Topic: Can bitcoin be worthless? - page 7. (Read 2833 times)

It is not worthless unless you manipulate it very well,why we say worthless when it gives a very easy transactions on its fastest way.Those days the price was high  it gives a huge impact, we value it more than we could imagine and if you are bitcoin user you can say that it is very useful and worthful to everyone who are enjoying and have receive a good of it.

in my opinion it's not possible because now only a lot of people have bitcoin. From the list of crypto money and also bitcoin at the top, maybe the price isn't stable, but there will be continuous improvements to make it better. And if for example bitcoin is not valuable, it will also affect other money to get the impact.

whatever in the future no one knows whether indeed bitcoin will still be needed or not by the community. because they themselves will later determine. but following the current cycle, people already know a lot and also develop well enough

Why would it be worthless in the future? Honestly, I can see a huge possibility that in the coming future, Bitcoin will lead the financial system making the crypto currencies as the medium of payments and different financial transactions.

Bitcoin is the coin which is famous all over the world, people are accepting it, investing into it and saving it for long term than no one is refusing now, long ago people were thinking a little negative but now everyone is accepting it and making investments without even thinking twice, bitcoin is future it can never be worthless.

Some countries that accept Bitcoin have helped it receive some positive responses from several other countries. If Bitcoin can solve transaction problems when inflation occurs, it will soon be accepted and used as a currency that cannot happen inflation. This will help Bitcoin become worthless soon, and we can build a villa with a bitcoin in the future.

In my opinion, Bitcoin is not just a currency. Bitcoin is a technology (Blockchain). It's a revolutionary technology in the world of Internet.

In my knowledge the last revolution was Invention of Internet and after that Blockchain Technology is the only thing which is growing day by day.

Soon we will able to see global adoption of this technology. Bitcoin is base of cryptocurrency and will remain forever till this blockchain technology will stay in existence.

As we can see year by year bitcoin's value is increased and till global adoption i can say it will keep increasing.

So Bitcoin can not be worthless till blockchain technology will exists.

Thanks !!

Yes for sure, you have yourself mentioned the main reason why bitcoin can become obsolete and that is technical failure. Bitcoin works on such a blockchain network which has quite a lot of traffic. Moreover, we have seen a lot of scalability issues with bitcoin in the past. If it become unuseful as a currency then obviously soon it will loose its charm as an asset to there fore reducing the prices and ultimately becoming obsolete.

Bitcoin can be wortless. it is quite possible.
What we adopt is not bitcoin it self. It is blockchain technology, decentralization and cryptocurrency solutions.
There are and will be better blockchain currency solutions. And sooner or later one of them will start dominating and eliminate the btc.

Bitcoin can still be worthless even the supply is limited. Bitcoin can become worthless if there is no demand in the market of bitcoin because based on the law of demand and supply, the more supply the lower the price. Just imagine no one is buying bitcoin and all of them are just selling then it will end for bitcoin to be worthless.

How does bitcoin start? It started from a worthless coin to valuable and most expensive thing in the world. It definitely become worthless once the people figure out that bitcoin is just a virtual currency and it does not help us much. However, bitcoin is worthful due to its function, its usage in economy wherein we can send abroad or domestic. It is possible to become zero value but as of now, it is meaningful to us.

Hyperinflation is the biggest factors that makes currency become worthless. In this case bitcoin is safe because the limitation amount of bitcoin make it tend to deflation. Although deflation of national currency is not always good for economy but since bitcoin is only an alternative currency then it's deflation even give good effects for it's holders. I think bitcoin will not be worthless because currency competition and political issue aren't directly influence bitcoin price.

Although Bitcoin has not received a global adoption, it has got a significant adoption percentage which makes its very difficult to become worthless now. Now there are countries like India, Japan, South Korea etc which have authorized Bitcoin.

Yes it can be, Bitcoin started from worthless value so it can surely submerges to the initial if the conditions are not suitable for it to survive. But i rarely think this will happen but if it happens then it will be a historical event.

If dollar is the most dominant currency in the world when we can call bitcoin like a dollar since it's been dominating the crypto world.
However dollar is tied on their economy so if their economy will not improve it will affect the value of dollar, bitcoin is not tied with a certain country's economy, from whatever county you are , you can own bitcoin that's why the potential of demand is very high.

I'm new here and I apologize if I'm randomly butting in but I would like to argue the case that all currency is in some way worthless. Currency is inherently worthless on its own. That's a given. The fact that we use a supply and demand model to describe the value of Bitcoin is the point to be made. When we speculate on the spot price of BTC, that "magical hand of the market" has an effect on what we collectively think its worth.

In a philosophical context, if I have an amount of fiat currency that I gave my time to acquire, presumably I did that to use that fiat currency to make a demand on what a supplier would have to offer. How much of my effort is worth what I want from someone else. I would say the same holds true for BTC and any alternative currency out there.

However, considering that money supply can be measured the same way using supply and demand for say something like the US dollar or a Euro, it's absolutely appropriate to apply that logic to Bitcoin. The monumental moment for Bitcoin to stand completely on its own, in my humble opinion, is when someone goes to sell something at a fixed BTC price. I.E. I see a supplier. I want what they have to offer. Instead of thinking what the spot price of BTC is in US dollars, I'm instead thinking how much effort I gave for Bitcoin to acquire what a supplier has.

Yes it can, let's suppose someone finds a bug that let him use all the private keys, that way he will be able to spend all the coins, at that moment the price of bitcoin would be zero, the technology would lose its sense.

Its very unlikely dollar is rising in worth over a decade vs any set worth like food costs etc.    Its being depreciated constantly.    So then to see worthless pricing for BTC in dollars would mean a bigger failure in the BTC protocol.     If the rate of depreciation in BTC is less then dollars then its easier to see a price rise occur.

Certainly the rate of inflation to BTC is far lower then Dollars so far as I know.    To be worthless I think BTC has to be replaced completely, not just become old or less used.   I think a greater crypto standard would have to replace BTC and thats the most likely scenario for that event.   Even then leading upto 'worthless' you would get exchange rates available between BTC and the rising competitor within crypto and it'd be years and years before nobody used BTC.    

In terms of the physical money it can be worthless when it is demonetized. I think bitcoin is like dollar that even there are lots of new coins still its the basic coin that regulates all other coins. Its worth may go down or high but how it was use is still the basis. As long as we use btc for exchange its what its worth.

By studying the price data for bitcoin from 2011 to 2018, along with that of Ripple’s XRP and Ethereum’s ether from the newer currencies’ inceptions in 2012 and 2015 respectively, Tsyvinski and Liu were able to calculate the probability that the price of a cryptocurrency would drop to zero in a day.The percentages are given as risk neutral probabilities, which is a common financial calculation used to determine the expected values of assets.