Do you Consider the Price of Bitcoin to be More Important than its Purpose?

suzanne5223

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Quote from: Yatsan on November 08, 2022, 09:23:15 AM

Majority will choose its market value over its purpose simply because that is more beneficial to them/us especially as investors. Also, it is not yet accepted to most of the countries.

The majority that chooses Bitcoin value over its purpose doesn't understand the importance of Bitcoin because there's no way BTC will achieve its purpose that it won't impact the price of the BTC market.

Quote from: Yatsan on November 08, 2022, 09:23:15 AM

Lastly, its volatile market value is quite of a problem on using it as a medium because there are times its value is high, and times wherein it is low. Would you wait for its msrket price to go up before you buy something? Ofcourse not, you'd be guilty by doing such 'coz you'd rather use money from your pocket.

Yes, the volatility of the BTC market has cons and pros. I could remember getting a loan from someone before the last bullish market and I have to x2 in USD the amount of loan I requested for.

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Majority will choose its market value over its purpose simply because that is more beneficial to them/us especially as investors. Also, it is not yet accepted to most of the countries. Lastly, its volatile market value is quite of a problem on using it as a medium because there are times its value is high, and times wherein it is low. Would you wait for its msrket price to go up before you buy something? Ofcourse not, you'd be guilty by doing such 'coz you'd rather use money from your pocket. If you'd use it to buy things, you'd lose the chance to earn bigger profit, that's how simple it is, and the reason why people are mostly avoiding to use it as a medium for transactions.

But in the future, once more countries allowed it and somehow made its value less volatile, then that would be the time where the advantages of this technology will be maximized.

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Quote from: jaberwock on November 07, 2022, 09:26:32 AM

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It depend what is your purpose of joining Bitcoin. If you are a investor with no concern for tech. You might think of only money. If you are someone a tech developer associated with bitcoin for quite some time you will measure it by its blockchain efficiency and strength.

However, this is what we are talking about when saying that you sort of need to care about the tech even if you are only an investor. As a tech person you won't need to care about the price because only thing you care about is the tech behind it and if all works perfectly as intended then people could sell it all, who cares, the purpose was to make it work in tech sense and the code works.

But, if you are just an investor, and the tech is wobbly and doesn't work right, that would still hurt you and the price would crash, so you need to care about the tech side as much as the price side, or the purpose as much as possible because all of that also impacts the price.

Although to activist, the qualities of BTC is the most important, they care about the price also.

As more people come into crypto, price becomes important because most are investors and speculators who are trying to accumulate. The price of BTC is the most talked about whenever it's mentioned. BTC is less attractive if the price dives and more talked about on TV when its price also soars to ATH.

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It depend what is your purpose of joining Bitcoin. If you are a investor with no concern for tech. You might think of only money. If you are someone a tech developer associated with bitcoin for quite some time you will measure it by its blockchain efficiency and strength.

However, this is what we are talking about when saying that you sort of need to care about the tech even if you are only an investor. As a tech person you won't need to care about the price because only thing you care about is the tech behind it and if all works perfectly as intended then people could sell it all, who cares, the purpose was to make it work in tech sense and the code works.

But, if you are just an investor, and the tech is wobbly and doesn't work right, that would still hurt you and the price would crash, so you need to care about the tech side as much as the price side, or the purpose as much as possible because all of that also impacts the price.

noorman0

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People can only go with the mainstream. The fact on the ground is that the increase in value growth platforms such as exchanges and staking is more than the shops implementing bitcoin payments. The influencers also don't stop introducing bitcoin in terms of price and wealth prospects. With this influence, price has become the first talk of every bitcoin topic whether people think it is important or not.

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I would not say that the price is more important than the reasons why Bitcoin is existing but since this is a P2P payment system and is openly traded in the marketplace we could never get away from the price...otherwise it would mean to have no financial value at all. Now, it would be safe to say that its purpose and its price are two important things for Bitcoin. This is like buying a shampoo...we are looking for its utility and of course we also look at the price.

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Quote from: Davidvictorson on October 27, 2022, 11:09:06 AM

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?

For me, Bitcoin's price works hand-in-hand with its purpose. Back in the old days, when bitcoin is still worth less than a dime not a lot of people are aware of its purpose, much more of its existence. But as it rose to power and price, more and more people are seeing its benefit in the financial and the security aspects. I do not think one is more important than the other, because without purpose, people wouldn't be so confident to invest on it and entrust their future to it, without price, no one would bat an eye to bitcoin and it would just be kicked into the curb like most ventures without enough financial backing.

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Quote from: lalabotax on November 03, 2022, 04:27:24 PM

Quote from: serjent05 on November 03, 2022, 01:16:43 PM

Without the means to profit, I do not think Bitcoin will be that popular. It is given that the purpose of creation of Bitcoin should be the most important thing but in adoption, people are driven by profit and rewards so at the current situation of Bitcoin, I think the Bitcoin price is more important.

It's no hypocrisy that I'm here and I really support Bitcoin, one of the main factors because the price of Bitcoin continues to soar from time to time, especially during bullish times. And I'm also sure most people will be the same, wanting high profits from Bitcoin. However, it is undeniable that our increase and support for Bitcoin is inseparable from what is behind Bitcoin itself. The utility of Bitcoin, the trust, and the reputation that Bitcoin has are not the result of an instant process, but a very difficult process that has been passed. And if we are aware of the technology and the goals of Bitcoin itself, we will be more and more fond of Bitcoin.

Yeah, funny how many of us say Hodl instead of saying use it as a payment option. We can also read everyday Bitcoin news which tackles the ups and downs of the market, and when there is adoption news, the surge in Bitcoin market price is always attached to the news. So this only means that Bitcoin price weigh more than its purpose at the current state of Bitcoin.

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Price is important, so bitcoin can fulfill its purpose, that is to provide a decentralized person to person transaction alternative. A minimum of stability is expected from bitcoin's price, so at the moment you purchased btc to send to someone on the other side of the world, its price will be almost the same on the moment that person receives the transaction. That is why price is important.

Otherwise, the transacted money could reach on the other side with a devaluation of 50% or more... on that case it wouldn' make sense to use bitcoin, as its purpose would be irrelevant.

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Quote from: lalabotax on November 03, 2022, 04:27:24 PM

Quote from: serjent05 on November 03, 2022, 01:16:43 PM

Without the means to profit, I do not think Bitcoin will be that popular. It is given that the purpose of creation of Bitcoin should be the most important thing but in adoption, people are driven by profit and rewards so at the current situation of Bitcoin, I think the Bitcoin price is more important.

It's no hypocrisy that I'm here and I really support Bitcoin, one of the main factors because the price of Bitcoin continues to soar from time to time, especially during bullish times. And I'm also sure most people will be the same, wanting high profits from Bitcoin. However, it is undeniable that our increase and support for Bitcoin is inseparable from what is behind Bitcoin itself. The utility of Bitcoin, the trust, and the reputation that Bitcoin has are not the result of an instant process, but a very difficult process that has been passed. And if we are aware of the technology and the goals of Bitcoin itself, we will be more and more fond of Bitcoin.

Also it is important to remember that without the technology and the ideals behind bitcoin the project would have never reached its current price, after all who would have bought bitcoin if it was centralized and controlled by a single individual? Such a coin would be even worse than the fiat currencies we have today and governments would have destroyed it long ago, so even if people do not care about the purpose behind bitcoin we know that it is the only reason why it still remains alive to this day.

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For me it is hard to say whether Bitcoin is trojan horsing it's way into traditional finance in order to then activate things like anonymity and more efforts to remain immutable. Right now though it certainly looks like Bitcoin price as an investment vehicle is all that matters. So while I don't agree with this repurposing of Bitcoin as a hold only store of value asset, this may be what the world needs to let the horse in the front gates. It is hoped that once Bitcoin has crossed the threshold of becoming inevitably used by the entire world, developers (who will have to be anonymous) will step up and provide us the privacy and safety needed to truly be free.

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