Topic: Do you Consider the Price of Bitcoin to be More Important than its Purpose? - page 2. (Read 707 times)
October 29, 2022, 05:49:00 PM
To be honest, the price of Bitcoin may be one of the strongest reasons why I want to invest in Bitcoin. Indeed, the technology behind Bitcoin and also a very strong goal. However, the price of Bitcoin that continues to rise has indeed become one of the very interesting and profitable things for investors, right? And I am also sure that most people expect the price of Bitcoin to continue to rise. Not hypocritical, if the benefits of investing in Bitcoin are inevitable. This is very promising, right?
October 29, 2022, 03:38:51 PM
The Satoshi idea for Bitcoin creation is still very much active which is, Bitcoin being an alternative to fiat currency since the third-party system has so many limitations and paper money is subject to inflation, and Bitcoin as peer-to-peer electronic cash has performed that purpose and even though Bitcoin is also an asset, which price has to lead to wider adoption since most of Bitcoin holders are doing so with the expectation of it price rising due to Bitcoin volatility we still can't say Bitcoin price has become the sole organ of Bitcoin existence.
October 29, 2022, 03:34:21 PM
The price of bitcoin is a major attraction among the common people. When they initially get into cryptocurrency they never know anything about the real purpose. Even I don't know the real technology and the innovative things that made me into cryptocurrency.
Only after getting into the forum I realised how important is the privacy and how banks are stealing our money and having control over our funds. As if now we've got around 5% of the world population using cryptocurrencies in some means. If the price isn't this high or it hasn't experienced such a massive growth surely the usage percentage will be around 3%
I think it’s very obvious that we are only after with the price of bitcoin the moment we enter bitcoin investment. We chose it because it may guarantee good profits and huge returns. However, as we learn to value more bitcoin and even established altcoins, we also get to know better it’s real purpose and how it will be very beneficial to the people. And it’s really a good thing that we come to invest in bitcoin, having both a good and impressive price plus an ideal purpose that will greatly help us to see financial growth and stability. Only after getting into the forum I realised how important is the privacy and how banks are stealing our money and having control over our funds. As if now we've got around 5% of the world population using cryptocurrencies in some means. If the price isn't this high or it hasn't experienced such a massive growth surely the usage percentage will be around 3%
October 29, 2022, 02:55:34 PM
So far, I would like to think that bitcoin has been living up to the expectations of Satoshi Nakamoto despite the numerous challenges it has encountered. Nevertheless, the price volatility has been a huge concern to so many people all over the world. I want to know your thoughts - Do you consider the price of Bitcoin to be more important than its purpose?
For a practical answer, it is the price that is more important to me. The purpose is secondary. Why? The purpose of Bitcoin won't feed me and my family. True I can have freedom on transaction to send Bitcoin anywhere, anytime, but it won't feed my family. Besides, in order to use Bitcoin it still needs to be converted to a fiat currency because stores that accept Bitcoin aren't available everywhere.
October 29, 2022, 01:33:07 PM
Bitcoin has its high value because it has use cases and has been accepted globally.
From value, it has price on the market and despite of price volatility on market, its value increases solidly with time. Bitcoin has changed the world and forced governments to research, develop and launch their CBDCs.
Price is not important than value because we need it has value first. Value is made up of its use cases and adoption. Fortunately, we see both use cases, adoption of Bitcoin having growth with time.
Governments will not launch their CBDCs if they don't see advantages from blockchain technology and Bitcoin is a successful pioneer in blockchain.
CBDC tracker: https://cbdctracker.org/
From value, it has price on the market and despite of price volatility on market, its value increases solidly with time. Bitcoin has changed the world and forced governments to research, develop and launch their CBDCs.
Price is not important than value because we need it has value first. Value is made up of its use cases and adoption. Fortunately, we see both use cases, adoption of Bitcoin having growth with time.
Governments will not launch their CBDCs if they don't see advantages from blockchain technology and Bitcoin is a successful pioneer in blockchain.
CBDC tracker: https://cbdctracker.org/
very well-said. value should come first before the price. because how would it fetches a price in the market if it has no use case or application? mere speculation won't last. the price of btc today is owed to increasing use case of btc in the market. as payment method, the number of merchants are increasing integrating btc and other alts in their payment system. without its purpose or use case, the price of btc won't improve throughout the years.
October 29, 2022, 02:37:52 AM
Bitcoin has its high value because it has use cases and has been accepted globally.
From value, it has price on the market and despite of price volatility on market, its value increases solidly with time. Bitcoin has changed the world and forced governments to research, develop and launch their CBDCs.
Price is not important than value because we need it has value first. Value is made up of its use cases and adoption. Fortunately, we see both use cases, adoption of Bitcoin having growth with time.
Governments will not launch their CBDCs if they don't see advantages from blockchain technology and Bitcoin is a successful pioneer in blockchain.
CBDC tracker: https://cbdctracker.org/
From value, it has price on the market and despite of price volatility on market, its value increases solidly with time. Bitcoin has changed the world and forced governments to research, develop and launch their CBDCs.
Price is not important than value because we need it has value first. Value is made up of its use cases and adoption. Fortunately, we see both use cases, adoption of Bitcoin having growth with time.
Governments will not launch their CBDCs if they don't see advantages from blockchain technology and Bitcoin is a successful pioneer in blockchain.
CBDC tracker: https://cbdctracker.org/
October 29, 2022, 01:31:21 AM
I want to know your thoughts - Do you consider the price of Bitcoin to be more important than its purpose?
The price of bitcoin is more important for those people who treat btc as an asset. They want btc to rise in price so that they can earn more if they sell but if btc is at the top, they are also wishing for it to go down for a while for them to buy it again. Those who use btc as a currency doesn't really care about its price that much because what is more important for them is that they can send/pay and receive money to someone else.
A lot of btc have been mined already but I think there are still lots of supply left and this is bigger than the demand but the demand is high, not low whenever there is a bear. Only those who have less confidence during that time are newbies.
October 28, 2022, 06:45:11 PM
Honestly, I am sure that investors believe that the price of Bitcoin will always increase although they are experiencing a bear codnition. It is because of their trust in Bitcoin, the technology, purpose, and also its real goal. They are sure that with this, many more people will acknowledge the existence and power of Bitcoin and its benefits. And what does that mean? More people will accept Bitcoin. Of course, this will have an impact on the price. And in the end, price is indeed the main priority for any investors to continue to invest in it, including Bitcoin.
October 28, 2022, 05:14:51 PM
Honestly, the bitcoin price is the only reason why I got involved in Bitcoin. I believed others have the same reason. If bitcoin has a stable price, it's like a normal currency for me and I might not be involved here just because of the technology.
But as I'm becoming an experienced user in crypto, I slowly understand the benefits of using bitcoin. However, fiat transfers also evolve their technology and I will say that fiat digital payment is far more convenient than using bitcoin.
Seems bitcoin will really be meant for investment purposes especially when bitcoin shows how strong it is during the peak of the pandemic.
But as I'm becoming an experienced user in crypto, I slowly understand the benefits of using bitcoin. However, fiat transfers also evolve their technology and I will say that fiat digital payment is far more convenient than using bitcoin.
Seems bitcoin will really be meant for investment purposes especially when bitcoin shows how strong it is during the peak of the pandemic.
October 28, 2022, 04:59:17 PM
Price is a very important parameter of bitcoin which can satisfy its purpose. So both goes hand in hand and shouldn't have less priority above another. An electronic peer to peer cash system is fine, but unless a price tag is attached, what you will transact and how you will determine value? Without a price tag, it's simply impossible to transfer value using bitcoin. So price is very important factor which can satisfy its purpose of become and store of value. Nothing else will!
I believe no one would likely to invest in bitcoin in the first place without its high price and high returns as people are more greedy in nature. However, not all people think like that because when you come to know bitcoin well and its purpose in the blockchain technology, you will discover that bitcoin is the future not only for its own high value but definitely of it’s own purpose. But if bitcoin’s price and purpose will go hand in hand, I guess that will be much better as it’s going to meet the satisfaction needed by the people. 
October 28, 2022, 01:23:12 PM
No, the purpose of Bitcoin is for certain far more important than its price. That's for sure. After all, the price of Bitcoin is just a reaction to how Bitcoin is particularly designed. Of course, Bitcoin's design is such that it serves its purpose.
However, I'd be a complete hypocrite if I don't admit that Bitcoin's price is attracting me more than its being a peer-to-peer currency. If Bitcoin had a stable price, I'm not sure if I would want to accumulate a lot of it. At the end of the day, that it is a peer-to-peer currency is yet to be really felt locally.
Absolutely true, many people may have seen Bitcoin as an investment opportunity which is why most of us look and check more on the price rather than it's purpose.However, I'd be a complete hypocrite if I don't admit that Bitcoin's price is attracting me more than its being a peer-to-peer currency. If Bitcoin had a stable price, I'm not sure if I would want to accumulate a lot of it. At the end of the day, that it is a peer-to-peer currency is yet to be really felt locally.
However, It's purpose is what's more important as it is also the main reason as to why Bitcoin has its own value right now. Bitcoin may have not been the first crypto created but it's design, purpose and security is the reason why it's the most valuable crypto on the market.
October 28, 2022, 01:23:06 PM
Obviously the purpose, no doubt in that. I know people have now started using it merely as an investment tool but deep in the core bitcoin is a financial revolution. Moreover price is nothing but a function of demand which is created due to the underlying purpose only. So obviously purpose is much more important and honestly it has fullfilled it to some extent as well. Obviously not till a complete extent but still upto some extent bitcoin has achieved what it was created for.
October 28, 2022, 01:17:48 PM
There are two types of price movements: bull markets and bear markets. In the bull market, the majority of bitcoin investors are buying, demand outweighs supply, market confidence is at a high, and prices are rising. On the other hand, they are the opposite of the bull market. Bear markets are defined as a period of time where supply is greater than demand, confidence is low, and prices are falling.
In his paper, Bitcoin: A Peer-to-Peer Electronic Cash System, Satoshi Nakamoto states that the purpose of Bitcoin is a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.
So far, I would like to think that bitcoin has been living up to the expectations of Satoshi Nakamoto despite the numerous challenges it has encountered. Nevertheless, the price volatility has been a huge concern to so many people all over the world. I want to know your thoughts - Do you consider the price of Bitcoin to be more important than its purpose?
In his paper, Bitcoin: A Peer-to-Peer Electronic Cash System, Satoshi Nakamoto states that the purpose of Bitcoin is a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.
So far, I would like to think that bitcoin has been living up to the expectations of Satoshi Nakamoto despite the numerous challenges it has encountered. Nevertheless, the price volatility has been a huge concern to so many people all over the world. I want to know your thoughts - Do you consider the price of Bitcoin to be more important than its purpose?
Bitcoin was made for us to send money over the internet. This cryptocurrency was intended to have an alternative way of paying system that operate without the central control. We can't deny that one of the main factors in the massive acceptance of Bitcoin since its beginning has been its price; for most people, the price of Bitcoin trumps its function as a medium of exchange, because of these bitcoin's purpose was being satisfied.
October 28, 2022, 11:18:17 AM
Bitcoin purpose is unique because of its decentralised system,which makes it more preferable to fiat currency. Most people holds Bitcoin because of its volatility ,which means they hold bitcoin because of its price. Now that bitcoin is in its bear market,bitcoin holders are not happy, some have even lost courage by selling theirs and when it hits the bull market,majority will also sell theirs to become rich.This shows that the price matters than purpose of its creation. Investors are getting the wrong idea on bitcoin.
October 28, 2022, 10:27:03 AM
Do you consider the price of Bitcoin to be more important than its purpose?
Both price and its purpose are important. If Bitcoin has a good value, people are more interested to use Bitcoin. When many people are using Bitcoin, it will be easier to achieve the Bitcoin purpose. We cannot separate the value/price of Bitcoin and its purpose. Both of them are priorities, Satoshi should agree that Bitcoin price is necessary although he didn't state it in Bitcoin Whitepaper.
Unfortunately bitcoin is not used as intended. It is used as digital gold instead of digital cash.
It is not easy to make Bitcoin to be global digital cash. We need to ensure people that using Bitcoin is important. If Bitcoin has no price/value, I doubt people want to use it as digital cash.
So, to achieve the purpose should begin with the popularity of Bitcoin as a crypto asset.
October 28, 2022, 10:07:49 AM
For one aspect i want to consider the purpose as its morally and practically more important the freedom, decentralization the self custody and much more but for a narrow mindset and greed I can't avoid the Price point as for greed I need a reason to stay on BTC and its only the price of bitcoin if its stable even its decentralized and all these features I can be long term investor as I need money I want to grow up so both of things matter from a neutral point of view and this is a straight forward fact.
October 28, 2022, 12:44:21 AM
Both the price and the purpose of Bitcoin are important. The question is, to what extent are they important for the different kinds of Bitcoiners.
For the BTC traders/investors, the price is more important than the purpose. For the unbanked people living in poor countries, the purpose is more important than the price.
The true purpose of Bitcoin (being p2p electronic cash) isn't important at all for the people, who keep their BTC on centralized exchanges.
Those people are the majority of the Bitcoin users around the world. This is the sad truth.
I would say that there is a Pareto distribution, when it comes to the importance of both the price and the purpose. It's like 80/20.
80% is the BTC price and 20% is the purpose of BTC. That's how the people view Bitcoin.
For the BTC traders/investors, the price is more important than the purpose. For the unbanked people living in poor countries, the purpose is more important than the price.
The true purpose of Bitcoin (being p2p electronic cash) isn't important at all for the people, who keep their BTC on centralized exchanges.
Those people are the majority of the Bitcoin users around the world. This is the sad truth.
I would say that there is a Pareto distribution, when it comes to the importance of both the price and the purpose. It's like 80/20.
80% is the BTC price and 20% is the purpose of BTC. That's how the people view Bitcoin.
October 27, 2022, 11:16:28 PM
The price of bitcoin is a major attraction among the common people. When they initially get into cryptocurrency they never know anything about the real purpose. Even I don't know the real technology and the innovative things that made me into cryptocurrency.
Only after getting into the forum I realised how important is the privacy and how banks are stealing our money and having control over our funds. As if now we've got around 5% of the world population using cryptocurrencies in some means. If the price isn't this high or it hasn't experienced such a massive growth surely the usage percentage will be around 3%
Only after getting into the forum I realised how important is the privacy and how banks are stealing our money and having control over our funds. As if now we've got around 5% of the world population using cryptocurrencies in some means. If the price isn't this high or it hasn't experienced such a massive growth surely the usage percentage will be around 3%
Nowadays, people enter the market or invest in bitcoin largely because of the volatile price, rather than the technology or its true purpose. Just like you, I believe that people will realize the importance or great solutions that bitcoin offers only after they invest and start learning about bitcoin. I got to know bitcoin through a ponzi project and I became interested in bitcoin because of its volatility but I didn't know why bitcoin was created until later. It can be said that the price of bitcoin plays an important role in helping it grow and is a catalyst for people to pay attention to it to help it become more popular.
October 27, 2022, 11:03:32 PM
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I doubt there's a people who buy Bitcoin without looking at the price, actually most people are using Bitcoin to store a value or become investment asset. This mean they're mostly focus on the price in order to get huge return in the future. The Bitcoin purpose and use case is good: decentralization, but that's the part where anyone is feel safe to invest Bitcoin and the reason they're choose Bitcoin over other altcoins.
I think, majority of bitcoiners focus on Bitcoin price in the crypto market because if they can get it right during the bearish market to buy Bitcoin and hold until the market turn to bullish market, definitely they will have something good to achieve at the moment. Now that bitcoiners are expecting bull run before the end of this month, showed that those that invested in Bitcoin when the price was low in the market will not miss the opportunity. Bitcoin purpose are very important to the users, which are part of things that is making other countries to make it legal in their land.
October 27, 2022, 10:34:02 PM
I doubt there's a people who buy Bitcoin without looking at the price, actually most people are using Bitcoin to store a value or become investment asset. This mean they're mostly focus on the price in order to get huge return in the future. The Bitcoin purpose and use case is good: decentralization, but that's the part where anyone is feel safe to invest Bitcoin and the reason they're choose Bitcoin over other altcoins.
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