Much can be said about the current state of bitcoin. It is being accepted more and more as a valuable investment vehicle and as a medium of exchange for goods and services. Much of this can be created to a combination of increased support from mainstream institutions as well as its current price trajectory. The public narrative around bitcoin is also changing as this price trajectory unfolds.
One of the financial channels described how children were either demanding or being groomed to hold BYC via Christmas presents. The discussion clearly lent to a new status symbol. That was well over a year ago (possibly 2017).
Great article! Owning 1 or more Bitcoin is now a status symbol. But unlike flashy cars or designer goods, many Bitcoiners like to keep the fact that they own crypto currency a secret for fear of being held to ransom to hand over their private keys.
If someone steals your Lamborghini or Rolex, you claim on your insurance. However, there’s no financial protection if someone steals your crypto.
Hence discerning Bitcoiners wear a secret smile to symbolise their status. 😉
May 24, 2021Liked by Etta Tottie, Cryptowriter, Rony Roy
I don't know if people who buy into bitcoin as a "status symbol" is really in the spirit of what cryptocurrency represents, but the hope is that it gets people's "foot in the door" and makes them want to do further research into what cryptocurrency is all about. I, personally, don't have any problem with this, but if we really want people to truly adopt crypto, we need public figures to try and educate the masses about cryptocurrency technology and not just try to FOMO people into dreaming about a "moon mission." We have certainly come a long way from a few years ago, but I really want the public to know more about the underlying fundamentals of cryptocurrency than just bitcoin's price and as a way to buy drugs online. We can't be picky about how people find out about cryptocurrency, but we can certainly do our part in providing the proper resources (and keeping public figures accountable) for these same people to really find out about the true potential of crypto in general.
May 24, 2021Liked by Etta Tottie, Cryptowriter, Rony Roy
I agree, there will be those with and those without. The next gen woke mob will go after the Bitcoin holders for their insensitive investment strategies :)
Some people are now paying their kids pocket money in Bitcoin. Great way to normalise crypto for the next generation and save for a first car, deposit on an apartment or college fund.
I'm thinking that Bitcoin will definitely become a status symbol, or at least a "fad" that you own to be considered cool or trendy. I don't think that will last though. For the general public, as you alluded to, Bitcoin (and crypto in general) is a scary concept. It's scary because it's something complex and difficult to understand at surface level. Heck, even the address can be intimidating! I think that's why some other blockchain will become the new Bitcoin. A lot of coins, like EOS, are far more user friendly and understandable. Starting with the address even. User friendly addresses, simple transactions, low fees. These are what matter. When something new becomes accessable, it becomes trendy. THEN it becomes a long lasting status symbol.
Not with a haircut like that 🤣
One of the financial channels described how children were either demanding or being groomed to hold BYC via Christmas presents. The discussion clearly lent to a new status symbol. That was well over a year ago (possibly 2017).
Great article! Owning 1 or more Bitcoin is now a status symbol. But unlike flashy cars or designer goods, many Bitcoiners like to keep the fact that they own crypto currency a secret for fear of being held to ransom to hand over their private keys.
If someone steals your Lamborghini or Rolex, you claim on your insurance. However, there’s no financial protection if someone steals your crypto.
Hence discerning Bitcoiners wear a secret smile to symbolise their status. 😉
I don't know if people who buy into bitcoin as a "status symbol" is really in the spirit of what cryptocurrency represents, but the hope is that it gets people's "foot in the door" and makes them want to do further research into what cryptocurrency is all about. I, personally, don't have any problem with this, but if we really want people to truly adopt crypto, we need public figures to try and educate the masses about cryptocurrency technology and not just try to FOMO people into dreaming about a "moon mission." We have certainly come a long way from a few years ago, but I really want the public to know more about the underlying fundamentals of cryptocurrency than just bitcoin's price and as a way to buy drugs online. We can't be picky about how people find out about cryptocurrency, but we can certainly do our part in providing the proper resources (and keeping public figures accountable) for these same people to really find out about the true potential of crypto in general.
Even if that’s is not the purpose of Bitcoin I have seen people bragging about having “one full Bitcoin” 😂
So eventually people is going to make this type of flexing common
I agree, there will be those with and those without. The next gen woke mob will go after the Bitcoin holders for their insensitive investment strategies :)
I can say very clearly that Bitcoin has become a status symbol.
Go to someone who is not in this market, who doesn't understand these things, someone who just heard of bitcoin ...
Say you have a bitcoin and look into your eyes and when you say you will see a light there.
Some people are now paying their kids pocket money in Bitcoin. Great way to normalise crypto for the next generation and save for a first car, deposit on an apartment or college fund.
I'm thinking that Bitcoin will definitely become a status symbol, or at least a "fad" that you own to be considered cool or trendy. I don't think that will last though. For the general public, as you alluded to, Bitcoin (and crypto in general) is a scary concept. It's scary because it's something complex and difficult to understand at surface level. Heck, even the address can be intimidating! I think that's why some other blockchain will become the new Bitcoin. A lot of coins, like EOS, are far more user friendly and understandable. Starting with the address even. User friendly addresses, simple transactions, low fees. These are what matter. When something new becomes accessable, it becomes trendy. THEN it becomes a long lasting status symbol.