Is Bitcoin technology and as a currency different? - page 3.

goaldigger

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Quote from: Harris Stevens on April 25, 2019, 02:50:27 AM

What i have seen all throughout the forums is that people focus upon the price of bitcoin BTC and the hodl process,focusing primarily on the price aspect and not the technological one can anyone assist me in identifying the co-relation with them.

Bitcoin as a currency is a product of technology. Dont be confused with that. Here is why cryptocurrency is different on other currencies existing. Its not just an advanced paperless currency but also the one with very volatile value which is perfect for trading. People re easily get lured into it bacause its new and it has many opportunities to offer.

kryptqnick

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Quote from: Pursuer on April 25, 2019, 03:33:47 AM

it is not just that people focus on the price, it is because price is a part of bitcoin and since it is quite volatile you always see a lot of people talking about it and try to analyze these changes.

as for the relationship between the price and the technology, I have to say the technology is the only reason why the price continues going up because bitcoin is one of a kind without any similar counterpart and the utilities it offers because of its technology are useful and as a result it continues getting adopted more and more, and with increase of adoption (demand) the price rises.

If the price is only driven by technology, why are there tons of what we call shitcoins that have pretty much the same tech or might even surpass the capacity of Bitcoin in some matters, and yet they are worthless?
It is partially about technology, for sure, but I bet tyre are many people who don't care about it at all and simply invest because of expecting profit. These people cause the price to go up as well, don't they?
And there are also people who prefer technology over bitcoin, so they utilize Blockchain as much as possible, while despising real cryptocurrencies as such.

boyptc

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You can't stop people that looks only to the price of bitcoin as if its the indicator on how it is valuable.

Blockchain is the technology and bitcoin itself is the currency, they have relation to each other and like the other tech experts says, blockchain adoption would lead to bitcoin adoption.

BlackPanda

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Quote from: Harris Stevens on April 25, 2019, 02:50:27 AM

What i have seen all throughout the forums is that people focus upon the price of bitcoin BTC and the hodl process,focusing primarily on the price aspect and not the technological one can anyone assist me in identifying the co-relation with them.

This is a beginning, basically that Bitcoin is indeed a currency, but its application that bitcoin is now much more used as an investment. Bitcoin investment is very profitable because it has very high fluctuations. So start with investment because in its implementation in the future we can make Bitcoin a currency that can be applied to all financial systems in the world. Even if Bitcoin technology is used properly, it can be used in various sectors.

CryptoBry

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People are into Bitcoin for many reasons and I think all of them can be valid and even if one is into this for the sake of its price in other words its speculative value then he is still contributing something for what Bitcoin has become now. The bull run that happened in the last days of 2017 was largely contributed by speculators and that was when Bitcoin got noticed by the whole world. Of course, it would be better if one is into Bitcoin for the reason that he has a good understanding of the technology and how this technology can be changing the world of finance. However, we know that as humans we are into something because we can something out of it -- heck even charity is done for reasons that we wish to be happy that is why we share. Bitcoin is business so it is just natural if people can be looking for something they can gain.

Kakmakr

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Bitcoin is just like any other currency, just a little better. Wink

People use currencies to pay for services and goods, but some Forex traders trade with currencies on the stock exchange. This is where Bitcoin is the same, because people can use bitcoins to pay for goods and services, but they can also trade bitcoins for other Alt coins or just buy bitcoins and wait for the price to increase to sell it.

The problem came in when the Bitcoin price suddenly increased in 2017 to $18 000 from $1000.... this sparked a hoarding habit with a new generation of speculators that flooded into Bitcoin to buy low and sell high. Tongue

dentolas

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Let's face it, nice words don't cover it, all around people are discussing BTC prices to exaustion and drawing lines like Picasso because most people participating in crypto-currencies is only after one thing: CASH
There is no turning away from this fact.
We are all speculators, buying or mining in the hope to sell it for a higher price.
Of course there are some that are interested in the technology, check the projects with a different view, and in these cases, we can say that tech and value walk hand-to-hand.... but most people don't even look at that side, they are just after the quick cash... that's why there are so many scams, it is easy to feed people what they want...

Haunebu

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You are probably getting confused with the Bitcoin tech like Blockchain, LN etc and the currency itself.

Technology : The backbone of Bitcoin which makes it a unique currency when compared to other traditional currencies like FIAT, gold etc.
Currency : Technology helps power Bitcoin which functions just like traditional currencies with added security etc.

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Quote from: Harris Stevens on April 25, 2019, 02:50:27 AM

What i have seen all throughout the forums is that people focus upon the price of bitcoin BTC and the hodl process,focusing primarily on the price aspect and not the technological one can anyone assist me in identifying the co-relation with them.

I believe it is because it is what we can do currently. We cant use the technology of bitcoin (blockchain) in real life regularly, that's why most people are focusing on its price as investment tool than the technology behind bitcoin.

Pursuer

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it is not just that people focus on the price, it is because price is a part of bitcoin and since it is quite volatile you always see a lot of people talking about it and try to analyze these changes.

as for the relationship between the price and the technology, I have to say the technology is the only reason why the price continues going up because bitcoin is one of a kind without any similar counterpart and the utilities it offers because of its technology are useful and as a result it continues getting adopted more and more, and with increase of adoption (demand) the price rises.

pakhitheboss

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Without Blockchain the value of Bitcoin will be zero and without Bitcoin, Blockchain would not have been known so widely. They both are interdependent. When we talk about the price of Bitcoin and its fundamentals, we are basically referring to the technology behind it as people are investing in the technology that is running it. That's what I have understood.

leonair

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Bitcoin is a technology and a curremcy at the same time, you can even consider it as an investment plan(more of an equity). I understand that it's too volatile to be use as a currency but still it serve its purpose in a way and we can't do anything about it as of now.

dothebeats

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They have always been intertwined. People are investing in bitcoin due to a number of reasons, one of them being the technology behind this creation. Due to bitcoin's security and uniqueness, it has gained value over time and that is what started the speculative aspect of the said coin. Moreover, without the tech, I don't think anyone would ever want to invest in bitcoin since security would be lacking, thus unable to help investors gain confidence over the coin.

Harris Stevens

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What i have seen all throughout the forums is that people focus upon the price of bitcoin BTC and the hodl process,focusing primarily on the price aspect and not the technological one can anyone assist me in identifying the co-relation with them.

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