How come BTC is still so cheap? | Bitcointalksearch.org

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Quote from: pinggoki on July 20, 2021, 05:57:27 PM

I agree with some of the people here stating that whether something is cheap or expensive is a bit subjective, since not many people will be able to afford $30k for an asset that is very volatile to begin with. Then again, I think what OP is telling or at least imposing is the fact that it is still comparatively low-priced when El Salvador had already went in balls-deep into bitcoin, with the possibility of more countries joining in the wave in the future and yet we still haven't broke over the $30k price barrier for quite a while now. That is indeed a bit concerning.

Yes. Bitcoin should've been worth more than $30k right now due to El Salvador's recent move of adopting it as legal tender. This should've increased demand for the cryptocurrency on the market. But for some reason, it's been struggling to reach a new ATH. Not even the recent announcement of Elon Musk and Jack Dorsey working together had a positive impact over Bitcoin's price. The bears are strong right now, so I'd say Bitcoin is still cheap compared to what's coming after the next halving. I'm pretty sure Bitcoin will go upwards of $100k per coin in the near future. We just have to keep buying and "hodling" until the right time comes to sell for profit. What matters is Bitcoin's usability instead of price per coin. As long as Bitcoin is useful, nothing else matters. Just my opinion

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Bitcoin has experienced a decade of growth. Compared with ten years ago, the value of Bitcoin is obvious, and the future will be brighter. To be honest, if it hadn't been the first in El Salvador to adopt Bitcoin as a currency, I would never know this country. This country is too backward, and more countries will join in the future. Bitcoin has huge potential, let us wait and see.

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I understand what OP means. I think that although El Salvador has become the first country to use Bitcoin as a currency, El Salvador is a small country after all. It has a certain positive impact on Bitcoin, but due to China's policy of banning mining and suppressing cryptocurrency, the negative impact on the market is even greater. China has pushed the price of Bitcoin to fall.

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Quote from: ultrloa on July 20, 2021, 06:59:21 PM

Quote from: uneng on July 20, 2021, 02:49:21 PM

Bitcoin will remain cheap until mining businesses which were operating in China find a new country to set up their activities. There are already some good news regard this matter: BIT Mining company (chinese miner) will migrate to Kazakhstan soon and they have already sent the first batch of the equipments to that country.
Similar companies must be thinking in a solution for their businesses as well and they must know the solution must come fast, as time is money and the concurrency is voracious in crypto universe. Meanwhile all investors have to do is to wait patiently.

Nope china issues will be forgotten if many crypto user will forget to mention about them and there's of chances for bitcoin to pump up since many country are till supporting bitcoin. Maybe for now china is one of the biggest player but if many will notice the adoption of other country for sure people will still realize that we can survive without the support of China.

For now good thing we are still at current level and might we cannot see more dip in future.

I think that isn't something you can forget, because a real situation that influence bitcoin directly actually happened, that is the ban China imposed over mining businesses.
Most mining power was concentrated in China, so it's a big problem. It isn't like the usual lies or a half truths media creates to defamate bitcoin, so this issue must be addressed, solved faster as possible to repair the confidence among investors in bitcoin investment and give the market a solid argument for a new increasement in price towards a new ATH.

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Quote from: uneng on July 20, 2021, 02:49:21 PM

Bitcoin will remain cheap until mining businesses which were operating in China find a new country to set up their activities. There are already some good news regard this matter: BIT Mining company (chinese miner) will migrate to Kazakhstan soon and they have already sent the first batch of the equipments to that country.
Similar companies must be thinking in a solution for their businesses as well and they must know the solution must come fast, as time is money and the concurrency is voracious in crypto universe. Meanwhile all investors have to do is to wait patiently.

Nope china issues will be forgotten if many crypto user will forget to mention about them and there's of chances for bitcoin to pump up since many country are till supporting bitcoin. Maybe for now china is one of the biggest player but if many will notice the adoption of other country for sure people will still realize that we can survive without the support of China.

For now good thing we are still at current level and might we cannot see more dip in future.

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I agree with some of the people here stating that whether something is cheap or expensive is a bit subjective, since not many people will be able to afford $30k for an asset that is very volatile to begin with. Then again, I think what OP is telling or at least imposing is the fact that it is still comparatively low-priced when El Salvador had already went in balls-deep into bitcoin, with the possibility of more countries joining in the wave in the future and yet we still haven't broke over the $30k price barrier for quite a while now. That is indeed a bit concerning.

Quote from: mrjoy15 on July 20, 2021, 10:33:26 AM

There was a moment when I cared the most about the price but now don't care because I have been lost all my interest. This is bearish trend, we can't hide our-self any more longer. So, what's going to happen next very normal, either goes up or down we should welcome. At the end, this is awesome and this is the crypto. Bitcoin is officially under 30K, we don't know how long BTC will stuck at this range. Great buying opportunity though.

The thing with bear markets is that they make or break an asset quite literally. Some assets fall down without hope for recovery because it got caught in the bear market tide, which is something we do not want to happen to bitcoin. So the fear among people I say is a bit justified, so long as it doesn't involuntarily cause FUD to spread around the community.

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Quote from: mrjoy15 on July 20, 2021, 10:33:26 AM

There was a moment when I cared the most about the price but now don't care because I have been lost all my interest. This is bearish trend, we can't hide our-self any more longer. So, what's going to happen next very normal, either goes up or down we should welcome. At the end, this is awesome and this is the crypto. Bitcoin is officially under 30K, we don't know how long BTC will stuck at this range. Great buying opportunity though.

If you are someone who had been on this market for a while now then you wouldnt really lost interest but since observing a market which is moving sideways is really a bit tiring.

When you do see some declines or gradual decrease then you would really be having an impression that it might becomes worst and majority do really freak out that this is already the end

but for those who had been here for a while will really be seeing this as an opportunity instead.Cheap in talks of potential price in the future but talking into its price literally on point
then this isnt something which is affordable on most of everyone.

uneng

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Bitcoin will remain cheap until mining businesses which were operating in China find a new country to set up their activities. There are already some good news regard this matter: BIT Mining company (chinese miner) will migrate to Kazakhstan soon and they have already sent the first batch of the equipments to that country.
Similar companies must be thinking in a solution for their businesses as well and they must know the solution must come fast, as time is money and the concurrency is voracious in crypto universe. Meanwhile all investors have to do is to wait patiently.

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Quote from: mrjoy15 on July 20, 2021, 10:33:26 AM

There was a moment when I cared the most about the price but now don't care because I have been lost all my interest. This is bearish trend, we can't hide our-self any more longer. So, what's going to happen next very normal, either goes up or down we should welcome. At the end, this is awesome and this is the crypto. Bitcoin is officially under 30K, we don't know how long BTC will stuck at this range. Great buying opportunity though.

So far the decline in bitcoin prices has always rebounded when it almost reached $30K and I personally think the price of $30K is the strongest wall for the current bitcoin price so it doesn't fall too deep, but unfortunately today the $30K price wall has broken and even the bitcoin price is now at at a price of $29K and it looks like the current price decline will continue until the bitcoin price has really hit its lowest price, now I will wait for the bitcoin price to reach $25K and then buy it Grin

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mrjoy15

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There was a moment when I cared the most about the price but now don't care because I have been lost all my interest. This is bearish trend, we can't hide our-self any more longer. So, what's going to happen next very normal, either goes up or down we should welcome. At the end, this is awesome and this is the crypto. Bitcoin is officially under 30K, we don't know how long BTC will stuck at this range. Great buying opportunity though.

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Quote from: Stedsm on July 17, 2021, 04:30:41 PM

So, a $31k BTC and it's cheap for you?
Then what's expensive in your case? Lol...
Do you think every single person in this world holds $31k or even earns it during his whole life? BTC is still 9 times higher than its ATL from last year, you think it's a joke?
I'm not saying that it shouldn't be this ^cheap^, but I believe that whether it has potential or not, but to drive it higher costs so much money while trying to eat all the bears and even break those levels to break ATH. Talking here is easy, but we can't say exactly how whales are manipulating the markets and where will it be headed towards.

Come to think of it, Bitcoin is much cheaper today than it was yesterday. The price of a Bitcoin doesn't matter since it's all about usability. Always remember that 1 Bitcoin equals to 1 Bitcoin. Things would've been a lot different if people used Bitcoin as a unit of account (instead of Fiat). That way, you could buy things with a fixed price in BTC than worrying about the Fiat value of the coin in question.

Unfortunately, everything moves around Fiat these days. A dump in Bitcoin's price, will certainly make many investors worried. Some people say Bitcoin is "cheap" because they believe it should be worth a lot more than what it is right now. If we base ourselves on experts' predictions, then Bitcoin is "cheap" right now as it'll be worth more than $100k in the future. The current bear market has made Bitcoin a lot cheaper than it was before, so this could be the perfect opportunity to buy more coins and sell them once prices bounce back up to their original levels. With or without a high price, Bitcoin will last a lifetime thanks to its decentralized and censorship-resistant design. Just my thoughts Grin

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Quote from: coin-investor on July 18, 2021, 02:25:28 AM

I read that El Salvador is now accepting Bitcoin as a legal currency, I'm sure that it's people will be aware of Cryptocurrency now in that country and they will ask the government to allocate funds for education and additional resources on how to add Bitcoin in their daily activity, the world and the Cryptocurrency is watching on how they are going to do this and they will be a model for other countries who wish to follow their lead.

El Salvador accepts bitcoin as a legal payment and will take effect on September 7, 2021, so it's not legalized for now, but the people of El Salvador have started using bitcoin and learning what bitcoin is. El Salvador became the first country in the world to adopt bitcoin as a legal tender. El Salvador will be an example of a country that actually legalizes bitcoin and not just as a commodity asset.

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Quote from: Sirait on July 17, 2021, 04:01:51 PM

I am also sure that there are still many citizens of El Salvador who have not received education about Bitcoin.

I read that El Salvador is now accepting Bitcoin as a legal currency, I'm sure that it's people will be aware of Cryptocurrency now in that country and they will ask the government to allocate funds for education and additional resources on how to add Bitcoin in their daily activity, the world and the Cryptocurrency is watching on how they are going to do this and they will be a model for other countries who wish to follow their lead.

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It could be argued we are cheaper then normal or constricted in our price range at least because we remain under the 50 day average and like a year ago the price finds this as resistance. The blue line in that graph is quite pivotal is how I view it, not everyone likes graphs but looking at these every day I recognize that movement or pattern as quite significant so I draw a conclusion we can also assign significance similarly now.
50 day was the bottom pricing for most of the 2021 higher prices, now its fallen so much it forms the ceiling to current action. If we beat it then we have a price that is going to be less cheap then now, the other half to that argument is there is no certainty that we will beat this week, month but eventually like every average we become fully aligned. For now we go sideways, some speculate we get cheaper and others like this thread ask why its cheap but it has to beat 50 day inertia in the price to answer either question properly.

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

~snip~

If you are new in the world of Cryptocurrency you cannot consider the current price cheap and if you just found out what's it's price 6 or seven years ago people find the price of Bitcoin high, so they look for other coins or altcoins that are cheap and has a huge potential to be the next Bitcoin, investors are still buying Bitcoin but they are more on altcoins right now.

The OP is very optimistic on what currently Bitcoin has that's supposed to pump the price. He have El Salvador as the prime example and he's expecting the price to plummet after the announcement, but there's actually no market reaction, thus he ends up posting this one out of frustration.
Literally, no one is considering the Btc price as "cheap". But as to the OP's POV the current price is too low for such big news that came out yet no market reaction has happened.

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Quote from: Stedsm on July 17, 2021, 04:30:41 PM

So, a $31k BTC and it's cheap for you?
Then what's expensive in your case? Lol...
Do you think every single person in this world holds $31k or even earns it during his whole life? BTC is still 9 times higher than its ATL from last year, you think it's a joke?
I'm not saying that it shouldn't be this ^cheap^, but I believe that whether it has potential or not, but to drive it higher costs so much money while trying to eat all the bears and even break those levels to break ATH. Talking here is easy, but we can't say exactly how whales are manipulating the markets and where will it be headed towards.

Not literally for sure because he do basically talks about future possible price which it is somewhat true that current price is still cheap and also we wont need to buy a whole coin just for you to make
investment which we can still purchase on fractions which most people do.

Only the rich fellas could able to afford whole coin to invest on but for typical or average then It would really be hard.

Cheap in the sense that it has a bright future and possible ATH's in upcoming years but not all would really be that financially capabled.

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So, a $31k BTC and it's cheap for you?
Then what's expensive in your case? Lol...
Do you think every single person in this world holds $31k or even earns it during his whole life? BTC is still 9 times higher than its ATL from last year, you think it's a joke?
I'm not saying that it shouldn't be this ^cheap^, but I believe that whether it has potential or not, but to drive it higher costs so much money while trying to eat all the bears and even break those levels to break ATH. Talking here is easy, but we can't say exactly how whales are manipulating the markets and where will it be headed towards.

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

For those of us who are used to Bitcoin, they must think BTC is still cheap, but for those who have never bought Bitcoin, the current Bitcoin price is expensive. education about Bitcoin is still not evenly distributed, I am also sure that there are still many citizens of El Salvador who have not received education about Bitcoin.

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Quote from: rhodelmabanal on July 16, 2021, 10:09:11 PM

Quote from: ?? on ??

Quote from: Rajamuda on July 16, 2021, 09:07:53 PM

Quote from: Reosta_ on July 16, 2021, 04:22:48 PM

It's totally normal to see Bitcoin price becoming this cheap right now. Bitcoin price will not always continue to rise in the end. We have also some time periods that we see the price falling also. And this is one of these periods. We may not have a chance like this to buy more for a long time when the bull market becomes in charge.

If you look at the outline and for me too.. bitcoin actually is not cheap like you said, it's just that from the last 3 months it does look cheapest. We are indeed in a decline phase, but that doesn't mean it can weaken the investments we hold on to, in fact.. conditions like this can be another opportunity to re-enter and hold back for some additional time in the long term. We here just don't be weak but be more confident and optimistic

I want to be optistic here, do you believe that we are about to see a bullish reversal any time soon? What i see, their are no bullish reversal signs, it’s doing exactly what’s it’s been doing the last 3 days, bouncing between resistance points. I have no choice but hold and keep an eye on the market.

I think you got it right, because there is no other option this time holding is the only option, the only choices is to hold or to loss!, I believe that we all wanted to earn so let us hold and wait for the next bullrun. We need patience and we need to be more wise panic sellers always loss and holders is always gain.

I agree but there is still a problem because not all of us here can hold for a long time. So probably there are a lot of people who loss than who earn. Crypto is always high on volatility and before investing people know that already. So why they still loss? It is all because people is always lack of patience and always wanted to earn in a very quick way greed and lack of patience can make is loss here.

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Quote from: Rajamuda on July 16, 2021, 09:07:53 PM

Quote from: Reosta_ on July 16, 2021, 04:22:48 PM

It's totally normal to see Bitcoin price becoming this cheap right now. Bitcoin price will not always continue to rise in the end. We have also some time periods that we see the price falling also. And this is one of these periods. We may not have a chance like this to buy more for a long time when the bull market becomes in charge.

If you look at the outline and for me too.. bitcoin actually is not cheap like you said, it's just that from the last 3 months it does look cheapest. We are indeed in a decline phase, but that doesn't mean it can weaken the investments we hold on to, in fact.. conditions like this can be another opportunity to re-enter and hold back for some additional time in the long term. We here just don't be weak but be more confident and optimistic

I want to be optistic here, do you believe that we are about to see a bullish reversal any time soon? What i see, their are no bullish reversal signs, it’s doing exactly what’s it’s been doing the last 3 days, bouncing between resistance points. I have no choice but hold and keep an eye on the market.

I think you got it right, because there is no other option this time holding is the only option, the only choices is to hold or to loss!, I believe that we all wanted to earn so let us hold and wait for the next bullrun. We need patience and we need to be more wise panic sellers always loss and holders is always gain.

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Quote from: Reosta_ on July 16, 2021, 04:22:48 PM

It's totally normal to see Bitcoin price becoming this cheap right now. Bitcoin price will not always continue to rise in the end. We have also some time periods that we see the price falling also. And this is one of these periods. We may not have a chance like this to buy more for a long time when the bull market becomes in charge.

If you look at the outline and for me too.. bitcoin actually is not cheap like you said, it's just that from the last 3 months it does look cheapest. We are indeed in a decline phase, but that doesn't mean it can weaken the investments we hold on to, in fact.. conditions like this can be another opportunity to re-enter and hold back for some additional time in the long term. We here just don't be weak but be more confident and optimistic

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Quote from: Reosta_ on July 16, 2021, 04:22:48 PM

It's totally normal to see Bitcoin price becoming this cheap right now. Bitcoin price will not always continue to rise in the end. We have also some time periods that we see the price falling also. And this is one of these periods. We may not have a chance like this to buy more for a long time when the bull market becomes in charge.

For what I see today, the price is not really that cheap if I have to compare it to the 2017 ATH price. So maybe some did know already this but hesitate to join and is waiting for the right time when the bear gets in. Maybe some people are waiting for the bottom to touch and buy from it but what we have seen today, the price seems stable from $30k+ and it's not considering to move back to $29k below.

I have a doubt if it's going to break another resistance on that current price level because I think we are almost near at the bear market soon. It's just that people already know how to hodl instead of dumping straight to the market.

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It's totally normal to see Bitcoin price becoming this cheap right now. Bitcoin price will not always continue to rise in the end. We have also some time periods that we see the price falling also. And this is one of these periods. We may not have a chance like this to buy more for a long time when the bull market becomes in charge.

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

I can't find it cheap with that price of $30k above, maybe it's considered during the year of 2017 or later 2015 but as of these days I am not convinced to have a mindset of an affordable bitcoin. Hopefully I can still manage to purchase small amounts then, hold for several years even though waiting time is very hard to wait before earnings come. Timeline isn't a problem for me, because if predictions that btc would become really expensive like reaching up million dollars; everything will be worth it despite of small quantities.

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Quote from: Golftech on July 16, 2021, 01:36:21 PM

Quote from: erep on July 08, 2021, 06:46:45 PM

Cheap or not the price of bitcoin today depends on how people view market developments by relating most of the positive news about the legality of bitcoin in several countries, while some people overestimate the level of dominance of FUD from China so important, they think bitcoin prices are still expensive.

Supply and demand still influenced the value of Bitcoin, those who understand the system accordingly

will see this as opportunities, while those who are only relying with news and social medias will continue

to doubt this market, still depends or relying with how people appreciate it and how they'll take it as

investment or as currency to use.

As of now, I don't see the supply and demand principle really works as there's no big demand of bitcoin yet for usage, its demand only grows significantly during the bull run, and with that, it's not due to real usage but due to hype where people buy bitcoin to hold or trade. The real supply and demand would work better if there's a increasing demand of bitcoin for online transaction as that's really the purpose.

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Quote from: erep on July 08, 2021, 06:46:45 PM

Cheap or not the price of bitcoin today depends on how people view market developments by relating most of the positive news about the legality of bitcoin in several countries, while some people overestimate the level of dominance of FUD from China so important, they think bitcoin prices are still expensive.

Supply and demand still influenced the value of Bitcoin, those who understand the system accordingly

will see this as opportunities, while those who are only relying with news and social medias will continue

to doubt this market, still depends or relying with how people appreciate it and how they'll take it as

investment or as currency to use.

barota

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bitcoin become like doll , some news says salvador's for example support bitcoin , on the other hand, some countries do not support trading with exchanges and china banning bitcoin or banning mining from 2017 till now bitcoin suffer from bad and fake news , all this bad news has a negative effect for bitcoin , before 4 years and 2017 always , bitcoin was very good and easy for invest but in the recent years i think that bitcoin is not easy to make profit from him i hope that traders do not take news seriously

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Quote from: slaman29 on July 08, 2021, 10:26:51 AM

Remember, at some point, some guys were selling at $10 because they thought it was expensive too, and then believing it would never ben $10 again. Another set of guys thought the same at $100, and then again at $1000... the list goes on.

It will always get more expensive so buy, buy and buy;)

Exactly. There really is no "bottom" for Bitcoin. The price is determined by people themselves based on current demand on the market. With the halving taking place every 4 years, Bitcoin will only go higher in price. If we base ourselves on this, then we can say that Bitcoin is still cheap. Imagine buying Bitcoin now at $33k per coin and then selling at $100k in the future. The profits made will be insane!

For what I know, Bitcoin behaves like a roller coaster. You can make even more money in the short term with Bitcoin's ups and downs if you play your cards right. There's no need to wait until it reaches a new All-time-high if you buy low and sell high during wild fluctuations in price. How far will Bitcoin go will greatly depend on mainstream adoption. What matters is Bitcoin's utility on top of the price per coin. As long as it works as intended, nothing else matters. Just my thoughts Grin

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So $35k is cheap for you OP? I think its a serious amount of money only rich people can buy in this current price if your just a normal investor with no huge capital $30k is already huge enough to gamble in BTC which the volatility is too high, if you have only $40k in your pocket, will you gamble the $35k and buy btc? Many people are hesitant to throw money into btc because of its tight regulations in every country but if this thing will be 100% legal worldwide btc will skyrocket up to $1m.

I do not think they are thinking on those terms, very few people around the world have any savings and even fewer have 35k on a bank account ready to be invested at any moment, however compared to the price bitcoin reached, and compared to the price that we know it can reach 35k is in fact a very cheap price, and I think that is the perspective from which people are looking at this, if that does not make sense to you that is fine but now you know why people think 35k is cheap.

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Cheap or not the price of bitcoin today depends on how people view market developments by relating most of the positive news about the legality of bitcoin in several countries, while some people overestimate the level of dominance of FUD from China so important, they think bitcoin prices are still expensive.

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Quote from: Rasa nanas on July 08, 2021, 03:30:17 AM

cheap for people who have a lot of money but very expensive according to people like me. but no need to worry because i can collect some bitcoin from bounty and airdrop. I only use a small part for living needs and the rest for future investment. I think this is a very profitable investment because I believe in the future the price of bitcoin will be very expensive.

Remember, at some point, some guys were selling at $10 because they thought it was expensive too, and then believing it would never ben $10 again. Another set of guys thought the same at $100, and then again at $1000... the list goes on.

It will always get more expensive so buy, buy and buy;)

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cheap for people who have a lot of money but very expensive according to people like me. but no need to worry because i can collect some bitcoin from bounty and airdrop. I only use a small part for living needs and the rest for future investment. I think this is a very profitable investment because I believe in the future the price of bitcoin will be very expensive.

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So $35k is cheap for you OP? I think its a serious amount of money only rich people can buy in this current price if your just a normal investor with no huge capital $30k is already huge enough to gamble in BTC which the volatility is too high, if you have only $40k in your pocket, will you gamble the $35k and buy btc? Many people are hesitant to throw money into btc because of its tight regulations in every country but if this thing will be 100% legal worldwide btc will skyrocket up to $1m.

honestly I'm still confused by the strict rules you say. does each country have different rules regarding bitcoin? So what are the rules in your country? in my country there are no detailed rules regarding bitcoin because in my country bitcoin is only considered a digital asset.

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Quote from: bryant.coleman on July 06, 2021, 01:48:10 AM

Given the future potential, it still sounds cheap for me. You should not go by the market cap. Because the market cap accounts for all the coins in circulation, including the lost coins. The real market cap of coins that can be spent may be less than >$500 billion. This is less than the market cap of major corporations such as MSFT, GOOGL, AMZN and FB. Even TSLA is having a higher market cap. Do you really think that TSLA deserves a higher market cap when compared to BTC? IMO, the valuation for TSLA should be less than 1/10th of that of BTC.

If you consider how many Bitcoin has been lost over time, you'll realize that it's extremely undervalued. But the average person don't see it this way. Most people think Bitcoin is too expensive, so they try to avoid it as much as possible. For those who have a lot of money, this is the perfect opportunity to buy some coins before it goes towards new heights.

Compared to the market cap of Gold and major stocks, Bitcoin is still far behind. Despite its widespread success, the vast majority of people worldwide haven't adopted it for their own benefit. Imagine how big Bitcoin will grow if everyone around the world started using it more thoroughly. Its market cap will be insane! I wouldn't worry about how much a Bitcoin is worth as long as it works as sound money outside the scope of governments and banks worldwide. Just my opinion

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Quote from: Kelvinid on July 06, 2021, 05:12:17 AM

Quote from: darkangelosme on July 05, 2021, 11:10:24 PM

Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Yeah you're right dude, right now Bitcoin is not popular on other countries at this moment but sooner or later they'll gonna know about Bitcoin and it will become intriguing on them on how they can make money on it.

They will surely know about Bitcoin sooner but the question if that gives them the interest or they just think for another drama like a scam thing on their mind.

There is no particular reason why Bitcoin didn't pump back high at $40k after the said news but of course, we can't just rely on it that will contribute a huge impact and shows an uptrend motion. It wasn't that fast and easy market trick, El Salvador is too far from China and therefore, the impact is too small that become unnoticed.

of course in all countries know about bitcoin and some of them join and some of them want to get rid of it.
Bitcoin investment is influenced by many factors, so some countries are afraid of the legal exchange rate falling in certain countries. it's not that he doesn't see it, but his level of misgivings is high.

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

But until that adoption comes mate? people will still choose to wait till it happens and besides El Salvador is almost same as venezuela , that adopting crypto because their country is really at the bottom now and need some booster and they focus in crypto instead of other opportunity.

Quote from: ?? on ??

So $35k is cheap for you OP? I think its a serious amount of money only rich people can buy in this current price if your just a normal investor with no huge capital $30k is already huge enough to gamble in BTC which the volatility is too high, if you have only $40k in your pocket, will you gamble the $35k and buy btc? Many people are hesitant to throw money into btc because of its tight regulations in every country but if this thing will be 100% legal worldwide btc will skyrocket up to $1m.

Why Not read the OP first before posting such? it is an obvious that Only the Title take your curiosity and not reading the whole topic.

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Quote from: darkangelosme on July 05, 2021, 11:10:24 PM

Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Yeah you're right dude, right now Bitcoin is not popular on other countries at this moment but sooner or later they'll gonna know about Bitcoin and it will become intriguing on them on how they can make money on it.

Maybe yes but most provably not since bitcoin is all over the news recently so for sure they know bitcoin but they are afraid to use it since its new and volatile but when the time they understand how this one works provably we can see them competing us on trading or maybe on other crypto related stuff. For now lets hope to see more good news like new adoption on certain particular country so that we can see more countries adopting it. The announcement of Adoption in El Salvador and other country who already use bitcoin is good step for more adoption to come in future.

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Quote from: darkangelosme on July 05, 2021, 11:10:24 PM

Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Yeah you're right dude, right now Bitcoin is not popular on other countries at this moment but sooner or later they'll gonna know about Bitcoin and it will become intriguing on them on how they can make money on it.

They will surely know about Bitcoin sooner but the question if that gives them the interest or they just think for another drama like a scam thing on their mind.

There is no particular reason why Bitcoin didn't pump back high at $40k after the said news but of course, we can't just rely on it that will contribute a huge impact and shows an uptrend motion. It wasn't that fast and easy market trick, El Salvador is too far from China and therefore, the impact is too small that become unnoticed.

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Quote from: ?? on ??

So $35k is cheap for you OP? I think its a serious amount of money only rich people can buy in this current price if your just a normal investor with no huge capital $30k is already huge enough to gamble in BTC which the volatility is too high, if you have only $40k in your pocket, will you gamble the $35k and buy btc? Many people are hesitant to throw money into btc because of its tight regulations in every country but if this thing will be 100% legal worldwide btc will skyrocket up to $1m.

Given the future potential, it still sounds cheap for me. You should not go by the market cap. Because the market cap accounts for all the coins in circulation, including the lost coins. The real market cap of coins that can be spent may be less than >$500 billion. This is less than the market cap of major corporations such as MSFT, GOOGL, AMZN and FB. Even TSLA is having a higher market cap. Do you really think that TSLA deserves a higher market cap when compared to BTC? IMO, the valuation for TSLA should be less than 1/10th of that of BTC.

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Yeah you're right dude, right now Bitcoin is not popular on other countries at this moment but sooner or later they'll gonna know about Bitcoin and it will become intriguing on them on how they can make money on it.

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What people need to understand that it doesn't matter what price an asset is. Say you take a large company like Apple. And say there are only 10 shares and each share costs $1B. That has a total market cap of $10B, so $1B is cheap for 1 share.

Now how about if there are 100 shares but each share is $100M each, sure its cheaper but its still the same market cap and Bitcoin is pretty much the same thing. There can only be max 21 million worth of BTC and there is a good chance that with all the lost coins that in reality no more than 19 million or so will ever exchange hands in the future. Unless there is some exploit to crack private keys which sounds very unlikely in the near future.

So don't look at the price of BTC or assets look at the market cap as a total.

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Quote from: Lee_Mire on July 01, 2021, 12:45:46 PM

Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

I don't understand how you can say $35K per coin is "cheap". For an asset that is just over a decade old and that entirely exists electronically, $35K is an amazing price. Now, I'm not saying bitcoin cant go much higher but to describe $35,000 as "cheap" is plain wrong.

Cheap is for the most part a relative term, when we look at bitcoin and the fact that it was worth less than a dollar when it was created then a price of 35k for each coin seems expensive, but when we see the price it reached as its current all time high then 35k seems cheap and when we take into account how high the price will go during the next years then 35k seems like a bargain, as you can see the term cheap is very variable and if the person you quote think this is a cheap price then they are correct even if you do not agree with it.

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Quote from: Johnyz on July 02, 2021, 06:56:25 PM

Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

We’re on a bear market and i don’t think Bitcoin is still cheap considering it’s price right now and before. The good news from El Salvador is great but that news alone can’t totally make Bitcoin pump. Don’t worry, this is just the beginning and slowly Bitcoin will recover, it’s price will become more expensive next year.

I also think that the current bitcoin price movement is relatively more stagnant than usual, and maybe this is the impact of the decline in bitcoin prices that occurred quite drastically some time ago, so I think this decline is a reasonable decline and will strengthen again when there is momentum that looks to be back up in the future, so it's better for us to be patient for now and hope that the bitcoin price will return to a positive path. price declines and increases are a common cycle in the crypto market, so we don't need to panic...!

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Quote from: Johnyz on July 02, 2021, 06:56:25 PM

We’re on a bear market and i don’t think Bitcoin is still cheap considering it’s price right now and before. The good news from El Salvador is great but that news alone can’t totally make Bitcoin pump. Don’t worry, this is just the beginning and slowly Bitcoin will recover, it’s price will become more expensive next year.

I don't know if we are "still" in a bear market though. I mean yeah we were in one that is guaranteed, the price dropped more than %50 and that is called a bear market at all times. However after that we are stuck between 30 and 40 thousand dollars and we are not moving either under or over those prices, which begs the question are we still in the bear market? I mean we achieved some stability didn't we? That means that if we could recover and go higher we totally can do that because things are looking a lot simpler right now.

When you are still in bear market it is hard to go higher and higher, but when you are not in a bear market, achieved stability, then it can go to any direction. This doesn't mean that price will not go towards under 30, it just means that now we have equal chances of going back up again as much as we can continue to go down.

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

We’re on a bear market and i don’t think Bitcoin is still cheap considering it’s price right now and before. The good news from El Salvador is great but that news alone can’t totally make Bitcoin pump. Don’t worry, this is just the beginning and slowly Bitcoin will recover, it’s price will become more expensive next year.

STT

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Alot of the price at any time is momentum based, we lost our gain speed and stalled so now people have fear apparent when it just got cheaper for them. I'd say we can tell BTC is overly speculative still and also we have to note that as a commodity it doesn't have vast stores ready to supply those who want it, sometimes the supply is not there and the protocol restricts greater production so price is forced up.

Slow death

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the problem in the crypto world is precisely that we are always being deluded and inducing that delusion to other people and the result always ends up in pump and dump. for example:

buy bitcoin for the price of $33000 and start a campaign that the price is cheap and more people start buying bitcoin and the price goes up and then when he realizes he already has a profit he sells

I've seen the rich when they buy bitcoin then rush to advertise on twitter

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Bitcoin is NOT cheap. An average price of $33k per coin tells us that Bitcoin is relatively expensive compared to real world assets. To many in crypto land, Bitcoin is still cheap since current scarcity doesn't match current prices on the market. Taking into account lost Bitcoins, as well as, subsequent halvings, Bitcoin should be worth more than $100k per coin. It will get there one way or another, but it will take quite some time to happen.

I'd consider El Salvador lucky to accept Bitcoin as legal tender, since the best is yet to come. It's a smart move that will tackle the negative effects of Fiat's inflation for good. Imagine if other countries join the Bitcoin bandwagon. Prices will never be the same as they are right now. It's why it's best to accumulate as much Bitcoin as you can while it's still "cheap" before it's too late. Otherwise, you'd be missing an opportunity of a lifetime to become filthy rich. Just my thoughts Grin

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Quote from: Reid on July 02, 2021, 10:30:24 AM

It's expensive if your monthly salary is $1000 and you want to bag 10 Bitcoins in just a little amount of time. Grin

History is what says it's expensive and then there's the economy. If people are making money at the same value as bitcoin does then it will look cheap.
I think what you just need is a bit of waiting, somewhere in the future we will be looking back at this value and we will just say we missed the big boat. Yes, I agree it's cheap for something so valuable.

And I was thankful that it was cheap so I can fill my bag while waiting for it will pump.
I'm not certain thinking that pumps will come so fast and easy coz aside from hearing that legalization, we also read some news that China is banning crypto, which is a more affecting story rather than what happens to El Salvador.

So I think the situation isn't surprising if the pump never happens today or tomorrow, might possible in the following days. Patience is something we need and I know that we all can do it if we have trusted Bitcoin.

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It isn't cheap, but taking into account the peak value of bitcoin what we've got at the moment seems to be cheap. Another factor that makes people think it cheap is the future price predictions and the price from which it has reached the present market. Moreover corporate networks and countries have begun to prioritise bitcoin over other forms of holdings. This will surely boost the price big. With all such positive thoughts we can find bitcoin cheap for now.

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

By what metric do you assume it is cheap? "Potential" is a meaningless word in most circumstances and anyone who has been in business for a while can tell you that - the word is often banded around by people trying to sell assets they overvalue. Most investors in cryptocurrency want to achieve the huge gains that Bitcoin has achieved over the last yen years - a magnitude of 10x, 100x or even 1000x their initial input amount. For approximately every $35k of price in Bitcoin, it requires roughly $1 trillion to be invested - at it's peak of around $65k all the Bitcoin in existence was worth approximately $2 trillion and it has cut in half since that point. It can take mere millions or billions to multiply your asset value in much lower valued altcoins so it would make a lot more sense for new investors to look elsewhere.

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It's expensive if your monthly salary is $1000 and you want to bag 10 Bitcoins in just a little amount of time. Grin

History is what says it's expensive and then there's the economy. If people are making money at the same value as bitcoin does then it will look cheap.
I think what you just need is a bit of waiting, somewhere in the future we will be looking back at this value and we will just say we missed the big boat. Yes, I agree it's cheap for something so valuable.

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Quote from: beerlover on July 02, 2021, 02:25:20 AM

It is NORMAL for most of us to miss when available and then regretting later on. I am the one had missed bitcoins to grab for less than $30 (not $30k) by the early times of bitcoins; due to lack of awareness about the future of bitcoin, I remained as a fool and then regretting right now almost every day.

I have been watching many people were sharing stories like me and some people were praying for big collapse of bitcoin market so that they will enter at cheaper price levels yet in big volume. They are somehow right but definitely not up to their dreamy levels. Yeah, bitcoin is known for getting us second chances always still we can get only 70% or 80% cheaper and not 200% cheaper.

You should not regret missing out bitcoin that way, almost everyone around the world did miss bitcoin at that period. As a comparison humanity is getting closer to 8 billion population (probably already did considering unaccounted for people) and then only like 100 to 1000 people ended up buying under 30 and hold until now, probably less people who still have control of those wallets as well. So do not be sad about missing out, be happy that you rode along afterwards eventually.

Remember there are still a ton of people all around the world that never checked bitcoin even once, most people in the world never owned a single satoshi so far, and you ended up buying it before any of those people, and there are probably a lot of people who bought after you bought as well, so you are still earlier than 90%+ of the whole worlds population, that is a good place to be.

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Yes you nailed it mate, right now it's at cheaper price compared from last bounced price. No regrets if folks will listen to the trending situation, and when there's another dip price before $100k is going to happen don't wait until it's too late. Grab the good opportunity that you'll going to have now and purchase btc at your preferred amount.

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Quote from: dothebeats on July 01, 2021, 02:43:48 PM

Because the focus of the people is not directed towards btc but rather on other things. Majority of the people still ignore the fact that in times of FUD and mudslinging, and when there's a lot of blood in the streets, that's the time when you should buy bitcoin. History never lies, and it has been happening since 2011. No matter the price point is, when a major crash + FUD starts to happen, that's when the smart ones start to accumulate, until such time that the cycle reach its height again and then they will be the ones to dump.

Every hype cycle is like this. People see or read (or now watch on tiktok) how people are making millions from dogecoin and "defi" stuff. So of course, they go in and get it. Worse, people even consider selling their Bitcoin to get into these shitcoins.

Then the regular "BTC dominance" nonsense pops up and then when the hype bubble bursts, even the scammers load off and stash into BTC.

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

It is NORMAL for most of us to miss when available and then regretting later on. I am the one had missed bitcoins to grab for less than $30 (not $30k) by the early times of bitcoins; due to lack of awareness about the future of bitcoin, I remained as a fool and then regretting right now almost every day.

I have been watching many people were sharing stories like me and some people were praying for big collapse of bitcoin market so that they will enter at cheaper price levels yet in big volume. They are somehow right but definitely not up to their dreamy levels. Yeah, bitcoin is known for getting us second chances always still we can get only 70% or 80% cheaper and not 200% cheaper.

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Quote from: davis196 on July 01, 2021, 05:34:56 AM

Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Why is Bitcoin so cheap?Is it really cheap?Some people might ask why is BTC so expensive?
Something,that is cheap for one guy is expensive for another guy.
So you are asking why is Bitcoin undervalued.The simple answer is this.Bitcoin is undervalued,because the FUD dominates the market and the FOMO phase is missing.
Most people don't care when a country like El Salvador adopts Bitcoin as legal tender.If a big and developed country accepts Bitcoin as a legal tender,the Bitcoin price will go thru the roof.FUD news coming from China will always be more popular than the bullish news coming from a small underdeveloped country like El Salvador.

Yes, It ain't cheap especially for the guys who have suffered some financial crisis because of the Covid effect to our current economy. But if you take a look at the bigger picture, what the OP described perfectly fits when someone bought pizza with 10,000 Bitcoin and there were only a few people bats an eye to the limitless possibilities.
Bitcoin price today is literally expensive, but It will not going to be considered expensive in the next 5 years.

Ararbermas

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Bitcoin is still cheap amd i'm agree with that, because it goes back to the support level which 30k and it's very obvious to be honest that bitcoin showing a potential and wants to go further during the uptrend but whales take over and bring the price back. 60k isn't enough if didn't fell like a rock. As the matter of fact most of the predicted value of bitcoin on this year were 100k to 200k so if we will base on the current price it's still cheap..

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Because the focus of the people is not directed towards btc but rather on other things. Majority of the people still ignore the fact that in times of FUD and mudslinging, and when there's a lot of blood in the streets, that's the time when you should buy bitcoin. History never lies, and it has been happening since 2011. No matter the price point is, when a major crash + FUD starts to happen, that's when the smart ones start to accumulate, until such time that the cycle reach its height again and then they will be the ones to dump.

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We wouldn't confidently say bitcoin is cheap.
When we say a product is cheap we do so according to two factors;
1. In relation to ones financial value or worth(Purchasing Power)
2. In relation to the price of similar(alternative)products.

According to purchasing power;
$500 product is definitely cheap for Bill Gate and very much expensive for me.
According to the price of the alternatives;
Currently, there is no altcoin that is expensive than BTC.
Therefore, BTC is not cheap. Maybe we could use another word or group of words like "Why is Bitcoin still buyable or why is bitcoin undervalued"

Secondly, El Salvador adopting BTC is a great news. However, I am so much concerned about the sustainability of their decision. It would actually do more harm than good if such decision is reversed in the future, just as we witnessed with Elon and Tesla.
Thank you!

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Ok you are saying it's cheap, but what is the value you have in your mind for btc? And what is the reason that you have that value in your mind? Which valuation technique you are using the arrive to that value? I know the answer, it would be your gut feeling that's it. Everyone has their own aspirational values for bitcoin, now when people having lower aspirational value are ready to change their aspiration and buy higher it is when the price increases. Otherwise you can even value a dogecoin for one million.

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Being optimistic isnt bad but talking honestly on the price of bitcoin then it isnt really cheap actually if we do talk about purchasing a whole coin but we know that we can buy in fractions which is really a great thing.

We dont necessarily need to buy as a whole because that cant really be achievable or attainable for most people unless into those people who do live out on rich countries and totally financially capabled.

Cheap in the sense of potential for future years to come but to know that not all would really be having that risk management or simply doesnt really have the money to put that much.

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

I don't understand how you can say $35K per coin is "cheap". For an asset that is just over a decade old and that entirely exists electronically, $35K is an amazing price. Now, I'm not saying bitcoin cant go much higher but to describe $35,000 as "cheap" is plain wrong.

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

In fact this is complete normal, the news of El Salvador adopting bitcoin as legal tender all over their territory is a great fundamental news that will without a doubt raise the price on the long term, but the short term is more influenced by the market sentiment which right now is bearish, so despite the good news the price is not going up that much, so do not worry eventually bitcoin will stop being this cheap and people are going to lament not taking advantage of the opportunity.

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Quote from: virtualdn on July 01, 2021, 05:36:51 AM

You are correct. But for me the fact that El Salvador joined in means a lot, it's the perfect indicator things will be great. Too bad not everyone can see it. They deserve to be poor and use fiat I guess.

I think the inclusion of El Salvador as one of the countries that adopt bitcoin as a mean of payment will make us have strong fundamental to see the price increase. Meanwhile, price movement have not had a major impact after El Salvador announced its interest. I just think that the fundamental generated by El Salvador are not going to result in a spontaneous reaction to the price and we really should see it rising gradually.

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People don't see it because they're hoping it will decrease more. And they don't see bitcoin is currently at the support level so it will not go further which as always despite of the situation. And yes definitely this is the cheap price of bitcoin after the ATH because it's been how many attempt that the price trying to decrease more below the current price but it didn't succeed. So if they miss the train because they don't take this opportunity then its not our problem anymore.. Let them realise their mistakes.. Lol

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why is bitcoin cheap, maybe the influence of the Chinese state that continues to prohibit bitcoin mining in their country, even though the price of bitcoin is cheap I am very sure everyone on the forum will not sell their bitcoin, because everyone in this forum, already knows how bitcoin works, when it is cloudy, when it rains, and they already predict when it will be sunny, true bitcoin will not back down in the battle, and will not give up before the fight...

BrewMaster

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There is trouble abrewing

to be honest with you i am also starting to have the same question myself. although i could justify it so far by saying that due to the massive drop of 50% the bitcoin investors are super scared right now and this fear lasted for 2 months but it should already be enough fear. i mean how much longer are people going to fear the drop? price should start rising up and go back to normal $50k+ prices already.

SaShiRaJaVu

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Looks like you are holding a lot of coins and how much you invested in Bitcoin to think that the price is still low ?. In terms of the scaling it is well above the price i was expecting, countries accepting Bitcoin is great and we need to lookout for the amount of users that are making that change and if there is a huge spike in investment from El Salvador then we can very well say that it was great for the community as the price has spiked.

Maymoney

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One country bans, another accepts. Let’s keep it rolling

Leviathan.007

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Bitcoin got a great potential to rise and reach new ATH but since there are many counties and governments standing against bitcoin and many people are worry about blocking their funds, there is a fear between the investors and the traders. Specially, after what's happening in China, people have only there ways ahead, they can lave the country, stop using bitcoin or do anything underground which will create a black and unsafe market. That's why and because of this fear between bitcoiners the price is this much low. However, just after the next halving people will buy bitcoin for much more money and fell regret.

taufik123

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yes currently BTC is still very cheap and this is an opportunity for everyone to take part and buy some Bitcoins before Bitcoin reaches new ATH. Bitcoin's current decline is due to FUD from China which is making the whole world go into an uproar about China not accepting Bitcoin. But other countries, such as El Salvador, have adopted large-scale adoption. Bitcoin is still very and indeed a good long-term investment. The $100k target has not been reached yet.

isaac_clarke22

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I see you a lot here in BTC Discussion, and you are a strong hodler from what I can read from your past replies. Let the price of the BTC be right now. It is quite expensive now actually for those who have been hodling it since last year.
Haven't saw the El Salvador adoption of Bitcoin, but I guess it just that people are not really into it.
Let them be, OP. Enjoy the lower tides for now.

RILWAN

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You are right the price of bitcoin is still way cheap if you understand the potential it has for the future. We are going to see more countries coming to adopt bitcoin that time Bitcoin prices will skyrocket.

ChiBitCTy

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Yeah I certainly agree with you that in the grand scheme of things that bitcoin is pretty darn cheap right now. I personally do not think that the world cares a whole lot about el Salvador adopting bitcoin. Don't get me wrong, it's a great thing and a great step forward but El Salvador is a tiny country and it's not a massive deal in the grand scheme of things. Though they were first and like you said I agree, more will eventually be joining in.

DarkDays

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Quote from: cryptomaniac_xxx on July 01, 2021, 05:38:03 AM

Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Trading volume is there, but I guess speculators are shorting bitcoin at this point and taken profits in a daily basis. Maybe there are some who continue to accumulate, but obviously, the bears are now taking control of the market. We have a new month now, so hopefully July will be the start wherein we may see some break out run to $40k, so let's see. People should take advantage of the cheap price right now.

'Cheap' isn't the words I'd use but more like volatile. Because of the unprecedented volatility I guess people are waiting for a better bargain. There are speculations that July will cause a dip because of the Grayscale unlocks, so after middle of July we should be paying close attention to the market.

Here's a quick update on Grayscale: https://en.cryptonomist.ch/2021/06/16/grayscale-will-unlock-16000-bitcoin-in-july/

imstillthebest

full member

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at 33,580.00 usd i dont think that was cheap and compare to what the value of btc before . btc already go a long way .
the current price could be cheap for you than what we have last bull run which was 60k and even if there are countries that legalize btc but thats because we are now in the bear run . some are buying now but most of them are waiting for more drops . this makes the progress slower

Dhoe

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maybe the influence of negative comments from Elon Musk, Tesla, Donald Trump, and China which prohibits bitcoin mining, but we must not be afraid of the very cheap price of bitcoin now, because the price of bitcoin in the future will definitely rise again, just look at El Salvador, which has legalized it. bitcoin, and they plan to make bitcoin a legal tender, if the state has legalized bitcoin, it's a sign that bitcoin in the future will be much better..

ropyu1978

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I think this is common with bitcoin, the prohibition of bitcoin mining in china also has an effect on the decline in the price of bitcoin, if you believe the price of bitcoin is currently falling, and is very cheap, try buying some bitcoins, for you to make assets, and you sell again when the price starting to rise I'm sure after night there will definitely come a day, after the rain there will be a rainbow..

Nrcewker

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

People maybe scared now due to the China Matter.
And yes i was too astonished at first seeing that BTC price wasn’t affecting by seeing Savador’s statement.
Rather BTC is decreasing every time after it is getting slight up.
Does it implies that no more mass are interested in investing in BTC?
Let’s see when we can see a huge pump in the price of BTC.
I am still waiting to sell my BTC at price higher than 60k USD

Maslate

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Quote from: virtualdn on July 01, 2021, 05:36:51 AM

But for me the fact that El Salvador joined in means a lot, it's the perfect indicator things will be great. Too bad not everyone can see it. They deserve to be poor and use fiat I guess.

China is banning crypto and it added with Mexico, this might push the price of Bitcoin to dump instead of increasing. We are expecting that trend but looking at the market chart, it looks like altcoins had the pump than Bitcoin. I don't think this was an indication of the start of the bear season but something we can ignore in the current situation.
Or, holders are selling their Bitcoin due to financial shortage as the pandemic continues.

Pandji02

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It sounds like you're a new here. If you've bought BTC a year ago or earlier you'll not see this as "cheap". BTC is fine right now and it could be worse since China fully bans it. Just HODL and buy more if you see it so cheap, because it's 100% is gonna hit new ATH, but not really soon.

Masplanc

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

It's cheap , sometimes it is like that. And it is the best time and a privilege to buy when it is affordable for everyone. But at this time which Bitcoin is cheap so many people have doubts in there mind if anything can happen. This is the major problem I have come across Bitcoin investors which is emotional factor.

CryptoStar19

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

It may not seem 'cheap' to new investors. However the market sentiment from the point of view of long-term HODLers is that BTC is currently undervalued. According to data on Glassnode in recent weeks we have seen a transfer of BTC from short term investors to long-term HODLers.

I do agree with you that in time we will look back at these prices and current prices will seem like the tremendous buying opportunity that they likely are.

ranochigo

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Sometimes, I feel like people gets over optimistic about certain things and turns it into something that is based on completely irrational fantasy.

Sure, some small (and arguably) quite an insignificant country just recognized Bitcoin. Great! The rest of the corporations and countries are still into greenwashing, sometimes perhaps as a distraction from their true motives. Bitcoin at it's current form is incapable of supporting massive adoption, that is a fact. Fees are high, LN is insufficient. Those are great improvements but it isn't enough right now. Sure, those are unrealized potential but logic should tell you that after the initial hype, those who are truly interested in Bitcoin would've bought it already. Any further increase in price has to be spurred on by massive adoptions and Tesla, given the nature of the company is about as good as it gets.

It is difficult to measure whether Bitcoin is intrinsically underpriced or overpriced. Those who believe Bitcoin is underpriced are probably long term investors; good for them. Go buy more.

acener

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

It wouldn't just simply fly high again after 1 person jumps in like what happened when Tesla joins in.
It would take time to reflect and see the effect so let's just wait and relax now surely there would be more great news to come after this.
We don't need to rush things we already know where it is heading so enjoy it.

KaliLinux

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

People will always do what they want and what is expected. Even the older investors are mostly still thinking that the price of Bitcoin might still continue to dip hence some have not started to invest back heavily while the newbies to the space are definitely afraid to get into the market now that it doesn't seem like it has a clear direction yet. Investors will want to confirm that the market is in an uptrend again before they invest again been if the price will be a bit higher because most investors now are more concerned with the now profits instead of a long-time investment.

Kittygalore

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Let them walk their own paths in life, I don't think that we will be able to convince these type of people, let the market rise and have the market prove itself to the doubters and FUDsters that they are wrong and that they just made one of the biggest bad decisions in our life which is not investing something in bitcoin. I agree that it's cheap and I think that there will come a time where we won't be seeing this price anymore because the lowest point in the future is far too high to go down more.

Poker Player

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As if that were a problem. If you think it's cheap, what you need to do is buy more. Good deals are made by buying cheap.

Has it ever occurred to you that there are a lot of miners who have had to sell in a hurry to get out of China?

Lucius

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I don't understand by what criteria you claim that Bitcoin is extremely cheap? I agree that it is cheap for those who have a lot of money, but for them everything is available and cheap regardless of the price, given that their wealth is beyond the comprehension of most people.

Is $30 000+ extremely cheap for you or for most ordinary people - regardless of the fact that anyone can buy BTC in the amount of only $10? For someone who until a few weeks ago wrote almost every day that he entered BTC (2013) too late, referring of course to the price - you suddenly wonder why the average Joe doesn't pull $30k out of his sock and buy 1 BTC?

Quote from: virtualdn on July 01, 2021, 05:36:51 AM

But for me the fact that El Salvador joined in means a lot, it's the perfect indicator things will be great. Too bad not everyone can see it. They deserve to be poor and use fiat I guess.

Until a few days ago, 90% of people didn't even know how to show El Salvador on the world map, and today they think that one poor and corrupt third world country will make a difference and launch BTC on the moon?

NobFox

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

A lot of people find it very difficult to use and don't see the point in it - even those who aren't technologically challenged.

Look at it from the point of view of someone who does nothing more technical on their phone than play on a few games, browse the internet and use facebook. They have a bank account with a debit card they can simply tap onto a console in a shop to purchase things and someone on the end of the phone should they run into a problem with fraud (a cloned card for example).

You then tell them about a fantastic new technology called BTC and perhaps let them know a few caveats before they invest (based on the assumption they aren't using a third party to hold their coins):

If you send the coins to a wrong address by accident, they are gone forever and there's nothing you can do. No-one you can phone. They're gone.
If you want to send a payment to anyone, you will incur a fee for doing so. This varies and can be high when lots of people are using the network.
You will have to swap your fiat cash for BTC and the price difference from day-to-day can vary massively.
You are solely responsible for the coins you own. If someone gets hold of your private key(s) because your security isn't up to scratch, you have nothing.

BTC is still very niche. The biggest benefit from BTC (your coins, your money) is also one of it's biggest flaws. People make mistakes and some people aren't confident using technology.

That's just my 10 sats worth though.

BlackHatCoiner

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Farewell, Leo

Look, I get that you're a little bit too much enthusiastic about Bitcoin, at least judging from your threads^[1], but can you please acknowledge that the whole cryptocurrency industry right now predicts Bitcoin reaching above $300k this year? A friendly tip: Sit down and think, if all these people believe that it'll, indeed, reach this crazy amount (x10!), should it do?

I mean, the market cap right now is around $600B and to make these incredible fluctuations, $5.4 trillions have to be inserted into it somehow. Compare it with July 2020 and observe that: since then, ~$500B have already been inserted in Bitcoin. The value of the whole system increased by ~400%.

Bitcoin is far from cheap comparing with the previous year. In March 2020, I wasn't counting the fifth digit, but now I do severely.

[1]

Quote

How come BTC is still so cheap?
If you feel sorry for entering BTC too late remember that entering earlier...
Do Not Sell! Don't Let The Whales Get Your Precious BTC!
1 Year From Now: 5-10 Countries Accepting BTC As A Legal Tender
I Don't Want To Hear Anybody Crying When BTC Will Reach 1M Per Coin!
...

cryptomaniac_xxx

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Trading volume is there, but I guess speculators are shorting bitcoin at this point and taken profits in a daily basis. Maybe there are some who continue to accumulate, but obviously, the bears are now taking control of the market. We have a new month now, so hopefully July will be the start wherein we may see some break out run to $40k, so let's see. People should take advantage of the cheap price right now.

virtualdn

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Quote from: davis196 on July 01, 2021, 05:34:56 AM

Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Why is Bitcoin so cheap?Is it really cheap?Some people might ask why is BTC so expensive?
Something,that is cheap for one guy is expensive for another guy.
So you are asking why is Bitcoin undervalued.The simple answer is this.Bitcoin is undervalued,because the FUD dominates the market and the FOMO phase is missing.
Most people don't care when a country like El Salvador adopts Bitcoin as legal tender.If a big and developed country accepts Bitcoin as a legal tender,the Bitcoin price will go thru the roof.FUD news coming from China will always be more popular than the bullish news coming from a small underdeveloped country like El Salvador.

You are correct. But for me the fact that El Salvador joined in means a lot, it's the perfect indicator things will be great. Too bad not everyone can see it. They deserve to be poor and use fiat I guess.

davis196

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Quote from: virtualdn on July 01, 2021, 05:22:44 AM

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Why is Bitcoin so cheap?Is it really cheap?Some people might ask why is BTC so expensive?
Something,that is cheap for one guy is expensive for another guy.
So you are asking why is Bitcoin undervalued.The simple answer is this.Bitcoin is undervalued,because the FUD dominates the market and the FOMO phase is missing.
Most people don't care when a country like El Salvador adopts Bitcoin as legal tender.If a big and developed country accepts Bitcoin as a legal tender,the Bitcoin price will go thru the roof.FUD news coming from China will always be more popular than the bullish news coming from a small underdeveloped country like El Salvador.

Dialabank

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Hello guys, I'm new on this platform and I agree really it is extremely cheap. Still, some people want to buy but they don't maybe they have some doubts about it or feel not safe. So I just say it depends on person to person thinking.

virtualdn

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This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Topic: How come BTC is still so cheap? (Read 898 times)