How did Bitcoin go from $0.10 to $10,000 ??

Supercrypt

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Quote from: First77 on April 12, 2018, 02:37:27 AM

Quote from: PsylockReborn on April 12, 2018, 02:34:25 AM

There's a limit of 21M bitcoins that we could mine until its impossible to acquire, this is one reason why bitcoin's value is increasing due to mining difficulty and the scarcity of the coin in the future. The law of supply and demand plays a vital role when it comes to increasing price of bitcoin that is why bitcoin is one of the best store of value just like gold.

Silver was $80/ounce in 1980. That is like $3000/ounce today. But now Silver is $17/ounce.

All the signs that Bitcoin is going the Silver way.

Normally, we cannot expect something of value to actually remain stagnant since it is not controlled and the idea being fresh then made it as low as possible. Bitcoin actually started with no value anyway compared to silver, or I would rather say we start placing the value on them and as people keep perceiving it and keep seeing a huge demand for it, and the need to use it, that would keep causing the value to increase. Some just ended up seeing the future earlier than some of us and decided to invest when it was worth nothing.

Demand and adoption increased. That was what happened. The thing is just very few people believed in bitcoin back then and it started without any value and gradually we started placing value on it based on its usage and that is where it all started.

As people gradually seeing more value, you would not expect me to buy something for 0.1$ and give it up for the same value since I know how useful it would be, so as it keeps going, on and on, and the demand kept increasing, the price kept on increasing as well and I believe we have not even seen anything yet.

osasshem

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Quote from: First77 on April 12, 2018, 02:21:30 AM

When Bitcoin was launched in 2009, you would get 1 Bitcoin for $0.10. Now 1 Bitcoin = $7,000

How did Bitcoin price go up some 50,000 times ?? Huh

When Bitcoin was launched, it had less or no supporters, as the year goes bye, people started supporting the project, and the project team continued working on it relentlessly through the years. In the year 2013, its sound was been heard of in low tones, yet getting more supporters. Crypto currency and blockchain technology became visible in 2015, and was clearly seen by the masses by 2017, due to the heavy price siege. The need for it grew higher which now makes the total supply (which is 21million) of bitcoin become less than the demand of it in the market.

doycku

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Quote from: Lan75 on April 18, 2018, 08:15:12 AM

Quote from: First77 on April 12, 2018, 02:21:30 AM

When Bitcoin was launched in 2009, you would get 1 Bitcoin for $0.10. Now 1 Bitcoin = $7,000

How did Bitcoin price go up some 50,000 times ?? Huh

Scarcity is the main attribute why bitcoin now is so expensive. As time goes by bitcoin became so popular and many people want to have a piece of it that is why the supply became low. Price is driven by supply and demand so as the supply go low, the price goes high.

I think something such low prices even do not need to mention, пoтoмyчтo when bitcoin had the price of a 10 cents, then few people to it even pay attention.

Lan75

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Quote from: First77 on April 12, 2018, 02:21:30 AM

When Bitcoin was launched in 2009, you would get 1 Bitcoin for $0.10. Now 1 Bitcoin = $7,000

How did Bitcoin price go up some 50,000 times ?? Huh

Scarcity is the main attribute why bitcoin now is so expensive. As time goes by bitcoin became so popular and many people want to have a piece of it that is why the supply became low. Price is driven by supply and demand so as the supply go low, the price goes high.

Lucius

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Quote from: talkbitcoin on April 13, 2018, 03:41:29 AM

well it is hard to argue with someone whose whole post history is filled with FUD about bitcoin and only comes out whenever he loses money trying to trade bitcoin.
one must first want to be open to discussions to be discussed with.

OP is just fascinated with numbers and things that unfortunately does not understand, or interpreted them in a wrong way.For instance he do not know why in December 2017 there is a record number of Coinbase users,and today that number is more than twice the lower,or why is less search in Google for cryptocurrency related sites/bitcoin today then few months ago.It is basic,and we all know reasons for that.

Also he is obsessed with gold&silver and perseveringly is trying to to compare them with BTC,which of course makes no sense.Gold&silver exist thousands of years and people use them,BTC is here less then 10 years and it have limited supply.

How price get from 0 to 20 000$(not 10 000$) is just the law of supply and demand in combination with the digital age in which we live.Sometimes people were literally crazy about gold,today they are crazy about digital gold.

wax-digger

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Bitcoin was not much popular until 2012. It was after that when people started taking interest in it. It became globally accepted since it was decentralized. People then started to use it for illegal things which caused its price to skyrocket and then the big players started to invest in it. They started trading BTC and that is how the big players hold the much portion of BTC. Over the years BTC became more and more popular and it's price started to grow. During the beginning of last year it was around $2k and then it spiked up to $19k and then dumped back. The correction is over now and BTC must rise again now.

crisanto01

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Quote from: Ahiaba on April 16, 2018, 03:02:40 PM

Quote from: First77 on April 12, 2018, 02:21:30 AM

When Bitcoin was launched in 2009, you would get 1 Bitcoin for $0.10. Now 1 Bitcoin = $7,000

How did Bitcoin price go up some 50,000 times ?? Huh

Well, i will say adoption of Bitcoin by everyone in the crypto currency community has been the market movers of the value of Bitcoin from what it was to what it is today and so shall it continue to appreciate in value in the nearest future as more are coming into the crypto currency community in other new investors. Note that it is only what some people called shit coins which i called failed project that usually remain stagnant.

And added to that is that many people believes in the power of cryptocurrency and they want to change the world just like the mission of bitcoin that one day it will eventually change the world, believing is the key factor so if we'll just keep our belief it will go through $100k.

First77

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Quote from: bbcolex on April 13, 2018, 11:45:00 AM

Law of demand and supply, Bitcoin made mainstream that's why lots of people jump in and saw the future of bitcoin and potential growth, early believers were lucky enough to got hold of cheap Bitcoin.

It looks like "traders cartel" who are buying and selling Bitcoin at $1000 or more. Those +10% and -10% in one day moves.

Ahiaba

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Quote from: First77 on April 12, 2018, 02:21:30 AM

When Bitcoin was launched in 2009, you would get 1 Bitcoin for $0.10. Now 1 Bitcoin = $7,000

How did Bitcoin price go up some 50,000 times ?? Huh

Well, i will say adoption of Bitcoin by everyone in the crypto currency community has been the market movers of the value of Bitcoin from what it was to what it is today and so shall it continue to appreciate in value in the nearest future as more are coming into the crypto currency community in other new investors. Note that it is only what some people called shit coins which i called failed project that usually remain stagnant.

natka

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Quote from: bozo333 on April 16, 2018, 09:58:53 AM

Quote from: First77 on April 12, 2018, 02:21:30 AM

When Bitcoin was launched in 2009, you would get 1 Bitcoin for $0.10. Now 1 Bitcoin = $7,000

How did Bitcoin price go up some 50,000 times ?? Huh

This price increase is depends on supply and demand of Bitcoin because this is the first Cryptocurrency so all the investors are investing this coin and automatically market capitalisation is raise in the market. Then many Cryptocurrencies are comes in the market but no one reach the Bitcoin position because all the coins are depends on the Bitcoin value. So increase is already expected in Crypto platform it Will continue to forever.

and yet, no matter how much we are indignant and offended by the crypto currency market, the very title of the topic very eloquently says that Bitcoin has risen almost from the very bottom and reached very high heights. Only the maximum Bitcoin was not 10,000 dollars, but 20,000 dollars. But in 2009 he had a miserable price.

bozo333

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Quote from: First77 on April 12, 2018, 02:21:30 AM

When Bitcoin was launched in 2009, you would get 1 Bitcoin for $0.10. Now 1 Bitcoin = $7,000

How did Bitcoin price go up some 50,000 times ?? Huh

This price increase is depends on supply and demand of Bitcoin because this is the first Cryptocurrency so all the investors are investing this coin and automatically market capitalisation is raise in the market. Then many Cryptocurrencies are comes in the market but no one reach the Bitcoin position because all the coins are depends on the Bitcoin value. So increase is already expected in Crypto platform it Will continue to forever.

First77

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Quote from: talldude on April 13, 2018, 10:50:00 PM

Are you just asking us to tell you a 9 years story of how bitcoin has grown over the years, I think that's why we have YouTube lol, bitcoin price is growing based on its acceptance the more Bitcoin is accepted around the world, the more it's growth in price and also in use, over the years there are many companies springing up around bitcoin, mining firm, exchanges etc.

Why are governments/finance ministry talking about Bitcoin

talldude

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Are you just asking us to tell you a 9 years story of how bitcoin has grown over the years, I think that's why we have YouTube lol, bitcoin price is growing based on its acceptance the more Bitcoin is accepted around the world, the more it's growth in price and also in use, over the years there are many companies springing up around bitcoin, mining firm, exchanges etc.

First77

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Now there are 80% less searches in google/search engines for Bitcoin/crypto-currencies.

Marma Kalari

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Quote from: First77 on April 12, 2018, 02:21:30 AM

When Bitcoin was launched in 2009, you would get 1 Bitcoin for $0.10. Now 1 Bitcoin = $7,000

When you have an innovative product in the market with huge potential, the price will increase and with the limited amount of token you must understand why the price moved from zero valuation to where it is now, people who invested a couple of years back made the most benefit of this market and i still think even if you invest .

pimkobai

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Quote from: First77 on April 13, 2018, 05:01:30 PM

Quote from: CASTIEL05 on April 13, 2018, 04:57:30 PM

I know this is always part of our economic class.Bitcoin has a scarce supply and greater demand. The potential of its value to increase is possiblle since the circulated supply is only 21million bitcoins (but we never reach it as of now). When the bitcoin becomes popular in the world, the demand for every bitcoin becomes higher and higher also. This only shows that if the price moves up, there is a greater demand to it.

In December 2017, there were 170,000,000 visitors at Coinbase

In March 2018, there were 63,000,000 visitors at Coinbase

Due to limited supply in circulation in the market and a growing demand for bitcoin could be somehow contributes to the increasing price it had achieved.
When people start seeing its growth, definitely they are encourage to participate to be involved with bitcoin and in that manner, people start investing, mining and trading with bitcoin. Because of it's inevitable growth, many altcoins are now on the rise that someday, those alts will also be recognize by the crypto users.

First77

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Quote from: CASTIEL05 on April 13, 2018, 04:57:30 PM

I know this is always part of our economic class.Bitcoin has a scarce supply and greater demand. The potential of its value to increase is possiblle since the circulated supply is only 21million bitcoins (but we never reach it as of now). When the bitcoin becomes popular in the world, the demand for every bitcoin becomes higher and higher also. This only shows that if the price moves up, there is a greater demand to it.

In December 2017, there were 170,000,000 visitors at Coinbase

In March 2018, there were 63,000,000 visitors at Coinbase

CASTIEL05

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Quote from: First77 on April 12, 2018, 02:21:30 AM

When Bitcoin was launched in 2009, you would get 1 Bitcoin for $0.10. Now 1 Bitcoin = $7,000

How did Bitcoin price go up some 50,000 times ?? Huh

I know this is always part of our economic class.
Bitcoin has a scarce supply and greater demand. The potential of its value to increase is possiblle since the circulated supply is only 21million bitcoins (but we never reach it as of now). When the bitcoin becomes popular in the world, the demand for every bitcoin becomes higher and higher also. This only shows that if the price moves up, there is a greater demand to it.

tabas

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Quote from: First77 on April 12, 2018, 02:21:30 AM

How did Bitcoin price go up some 50,000 times ?? Huh

It's because of the demand. If there's no demand, the price will remain 0.

Quote from: hakertajniak on April 13, 2018, 11:18:20 AM

it is still a mystery for me too. I think it is because when 2009, peoples didn't want to use bitcoin.

It's not a mystery anymore and you should know this legendary Pizza for bitcoins? that started it out.

RamonBTC

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Quote from: First77 on April 12, 2018, 02:21:30 AM

When Bitcoin was launched in 2009, you would get 1 Bitcoin for $0.10. Now 1 Bitcoin = $7,000

How did Bitcoin price go up some 50,000 times ?? Huh

It’s commercialising the idea, a simple one plus one or something like demand and supply. Example: I have ten stones with my name and after that I save the world from aliens because of that I would be famous. That stone I give you is free but a year after my death that will be appraised 1000$ then you pawned it, then it will be resell up to 2000$. That’s commonsensical way of explaining it.

Worth the read or does it really implies my imaginative, logically.

*** Bitcoin price is speculative in nature, but the idea and the technology of blockchain can be sold in a thousand folds. Bitcoin as the primary coin catches the 90% advantage on its popularity.

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