Post
Topic
Board Beginners & Help
Topic OP
They believe that Bitcoin is outdated due to a misunderstanding.
by
Hewlet
on 24/08/2023, 14:24:16 UTC
Bitcoin started the trend for blockchain technology, and we're thankful for that. But it doesn't really do what it originally meant to do anymore.

Most people who invest in Bitcoin plan to keep it for a long time, like around 80%, according to statistics. The current idea that seems like a sure thing is to buy small amounts over time and hold onto it.

Remember when Bitcoin was supposed to be used for sending money directly to each other? I know there are ways to make it faster and cheaper, but there are newer and better choices now. Plus, the price needs to be steadier to work as money you can use every day.

Some people say Bitcoin is great to keep your money safe. I don't get that. A good way to keep your money safe means its value doesn't change much. But Bitcoin's value goes up and down a lot, so it's risky. Why trade the safety of government-backed insurance for something that can change so much?

Also, the price is going up mainly because people think it will. Everyone's buying Bitcoin because they think "it went up before, so it will again." Or "it's the main cryptocurrency, so it's valuable." But is it really useful or is it just worth more than it should be? I think it's the second one. And saying other coins should be worth as much as Bitcoin is crazy. Some of those new coins are already being used and have real value.

Bitcoin will continue to go up and people will either begin to use it as it was intended again or is it possible for it to become obsolete.