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Bitcoin for Beginners
Bitcoin for Beginners is a subreddit for new users to ask Bitcoin related questions. **Do not respond to strangers direct messaging you, as over 99% of these people are Scammers.** This subreddit allows open discussion where peer review occurs. /BitcoinBeginners is not for posting new websites, memes, faucets, affiliate links, news, concern trolling, blog articles, or promoting altcoins and ICOs. **Bitcoin related Questions only** No url shorteners (auto spam)
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
I knew about Bitcoin when the price was around $200 and I've been kicking myself in the butt for not buying it because I thought $200 is expensive. I wish in the future I can look back in history and consider $20K is cheap
At what price point / longevity would you admit you're wrong about Bitcoin?
Serious question. At what price point or length of time would you admit you're wrong about Bitcoin as a legitimate asset, store of value, etc? If you say "i don't care if Bitcoin reaches $1 million and stays up there for 10+ years - it's still trash, blah blah blah" then I would suggest you are too stubborn and ideological in holding your beliefs. So what is it? What's your threshold at which you'll admit defeat?
Little pep talk for you newbs and other too. Hard facts you need to remember about bitcoin!
Don't let these dips sway your thoughts into thinking doom and gloom. Just remember this; 1)Fiat money has the ability to become worthless due to the fact that a central entity controls its production. In times of crisis they'll print too much and as much as they could which will just cause everything out there to be worth less. 2)Companies (stocks) have the ability to become worthless as well being that they function on the dollar as a piggyback. They got pumped due to the dollar, NOT because they did better business. Maybe Amazon and Tesla, but other companies no. 3)Bitcoin needs a DEMOCRACY to become worthless, meaning that for bitcoin to become worthless 100% of its participants have to agree on this AT THE SAME TIME. All miners have to shut down, all nodes have to shut down, many bitcoin businesses need to close doors, etc. Bitcoin is the first time in human history that we have DIGITAL SCARCITY. That alone will make bitcoin always worth it to everyone. So do not become fazed by this. Just use this opportunity to buy more.
The idea of that as more people adopt Bitcoin the price will stabilize to its long term exponential curve. Here's why I think that's true.
We're already seeing this. Check out the price charts to confirm.
It makes sense. The ratio of seasoned Bitcoiners to new investors increases over time. N00bs are far more likely to panic sell for a loss. So as more and more Bitcoin users develop their strong aversion to selling, the sharp downward swings (caused by panic selling n00bs) are reduced in severity and frequency.
Plus now we have larger, more wealthy entities who buy the dip. Microstrategy already publicly announced that they're doing this. So large dips are cut off before they gain any momentum. You'll only see large downward swings if someone cashes out a few million dollars in BTC all at once. But the severity of those dips will be blunted.
Regular buyers: Grayscale Bitcoin Trust alone is buying more than 100% of the newly mined Bitcoins. Where do you think the extra Bitcoin is coming from? (BTW glorious nation of Kazakhstan just invested $700,000,000 in Bitcoin mining gear). Eventually this pool of existing Bitcoin that they're buying from will dry up more and more. That's without even considering the massive effect that the 4 year halving cycle creates.
At the next halving 31months from now, the amount of new Bitcoin created gets cut in half again for the 4th time. This will run the well even drier. Let's say Grayscale continues to buy the same amount (even though they will definitely keep increasing their investment and other players will join in too). The faster the reserve of already existing Bitcoin is getting bought up, the faster the price goes up. The halvings increase this every 4 years.
It is an absolute certainty that Bitcoin will outperform every alternative investment and one day replace or completely dominate every other type of money. And for the Bitcoin scaling issue, the lightning network has already solved that. It does a million transactions per second, and has the capacity to send 10 BTC at once, instantly, for a few Satoshis (practically free). The Bitcoin blockchain will always run right about at capacity. The lightning network has private transactions. How do we know that Bitcoin together with Bitcoin lightning aren't doing as much business as Visa? There is no limit for how high Bitcoin will go. Compare this with TSLA. Today they have a P/E ratio of 1145. Many will consider this to be overvalued. That limits how high the stock price can go. Plus, you can't spend stock. You HAVE TO sell it first. Bitcoin has no such limits. The price of Bitcoin can and will continue to go up exponentially over the long term. As volatility improves, the pace of price increase should increase as well. Accelerating acceleration. You never need to sell Bitcoin. Just spend it, unlike stocks or other financial instruments. Eventually, after 6 or 7 more halvenings, Bitcoin will have a market cap of higher than the rest of the world's wealth combined. Every step is there between here and then. Eventually government created fiat money will be nearly entirely worthless by comparison. This halving period will create another bull run as more institutional investors adopt the hold forever strategy. Volatility goes down. Bitcoin becomes more famous for its performance, draws deeper attention, converts more believers/investors, more people hold forever, Bitcoin price goes to infinity with no limit. It's just a matter of time. Bitcoin is the most genius thing I've ever seen.
Don't know anything about Bitcoin, but my friend wants me to register Coinlist with my ID card so she can use it to invest using her own money
she told me that Coinlist has a limited amount in which you can invest, so she needs other people's accounts so she can invest more. In order to register an account I had to upload my ID, and she will login to my account and change it to her email so she can invest in it, but under MY identity. Am I the only one who thinks this sounds super fishy???? And does anyone know if Coinlist actually has a limit? Please help
Don't you want decentralization of power, taking away from few 1% and giving to the people? How about decentralization of the curency, make it work for the people and not for the bureaucrats and bourgeoisie. If you want any more info about it, check this link: https://wtfhappenedin1971.com/
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How Bitcoin Works in 5 Minutes (Technical) - YouTube
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