Topic: ⛔️⛔️⛔️ Is The Current Price Of Bitcoin Practical? ⛔️⛔️⛔️ - page 3. (Read 1124 times)

These forums should be evidence enough of that.  Most people posting here don't own even 0.2 BTC...not even close.

That plus the majority of the human population lives under 3rd world standards.  Extrapolate from there.

Why do you believe that the majority of Bitcoin holders are from 3rd world countries?

I think it is but im sure that the 1% of those investors are just rich businessmen wanting to earn more. It's hard to imagine people in low classes would take time to that investment. The price is growing up not because of the more users are going in to it but the more income you get the more upgrade you will do to your mining system. Any users you are not mining might not be even considered in 1% because they are a product of a mined bitcoin or altcoin.

For those living paycheck to paycheck, cash is still king since it isn't around long enough (no savings) to be affected by inflation.

What is "Practical" anymore, anyway?

The majority of those that own BTC live in the 3rd world.  The current price makes it impractical to the point that it might as well be impossible for them to actually spend it since the fees and transaction times are obscene.  It's like I posted in much greater detail in another thread...if BTC has any chance of survival, it must be made practical to the masses in 3rd world nations that believe in it with religious conviction.  Most of the posters on this forum should be proof enough of that statement.  If the poor are ignored in this case, BTC is already dead...it's just an AIDS patient receiving daily blood transfusions and large amounts of dopamine and forgets its reality completely due to the euphoric high that never ends...until  the end.

Is the price practical? Why or why not

Theres 7.5 billion people in the world. That number will grow. There's only 21 million BTC. Sure it can be broken down to infinite numbers of decimal points and yada yada but with 17 million already mined and accounted for, is it reasonable to expect the 7.425 billion people who haven't adopted bitcoin yet to accept the current inflation of the coin??

$2 per coin in 2012
$16000 per coin in 2017


That's 8000% increase based on what exactly? Theres mining costs of course. But is that a storage of value? Or a loss of value? Think about what is really happening as coins are mined. Fiat currency is exchanged for equipment to create digital currency. The digital currency is then sold for fiat currency. The equipment expires and the digital currency becomes, theoretically, more and more difficult as well as expensive to create. Bitcoin is destroying value rather than creating value.

Approximately 1% of the world has adopted bitcoin. This has artificially skyrocketed prices to an unsustainable rate of 8000% in 5 years. If the 7.425 billion people who still use fiat currency agree to use bitcoin, there's no way they will agree to deflate their own purchasing power by 8000%. I think the current price of bitcoin is impractical for mainstream adoption.

I think a niche group (first 1% of population) who see the vision and the future of crypto have artificially driven this price up so high that it isn't likely the remaining population of the world will buy into it (at the current levels). Sure crypto could be the future of our money system. But the current prices do not seem realistic if we are trying to get the entire world in on it. I don't think crypto needs universal adoption to be successful, but it certainly needs more users and use in general than it has now. As it stands now, bitcoin and altcoins are more of an investment tool and less of an actual currency.


Do you think the current price of bitcoin is practical?