Post
Topic
Board Beginners & Help
Re: They believe that Bitcoin is outdated due to a misunderstanding.
by
lixer
on 29/08/2023, 18:50:03 UTC
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.
So are you against Bitcoin or what? Most of the points that you tried to explain indicate that you don't like Bitcoin or the fact that it has grown significantly over the course of its existence, however, I don't think that will change anything, 1 Bitcoin will still be worth what it is even after your post or your thoughts about how useless or overhyped it is which isn't true in the real sense because you are not making sense at a lot of places in your post.

Keeping your money safe doesn't mean them not losing value at all, it simply means that you are the only one having access to your money and you also have the opportunity to convert them to another currency when you feel they might get devalued since the price of Bitcoin is volatile.