Is your interest in bitcoin primarily tied to its price?

Rockstarguy

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Quote from: ContentWriter on July 14, 2024, 08:34:29 AM

When you hear words like "HODL," "HALVING," "BULL RUN," you're left in no doubt that most members of the Bitcoin community like the cryptocurrency because of the prospect or hope that it could make them rich. I know it's made early adopters rich, but shouldn't there be other reasons to learn and use Bitcoin besides price fluctuations? Was this Satoshi's motive for the invention? Is price the most important driver of your interest in Bitcoin?

I think the value bitcoin has is one of the reasons why people find it interesting because people are looking for what is very reliable and can add value to them to financially. If not for the price and value of bitcoin I don't think bitcoin will have this number of adopters that it has gained all this while. And apart from the price of bitcoin people are interested about it because of how reliable it is, so I will say bitcoin is interesting because of the value and reliability.

One thing I know whatever that has value that is what will attract people to go after it, and it is very clear that the value of bitcoin since it existence is the reason why bitcoin is having more adopters.

CoinFoxs

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Everyone’s interest depends on botcoin’s price the reason is that when bitcoin at its lowest price then traders are in loss and they start quitting trading in bitcoin and they will enter again in the market when they see the market turning green again. When price is high more people start using bitcoin and it’s services and when price is low them people start holding them for future!

nullama

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Quote from: glendall on August 10, 2024, 08:05:25 AM

The main purpose of owning Bitcoin is that profits increase rapidly compared to investing in property or gold, because investing in BTC to get a 1% profit doesn't take long.

I think there are multiple benefits to having Bitcoin.

You can be sure someone made a payment as all transactions are publicly available. You can also be sure that you won't get any chargebacks like they do with the credit cards.

And other benefits as well, and yes, of course, given that it is finite, having the same amount over time means that the value of it goes up.

CoinFoxs

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Quote from: glendall on August 10, 2024, 08:05:25 AM

The main purpose of owning Bitcoin is that profits increase rapidly compared to investing in property or gold, because investing in BTC to get a 1% profit doesn't take long.

People owning property and gold for two purposes, the one is they need land to build home and also for investment purpose same in case of gold while in bitcoin’s case everyone is buying just for investment purpose so they will get good profit and meet their financial expenses. Bitcoin will give you daily profit if you do trading while gold and property is for long term investment. So there is no comparison between bitcoin and property or gold.

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The main purpose of owning Bitcoin is that profits increase rapidly compared to investing in property or gold, because investing in BTC to get a 1% profit doesn't take long.

Kelward

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Quote from: ContentWriter on July 14, 2024, 08:34:29 AM

When you hear words like "HODL," "HALVING," "BULL RUN," you're left in no doubt that most members of the Bitcoin community like the cryptocurrency because of the prospect or hope that it could make them rich. I know it's made early adopters rich, but shouldn't there be other reasons to learn and use Bitcoin besides price fluctuations? Was this Satoshi's motive for the invention? Is price the most important driver of your interest in Bitcoin?

Bitcoin is a digital cash that was created primarily for p2p transactions between two parties, so basically it's an alternative currency. But we can't deny that most people now hodl it for profit purposes to make more money, so it has gained the reputation of being an asset that is a store of value. Aside from hodling Bitcoin for profit purpose, the technology is also fascinating, belonging to a global community that is increasing everyday and most importantly the freedom and privacy that comes with holding Bitcoin are as noteworthy as making profits with it.

legiteum

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Quote from: Reatim on August 08, 2024, 11:52:00 PM

Quote from: legiteum on July 18, 2024, 01:30:49 PM

Bitcoin is a public ledger, so every single transaction in Bitcoin is viewable by anybody in the world. While it's not your name, your Bitcoin address can be triangulated by chain analysis. Bitcoin is a very poor means to protect your privacy: you are much better off using a plain credit card, or bank transaction.

How is using a credit card or bank transactions much safer when they have more of your information than in bitcoin. A lot of people are found because of their credit card activities. Your name is in display and they will know when and where you used it for. The bank even asks you to fill out papers asking for your address and whatnot.

For a credit card, your personal information is only known to the counterparty and the bank. This isn't ideal, but it's nowhere near as bad as with Bitcoin, which could expose your transaction to anybody on the internet who does the chain analysis to triangulate your identity.

The only truly anonymous means of transfer are physical cash, or a private ledger digital currency like Monera or Haypenny currencies. In the latter case your identity could be discovered by authorities with a proper legal authorization (e.g. that they suspect you of a crime), but that's it.

Reatim

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Quote from: legiteum on July 18, 2024, 01:30:49 PM

Bitcoin is a public ledger, so every single transaction in Bitcoin is viewable by anybody in the world. While it's not your name, your Bitcoin address can be triangulated by chain analysis. Bitcoin is a very poor means to protect your privacy: you are much better off using a plain credit card, or bank transaction.

How is using a credit card or bank transactions much safer when they have more of your information than in bitcoin. A lot of people are found because of their credit card activities. Your name is in display and they will know when and where you used it for. The bank even asks you to fill out papers asking for your address and whatnot.

Quote

Meanwhile, physical cash in a sovereign currency is as anonymous as it gets.

If you are looking for a payment method that will not leave any traces behind then cash is the ideal one however it is extremely inconvenient as you'd have to physically bring the cash from point a to point b.

Agbamoni

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Quote from: Hatchy on July 18, 2024, 06:19:17 AM

Quote from: ContentWriter on July 14, 2024, 08:34:29 AM

Was this Satoshi's motive for the invention? Is price the most important driver of your interest in Bitcoin?

The price wasn't Satoshi's initial purpose for Bitcoins creation. But then Bitcoin is growing and adoption is increasing. We can see how it has advanced in the past years creating more reasons for investors to buy more and hold for the long term. So we can't actually say that Bitcoins purpose is fixed only to being an alternative p2p solution to financial issues. But it's wide range of adaptability has given it more purpose. So whether an investor want to get rich for investing in Bitcoin or use it as a payment method or any other purpose, there's nothing to be worried about. So long it still serve it's purpose then it's fine.

The man has a vision and of course, I know he had pictured the price of Bitcoin to grow more than he imagined but he wasn't certain how high it would go. The price in this context can be referred to as value. Then it was part of his initial purpose that what he created will continue to gain value more and more as time goes by. Satoshi understands the importance of value to humans, and we would prefer any asset that can retain value or increase in value with time.

Based on the adopters, Bitcoin gained the value it has today. But don't forget that humans will only choose to get something that they believe has value and from the very beginning Bitcoin has the potential to be great.

nullama

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Quote from: legiteum on July 18, 2024, 01:30:49 PM

~snip~
Bitcoin is a public ledger, so every single transaction in Bitcoin is viewable by anybody in the world. While it's not your name, your Bitcoin address can be triangulated by chain analysis. Bitcoin is a very poor means to protect your privacy: you are much better off using a plain credit card, or bank transaction.

Meanwhile, physical cash in a sovereign currency is as anonymous as it gets.

As for digital currency, either use something like Monera, or use a mixer, or don't use a digital currency with a public ledger like Haypenny currencies for instance.

Yes, this pretty much sums it up.

Cash is king when it comes to anonymous payments.

Sure, you can still in theory trace individual bills with their serial number, but it is much more difficult than following a transaction in Bitcoin.

The thing is that Bitcoin transactions are pseudonymous, and well, that not always means it is you. It could be someone else in your behalf, or it could be your money being transferred by an exchange, etc.

It's not as simple to track down Bitcoin transactions either...

legiteum

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Quote from: Antotena on July 18, 2024, 12:24:47 PM

However, if you look beyond that Bitcoin helps user protect their privacy. When you use fiat, everything about remain permanent stamp on the system of the banks where you can even be question for using your own money but using Bitcoin gives you that privacy where nobody have to ask you to do this and do that or restrict you from sending money from one person to another. It's a resistance to anything and you can send your money without anyone approval, this are few of the things Bitcoin gives you.

Bitcoin is a public ledger, so every single transaction in Bitcoin is viewable by anybody in the world. While it's not your name, your Bitcoin address can be triangulated by chain analysis. Bitcoin is a very poor means to protect your privacy: you are much better off using a plain credit card, or bank transaction.

Meanwhile, physical cash in a sovereign currency is as anonymous as it gets.

As for digital currency, either use something like Monera, or use a mixer, or don't use a digital currency with a public ledger like Haypenny currencies for instance.

dezoel

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Quote from: ContentWriter on July 14, 2024, 08:34:29 AM

When you hear words like "HODL," "HALVING," "BULL RUN," you're left in no doubt that most members of the Bitcoin community like the cryptocurrency because of the prospect or hope that it could make them rich. I know it's made early adopters rich, but shouldn't there be other reasons to learn and use Bitcoin besides price fluctuations? Was this Satoshi's motive for the invention? Is price the most important driver of your interest in Bitcoin?

In the early years of Bitcoin's invention, no one believed that Bitcoin would even go so high, even people said it was a scam or a bubble, nothing more. As much as Bitcoin has benefited all its investors so far, the utility and importance of Bitcoin have become very high but the purpose for which Bitcoin was invented by Satoshi is indeed now almost changing or disappearing. There are many traders, including me, who see Bitcoin as a future investment, invest in Bitcoin, and hold it for a long time because everyone knows that Bitcoin has grown so far, and will develop more than this in the future.

And it is not wrong because every person is trying to earn money, so if any cryptocurrency from which he is getting money, instead of taking it as an investment for daily use, then I don't see any downsides, just a bit afraid of the market going down, if the market goes down, there is a good risk of loss, but still many people are taking it as a future investment and I hope that it will give a lot of profit to its users.

Antotena

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Quote from: ContentWriter on July 14, 2024, 08:34:29 AM

When you hear words like "HODL," "HALVING," "BULL RUN," you're left in no doubt that most members of the Bitcoin community like the cryptocurrency because of the prospect or hope that it could make them rich. I know it's made early adopters rich, but shouldn't there be other reasons to learn and use Bitcoin besides price fluctuations? Was this Satoshi's motive for the invention? Is price the most important driver of your interest in Bitcoin?

If you look at Bitcoin Whitepaper, the definition of Bitcoin is regarded as pair to pair digitally electronic cash system where you can transfer value from one person to another. That time, Bitcoin don't have 1/10 of the numbers of people it's having today but over the years, it gradually became an asset because of the robust gain and returns they make from it and that's has been the major reason why many people are here which is not bad, everyone like Bitcoin right.

However, if you look beyond that Bitcoin helps user protect their privacy. When you use fiat, everything about remain permanent stamp on the system of the banks where you can even be question for using your own money but using Bitcoin gives you that privacy where nobody have to ask you to do this and do that or restrict you from sending money from one person to another. It's a resistance to anything and you can send your money without anyone approval, this are few of the things Bitcoin gives you.

virasog

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Quote from: ContentWriter on July 14, 2024, 08:34:29 AM

When you hear words like "HODL," "HALVING," "BULL RUN," you're left in no doubt that most members of the Bitcoin community like the cryptocurrency because of the prospect or hope that it could make them rich. I know it's made early adopters rich, but shouldn't there be other reasons to learn and use Bitcoin besides price fluctuations? Was this Satoshi's motive for the invention? Is price the most important driver of your interest in Bitcoin?

You have used the word HALVING, this is not related to price where as BULL RUN or HODL may be seen in the context of bitcoin price.
If you ask me, i like the bitcoin ecosystem. The way you can make decentralize payments without the use of banks, transfer money from one part of the world to another without the help of any payment gateway and in the cheapest / fastest way, all these things make my interest in bitcoin and it is not only the price.

By the way, those who like bitcoin only because of its price, then that's nothing harm in it. When the world's authorities and governments can print money, become rich and enjoy, why can't we celebrate on having a currency that can make us rich too.

Blitzboy

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I love winning, and I love making money. This Bitcoin thing? Its bigger than that. That genius, Satoshi, did not merely produce a gold mine or a new stock. He had a totally fresh perspective on wealth. Bitcoin represents freedom. It is rejecting governments and their control as well as banks and their charges. Its about you being in charge of your own money, nobody else.

Still, it goes beyond just money. Its about trust, but not in some large bank; rather, its about each other, in a community. It is about openness, equity, and a level playing field for all, everywhere. Indeed, some people simply want to get rich fast, and thats okay. But Bitcoin's actual power is somewhat different. Its the power to change the world.

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Quote from: SickDayIn on July 18, 2024, 08:09:18 AM

Quote from: mindrust on July 14, 2024, 08:41:49 AM

I would say it is 50-50… The price action is half of the fun. The tech is the other half. Bitcoin is like a hobby which you would gladly do as a job. You are interested in the tech, and you are getting paid while holding. Best of the both worlds. I am pretty sure that is the case for many bitcoin holders. Some people obviously are not interested in the tech and only care for the prices but I don’t think they are the majority. They usually end up losing their coins too because they don’t understand the tech behind it.

Yeah agreed it's 50/50 for sure. The price action is just an indicator of the demand, and therefore more people adopting and using it, which is great. I am not concerned with the actual fiat conversion rate, as I won't be converting to fiat at all. I never sell my Bitcoin. It's just an indicator of interest in it, which is good as a measurement. The technology is where the value is.

For those who have profited a lot from bitcoin and own a lot of bitcoin , it is understandable that their interest in bitcoin is 50-50. But for poor people , people who don't have a lot of money , I don't think they will be interested in technology instead they will focus more on profits . Even if they don't make a profit from bitcoin, they will no longer be interested in using it . I still think people are attracted to the profits that bitcoin can bring rather than its technology because money is the most important thing in our society today.

By the way, are you sure that you will never sell your bitcoins and hold them forever ? How will you spend for your daily needs when there is no fiat and fiat is still the main currency of this world? I'm really skeptical when someone says they don't care about the value of bitcoin and only care about the technology.

SickDayIn

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Quote from: mindrust on July 14, 2024, 08:41:49 AM

I would say it is 50-50… The price action is half of the fun. The tech is the other half. Bitcoin is like a hobby which you would gladly do as a job. You are interested in the tech, and you are getting paid while holding. Best of the both worlds. I am pretty sure that is the case for many bitcoin holders. Some people obviously are not interested in the tech and only care for the prices but I don’t think they are the majority. They usually end up losing their coins too because they don’t understand the tech behind it.

Yeah agreed it's 50/50 for sure. The price action is just an indicator of the demand, and therefore more people adopting and using it, which is great. I am not concerned with the actual fiat conversion rate, as I won't be converting to fiat at all. I never sell my Bitcoin. It's just an indicator of interest in it, which is good as a measurement. The technology is where the value is.

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Quote from: ContentWriter on July 14, 2024, 08:34:29 AM

Was this Satoshi's motive for the invention? Is price the most important driver of your interest in Bitcoin?

The price wasn't Satoshi's initial purpose for Bitcoins creation. But then Bitcoin is growing and adoption is increasing. We can see how it has advanced in the past years creating more reasons for investors to buy more and hold for the long term. So we can't actually say that Bitcoins purpose is fixed only to being an alternative p2p solution to financial issues. But it's wide range of adaptability has given it more purpose. So whether an investor want to get rich for investing in Bitcoin or use it as a payment method or any other purpose, there's nothing to be worried about. So long it still serve it's purpose then it's fine.

nullama

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Quote from: ContentWriter on July 14, 2024, 08:34:29 AM

When you hear words like "HODL," "HALVING," "BULL RUN," you're left in no doubt that most members of the Bitcoin community like the cryptocurrency because of the prospect or hope that it could make them rich. I know it's made early adopters rich, but shouldn't there be other reasons to learn and use Bitcoin besides price fluctuations? Was this Satoshi's motive for the invention? Is price the most important driver of your interest in Bitcoin?

Bitcoin is a game changer. Satoshi Nakamoto invented digital scarcity.

There are many interesting things about Bitcoin, covering many different topics such as finance, maths, computer science, societal impacts, etc.

Even after more than a decade of Genesis we still see new technologies and businesses being built around Bitcoin.

One of the fundamental aspects of Bitcoin is that it is decentralized. This is revolutionary.

Bitcoin allows anyone to be able to transfer money around the world, without any intermediaries, no permissions, etc.

This is at least as important (or maybe even more) as Phil Zimmermann's PGP[1], which allowed anyone to encrypt their own information, more than three decades ago.

[1]: https://en.wikipedia.org/wiki/Pretty_Good_Privacy

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Quote from: knowngunman on July 17, 2024, 05:02:43 AM

Quote from: aylabadia05 on July 14, 2024, 10:02:51 AM

Bitcoin is not a get-rich-quick scheme and it is not my reason for being interested in Bitcoin.
The word HOLD refers to and is meant for people who own Bitcoin and use it as a long-term investment asset. The use of Bitcoin as an investment asset is a decision made by the person as the owner. Bitcoin, which was created by Satoshi, has made it clear in the white paper that Bitcoin is an electronic cash system that makes it easy for people to do without having to have an ATM card and other conveniences such as not requiring a third party to own their Bitcoin.

The reason behind bitcoin invention is more beyond what we assume but truth be told, not every bitcoin user is aware of all these that you just mentioned. Many among these adopters see it as a quick way to get rich simply because of its price fluctuation. They tend to take advantage of this and assume that is what bitcoin is mainly meant for. In fact, only few have even seen or read the white paper to know and understand what they are holding. We can not deny that even those who are familiar with other uses of bitcoin are mainly driven to hold because of its price which they believe would give them profit in the long run.

Bitcoin is seen as an investment because one can quickly make profits from it due to the differences in price. If the price of Bitcoin does not skyrocket then nist adopters would not bother to invest in it because it will no investment achievements early adopters. People want to put their money in something that will be profitable for them that is why we keep seeing more investors investing to make profits. As people are .along profits, that's who others are making loses maybe due to misunderstanding and lack of how the price of the crypto market moves.

Topic: Is your interest in bitcoin primarily tied to its price? (Read 1144 times)