This is the first time I've seen such a long elaboration for your question.
I get what you mean and I also have met lots of people with a mindset that Bitcoin is just rubbish and it never works. Well, any new technology will be met with it's own set of resistance. Banks won't allow this any bitcoins from being in the mainstream. Imagine BTC being used instead of FIATS. Banks would go bust. Governments won't let this BTC easily just run while in our system or else they will lose control. In some ways the government and banks also pave a way for whether BTC worth.
Many older generation don't see this technology yet. I tried to explain BTC to many people. Almost all of them think I am describing something ALIEN. I guess, its no use to explain to anyone about these kinds of things.
There is the rat race. It feels very comfortable to be getting a paycheck by paycheck. It is until one day, when the companies finally take a new form that everyone realizes that the wheel in the rat race breaks down, then everyone is doomed soon. I think to get an idea of what's gonna happen, we have to dig into the industrial revolution in the past to find out what happened when some of the older technologies are replaced.
Most people consider Bitcoin and the rest of cryptocurrencies or tokens to be worthless because they are so accustomed to centralized authority. It is only when something like the freezing of bank accounts and haircut on their balances like in Cyprus during the crisis in 2012-2013 happens to them do they begin to appreciate uncensorable money. When you have your money controlled by a third party you don't really control it. Bitcoin is like gold but vastly easier to lug around and impossible to confiscate if you've taken certain precautions and only use a brain wallet (remember a twenty-word phrase used to regenerate private keys).
Can bitcoin be worthless?
Yes. History is filled with currencies that failed and were no longer used, such as the German Mark during the reign of the Weimar Republic, and most recently the Zimbabwean dollar. Although currency failures generally occur because of the type of hyperinflation that is not possible with Bitcoin, there is always the potential for technical failure, currency competition, political issues and so on. As the main basic rule, there is no currency that can be considered very safe from failure and difficult times. Bitcoin has been proven to be reliable for years since its launch and has the potential to continue to grow. However, no one can predict that the future will side with Bitcoin.
This reminds me of the greater fool theory
The greater fool theory states that the price of an object is determined not by its intrinsic value, but rather by irrational beliefs and expectations of market participants.
Basically bitcoin is simply a way to send and receive money. I don't think it's playing that role 100% thanks to speculators. Compared to money gram and other alternative ways of sending money. Bitcoin seems to be lagging behind. Why? Its price is too volatile
I guess it why people believe it will amount to nothing. They describe it as a bubble that's going to burst.
I don't see that happening though. I'm talking about bitcoin becoming worthless. I believe there's a bubble but it's going to be something like the dot. come era.
Cryptocurrency will emerge stronger and more mature investors would appear
I think the main reason for this is that lack of knowledge about Bitcoin and/or cryptocurrencies in general.
I knew about Bitcoin during its early phases when it was just worth several bucks a piece. But since I do not have enough knowledge about it, my first thought about it was it is a scam.
Even there were means to get free Bitcoins before, I do not even care cause I do not think that those will really worth something.
When I became more exposed about Bitcoin and other cryptocurrencies, I started to realize that Bitcoin is not worthless.
Another reason that I could think of is that, most of those who see it as worthless, also see it as too risky to get involved with. It is since the value cannot be exactly fixed and it can suddenly increase, and decrease tremendiously.
A very long question. It looked liked you had answered it until I read it.
The general population only sees the FUD and if you had noticed lately it has disappeared. All it was used for was to take control of the markets so they could control the front end.
Institutions are joining from the 24 th January through an exchange called Bakkt. They didn't want the bull run now so created enough negative press hoping sellers would sell reducing the prices.
They have purchased enough to control the buying and selling manipulating the market and forcing the prices down. I expect to see Bitcoin drop a little more when it gets closer to the time of them buying in.
Originally it was the 12th December but was delayed to the 24 th January as there are too many signing up to purchase. There are going to be huge volumes spent and this will force the markets to rise drastically.
We will here mostly positive news around block chains and crypto currencies now and the general public will buy into the idea. They are gullible and easily swayed by public opinion and believe what they hear and see in the news.
People think that Bitcoin will be eliminated in the future for various reasons.
Bitcoin is Pioneer Cryptocurrencies, and will definitely be replaced with a more perfect coin [though not for the near future].
At present, there are more than 2,000 coins that have been circulating in the market with a specific purpose. But, none has been able to defeat the total market capitalization and dominance of Bitcoin to date. This is the sign, there is no crypto that can really solve all the problems faced by Bitcoin from the beginning of its creation.
I also think that Bitcoin will one day be eliminated and become worthless. However, that only happens if one coin has really been proven to be able to solve all the problems faced, such as stability, price fluctuations, speed, vulnerability, convenience, etc.
Because they don't understand what is bitcoin, further more bitcoin was use by bad decentralised organisation to scam other uneducated people in block chain technology.