Idea of btc is genius the limited supply that's why i think it's safe heaven

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Quote from: EL MOHA on May 23, 2024, 05:28:40 PM

The limited supply of bitcoin has in no doubt added value to the bitcoin price but I will say the other thing that actually made Bitcoin unique was not just this but different set of advantages ranging from being your own bank to it been decentralized and many more.

The limited supply is definitely the cause for its high price now but we have to consider that bitcoin being introduced to the world was one of the biggest breakthroughs of the century. It is new and foreign and most importantly it didn’t involve the government nor will it ever be.

The concept of a digital money itself even if it was fiat was already mind-blowing but to have an entirely different currency not tied to anything else but still having value is something that we have to appreciate.

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Quote from: oktana on May 23, 2024, 05:08:59 PM

It isn’t the only reason why but it is one of the reasons. You can imagine what large total supply we see these days. You can see a token total supply over trillions and whatever number is after that. If Bitcoin did that, it would definitely not be valued the way it is. The demand is increasing but it’s not too available as well, if Bitcoin was like 100 trillion supply, it would be easier to own 1 because there’s just too many.

The limited supply of bitcoin has in no doubt added value to the bitcoin price but I will say the other thing that actually made Bitcoin unique was not just this but different set of advantages ranging from being your own bank to it been decentralized and many more. Just has you have said the denomination or total supply could still have been more than 21 million and still be this sorted after. Let’s say it was a trillion total supply then yeh value wouldn’t still be worthless just the a single bitcoin might be what a satoshi; the minimum denomination of bitcoin is worth now. The major thing that made bitcoin more valuable is the growing popularity or say rate of adoption

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Quote from: Jawhead999 on May 20, 2024, 12:20:03 AM

If limited supply is the main reason Bitcoin price can be so high, I can just recruit few developers to create shitcoin that the maximum supply is 100 coins and boom the price will be higher than Bitcoin since the supply is more limited than Bitcoin.

The value of Bitcoin are more than that, and the reason why it can reach $66K is people are believe in Bitcoin, the demand is keep increasing.

Investing in Bitcoin could make people become rich, but not all rich people invest in Bitcoin.

It isn’t the only reason why but it is one of the reasons. You can imagine what large total supply we see these days. You can see a token total supply over trillions and whatever number is after that. If Bitcoin did that, it would definitely not be valued the way it is. The demand is increasing but it’s not too available as well, if Bitcoin was like 100 trillion supply, it would be easier to own 1 because there’s just too many.

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Quote from: Gozie51 on May 20, 2024, 08:37:30 AM

Quote from: Bigcitytiger on May 19, 2024, 02:53:27 PM

So the btc are for those who want to be rich and stay rich.

You don't stay rich with bitcoin but you have access to being rich with bitcoin if you are Hodling bitcoin. So the value is placed on the price and how many you have but once sold then such access is taken from you and transferred to another person who buys and hodl. That is the point and to say bitcoin can make someone rich is subjective depending on what the proceed is used for and that is same access to being rich that I was talking about.

Of course you can, as long as you know what you are doing like you don't sell at a loss, you don't gamble your BTC inside a casino, and do other similar negative/risky things. If you are already a BTC hodler, then you already have access. The term can fit the most for those who are still new here. Value and price are the same thing but they stick in BTC as it was a currency, an asset/or simply a valuable thing.

We might lose our BTC when we sell it but it was still exchanged by another currency or something that also have a value. To be wealthy in BTC takes time but if we want a better example to the words/phrase ' access to being rich ', that is, if we will access our or someone else vault of money, gold, huge number of BTC, etc...

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Quote from: Marvell1 on May 23, 2024, 11:05:38 AM

I wonder if bitcoin has no use case and no practical application, how does the fact that bitcoin has a limited supply come into play?

I hope you're just being sarcastic here. If you are then ignore this post because humor is sometimes difficult to understand when one reads a post.

Bitcoin of course has use cases and practical applications and not just one or two. Just think of the unbanked. Are you aware that if you live in certain Afrincan countries like Zimbabwe you can't use international payment systems like PayPal? You also will have a problem when trying to send money out of the country or open a bank account in Europe or the US. For many people bitcoin is one of a very limited number of ways to store value and move money out of the country.

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Quote from: coolcoinz on May 22, 2024, 02:35:57 PM

Scarcity is important just as the hard cap limit, but these things have never defined the value of something. The most important thing is use cases. Real acceptance.

I can give you many examples of things that are scarce but not really valuable, just because nobody needs them for anything.
Take tellurium - one of the least common elements on Earth. It's not that expensive for something that rare. It costs $80 per kg, which is much cheaper than silver, not to mention some other, rare metals like ruthenium that's over 10x the price of silver.

Rarity, cost of production and all that does not equal value.

Bitcoin is not the only asset with a limited supply, and creating tokens with a limited supply has never been difficult. It's sad that many people still make the mistake of thinking that supply is what determines the value of bitcoin. I wonder if bitcoin has no use case and no practical application, how does the fact that bitcoin has a limited supply come into play?

There is no denying that limited supply also plays a role in bitcoin's increase in value, but it is the use case that determines bitcoin's demand. Higher demand combined with limited supply, in turn helps bitcoin value increase. The fact that people pay too much attention to the supply and ignore bitcoin use cases proves that people are only speculating on bitcoin, and they don't really understand what bitcoin is.

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Quote from: Bigcitytiger on May 19, 2024, 02:53:27 PM

So the btc are for those who want to be rich and stay rich.

BTC isn't made for rich nor to make someone rich, it's just a concept of be your own bank but users saw the limited supply as an opportunity and applied the demand and supply formula will eventually take the price higher so here we are, BTC is called as Digital gold for very long time.

Limited supply is genius idea cause it gives a feel to whoever hold it won't be inflated like that fiat.

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Scarcity is important just as the hard cap limit, but these things have never defined the value of something. The most important thing is use cases. Real acceptance.

I can give you many examples of things that are scarce but not really valuable, just because nobody needs them for anything.
Take tellurium - one of the least common elements on Earth. It's not that expensive for something that rare. It costs $80 per kg, which is much cheaper than silver, not to mention some other, rare metals like ruthenium that's over 10x the price of silver.

Rarity, cost of production and all that does not equal value.

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The nature of bitcoin is what makes it more valuable because with bitcoin scalability amd decentralized nature, it made people to have confidence and believe in bitcoin. The gradual increase in value also made people to start investing in bitcoin and hodli for long in other for them to make profit since bitcoin is a hedge against inflation.

It is just funny to see how the young child grew to tall and matured that it is even more profitable and valuable than a lot of asset that has being in existence for long. I know that in future bitcoin will be safe haven and people with bitcoin will be happy that they invested in bitcoin as it will be their backbone.

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Quote from: Bigcitytiger on May 19, 2024, 02:53:27 PM

Limited supply so over the time there will be less coins so the idea of this are genius.
Even If the btc price will be 500k than many holders might sell some of the coins but always will buy when lower price and will hold some bitcoins.
No matter how high the price we weight btc value just with fiat currencies but it's deflationary against many other things like also to gold and If something is less then other things then off course it will have higher value.
The limited supply idea of something it's genius and good for long term holding to have something wich keep wealth safe.
Off course we can say that there is a lot of things less than other things weighted against them to compare their value but for example only btc now have the guaranteed mechanism of limited Supply and Halving.
So the btc are for those who want to be rich and stay rich.

Yeah thats a good strategy but then how big fishes will get a chance to manipulate the prices and get the benefit by making small traders to bear losses.

Every cycle of earning that happens in this world goes on the way that some are bearing losses and the other ones are getting benefit from the same thing. BTC and the whole crypto market is also based on this principle so it's not possible. Volatility in crypto is necessary.

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Quote from: wiss19 on May 22, 2024, 04:21:35 AM

Limited supply is just a supporting feature and it is not the only reason why Bitcoin has such a high value. The demand and supply rule indeed applies here because as the demand increases, the value will increase as well if the supply is limited, but we need to understand the reason behind the demand that Bitcoin has and the most prominent reason for that is the decentralization.

Before the creation of Bitcoin, people never thought that there could be a technology or a system that could help them store their money in a decentralized environment where only they would have access to it while they can also be safe if they keep them safe. Bitcoin provided hope for people who were fed up with the traditional financial systems of the world.

I agree with this, the biggest example is ETH which has no limited supply at all and nearly half of bitcoin already and second place in the rankings, if it was only the limited supply that mattered in the bitcoin world then no other crypto would have unlimited supply, it has to be something that will get a lot better.

I believe that limited supply is a feature and that is not a bad thing but we should realize that we are going to end up with a lot more features that mean something. We should consider that bitcoin is at the top because it was the first one that got created, there is really nothing that matters more than that, it should be the only reason why it is at the very top, because it was the first coin that was created in the crypto world.

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Taking supply out of the hands of any authorities and making it basically progress down a pre-programmed line was a smart idea, I agree with that. A correction, though: there are still MORE coins over time, not less; but the pace of new coins appearing is slowing down, so there are fewer new coins.
But that doesn't mean Bitcoin is a safe haven in practice, because occasionally it just loses a lot of value, which can be devastating if people rely on its stability and/or growth. It's possible to buy Bitcoin, see your investment shrink by a half and wait for months without any positive changes. Sometimes it's the kind of risk people can't afford because you can't plan for when your emergencies might happen and what the price might be at that time. So it's important to remember the risk.

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Quote from: CryptoBuds on May 22, 2024, 05:52:33 AM

Not to mention that at present, people have exploited and owned thousands of tons of gold, but you can see that that amount of gold is still not enough for everyone in the world. The demand for gold is still huge and is never enough.

As long as people perceive gold as a sign of wealth, it will always be in demand. It helps that gold is really useful in many things and is considered functional however we can not discount the perception of people for its value. Gold often being a sign of wealth contributes to many people aiming to own it. So people who are still working to be rich are working with owning gold in mind.

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Quote from: yhiaali3 on May 20, 2024, 05:25:13 AM

Even gold does not compare to Bitcoin in terms of limited supply. The amount of Bitcoin that can be mined is limited and decreases with time, while new quantities of gold are extracted daily in addition to the archaeological finds that are found in abandoned archaeological sites.

I expect that what inspired Satoshi with the idea of limited supply is paper money that constantly inflates due to continuous printing. Governments often resort to printing more paper money when they encounter economic problems, and this makes this paper money worthless over time.

We cannot make such lame comparisons and cannot rely on supply to judge which asset with less supply will be the more valuable asset. Gold is not only used as property, jewelry, and investment, but it is also used in many different industries, fields, and in our lives. Even in the culinary field, gold is being used (gold plating on kobe beef), it can be seen that the applications and use cases of gold are much more diverse and rich than bitcoin.

Not to mention that at present, people have exploited and owned thousands of tons of gold, but you can see that that amount of gold is still not enough for everyone in the world. The demand for gold is still huge and is never enough.

Bitcoin's specialness comes from its decentralization feature combined with limited supply, the limited supply factor has never been the deciding factor in bitcoin's future.

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Quote from: DeathAngel on May 22, 2024, 03:42:53 AM

It’s not just limited supply that makes it the greatest innovation of the last 100 years or more. It’s decentralisation & the fact that all transactions are final, no chargebacks or reversals. Bitcoin will be in every 401k, every pension in the First World within 20 years.

I don't have the slightest doubt about BTC and that will become a reality as time goes by. Maybe right now there is an opinion that the price is expensive but it could be that in the future it will be said to be quite cheap.

Like many comments I read in 2022 and who bought BTC on Monday 24 January 2022 at a price of 35K.

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Limited supply is just a supporting feature and it is not the only reason why Bitcoin has such a high value. The demand and supply rule indeed applies here because as the demand increases, the value will increase as well if the supply is limited, but we need to understand the reason behind the demand that Bitcoin has and the most prominent reason for that is the decentralization.

Before the creation of Bitcoin, people never thought that there could be a technology or a system that could help them store their money in a decentralized environment where only they would have access to it while they can also be safe if they keep them safe. Bitcoin provided hope for people who were fed up with the traditional financial systems of the world.

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It’s not just limited supply that makes it the greatest innovation of the last 100 years or more. It’s decentralisation & the fact that all transactions are final, no chargebacks or reversals. Bitcoin will be in every 401k, every pension in the First World within 20 years.

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Quote from: Jawhead999 on May 20, 2024, 12:20:03 AM

If limited supply is the main reason Bitcoin price can be so high, I can just recruit few developers to create shitcoin that the maximum supply is 100 coins and boom the price will be higher than Bitcoin since the supply is more limited than Bitcoin.

The value of Bitcoin are more than that, and the reason why it can reach $66K is people are believe in Bitcoin, the demand is keep increasing.

Investing in Bitcoin could make people become rich, but not all rich people invest in Bitcoin.

Limited supply is not the main reason but believe me, your idea doesn't sound bad Cheesy

Today you can create a Solana meme coin and earn millions of dollars with good meme, hype and tweets (but I think someone might be laundering money via meme coins and it's all just a shit show but people are still dumb enough to invest in them for no logical reason).

Lion is the king of the jungle, is it's the biggest? No. Is it the strongest? No. Is it the smartest? No. Let's ask the same question about Bitcoin. Is Bitcoin the most developed currency? No. Is Bitcoin the best? Probably, not. Does Bitcoin offer the most privacy? No, Monero is the king there but as you see, Bitcoin is still the number one crypto currency while we have other currencies that offer more privacy, decentralization, development and so on. Bitcoin is the king because it's one of its first kind and most importantly, we don't know exactly who created it and believe me, this gives Bitcoin a massive edge over other currencies.

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Bitcoin is here for those who want to stay in wealth and those who want to improve their wealth in the future. But most important things in Bitcoin investment you must acquire the knowledge of Bitcoin before going into Bitcoin investment, which is very important to bitcoiners. Yes, if you have the opportunity to hold your Bitcoin for a long period of time, I think it will make you to stay wealthy as an investor, because it always bring income to holders during the bullish season which is the reason both poor and wealthy investors always like to stock their funds in Bitcoin. Just let your idea be for long term holding OP, I believe you will not regret it because the bullish season is about to start for those long term investors to begin to achieve their goal before the end of the half of the year.

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Quote from: Gozie51 on May 20, 2024, 08:37:30 AM

Quote from: Bigcitytiger on May 19, 2024, 02:53:27 PM

So the btc are for those who want to be rich and stay rich.

You don't stay rich with bitcoin but you have access to being rich with bitcoin if you are Hodling bitcoin.

Op probably meant that if you are rich now and if you want to protect your money from inflation, you can invest in bitcoin and hence you’ll stay rich and not get poor.

Quote

So the value is placed on the price and how many you have but once sold then such access is taken from you and transferred to another person who buys and hodl. That is the point and to say bitcoin can make someone rich is subjective depending on what the proceed is used for and that is same access to being rich that I was talking about.

If one were to take advantage of the difference between the amount they were able to buy the bitcoin and the amount they were able to sell it to then one can make profit. It’s just the usual buy and sell and making sure your money is not decreasing.

Topic: Idea of btc is genius the limited supply that's why i think it's safe heaven (Read 224 times)