear of yours that can help making it disappear.

[Johnny5]

Things never change that fast, doomsday preppers least of all.  

But given enough time, who knows.

[Vem94]

I am convinced Bitcoin will play a massive role in future economics and will change all our lifes to the better. Leo stated several times that no discussion about get rich quick scheme are welcomed on this forum but that shows he really has no idea what Bitcoin is and what impact it will have on the evolution of our society. I highly recommend the book "The Bitcoin Standard" by Saifedean Ammous - it's about 80% history of monetary system (from the very beginning of human economics to our modern so called "Fiat-Money-System") and 20% about what Bitcoin is and how it works. Not too technically and overall good to understand when you aren't that much educated in monetary systems.

In my opinion Bitcoin and the Blockchain technology is something Leo has missed on his radar. He talks so much about higher stages of Spiral Dynamics, society and politic and is asbolutely missing the impact our broken (and corrupt) monetary system has an all that topics. Bitcoin is stage turqoise and is the very first invention of manking to stabilize a global financial system.

[eggopm3]

Will it revolutionize the world's economy in the next few years? Not likely. In the long term (decades into the future) it's possible, but it's far too soon to tell. I don't know if the future of the technology will even resemble its current state in any way, but I don't think it's going to go away either.

It's a useful technology with a lot of potential applications. Personally I think it's value lies more with the technology involved than it does the specific coins that people like to hype up. It is likely to continue to grow in popularity and it will make an increasingly large impact on the world as it develops. So it is definitely worth having knowledge about. It's still pretty niche as far as these things go, most people have heard about it, but a relatively tiny percentage of people who've heard about it actually understand or use it. So you can be a bit ahead of the game by learning about it now.

[Chakra Lion]

@Eren Eeager What do you see? 

The reality that I see is that the US Dollar and many other global currencies are completely inflated and only exist because a collective has agreed that it holds a certain value according to what? This year already the US has spend more than it made, and that is a total reflection of how a lot of people in developed nations live. They borrow and borrow money that they don't have, and with no real education in budgeting or saving, most of the people i know are in debt. Our debt isn't backed by anything real, except computer numbers that calculate and memorize your account information. And its a pyramid scheme that enough people see is an illusion, so the collective perception wants to change it into something new. Something that can be a sustainable in backing up the value of something like gold was to physical currency. And that is the difference in 2020, we are not buying and trading in physical reality, it has become digital. That is where the future is going. Apple, Amazon, so many Electronic Companies, Online Marketplaces, even Tesla or Netflix, those are the real winners of the past decade and the new Oil and Gas Tycoons of this century. Technology has become our life, and I ain't even mad. It is awakening all of us in so many ways... The future is bright. 

Bitcoin is the digital Gold. It is limited in Quantity and is basically like a baseball card. We just all agree that its valuable and that's the truth. Bud I'd also take a look at XRP, Chainlink, Ethereum, and other Defi network Tokens. Bitcoin could be a hype, backed only by trust, global trust. XRP for example is something like 50,000x more efficient in sending money around the globe compared to Bitcoin, which also takes an average of 45 minutes to send compared to a few seconds for XRP and other crypto. Crypto is comparative to what a Automobile was when most people were riding horses on cobble roads. The Infrastructure wasn't adopted until the mainstream saw its worth. Just last week I saw that Goldman Sachs might create a token. 

[universe]

You don't really need to know a lot about trading bitcoin. You can just buy some if you want to, many platforms exist that make it easy for people to buy them.

Now, if you don't trust the platform to keep your bitcoins safe (hackers, fraud) then you need to make your own wallet etc.

I think it's not that the economic system will change because of bitcoin rather our economic system might collapse and people will look for alternatives. Which bitcoin would be one of many others.

[JosephKnecht]

14 hours ago, Vem94 said:

In my opinion Bitcoin and the Blockchain technology is something Leo has missed on his radar. He talks so much about higher stages of Spiral Dynamics, society and politic and is asbolutely missing the impact our broken (and corrupt) monetary system has an all that topics. Bitcoin is stage turqoise and is the very first invention of manking to stabilize a global financial system.

Do you think Bitcoin is not corrupt? 

Reality will support the monetary system that is less corrupt in the long run.

I think Bitcoin and cryptocurrencies will be less corrupt than the fiat money issued by Central banks. So Bitcoin is the future. 

[Vem94]

2 hours ago, JosephKnecht said:

Do you think Bitcoin is not corrupt?

Bitcoin is as far from being corrupt as seemingly possible. It's a system that is solely controlled by its users and represents a transparency the world hasn't seen yet. You want to see how much a certain company makes on certain products or services? Or how much politicians get for certains decision they make - not to mention from whom they got that bribe money. Same goes for governments and taxes. Everyone who wants to know where their money goes to will get to know that.
It's also impossible to devalue Bitcoin's worth once it is globally adapted - as it happens with leading world currencies right now. By the way: War has ALWAYS started with a devaluation of a nation's money otherwise it wouldn't be possible to finance war expenditures.

Edited August 17, 2020 by Vem94
spelling mistake

[Eren Eeager]

@Leo Gura Do you recommend investing in Bitcoin? you haven't discussed this topic yet.

[JosephKnecht]

2 hours ago, Vem94 said:

Bitcoin is as far from being corrupt as seemingly possible.

Bitcoin is used by people. People are corrupt. By extension, Bitcoin is corrupt. 

1 hour ago, Eren Eeager said:

@Leo Gura Do you recommend investing in Bitcoin? you haven't discussed this topic yet.

Stop asking others to tell you what to do. Start thinking for yourself. 

[Loving Radiance]

15 hours ago, JosephKnecht said:

Bitcoin is used by people. People are corrupt. By extension, Bitcoin is corrupt. 

Stop asking others to tell you what to do. Start thinking for yourself. 

+1

[MarkKol]

Thought this was interesting 

 

[Opo]

It's still too complicated for average person if it were to become mainstream and effect economies it has to be simpler. 

Edited August 20, 2020 by Opo

[Opo]

9 hours ago, MarkKol said:

Thought this was interesting 

 

People in the comments say that that's not how mining works. Apparently the network adjusts it's difficulty every something so you could mine for a little bit and then you are back at square one. 

[Harmony342]

I'd say whether it's wild speculation or not comes ultimately down to the individual seeing the utility of a new decentralised form of currentcy in the future. I'd say it has brilliant potential but there is always a risk of it going bad

[UDT]

The real Problem with Bitcoin is that they are people who hold enormous amounts of BTC and if they dump them, the market is going to crash.

 

[Chakra Lion]

On 8/20/2020 at 6:54 AM, Opo said:

It's still too complicated for average person if it were to become mainstream and effect economies it has to be simpler. 

@Opo exactly. If you can't explain it to a 5 year old, its not going to go mainstream.  The Pandemic has certainly exposed that physical currency is not the way forward. Crypto CEO's have already met with IMF and UN Leaders to discuss how the current way banks transport money, using the SWIFT network is completely inferior to the way digital currency could be used to move things like stimulus payments to individuals. But yea, simplicity sells.

 

14 hours ago, UDT said:

The real Problem with Bitcoin is that they are people who hold enormous amounts of BTC and if they dump them, the market is going to crash.

 

@UDT The Whales are real. But if you just hodl without using leverage you would be in profit with most crypto unless you bought at the tops. Diversifying your Portfolio is also important. If one is going to the moon, take some profit. If one goes to shit, that's how life is. Balance. Patience. Awareness. 

[Moon]

On 8/20/2020 at 1:54 PM, Opo said:

It's still too complicated for average person if it were to become mainstream and effect economies it has to be simpler. 

Very true, as was the internet and now an average 3 year old can use it  Definitely possible 

 

[meow_meow]

Remember that Bitcoin is not unlimited. It has a limit and sooner or later we will mine the last block = last bitcoin.
What happens after the last bitcoin block get mined?
Who owns most bitcoins?
If the governments already own most of it, how is it not controlled?
What if the conspiracy theory that CIA invented it to spy on darkweb finds out to be true?

Too sketchy IMO.
But the blockchain tech in general has already impacted how banks manage transactions. You can google it. Quite interesting.