Topic: Bitcoin is the new HOME (Read 281 times)

I'm not saying we should not be assigning fiat value to Bitcoin. All I'm saying is that Bitcoin cannot be overvalued on that basis. After all, what or who can avoid being valued in terms of fiat? Nothing and no one. Even a human person has a price estimate in terms of fiat. But the point is, unlike altcoin projects which are too proud to assign prices to their tokens without subjecting them to the market's assessment, Bitcoin's price is solely determined by the market.

Although there might come a time when 1BTC = 1BTC prevails more than 1BTC = $___.

The profit of cryptocurrency especially bitcoin investment is to buy when the values is low and leaves for long term investment..if actually someone specifically advise to purchase a coin and in direction of bitcoin when the price is low, it's very clear that the person knows Bitcoin adoption and it's validation, so that is while it recommend Bitcoin.

I think that such concepts as "overpriced" and "underpriced" will make sense only in the specific cases where a powerful entity such as government intervenes and tries to put in place some sort of price control. However, in the case of a free market, to which bitcoin belongs, any price is perfectly justified because it is strictly governed by natural laws of supply and demand. It is therefore incorrect to say that "at some point in time the price of bitcoin is lower than it should be." Say instead that the demand for bitcoin was lower than the supply of it, which has resulted in the decline in its market price.

The laws of natural supply and demand also apply to bitcoin fee market: the higher the demand for a block space, the more intense the competition for the block space, the higher the fees and vice versa.

You are not wrong, Satoshi didn't assign a fiat value to bitcoin, but then without tieing bitcoin to fiat value, how is btc going to be valued or weighed?
Will you say that its value will be tied to assets like Gold?

Op transaction fee and gas fee of bitcoin and most altcoins is not determined by the value or volume of the coin, rather yhe scalability and also with bitcoin, the amount of data possible to be accommodated in a block.

One of the biggest problems that newcomers have is that they don't spend any time learning the basics and I blame the shitcoin advertisers as they are brainwashing newbies into rushing to buy their shitcoin.
In this case, bitcoin doesn't have anything called "gas" which is a shitcoin concept. Bitcoin has transaction fees and they are paid based on the size of transactions in byte not the amount of bitcoin you are transferring.

The gas or the fee in these shitcoins are not high because of their price! It is high because they have horrible scaling issues that are hundreds of times worse than what you see in bitcoin which is why fees on a shitcoin like ethereum went so much higher than fees on bitcoin!

Even though you are right about the "bitcoin is expensive" FUD that has plagued the community for some time but this is still another problem with newcomers. Bitcoin is not supposed to give you profit. It is just not designed for that purpose and you shouldn't think about how much money you are going to make if you bought bitcoin today!

Correct me if I'm wrong but Satoshi did not assign any fiat value to Bitcoin. That in itself means Bitcoin cannot be overpriced.

How about altcoins? They have the gall to say our token is worth $0.50 or $2 or whatever apiece right from the get-go. After a few or several weeks, months, or years the price plummets to near 0. That's the real value of their tokens because that's the value dictated by the market.

In Bitcoin's case, the people or the market are the ones that solely determines the price value of Bitcoin. So whether it appears overpriced or not, it is not a big deal. What can we do if that's the actual price the people are willing to pay to have it?

All have been answered above but this caught my attention.
I have heard different stories about this kind of saving money in the future, saving at least $1 a day to buy Bitcoin or it will weekly or monthly doesn't matter as long as the money you've invested is the amount that you can afford.  A small fraction of Bitcoin will be worth it in the future surely the demand will increase and the price will go up.  It's not too late to invest, Bitcoin will always reach ATH and it was proven for how many years of its existence.

All you've mentioned above is good though you've got a little misconception regarding how Bitcoin transactions will work it was answered already above.  I hope you've learned those precious comments above.

Well, nothing of what is writen here is wrong, but it also might not come to fruition, we can't really know. What is definate is that it's definatelly not late. It might seem to us that, in comparison to early BTC investors, we are late, but in a grand scale of things, this could just be the start.

Since all Bitcoin transactions are visible on the blockchain, you can very easily see how much other people are paying for their transactions.

For example, here is a transaction worth more than $ 3 million (81 BTC) that cost only $ 0.4 in fees:
https://www.blockchain.com/btc/tx/f790bc58fc8d6aa79f85d4fea15fc7fa49183d4d0b796ba980efb0cbbc9fc1c6

Sincerely, I used to think Bitcoin was the most priced coin some few years ago until I decided to check and discovered otherwise.

It was a common thing a few years ago on the blockchain whenever the mempool got congested, miners fees also went up. During such a situation, people would be ready to increase transaction fees in other to get their transactions quickly confirmed.

There was this black man on youtube that warned investors to buy just 10$ of bitcoin in 2020 saying this will worth a lot in future, that was when covid 19 was kicking asses all over the world, you can't ever go wrong investing money on Bitcoin.

It's always about the price when people talk how expensive it was. But you ask them and what they shall buy with that amount, they would spend it on unusual things that depreciate.

Yeah, even those 4 digit price and 3 digit price of bitcoin. They've been telling that it's expensive and they won't buy it until they've been left with its surge and now, all they think is they're too late and it's overpriced.

But on its run to its current price and the last ATH, they've never imagined how it went through several bear markets.

I hate when people try to show why Bitcoin is a real deal and only speaking of its investment qualities, come on Bitcoin is that and even more, Bitcoin has everything it take to be the world unit for finances, it is decentralized which mean it gives power to holders, it can also be anonymous too, it’s instant and can foster fast business transactions, Bitcoin is generally a better option to me in terms of payment, transactions and Many more utilities, the investment qualities of Bitcoin is just a great add on to an already potential entity.

You don't need to have millions or billion worth of transactions to learn how fees work. Example of this billion USD worth transaction^[1] last year, its fee don't even exceed a dollar.
Fees always depends on transactions number of inputs as it increase it size. The bigger the size the higher the fees. Also the current blockchain pending transactions matters, if it will confirm your transaction in the next 10 mins or not. That's why there are real time suggested charts for fees^[2].
This is the costly problems faced by ethereum due to its always congested blockchain, it always suggest to put higher fees in any ethereum related transactions.

[1] https://www.blockchain.com/btc/tx/e09d4bb6c6b30a10b8168ab1f55dcb9b7fd571270f14beea2dcb5fb8dcac967a
[2] https://mempool.observer/

What's the difference now with the following years, Bitcoin gas in my opinion is still cheap when compared to current prices, also ETH when the price of ETH $ 200 you can still enjoy cheap gas, a different story when the price of ETH $ 2,700, You have to pay for gas less than before.

Indeed Tron is currently the cheapest gas, it is adjusted to the current Tron price, if as you say the price of Tron is $65,000, I am sure you will experience the same thing as Bitcoin or ETH gas, maybe even more expensive than Bitcoin or ETH, your opinion is too much in terms of gas.

As you mentioned, the altcoin have not been subjected to a real spam test, and therefore the current fees are not considered efficient in managing fees.
They are all either centralized models and therefore affected by a DDoS attack, or they will be very expensive or require multiple confirmations (more than 50) to ensure that double spending does not occur.

In bitcoin you need one confirmation.

As for the price, it depends on the demand. If the demand continues to grow, the price will increase.

You don't need to have millions in BTC to understand how transactions work, so although you will understand something much better from practice, theory is very important. As it is never too late to invest in Bitcoin, it is also never too late to learn some basic things.

We often read on the forum how people complain that fees for Bitcoin transactions are too expensive, but this is far from the truth. Of course there are exceptions when someone has a lot of dust transactions and then tries to spend them, which creates a very large transaction in size - which is then expensive even with a minimal fee. In other words, if you know what you're doing, you won't have such problems.

If you are interested in more on this topic -> https://en.bitcoin.it/wiki/Miner_fees + https://mempool.space/

Thanks for the correction, since I don't have millions worth of Bitcoin that's why I don't know how transaction fee works on Bitcoin but thanks for sharing this information, BTC is the best 👍 .

Exactly, bitcoin is never overpriced, you can even decide to buy any amount worth of bitcoin, like buying just $100 worth of bitcoin.

Bitcoin does not use gas fee  as transaction fee, bitcoin is not altcoin. I have used up to $1 before for bitcoin transaction, I remembered the last time I paid high was when China ban bitcoin mining, the mempool got congested at the time. Two or maybe little more weeks after the time, and most often, I pay low fee for bitcoin transaction, less than $0.1 but this depends on how congested the mempool is, the transaction input and output in vbyte (the weight of the transaction) and also the price of bitcoin. As mempool is not congested (around 1 - 4 sat/vbyte), with 1 input and 2 outputs, and as bitcoin price is at around $38000, I pay around $0.06 - $0.25 as fee.

Yes, bitcoin transaction fee is cheap. I do not know much about altcoins, but I think the fee should also be cheap if the mempool is not congested.

Maybe, but I think it is unlikely. You can use lightning network which is one of the reason for the onchain transaction not to be as high as it supposed to be. There could also be more solution just like from uncompressed legacy address transaction to compressed legacy, from legacy to nested segwit and from nested segwit to native segwit, and also the recent upgrade which is pay-to-taproot that reduce the fee for multisig transactions and also making input consolation possible with lower fee.

Not even people are fooling people, it is centralized exchanges like Binance and others that are fooling people to let them make use of their altcoins which they are calling bitcoin, but not actually bitcoin but altcoins, so the people that were fooled will pass wrong information to other people that bitcoin transaction fee is high. As people can pay for bitcoin transaction fee with less than $1 on reputed noncustododial wallet, exchanges can charge $25 or higher as bitcoin withdrawal fee.

About bitcoin being new gold you referred to, I perfectly agreed to that, although, I will not call it gold because it has a limited supply and that gives it more deflationary advantage. More adoption, more marketcap, more price increase. Also wiith more price increase as it is always compared with inflationary fiat.

Misconception:

Bitcoin transaction fees do not depend on the amount you spend. It depends on the amount of data sent.
If your transaction is 500 bytes, you'll pay the same fee, no matter if you're sending $100 or $10,000.
It's even possible technically to send a transaction without any fee.

The rest of your points have already been saying and discussed over and over again

(I hate when people use the term "gas transaction" while referring to Bitcoin)

Do you think Bitcoin is the most costly/overpriced coin? I used to think the same too until I followed other altcoin projects then I learnt the difference,

1. Since I have started my crypto journey I have never used up to 1 dollar for a gas transaction on Bitcoin, maybe this is possible if I moved a million dollars worth of Bitcoin I don't know.

2. I believe that Bitcoin is still very cheap, God only knows how much the gas fee would be if other altcoins like ETH and Tron move up to 65,000$ per coin.

3. There will come a time where satoshi's ( 0.0000*** BTC ) will be worth a lot, buying 1$ BTC every day or two can still be huge someday, you are not too late.

Don't let anyone fool you that Bitcoin price is too high, remember, it was high at 5000$, 19000$ some years ago, Bitcoin is the new Gold and you don't have to own or buy a gigantic Gold to be rich, just have some.