At last, I encountered Bitcoin and Bitcoin Cash!

Hello Telesfor, Technically speaking, I have not used BTC yet in a real life. But, I store it as savings. It is not much like some super-rich people, but it may increase some value over years. That's what I am hoping for BTC. And, for BCH, it seems that transaction fees are MUCH chapter than BTC, so I am planning to use it in a real life. Have you ever heard of "https://map.bitcoin.com/" which can find out which stores accept BTC and BCH. I hope you will find the site useful :)

Why do you save what you don't need (and probably never will)? What sense does that make?

Do you even have the BTC in your wallet?

Hi Telesfor, Sorry to make you confused. Maybe I wasn't clear enough about what I meant. I DO need BTC, LOL. I am saving it and hoping that it will be more profitable, then I will sell it or exchange for fiat money (money which the central bank issue).

And, I do not have any BTC in my wallet, because transaction fees have increased a lot and it is not practical to use on daily basis. That is why I moved to Bitcoin Cash (BCH) community. BCH does not require much transaction fees so I do have some BCH in my wallet. :))

You are not confusing me. You're just confirming that you're buying something you don't need and won't use. You're just hoping to sell it more expensively later to someone who doesn't need or use it either. Don't be afraid that this snowball effect will eventually end and people will ask themselves - why should I buy something I don't need and can't use? Maybe I won't find anyone else to sell something useless to at a higher price?

Perhaps the rethinking is already beginning? Maybe it will start in a month or a year. Bitcoin was developed as something meaningful and should become an independent world currency. That's why it became famous. Unfortunately, it became a useless token that cannot find any use. Do you really think that something useless can have a high price in the long run?

Hi Telesfor,

I understand what you mean that the price of Bitcoin is overvalued, and it will eventually collapse at some point in the future. It says that Satoshi who is the creator of Bitcoin holds 1M of BTC, and if he sells all he holds, then the market of the whole cryptocurrencies will collapse! Boom! I hope he won't do it though! Oh, please Satoshi, don't do it! ;)

As you mentioned, Bitcoin was created by Satoshi Nakamoto who has his vision of libertarianism. When he created BTC, he hoped that this invention will help people be independent of centralized institutes like banks. However, now it seems that BTC has become a kind of coin for the rich who can only buy a LOT and store it without worrying about transaction fees can use it. The rich can be richer by storing BTC, but a common person who is like me struggling to send BTC from one wallet to another with high transaction fees. OK, BTC has become the gold of cryptocurrencies, but it was not the original point why Satoshi created it.

BTC has lost the original point. Sad!

Well, but I understand that money changes people. (including me) :/

BUT, now we have BCH! We will see how BCH will replace BTC as a currency for libertarians, which Satoshi hopes for.

Bitcoin was developed as a means of payment, it was supposed to have a use, it was supposed to become an independent world currency. But BTC doesn't do the job anymore because it's technically broken. It is useless. However, there are many cryptos that are useful. Do you really think that something useless can have a high price in the long run? Don't you think that at some point people will start asking themselves, should I really buy something useless just in the hope of selling it to someone for higher price? Maybe I won't find anyone else to buy it from me? Instead, I'd rather buy another crypto that is useful and even promises me more return? BTC speculation can work for a while. The price can rise even further because it is decoupled from reality. But at some point the house of cards will collapse. It can be in a day, in a month, in a year or in five years.

For me, BTC is like a dinosaur. It will die out sooner or later. Other, better cryptos will take its place.

Hi Telesfor,

I agree with you that BTC has lost the original philosophy behind its creation due to the very high transaction fees. There are so many altcoins as you mentioned. There are 8794 coins as of Mar. 13th, 2021. https://coinmarketcap.com/

We will see what coins and communities will keep their value growing. We do not see Namecoin, Feathercoin, and Peercoin any longer in the top 50 list which used to be dominant in the crypto field. I have a positive future for BCH since we have a good community to support the coin. :)

I am very sorry that BTC has developed in this way. Many people are blinded by the current high price. Many will probably regret it. The BCH price can (and probably will) fall as well. If you are in crypto, you have to have perseverance and think long-term.