Although this thread was made months ago it is somehow good to hear that there are people who can create this kind of examples just so to explain how bitcoin goes even if it is old. (is it?)
Do not worry guys all your altcoins once got populated will also take that same toll.
They say it is fast, it is cheap but yet have you ask yourself how many people are using it. We got so hooked up with the sweet words that have been spread all over the crypto world and the worse part is we dont ask ourselves anymore. What if it gets so populated?
Topic: Have we underestimated Bitcoin? (Read 3068 times)
Most likely in some respects. The exponential growth that BTC has experienced has been very shocking to many economists a like. Where is it going to be going now I wonder? I think it will now stagnate for a while after the fork and especially with its new fall. I think BTC cash will look to start rising and other forms of BTC and ETH will start to catch up with BTC while it stagnates.
Bitcoin price now is half at all time high, bounce back from around 7K. Anything in crypto is way too volatile.
Most likely in some respects. The exponential growth that BTC has experienced has been very shocking to many economists a like. Where is it going to be going now I wonder? I think it will now stagnate for a while after the fork and especially with its new fall. I think BTC cash will look to start rising and other forms of BTC and ETH will start to catch up with BTC while it stagnates.
Yes, I agree with everyone. The use of bitcoin is increasing day by day because its improvement is extreme. I think Bitcoin will play a huge role for us in the future. Those Bitcoin are not believers. They are far behind in the present age. So we should all Share the ideas of Bitcoin. If Bitcoin's ideas spread to everyone, it would be better.
most people who are usually silent already know the potential of bitcoin and they are mining their own business while accumulating it without anyone noticing. in a couple of years we will see them as multi millionaires and will see topics saying "i wish i did the same too".
the limited supply with all this growing demand, specially these days that bitcoin is all over the media is not a small thing. if we never had all the drama with exchange hacks, FUD, split, fork, ... the price would have been 10K at least by now.
the limited supply with all this growing demand, specially these days that bitcoin is all over the media is not a small thing. if we never had all the drama with exchange hacks, FUD, split, fork, ... the price would have been 10K at least by now.
Bitcoin mining is the easiest way to earn bitcoins but the only problem is electricity consumption. China is one of the biggest contributor in the market because the electricity consumption in their country is low and it really affected the market when the ico's are banned in their country.
There is an upper limit to the cost of bitcoin. I believe it. Does anyone know such estimations?
Bitcoin was underestimated when it was only made 9 years ago. Step by step bitcoin was progressing and getting more attention and investmens. I was always believing in bitcoin, I started working with bitcoins long time ago and I am proud of it. Bitcoin is our future.
I think so. Bitcoin back in 2009 was labelled as geek money and play money. But now it's grown into the beast we see it today. It's worth more than gold at this point at a 1:1 ratio.
Some of the most common critiques of Bitcoin are: "it's too slow" or "the blockchain is getting too big". Sure newer coins offer faster tech, more sophisticated algorithms that are ASIC resistant, and so on. Let me ask you this - do you ever ride the old train in your city? Do you sit on the train and wonder why they don't put in a new superconducting train instead? We use the old train and it's no wonder because it works. Don't fix something that isn't broken, haven't we all learned that the hard way? And if it breaks down, surely it will be cheap to repair. Besides, what do you think cost more to complete, the train itself or clearing the path and laying the tracks? Bitcoin has value because it is a store of currency that will appreciate AND because it's just there. How can you buy the hottest new altcoin? Directly with fiat? You must but BTC from a Bitcoin exchange, then trade it on an altcoin exchange.
So often I see people saying "we are in a bubble" and "when the bubble bursts..." - but weren't these people saying the same thing when BTC made a huge push up to 2,700? Maybe we simply underestimated Bitcoin. Remember, Bitcoin is the first of its kind. We can't really look to history to predict how it will be valued like we can with other things.
So before you sell your coins, ask yourself this: how long has the old train been running in your city?
I do not think that we need to underestimate Bitcoin. I been hearing a lot of talk that Bitcoin will fail. If we look at Bitcoin today it now has good reputation and become much more in-demand now if we look on any Dark Market which was part of the point to making Bitcoin to get goods and services that we can't obtain with a paper currency, all of the merchants accept Bitcoin.With how technology is constantly improving at a rapid pace day by day, people will try to find ways to make it better. So often I see people saying "we are in a bubble" and "when the bubble bursts..." - but weren't these people saying the same thing when BTC made a huge push up to 2,700? Maybe we simply underestimated Bitcoin. Remember, Bitcoin is the first of its kind. We can't really look to history to predict how it will be valued like we can with other things.
So before you sell your coins, ask yourself this: how long has the old train been running in your city?
Everyone including you and me underestimated it. Otherwise we would have bought a long time ago. Lots of people never thought it would go above $100. Then it went above $1,000. Then people doubted if it would go above $3,000. I personally thought it was going to crash, but sure enough it went above $3,000 and then $4,000! Now, I do not doubt Bitcoin any more. My opinion is someday it will be worth over $1,000,000. 
We are probably not going to see that day but it does not matter, the most important thing is to invest in bitcoin right now, the price is attractive although you could have bought a few days a go for a cheaper price, but once you get your bitcoin the most important thing is to hold it and not sell it until you reach your target price.
yes I agree with you an interesting parade where bitcoin is the first coin and has survived until today, if replaced by another altcoin in the near future I think there is no altcoin that can replace bitcoin, but don't know 3 years or 5 years again the possibility is always there and for now we take advantage of bitcoin to provide benefits. 
Interesting analogy. I don't agree completely because I am an advocate of modernization, but I don't think Bitcoins will be replaced by any altcoin anytime soon, or maybe ever. I imagine most people look at its value, which is dictated by the rather low supply vs the high demand, rather than the technology behind it. The technology does help, because it does sway people to come and invest, but you're right on the money with needing Bitcoins to buy altcoins. Bitcoins are here to stay.
There is a chance for other coins or altcoins to replace bitcoin because that is not hard for bitcoin to achieve since there is a lot of things that might become the cause for a person to choose altcoin rather than bitcoin and that is the features of the altcoin that is better in bitcoin and if that altcoin is more convenient than bitcoin then it is a very attractive feature for an investor.
Interesting analogy. I don't agree completely because I am an advocate of modernization, but I don't think Bitcoins will be replaced by any altcoin anytime soon, or maybe ever. I imagine most people look at its value, which is dictated by the rather low supply vs the high demand, rather than the technology behind it. The technology does help, because it does sway people to come and invest, but you're right on the money with needing Bitcoins to buy altcoins. Bitcoins are here to stay.
I think some people have and now they regret it. The naysayer and all the rest of the Fud spreaders.
Maybe some clueless people thought it was silly and now see it's serious. You get people who can't wrap their mind around a digital currency.
Maybe some clueless people thought it was silly and now see it's serious. You get people who can't wrap their mind around a digital currency.
Yeah i agree too, bitcoin has been unerestimated since back then when itself created. Although there is much potential. Most of people that already know the potential of bitcoin itself keep mining bitcoin, aand as for now they are what we see as multi millionaires
Everyone including you and me underestimated it. Otherwise we would have bought a long time ago. Lots of people never thought it would go above $100. Then it went above $1,000. Then people doubted if it would go above $3,000. I personally thought it was going to crash, but sure enough it went above $3,000 and then $4,000! Now, I do not doubt Bitcoin any more. My opinion is someday it will be worth over $1,000,000.
Right You say I'm one of those people who underestimate bitcoin because I think the coin will go up fantastic this year. But all doubts about Bitcoin are now gone, because I'm also pretty sure in the next few years the price will go up. and I also believe the price could reach $ 10,000.
I used to underestimate bitcoin because of an event. but I now know why bitcoin is the best. and I will never experience the same mistake.
Me too, I underestimate bitcoin and sells each time I gain profit, but bitcoin has proven something, now I won't hesitate to invest even more after witnessing everyrhing that happens to bitcoin this past months.
it's my first time to know bitcoin I underestimated and it turns out my opinion about bitcoin wrong, I just believe bitcoin after my brother succeed in bitcoin, since then I also invested in bitcoin and I admit my mistake about bitcoin
You admitted your fault and have already made a correction so now you just need to be happy and feel proud i yourself because most of the people are not like this. Bitcoin is the future currency and it is going to progress even more. Mostly people ignore it at first sight but it is better late than never.
In my opinion, yes! My friends told me that there is no government support, so bitcoin is unsafe. But this is exactly what makes bitcoin safe! In future we will need a cryptocurrency and bitcoin will always be the first one.
Yes, bitcoin has been greatly underestimated in the past and many people still do not believe in it. I don't really get your analogy about the old train. Btc is not an old train, it is growing, developing and facing innovation. It is not stuck in the past.
As of now some people still underestimated bitcoin and some them are do not believe to the potential of bitcoin. In addition to that, I think you should not understimated it from its apperance. Bitcoin is still developing and still growing. Lastly, I believe that bitcoin has a good future. Jump to: