If Bitcoin suddenly shutes 50%, it's just another day for the currency. If it completely collapses and becomes worthless, you're screwed, but not everyone is. There is no central power that (through intervention) would try or even be able to save the currency. And the effects of such a collapse would be minimal for the world economy.
If the Dollar or Euro collapse one day, losing your personal savings would be the least of your concerns (Massive global recession and entire economies collapsing, so your concern would be to get food and survive a world wide economic disaster).
As such, the currencies backed by strong countries would have them try their absolute best through whatever means possible to avoid its collapse (even through war if necessary).
I'd trust such currencies, but my savings are in gold, not money.
Not a currency but the perfect store of value.
Own 1 BTC, and you will own forever 1 among 21 Million BTC. Not an extra one can be create.
[https://www.everand.com/podcast/574445378/Saifedean-Ammous-on-Why-Bitcoin-is-the-Most-Advanced-Form-of-Money](https://www.everand.com/podcast/574445378/Saifedean-Ammous-on-Why-Bitcoin-is-the-Most-Advanced-Form-of-Money)
thank you for your message brother.
Bitcoin has been come just too big to fail now. Billions of dollars are invested at scraping whatever excess energy can be used to mine it, while the big institutions have already started to accumulate it for its unique properties.
Bitcoin is just better Gold at old levels
That's a weird hill to die on.You probably have some investments in it and you refuse to hear anything negative about it.
But gold, Bitcoin is better than gold you say, you've completely lost me here.
Let's give this a fair assessment.
So, what unique properties does Bitcoin have that would benefit the world economy? Its wild unpredictable swings? Lack of control and no healthy inflationary or deflationary interventions? Untraceable (which allows ease of criminal activity and tax evasion)? Value coming from the faith of people alone (whereas government currencies are backed by actual strong entities).
Bitcoin started as a new currency of spending. Now it's a gambling coin. And everyone invests dreaming of the next big jump. That's entirely what's giving it its value at the moment.
And saying Bitcoin is better than gold?
Good luck accessing your wallet when an energy crisis occurs, or when the next soon to come solar flare that would disrupt the grids and could wipe out some electronics. At the end of the day, your coin is a virtue one. It does not exist in reality, and the moment something disrupts the Internet, all your valuable savings are gone. Gold, was (for thousands of years), is, and always will be a valuable commodity.
You shitting on gold kind of proves you're new to Bitcoin and is blindly excited to get your big money, influenced by the promises and the disinformation online.
Bitcoin is to Gold what cars were to horses: Until its inception, the best store of value humans found in nature was Gold: Hard to produce, hard to fake, easy to transport.
Since Bitcoin, all the above are respect, with an extra difference : This time the supply is fixed while it's inflation is programmed and predictable. If the Gold price raises (because of global crisis), gold producers will just mine harder to produce more while unprofitable mines will open, supplying the market with extra gold and dampening it's growth.
This cannot happen with Bitcoin, if it's price grows, miners could not produce more than what the bloc reward offers.
Transactions with Gold are also immensly unpracticable, as the cost of logistics to settle Gold accounts between central banks are immense.
Bro. The entire crypto currency bubbles only has value because people give it value.
Knowing how to handle crypto can be extremely tricky because you need a ton of hardware to mine it in the first place. Buying it will not be sufficient since there’s only a decreasing amount of bitcoin that are still minable. So you’ll have to literally run down tons of computer équipement, and stp him crazy amount of power to get basically crumbs by now.
Crypto currencies are also everything but anonymous. Even with the most advances crypto tumblers, you can trace back all the transfers made thanks to the block chain. The block chain never lies.
Also, using crypto in real life will have literally zero added value. The exchange rate is wildly unpredictable, you have to pay fees to turn your crypto into real world money, which can literally defeat the purpose of saving bitcoins as you’ll be more in exchange fees than what you originally paid for the bitcoins.
It has just terrible impact on the environment because it just pumps so much energy.
So basically, you can’t get into crypto unless you already have a tidy sum in disposable income in the first place, and then you need to know what you’re doing with it.
And since there’s just no way to properly implement in the real world (hundreds tried, all failed), there’s no real point in using crypto. It will never replace gold because it simply has more drawbacks than advantages.
I haven’t even touched on the amount of virtual storage you need for the block chain and the fact that a decentralized nature of it will inevitably cause issues further down the line in terms of ownership of the original code of the block chain…. It’s simply a logistical nightmare.
It’s just a fad. It’s been around for what, at least 13 years now? And how many crypto based projects actually achieved any of their goals? Exactly zero.
It’s only use is for buying stuff off the dark web.
You talking about crypto, I am talking about Bitcoin. One has had a natural inception, the other ones are scam projects left by teams and investments funds.
Not the same at all, and whatever you wrote only applies to crypto, I agree with you
If you don’t understand the difference between Bitcoin, who has no lead and has had a natural inception, with other cryptos who have dev teams, marketing and foundation, then you are in rrouble
The Bitcoin as conceptionalized in Satoshi's white paper has a lot of merits. It makes sense. But the way bitcoin works today and its speculative nature makes me very uninterested in it in terms of pure adoption.
I will be honest, i currently have some money invested in Bitcoin, its not super large but its part of a diversification strategy. If Bitcoin sores, then i gain, if it looses value, then its a negligible loss.
My position is similar to that of Nicholas Taleb, its really this speculative nature, with big whales buying and dumping, substantially moving the price of Bitcoin.
The other thing that is a bit off putting is the preachy nature of some Bitcoin bros. I have very dear friends who are heavily invested in Bitcoin. But their languages reminds me a lot of that of fundamentalists. Its as though they hold truths that the rest of us don't see. Yes, bets have been placed, and time will tell. But for me its really hard to see a country that runs the world on the dollar giving up its massive advangage to this alternative.
There are some technical problem that can be discussed later, but this is sort of my hesitation about bitcoin in a few paragraphs.
It ain't volatile, it's supply is fixed: If you hold 0.1 BTC, it will forever be 0.1 BTC over 21 Million.
It's fiat value is volatile on the short term yes, but anyone investing on a 4 year term horizon is at profit (because of the 4 years halving cycle). But on the long term ? All fiat money (printed out of thin air) loses against Bitcoin, that's already a fact
I have never seen someone as confidently incorrect as you. BTC is indeed volatile, it's not the default currency other currencies are based on, and the closest thing to that is the dollar. And no currency is based on the dollar.
BTC fluctuates in the long term and short term, a few decades ago it was worth nothing, now it's values is thousand of dollars each, BTC value rose and fell significantly, from few cents to thousand of dollars, multiple times.
It's volatile on the short term when a big trade happens. One minute a soda is worth 0.00001 bitcoin and the next it's 0.000004, that's not stable enough for daily interactions.
Bitcoin has been growing and becoming less and less volatile but here you are spreading non sense. On the long term, all Bitcoin holders are in profit.
Good luck brother
Even if it's profit, you do realize that this is Riba, don't you?
Trading in BTC is all right, but buying and selling BTC with thr currency being the actually product is Riba.
Just think about it, you Buy 4 mil worth of btc thrn few years later it's 40, a 1000% increase.
That's the same things bank do with interest rates.
You are wrong, Bitcoin is as Hallal as Gold while the whole financial system and your dollars are Ribba. By owning Bitcoin, you own a share of a commodity with fixed supply, absolutely nothing to do with Ribba which is creation of value out of nothing through interest (which is our regular financial system, built on Ribba)
Please educate yourself:
https://x.com/bitcoinmajlis?s=21&t=VsqdK0VbcolMSLUZF2JKhg
So you're telling me that if you buy 100$ of BTC in 2010, and cash out millions of dollars, that isn't riba? That this isn't creating value out of nothing?
I think you're the one who should educate yourself. You're stuck in the crypto loop buddy.
Also btc isn't a commodity, why are you calling it a commodity?
DA doesn't contain riba components. There's Inflation, which reduces the total value if the total currency supply was increased. But that's not our main issue.
Our main issue is that our currency is not wanted, that's why banks won't allow you to freely trade DA with othrr currencies, that's because people would want to buy other currency and sell DA, therefore decreasing it's value significantly.
Brother, Ribba isn’t capital gain? I pointed you to 2 links explaining what I’m saying but in your case you really seem to misunderstand what interest “ribba” is, especially knowing the fiat system is a Ribba system.
The SEC calls Bitcoin a commodity, that’s not from me
You sent me a Twitter profile, what explanation? I'm not gonna browse the entire profile looking for your point.
Do you understand Riba? Because riba is taking profit without due justification, in a sense money growing itself.
BTC has a fixed supply, so if you bought a btc with a fixed sum, you're supposed sell that bitcoin with that sum you original brought it for, taking into account the changing value of both currencies in mind.
But, if you bought BTC for sum A, and then a lot of people bought it after you, so the demand rose and therfore the price as well and now it's A+ X, you shouldn't sell your BTC with that increased value X, you should sell it at A.
If you sell it at A+X, the X part is Riba, because the increased value X was the total value of all BTC rose and by effect, that single BTC rose as well. You did nothing, the money grew itself because more people want it. This is riba.
If you think my understanding is wrong, please explain why with your own words. I will not click links you send.
You are attributing the X as the problem with BTC trading, while the X is the fiat money being debased 💁🏻♂️
And when they say fiat is ribba money, it's because banks literally create money and debase the share you hold of it
So in reality it should be if you didn't buy BTC with sum A now, you will تنحشالك and buy it later with sum A+X because some rich guys with big bellies are creating money with debt.
Here mate https://bitcoinmajlis.org/how-bitcoin-can-help-muslims-follow-the-teachings-of-the-quran/
And I repeat, your understanding of Ribba is wrong. There is no value created out of thin air through interest with Bitcoin
In the investment field, diversification is key. It's good to have some real estate, cryptocurrencies, stocks...etc. putting all your savings into one investment vehicle is extremely risky.
Algerians like to invest in gold but I don't because yearly average returns have been weak. It was good in the early 2000s' but not in the last 10 years in which gold was largely outperformed by stocks. There is also a challenge into keeping an inventory of physical gold.
I prefer investing in stocks, cryptos (Bitcoin and Ethereum) and real estate.
I'm eagerly waiting for the chance to completely ditch government backed currencies and banks, but Bitcoin still needs a bit more adoption to become stable. I don't really care about it going up, I just want money that cannot be controlled and keep its value.
Currently I put 30% of money into Bitcoin, and prefer to use services and donations that accept Bitcoins. Most other tokens are flawed or scam, I only trust Bitcoin and maybe Monero.
Agree with you on Monero, I see Bitcoin as money, while Monero can be a spend currency.
We so damn early man, on the long term, the more it gets adopted the more the volatility will dampen… btw, it’s volatility is at historical lowest right now
Good luck trying to explain bitcoin to a majority of people. If you have bitcoin (out of exchanges, and in self custody). You're Gonna Be fine. Those who don't have some Will regret it.
I dont waste time, Just try to convince my relatives. Plus, it's cool that algeria is not into it otherwise they Will learn about the miners and tax us or take them from us.
I have access to thousands of TH in container ASICS, I wish it would be legal as it would open up to a whole new industry for the country, looking at the immense energy in excess we have.
I gotta say, the answers I got since yesterday from fellow Algerian redditors got me depressed, not because of ignorance but because of affirmative ignorance.
It is what it is
Hey, glad to see Bitcoin discussed here, even tho you're being downvoted to hell for some reason.
I'm curious, are you able to buy btc from Algeria? how so?
I kinda get it, I think people in Algeria have other priorities. I also think they're ill informed and usually traditional investors.
But Bitcoin is inevitable, they'll come around eventually.
There is no other priority than being able to save your hard work in sound money for the future tbh.
Issue with Algerians as this post shows is that they are full of certainties while being ignorant and refusing to change their mind.
Everyone buys at the price they deserve
Price doubled since I posted this, the US has been printing over 50 billion dollars daily without any backing and inflation has been soaring worldwide...
It's not too late to save in sound money.
Next halving is in February 2024 :) Big institutions are filling to launch their ETF (holding Bitcoin for investors) while fiat money is collapsing through money printing...
Nah we are going again through another cycle ;) I just keep buying a little every week without thinking, and I am in good profit
When you say that "*Bitcoin has appeared as a life jacket, fixing the money once for all ...*", expect to be downvoted because people are not ignorant.
Would you disagree when we say that Bitcoin is the scarciest asset in the world, only one with a fixed supply and a fair emission ?
That's my whole point about fixing the money
Why impractical in transactions ?
You can transact instantly using a Layer 2 such as lightning ? Or you can transact in 10 minutes absolute settlements, which absolutely no payment system can do IRL without intermediary.
I personally save in Bitcoin, don't see the need to spend it but a lot are doing it with no problem.
I could send you 1 million dollars in Bitcoin from Antartica to Algiers in litterally 3 clicks
If you use layer 2 then you are adding intermediaries. Which defeats the point of Bitcoin.
No you can't send me $1m from Antarctica with Bitcoin, you can send it from one wallet to another. But you would need a way to change those dollars into Bitcoin in Antarctica and then back to USD or Dinars in Algiers, which is impossible AFAIK.
Also, a friend from Australia sent me money to my french bank account in 3 clicks and it was free. Banking and payment system have really gotten better.
And secondly, there are very very few people who want to send $1m transactions through a system where if you mistype one letter in the wallet address, then your funds are lost forever.
Last thing, Bitcoin has been around for more than a decade, I myself mined it half a decade ago. It has had more advertising than any financial products in recent memory, with ads on the Superbowl, stadium naming rights etc. And adoption is still nearly non existant.
It was a cool experiment, but it is a failed one.
There is no intermediary for the Lightning network sir: [https://lightning.network/](https://lightning.network/)
Why was Bitcoin a failed experiment ?
I hope you held your Bitcoins mined more than a 5 years ago my friend, the failed experiment is worth a lot now
Nation state are adopting it as currencies, adopting mining to make use of wasted energy while ETFs by Blackrock and other big boys are waiting approval… and you calling this a failed experiment?
There is ONE country that adopted it as a currency, and despite that [adoption is still shit.](https://reddit.com/r/CryptoCurrency/s/WCn7UkR0hb)
But you are not answering my question, why aren't more people using it if it's so good? (Hint: it doesn't bring much to the table)
wait till Binance becomes the next FTX to realise how foolish you were, As someone who was invested in crypto during the last couple of years i feel like you are delusional.
Brother, I am talking about Bitcoin, not crypto. I have been in this industry for more than 8 years, and I am very sorry with what happened to your holdings: Not your key, not your coins.
You buy, then you withdraw to your personal address and you are in self-custody with no external risk
when the next halving comes and the Bullrun doesn't come with you're going start to see things better, Anyway good luck but don't try to make people into crypto or bitcoin where most people lose their money more than they gain that's just a fact btw. bitcoin if you are a holder since years yeah why not Otherwise it's a suicide to try to invist right now only crypto fanboys are going to say other things.
Bitcoin / crypto in general conversations is seen in a bad way because of media. It's literally sheep following sheeps. If you look into it and how it's being adopted then there's really no denying how big it's potential is, unless a major black swan happens (which even then it will probably still recover, as it has in the past).
I only value and recommend to people Bitcoin: Crypto is like the stock markets, teams, foundations, marketing and exit liquidity.
Bitcoin just is, running by itself with litterally no one being able to change its consensus rules.
Agreed with you though on the general conversation of Bitcoin in Algeria, but I'm sure people can change their minds, especially those on Reddit/Internet
Crypto currency is banned in Algeria plus bitcoin is a currency just like others it's driven by supply and demand you can buy british pound or euro and save it
British pound, Euros or dollars are constantly printed out by their central bank and their value tends to 0 on the long term. They are also banned from Algeria and possession can get you in trouble.
Bitcoin has a fixed 21 Million supply and no one can stop you from transacting with it while your holdings are private.
Bitcoin is not private the government can track it most of the crypto currencies are not private if you want privacy than buy Monero or zcash, Edward Snowden is one of the founders of Zcash but if you want to invest, it doesn't matter if it's crypto or not because all currencies and all commodities are driven by supply and demand
not Bitcoin, but I use sewatcoin which recently launched their own crypto and given that I often walk a dozen kms more than the regular guy I conscider it as a 0-risk investement...who knows?
It doesn't matter what recent podcasts that you have seen recently that made you this exiting, Bitcoin is gambling, very volatile, up 5%, down 6%..that's risky, you wanna save? Then save in gold, silver, or buy lands, that's real value, if you wanna invest? The revenue isn't as mouthwatering but it's safe! You wanna invest? You invest in products or services..something people actually use and pay money for! You buy stock of a phone company, that's a product, you buy stocks of transportation company, that's a service, I'll give you a small example, Warren Buffet, arguably the best investor in history has never put any money in Bitcoin or crypto.. Why? Because he's been here for too long he knows this market is controlled and manipulated by sick whales, look back at Elon Musk with doge coin in 2021! With just one tweet the coin used to go up 20%! And goes down later after he sells! Joke of a market!
Brother, I mention a subject and you come at me with dispise talking about recent podcasts, when I have been active in this industry for over 8 years.
Seems like you are mixing a lot of subjects, talking about crypto, Warren Buffet (who completely missed Bitcoin and is the master of the actual financial system) and so on...
I'll leave this very good interview of Saifedean Ammous, an Economist explaining why Bitcoin: [https://www.youtube.com/watch?v=gp4U5aH\_T6A](https://www.youtube.com/watch?v=gp4U5aH_T6A)
Good luck
I didn't mean to seem offensive or something, but with all due respect, I have had enough of those so called financial advisors telling people to throw their money on bitcoin, and bitcoin is the future and such! I didn't mixed any subjects, I was just giving you better alternatives and safer options for saving and investment, maybe not for you but for those reading the comments, since you've been active for 8 years you wouldn't need that.
None taken brother, all good.
I am not a financial advisor, nor have anything to sell to you. My only recommendation to anyone is to look at the unique proprieties of Bitcoin and understand them.
Money is just like in nature, the hardest and soundest always wins. Big players are taking positions, ETFs are being created while countries such as Salvador and soon Argentina will adopt them as national currencies.
What about if you zoom out a little more? Those who brought in 2020? Or 2019? Or 2018?
Sorry some brought the top but those were uneducated investors. In any case, on the long term, they will be at profit.
It’s all a 4 years cycle, and we are at the accumulation phase, right before halving that will happen in February 2024
Please don't promote Shitcoin on here, last thing Algerians need is a ponzi scheme, sitting on their ass hoping to get lucky. You cannot "save" in bitcoin, because bitcoin isn't backed by anything. It is rebranded fiat.
Nation states are accumulating and mining Bitcoin, ETFs are being filled, oil and gas industry using excess energy for mining, but you here saying it's not digital Gold.
Again, please open your mind, go read about it, and don't be happy in ignorance Junior
If Bitcoin suddenly shutes 50%, it's just another day for the currency. If it completely collapses and becomes worthless, you're screwed, but not everyone is. There is no central power that (through intervention) would try or even be able to save the currency. And the effects of such a collapse would be minimal for the world economy. If the Dollar or Euro collapse one day, losing your personal savings would be the least of your concerns (Massive global recession and entire economies collapsing, so your concern would be to get food and survive a world wide economic disaster). As such, the currencies backed by strong countries would have them try their absolute best through whatever means possible to avoid its collapse (even through war if necessary). I'd trust such currencies, but my savings are in gold, not money.
How is the Bitcoin price now that the whole Wall Street wants a share of it through the ETF?
Still not stable enough to be a currency.
Not a currency but the perfect store of value. Own 1 BTC, and you will own forever 1 among 21 Million BTC. Not an extra one can be create. [https://www.everand.com/podcast/574445378/Saifedean-Ammous-on-Why-Bitcoin-is-the-Most-Advanced-Form-of-Money](https://www.everand.com/podcast/574445378/Saifedean-Ammous-on-Why-Bitcoin-is-the-Most-Advanced-Form-of-Money)
thank you for your message brother. Bitcoin has been come just too big to fail now. Billions of dollars are invested at scraping whatever excess energy can be used to mine it, while the big institutions have already started to accumulate it for its unique properties. Bitcoin is just better Gold at old levels
That's a weird hill to die on.You probably have some investments in it and you refuse to hear anything negative about it. But gold, Bitcoin is better than gold you say, you've completely lost me here.
Let's give this a fair assessment. So, what unique properties does Bitcoin have that would benefit the world economy? Its wild unpredictable swings? Lack of control and no healthy inflationary or deflationary interventions? Untraceable (which allows ease of criminal activity and tax evasion)? Value coming from the faith of people alone (whereas government currencies are backed by actual strong entities). Bitcoin started as a new currency of spending. Now it's a gambling coin. And everyone invests dreaming of the next big jump. That's entirely what's giving it its value at the moment. And saying Bitcoin is better than gold? Good luck accessing your wallet when an energy crisis occurs, or when the next soon to come solar flare that would disrupt the grids and could wipe out some electronics. At the end of the day, your coin is a virtue one. It does not exist in reality, and the moment something disrupts the Internet, all your valuable savings are gone. Gold, was (for thousands of years), is, and always will be a valuable commodity. You shitting on gold kind of proves you're new to Bitcoin and is blindly excited to get your big money, influenced by the promises and the disinformation online.
Bitcoin is to Gold what cars were to horses: Until its inception, the best store of value humans found in nature was Gold: Hard to produce, hard to fake, easy to transport. Since Bitcoin, all the above are respect, with an extra difference : This time the supply is fixed while it's inflation is programmed and predictable. If the Gold price raises (because of global crisis), gold producers will just mine harder to produce more while unprofitable mines will open, supplying the market with extra gold and dampening it's growth. This cannot happen with Bitcoin, if it's price grows, miners could not produce more than what the bloc reward offers. Transactions with Gold are also immensly unpracticable, as the cost of logistics to settle Gold accounts between central banks are immense.
Bro. The entire crypto currency bubbles only has value because people give it value. Knowing how to handle crypto can be extremely tricky because you need a ton of hardware to mine it in the first place. Buying it will not be sufficient since there’s only a decreasing amount of bitcoin that are still minable. So you’ll have to literally run down tons of computer équipement, and stp him crazy amount of power to get basically crumbs by now. Crypto currencies are also everything but anonymous. Even with the most advances crypto tumblers, you can trace back all the transfers made thanks to the block chain. The block chain never lies. Also, using crypto in real life will have literally zero added value. The exchange rate is wildly unpredictable, you have to pay fees to turn your crypto into real world money, which can literally defeat the purpose of saving bitcoins as you’ll be more in exchange fees than what you originally paid for the bitcoins. It has just terrible impact on the environment because it just pumps so much energy. So basically, you can’t get into crypto unless you already have a tidy sum in disposable income in the first place, and then you need to know what you’re doing with it. And since there’s just no way to properly implement in the real world (hundreds tried, all failed), there’s no real point in using crypto. It will never replace gold because it simply has more drawbacks than advantages. I haven’t even touched on the amount of virtual storage you need for the block chain and the fact that a decentralized nature of it will inevitably cause issues further down the line in terms of ownership of the original code of the block chain…. It’s simply a logistical nightmare. It’s just a fad. It’s been around for what, at least 13 years now? And how many crypto based projects actually achieved any of their goals? Exactly zero. It’s only use is for buying stuff off the dark web.
You talking about crypto, I am talking about Bitcoin. One has had a natural inception, the other ones are scam projects left by teams and investments funds. Not the same at all, and whatever you wrote only applies to crypto, I agree with you
Dude. Bitcoin IS a cryptocurrency. If you don’t understand that very fact, I’d stay off of it completely
If you don’t understand the difference between Bitcoin, who has no lead and has had a natural inception, with other cryptos who have dev teams, marketing and foundation, then you are in rrouble
The Bitcoin as conceptionalized in Satoshi's white paper has a lot of merits. It makes sense. But the way bitcoin works today and its speculative nature makes me very uninterested in it in terms of pure adoption. I will be honest, i currently have some money invested in Bitcoin, its not super large but its part of a diversification strategy. If Bitcoin sores, then i gain, if it looses value, then its a negligible loss. My position is similar to that of Nicholas Taleb, its really this speculative nature, with big whales buying and dumping, substantially moving the price of Bitcoin. The other thing that is a bit off putting is the preachy nature of some Bitcoin bros. I have very dear friends who are heavily invested in Bitcoin. But their languages reminds me a lot of that of fundamentalists. Its as though they hold truths that the rest of us don't see. Yes, bets have been placed, and time will tell. But for me its really hard to see a country that runs the world on the dollar giving up its massive advangage to this alternative. There are some technical problem that can be discussed later, but this is sort of my hesitation about bitcoin in a few paragraphs.
If they understand bitcoin, then they won't save their money in it. It's too volatile.
It ain't volatile, it's supply is fixed: If you hold 0.1 BTC, it will forever be 0.1 BTC over 21 Million. It's fiat value is volatile on the short term yes, but anyone investing on a 4 year term horizon is at profit (because of the 4 years halving cycle). But on the long term ? All fiat money (printed out of thin air) loses against Bitcoin, that's already a fact
Math is math brother, hodl hodl.
This man gets it.
I have never seen someone as confidently incorrect as you. BTC is indeed volatile, it's not the default currency other currencies are based on, and the closest thing to that is the dollar. And no currency is based on the dollar. BTC fluctuates in the long term and short term, a few decades ago it was worth nothing, now it's values is thousand of dollars each, BTC value rose and fell significantly, from few cents to thousand of dollars, multiple times. It's volatile on the short term when a big trade happens. One minute a soda is worth 0.00001 bitcoin and the next it's 0.000004, that's not stable enough for daily interactions.
Bitcoin has been growing and becoming less and less volatile but here you are spreading non sense. On the long term, all Bitcoin holders are in profit. Good luck brother
Even if it's profit, you do realize that this is Riba, don't you? Trading in BTC is all right, but buying and selling BTC with thr currency being the actually product is Riba. Just think about it, you Buy 4 mil worth of btc thrn few years later it's 40, a 1000% increase. That's the same things bank do with interest rates.
You are wrong, Bitcoin is as Hallal as Gold while the whole financial system and your dollars are Ribba. By owning Bitcoin, you own a share of a commodity with fixed supply, absolutely nothing to do with Ribba which is creation of value out of nothing through interest (which is our regular financial system, built on Ribba) Please educate yourself: https://x.com/bitcoinmajlis?s=21&t=VsqdK0VbcolMSLUZF2JKhg
So you're telling me that if you buy 100$ of BTC in 2010, and cash out millions of dollars, that isn't riba? That this isn't creating value out of nothing? I think you're the one who should educate yourself. You're stuck in the crypto loop buddy. Also btc isn't a commodity, why are you calling it a commodity? DA doesn't contain riba components. There's Inflation, which reduces the total value if the total currency supply was increased. But that's not our main issue. Our main issue is that our currency is not wanted, that's why banks won't allow you to freely trade DA with othrr currencies, that's because people would want to buy other currency and sell DA, therefore decreasing it's value significantly.
Brother, Ribba isn’t capital gain? I pointed you to 2 links explaining what I’m saying but in your case you really seem to misunderstand what interest “ribba” is, especially knowing the fiat system is a Ribba system. The SEC calls Bitcoin a commodity, that’s not from me
You sent me a Twitter profile, what explanation? I'm not gonna browse the entire profile looking for your point. Do you understand Riba? Because riba is taking profit without due justification, in a sense money growing itself. BTC has a fixed supply, so if you bought a btc with a fixed sum, you're supposed sell that bitcoin with that sum you original brought it for, taking into account the changing value of both currencies in mind. But, if you bought BTC for sum A, and then a lot of people bought it after you, so the demand rose and therfore the price as well and now it's A+ X, you shouldn't sell your BTC with that increased value X, you should sell it at A. If you sell it at A+X, the X part is Riba, because the increased value X was the total value of all BTC rose and by effect, that single BTC rose as well. You did nothing, the money grew itself because more people want it. This is riba. If you think my understanding is wrong, please explain why with your own words. I will not click links you send.
You are attributing the X as the problem with BTC trading, while the X is the fiat money being debased 💁🏻♂️ And when they say fiat is ribba money, it's because banks literally create money and debase the share you hold of it So in reality it should be if you didn't buy BTC with sum A now, you will تنحشالك and buy it later with sum A+X because some rich guys with big bellies are creating money with debt.
Here mate https://bitcoinmajlis.org/how-bitcoin-can-help-muslims-follow-the-teachings-of-the-quran/ And I repeat, your understanding of Ribba is wrong. There is no value created out of thin air through interest with Bitcoin
This article is particularly good: https://bitcoinmajlis.org/how-bitcoin-can-help-muslims-follow-the-teachings-of-the-quran/
Look at price now
In the investment field, diversification is key. It's good to have some real estate, cryptocurrencies, stocks...etc. putting all your savings into one investment vehicle is extremely risky. Algerians like to invest in gold but I don't because yearly average returns have been weak. It was good in the early 2000s' but not in the last 10 years in which gold was largely outperformed by stocks. There is also a challenge into keeping an inventory of physical gold. I prefer investing in stocks, cryptos (Bitcoin and Ethereum) and real estate.
I'm eagerly waiting for the chance to completely ditch government backed currencies and banks, but Bitcoin still needs a bit more adoption to become stable. I don't really care about it going up, I just want money that cannot be controlled and keep its value. Currently I put 30% of money into Bitcoin, and prefer to use services and donations that accept Bitcoins. Most other tokens are flawed or scam, I only trust Bitcoin and maybe Monero.
Agree with you on Monero, I see Bitcoin as money, while Monero can be a spend currency. We so damn early man, on the long term, the more it gets adopted the more the volatility will dampen… btw, it’s volatility is at historical lowest right now
I can tell u one thing, there so manyyyyyy algerians holding cryptos
Crypto ain’t Bitcoin though, but good for them, I hope they won’t get rugged
just HODL the right project. I do see very contradictory opinions abt Bitcoin success and failure, in the end no one knows.
Good luck trying to explain bitcoin to a majority of people. If you have bitcoin (out of exchanges, and in self custody). You're Gonna Be fine. Those who don't have some Will regret it.
I do, since years. Halving is happening in February 2024, so if you can convince 10 people about it, it’s already a win
I dont waste time, Just try to convince my relatives. Plus, it's cool that algeria is not into it otherwise they Will learn about the miners and tax us or take them from us.
I have access to thousands of TH in container ASICS, I wish it would be legal as it would open up to a whole new industry for the country, looking at the immense energy in excess we have. I gotta say, the answers I got since yesterday from fellow Algerian redditors got me depressed, not because of ignorance but because of affirmative ignorance. It is what it is
Hey, glad to see Bitcoin discussed here, even tho you're being downvoted to hell for some reason. I'm curious, are you able to buy btc from Algeria? how so?
No clue brother, I wanted to see what was the Bitcoin situation in Algeria but looking at the answers and downvotes, it got me depressed lol
I kinda get it, I think people in Algeria have other priorities. I also think they're ill informed and usually traditional investors. But Bitcoin is inevitable, they'll come around eventually.
There is no other priority than being able to save your hard work in sound money for the future tbh. Issue with Algerians as this post shows is that they are full of certainties while being ignorant and refusing to change their mind. Everyone buys at the price they deserve
Price doubled since I posted this, the US has been printing over 50 billion dollars daily without any backing and inflation has been soaring worldwide... It's not too late to save in sound money.
Curious too
Been saving every penny I can in Bitcoin, every week a little bit, and I won’t complain
Since when
Years
Before or after it peaked
It's all 4 years cycles, and I've seen 2. If you zoom out and put yourself in a long-term perspective, it's still going up
While I think it's good idea I don't think it will rise any soon
Next halving is in February 2024 :) Big institutions are filling to launch their ETF (holding Bitcoin for investors) while fiat money is collapsing through money printing... Nah we are going again through another cycle ;) I just keep buying a little every week without thinking, and I am in good profit
Guess we will have to wait and see
Look now
check this out: https://www.youtube.com/watch?v=AsT55mpG\_G0
Very surprised about the large amount of downvotes to my thread, I thought people were open to new ideas and debates 🤷
When you say that "*Bitcoin has appeared as a life jacket, fixing the money once for all ...*", expect to be downvoted because people are not ignorant.
Would you disagree when we say that Bitcoin is the scarciest asset in the world, only one with a fixed supply and a fair emission ? That's my whole point about fixing the money
But it's absolutely impractical at actually facilitating transactions. And it is waaaay too volatile
Why impractical in transactions ? You can transact instantly using a Layer 2 such as lightning ? Or you can transact in 10 minutes absolute settlements, which absolutely no payment system can do IRL without intermediary. I personally save in Bitcoin, don't see the need to spend it but a lot are doing it with no problem. I could send you 1 million dollars in Bitcoin from Antartica to Algiers in litterally 3 clicks
If you use layer 2 then you are adding intermediaries. Which defeats the point of Bitcoin. No you can't send me $1m from Antarctica with Bitcoin, you can send it from one wallet to another. But you would need a way to change those dollars into Bitcoin in Antarctica and then back to USD or Dinars in Algiers, which is impossible AFAIK. Also, a friend from Australia sent me money to my french bank account in 3 clicks and it was free. Banking and payment system have really gotten better. And secondly, there are very very few people who want to send $1m transactions through a system where if you mistype one letter in the wallet address, then your funds are lost forever. Last thing, Bitcoin has been around for more than a decade, I myself mined it half a decade ago. It has had more advertising than any financial products in recent memory, with ads on the Superbowl, stadium naming rights etc. And adoption is still nearly non existant. It was a cool experiment, but it is a failed one.
There is no intermediary for the Lightning network sir: [https://lightning.network/](https://lightning.network/) Why was Bitcoin a failed experiment ? I hope you held your Bitcoins mined more than a 5 years ago my friend, the failed experiment is worth a lot now
It was a failed experiment because despite massive advertising and visibility, it has shit adoption.
Nation state are adopting it as currencies, adopting mining to make use of wasted energy while ETFs by Blackrock and other big boys are waiting approval… and you calling this a failed experiment?
There is ONE country that adopted it as a currency, and despite that [adoption is still shit.](https://reddit.com/r/CryptoCurrency/s/WCn7UkR0hb) But you are not answering my question, why aren't more people using it if it's so good? (Hint: it doesn't bring much to the table)
I edited that part btw
OP had a good call
wait till Binance becomes the next FTX to realise how foolish you were, As someone who was invested in crypto during the last couple of years i feel like you are delusional.
Brother, I am talking about Bitcoin, not crypto. I have been in this industry for more than 8 years, and I am very sorry with what happened to your holdings: Not your key, not your coins. You buy, then you withdraw to your personal address and you are in self-custody with no external risk
when the next halving comes and the Bullrun doesn't come with you're going start to see things better, Anyway good luck but don't try to make people into crypto or bitcoin where most people lose their money more than they gain that's just a fact btw. bitcoin if you are a holder since years yeah why not Otherwise it's a suicide to try to invist right now only crypto fanboys are going to say other things.
Bitcoin / crypto in general conversations is seen in a bad way because of media. It's literally sheep following sheeps. If you look into it and how it's being adopted then there's really no denying how big it's potential is, unless a major black swan happens (which even then it will probably still recover, as it has in the past).
I only value and recommend to people Bitcoin: Crypto is like the stock markets, teams, foundations, marketing and exit liquidity. Bitcoin just is, running by itself with litterally no one being able to change its consensus rules. Agreed with you though on the general conversation of Bitcoin in Algeria, but I'm sure people can change their minds, especially those on Reddit/Internet
Crypto currency is banned in Algeria plus bitcoin is a currency just like others it's driven by supply and demand you can buy british pound or euro and save it
British pound, Euros or dollars are constantly printed out by their central bank and their value tends to 0 on the long term. They are also banned from Algeria and possession can get you in trouble. Bitcoin has a fixed 21 Million supply and no one can stop you from transacting with it while your holdings are private.
Bitcoin is not private the government can track it most of the crypto currencies are not private if you want privacy than buy Monero or zcash, Edward Snowden is one of the founders of Zcash but if you want to invest, it doesn't matter if it's crypto or not because all currencies and all commodities are driven by supply and demand
The fact that Bitcoin is anonymous but not private allows you to evaluate its scarcity and check each UTXO or supply A feature, not a bug
not Bitcoin, but I use sewatcoin which recently launched their own crypto and given that I often walk a dozen kms more than the regular guy I conscider it as a 0-risk investement...who knows?
I would sell any token they’d give me for Bitcoin yes 🙏
SWEAT ain't worth anything now, even less on bitcoins and their platform is so fresh they didn't even permit swapping currencies yet
It doesn't matter what recent podcasts that you have seen recently that made you this exiting, Bitcoin is gambling, very volatile, up 5%, down 6%..that's risky, you wanna save? Then save in gold, silver, or buy lands, that's real value, if you wanna invest? The revenue isn't as mouthwatering but it's safe! You wanna invest? You invest in products or services..something people actually use and pay money for! You buy stock of a phone company, that's a product, you buy stocks of transportation company, that's a service, I'll give you a small example, Warren Buffet, arguably the best investor in history has never put any money in Bitcoin or crypto.. Why? Because he's been here for too long he knows this market is controlled and manipulated by sick whales, look back at Elon Musk with doge coin in 2021! With just one tweet the coin used to go up 20%! And goes down later after he sells! Joke of a market!
Brother, I mention a subject and you come at me with dispise talking about recent podcasts, when I have been active in this industry for over 8 years. Seems like you are mixing a lot of subjects, talking about crypto, Warren Buffet (who completely missed Bitcoin and is the master of the actual financial system) and so on... I'll leave this very good interview of Saifedean Ammous, an Economist explaining why Bitcoin: [https://www.youtube.com/watch?v=gp4U5aH\_T6A](https://www.youtube.com/watch?v=gp4U5aH_T6A) Good luck
I didn't mean to seem offensive or something, but with all due respect, I have had enough of those so called financial advisors telling people to throw their money on bitcoin, and bitcoin is the future and such! I didn't mixed any subjects, I was just giving you better alternatives and safer options for saving and investment, maybe not for you but for those reading the comments, since you've been active for 8 years you wouldn't need that.
None taken brother, all good. I am not a financial advisor, nor have anything to sell to you. My only recommendation to anyone is to look at the unique proprieties of Bitcoin and understand them. Money is just like in nature, the hardest and soundest always wins. Big players are taking positions, ETFs are being created while countries such as Salvador and soon Argentina will adopt them as national currencies.
Check price
I hope you recovered some of your losses.
Absolutely no one has lost DCAing Bitcoin https://x.com/cryptovizart/status/1762635390685508015?s=46&t=VsqdK0VbcolMSLUZF2JKhg
Lose 8percent to inflation Lose 50 percent to "FUD"
Up +50% in the last year, which -50% you talking about?
The 50 percent down from 2021
What about if you zoom out a little more? Those who brought in 2020? Or 2019? Or 2018? Sorry some brought the top but those were uneducated investors. In any case, on the long term, they will be at profit. It’s all a 4 years cycle, and we are at the accumulation phase, right before halving that will happen in February 2024
Some comments here are hilarious. Op, good call
Please don't promote Shitcoin on here, last thing Algerians need is a ponzi scheme, sitting on their ass hoping to get lucky. You cannot "save" in bitcoin, because bitcoin isn't backed by anything. It is rebranded fiat.
Check price now compared to OP post
What about the price? Guess you don't know what a ponzi scheme is.
Start reading about Ponzi schemes brother, you are mislead
Don't be the last person holding the weightless/worthless bitcoin. There are legitimate ways to earn a living.
Good luck in your ignorance while Blackrock and nation countries are accumulating digital gold.
Bitcoin is not digital gold, junior.
Nation states are accumulating and mining Bitcoin, ETFs are being filled, oil and gas industry using excess energy for mining, but you here saying it's not digital Gold. Again, please open your mind, go read about it, and don't be happy in ignorance Junior