What do you think about bitcoins primary value?

vphasitha01

full member

Activity: 196

Merit: 172

Quote from: onurgozupek on May 22, 2018, 04:50:35 PM

The ones, who were created by a few codes and clicks are not "currencies" at all, as they are called tokens or assets.

Bitcoin's primary value is being a community currency. Being unowned, decentralized and offering everyone to be their own banks is something we can't dismiss...

Agreed, nowdays anyone can create a token with few codes( sometimes we don't want to know anything about coding and just pay few dollars to some freelancer and can create a token) You can even find YouTube vedios also how to create a token in few minutes with few bucks.But those are not not currencies as you mentioned. Bitcoin is the father of all the altcoins.

icaica22

newbie

Activity: 163

Merit: 0

I believe that the main value of Bitcoin comes from mutual trust and there are no other parameters for it. However, the actual price is determined on the basis of various aspects and is largely influenced by demand and supply in the market. There are several factors that influence supply and demand and it makes the market fickle, on the other hand, its value goes up or down gradually, unlike the price. In fact, bitcoin is not worth today. There are already many newer and more advanced decentralized technologies and coins, which are much better than their ancestors. But it turns out that bitcoin determines the whole cryptocurrency market as a whole located in the first place in capitalization. Unfortunately, bitcoin is now like before gold for fiat currencies. Bitcoin defines the entire market today.

yoseph

sr. member

Activity: 868

Merit: 266

Quote from: vphasitha01 on May 23, 2018, 10:55:26 AM

Quote from: jemerson1420 on May 23, 2018, 05:42:30 AM

I think bitcoin primary value is someday decrease or increase

Do you expect anything else will be happening to bitcoins primary value rather than decreasing and increasing

. Since 2008 bitcoin has faced several crashes and depreciation in value, but it always found a way to recover by any means. That's BITCOIN dude.

As at now, the value of Bitcoin is depreciating and most people are selling like crazy but it’s not going to be the end of bitcoins at all. It’s going to eventually rebound.

vphasitha01

full member

Activity: 196

Merit: 172

Quote from: ralle14 on May 22, 2018, 06:32:22 PM

By making changes it doesn't affect the value but it could encourage a lot of people who used to hate the currency back then because of how unusable it was several months ago. When Bitcoin Cash was released Bitcoin was expected to go down but it went the other way around. There's a couple of solutions for this like having a Segwit address and Lightning Network for now not a lot of people use them but in the future it'll be a huge help for all of us once the network becomes busy.

Really nice explanation with the answers for my another clouded area ( what are the solutions Bitcoin can get in order to compete with other alternative networks when network becomes busy?). Now I got cleared some of the doubted areas where I should searched like segwit address , lightning network etc..Now I feeled what actually this kind of a forum can do for enhancing other people's knowledge. Sharing knowledge, it's like cutting a diamond which shines everytime when it cuts and polished.Thanks again

MountainConqueror

jr. member

Activity: 93

Merit: 1

Mountains is my passion

I see primary value of Bitcoin and cryptocurrency in general as a regulating economy system that been built by society, not a government.

vphasitha01

full member

Activity: 196

Merit: 172

Quote from: jemerson1420 on May 23, 2018, 05:42:30 AM

I think bitcoin primary value is someday decrease or increase

Do you expect anything else will be happening to bitcoins primary value rather than decreasing and increasing

. Since 2008 bitcoin has faced several crashes and depreciation in value, but it always found a way to recover by any means. That's BITCOIN dude.

BillyTalent

full member

Activity: 294

Merit: 100

Quote from: vphasitha01 on May 19, 2018, 12:03:03 AM

Hi, I am still learning about block chain and bitcoin. Some of peoples are saying that bitcoins primary value comes from it's "censorship resistance" and some of them are argued it's primary value proposition comes from as a fact that bitcoin is peer-to-peer electronic cash system.I am some what in a confusion and I want to know what you guys are thinking?

I don't think that's the primary value of bitcoin, as important as bitcon shows itself in the present, and how it develops in the market of cryptocurrencies and all is not bad.

jemerson1420

newbie

Activity: 98

Merit: 0

I think bitcoin primary value is someday decrease or increase
Example:may 15k
June18k

Moonbrand

newbie

Activity: 18

Merit: 0

Quote from: timerland on May 20, 2018, 03:08:36 AM

Quote from: vphasitha01 on May 19, 2018, 12:03:03 AM

Hi, I am still learning about block chain and bitcoin. Some of peoples are saying that bitcoins primary value comes from it's "censorship resistance" and some of them are argued it's primary value proposition comes from as a fact that bitcoin is peer-to-peer electronic cash system.I am some what in a confusion and I want to know what you guys are thinking?

I don't believe that bitcoin's value comes from a single source, but a multitude of reasons.

But if you want the primary reason, then I believe that its value is derives from its ability to serve as money. It's immutable, and not manipulable by governments, and thus, people have a demand for bitcoin as money.

It's similar to how gold has value, because it was the best thing available as a decentralized form of money many centuries ago.

Decentralization, and a strict cap on the supply of coins is where bitcoin's value comes from. If bitcoin was centralized, then I doubt it'll have any value at all, simply because it can't fulfill any purpose.

I agree with this explanation, especially with the comment about Bitcoin's value coming from a multitude of reasons, because there are many features of Bitcoin that attract people to invest in it.

tokenomics

newbie

Activity: 56

Merit: 0

Bitcoins primary value is its decentralization factor which means no third party such as banks that acts as intermediaries that has cost to operate and complete the transactions.

vidivici

jr. member

Activity: 95

Merit: 1

What is clear is that the bitcoin utu is generated / influenced by Supply and Demand bitcoin on the market

Any market whether physical or digital market will surely be influenced by the economic laws of supply and demand.
When more demand than supply then, the price will Rise
When the supply is more than the demand then, the price will Decrease

vphasitha01

full member

Activity: 196

Merit: 172

Quote from: vibingpositively on May 22, 2018, 06:36:39 PM

Quote from: Pan Troglodytes on May 21, 2018, 03:46:04 AM

Quote from: timerland on May 20, 2018, 03:08:36 AM

Quote from: vphasitha01 on May 19, 2018, 12:03:03 AM

Hi, I am still learning about block chain and bitcoin. Some of peoples are saying that bitcoins primary value comes from it's "censorship resistance" and some of them are argued it's primary value proposition comes from as a fact that bitcoin is peer-to-peer electronic cash system.I am some what in a confusion and I want to know what you guys are thinking?

I don't believe that bitcoin's value comes from a single source, but a multitude of reasons.

But if you want the primary reason, then I believe that its value is derives from its ability to serve as money. It's immutable, and not manipulable by governments, and thus, people have a demand for bitcoin as money.

It's similar to how gold has value, because it was the best thing available as a decentralized form of money many centuries ago.

Decentralization, and a strict cap on the supply of coins is where bitcoin's value comes from. If bitcoin was centralized, then I doubt it'll have any value at all, simply because it can't fulfill any purpose.

Totally agree, and this is why I am concerned with the movement of so called hodlers and a believe growing in our community, that the currency-like usecase of Bitcoin is irrelevant. Also, I watch spikes in transaction fee level (whenever the Bitcoin price becomes volatile) with concern and I don't like when this and that and the next merchants drops bitcoin from accepted payment methods.

When it comes to new technologies there is also a bump in the road. If everybody began using it as intended the network would look a lot different 9 years into it. We need more time for these infant markets to mature, more investors to enter, and the price to rise. After all those have happened, people will spend freely. I don't think we will see this in the next year or two, but after 2020 I fully expect Bitcoin to be an everyday currency in which we buy our groceries, gas, and clothes with.

I also think bitcoin will be an everyday currency in coming years. But i doubted weather it will comes before 2020 if following rumors are true

1) Nasdaq going to launch their own crypto exchange where people can exchange fiat currency into cryptocurrencies. They will be mostly focusing
   on adding BTC,LTC,BCH,ETH. So fresh money will be entering into crypto market.

2) NYSE(New York Stock Exchange) also will be developing a trading platform where investors can BUY, HODL and SELL bitcoins (NYSE having a
   market cap of around 21 Trilloion USD)

3) Goldman Sachs also planning to start a trading platform where bitcoin can be traded against fiat currency(USD). Goldman Sachs is the fifth-
   largest bank in the US by total assets worth 916 Billion USD

kofibee12

newbie

Activity: 133

Merit: 0

Bitcoin is like any other commodity that has its value tied to the demand and supply of it. The demand factors and supply factors determine the actual value or the price bitcoin ought to be.

vibingpositively

full member

Activity: 224

Merit: 100

Quote from: Pan Troglodytes on May 21, 2018, 03:46:04 AM

Quote from: timerland on May 20, 2018, 03:08:36 AM

Quote from: vphasitha01 on May 19, 2018, 12:03:03 AM

Hi, I am still learning about block chain and bitcoin. Some of peoples are saying that bitcoins primary value comes from it's "censorship resistance" and some of them are argued it's primary value proposition comes from as a fact that bitcoin is peer-to-peer electronic cash system.I am some what in a confusion and I want to know what you guys are thinking?

I don't believe that bitcoin's value comes from a single source, but a multitude of reasons.

But if you want the primary reason, then I believe that its value is derives from its ability to serve as money. It's immutable, and not manipulable by governments, and thus, people have a demand for bitcoin as money.

It's similar to how gold has value, because it was the best thing available as a decentralized form of money many centuries ago.

Decentralization, and a strict cap on the supply of coins is where bitcoin's value comes from. If bitcoin was centralized, then I doubt it'll have any value at all, simply because it can't fulfill any purpose.

Totally agree, and this is why I am concerned with the movement of so called hodlers and a believe growing in our community, that the currency-like usecase of Bitcoin is irrelevant. Also, I watch spikes in transaction fee level (whenever the Bitcoin price becomes volatile) with concern and I don't like when this and that and the next merchants drops bitcoin from accepted payment methods.

When it comes to new technologies there is also a bump in the road. If everybody began using it as intended the network would look a lot different 9 years into it. We need more time for these infant markets to mature, more investors to enter, and the price to rise. After all those have happened, people will spend freely. I don't think we will see this in the next year or two, but after 2020 I fully expect Bitcoin to be an everyday currency in which we buy our groceries, gas, and clothes with.

ralle14

legendary

Activity: 3136

Merit: 1870

Metawin.com

Quote from: vphasitha01 on May 21, 2018, 03:25:30 AM

Thanks for your tip and i read the article

.But i don’t agree with this statement "Through network effects, we’re starting to see exponential growth, which creates value as more and more people start using Bitcoin and more merchants accepting it as a means of payment" which quoted from that blog. In peer-to-peer electronic cash system, the most important features will be its network of participants and the cost to the end user; if Bitcoin is unable to compete and maintain its lead on market share, the network of participants will simply migrate to another network having lower fees and higher speed.In that scenario Bitcoin primary value can be lowered by comparison to current value. What do you think?

By making changes it doesn't affect the value but it could encourage a lot of people who used to hate the currency back then because of how unusable it was several months ago. When Bitcoin Cash was released Bitcoin was expected to go down but it went the other way around. There's a couple of solutions for this like having a Segwit address and Lightning Network for now not a lot of people use them but in the future it'll be a huge help for all of us once the network becomes busy.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

There are a lot of things that make up bitcoin's value, and a single one ain't enough to make the cut. However, what makes bitcoin so appealing to most people is its ability to store value over time. Some people find this as an excellent feature because in the midst of a recession or economic downturn, people can still cling to bitcoin and put their money until the downturn subsides. Next would be bitcoin's "money without borders" feature. Anyone can send and receive bitcoin's without having the need tk exchange currencies just to get the sale done. Last would be its P2P network. The network alone is secure enough to make sure that the integrity of every bitcoin transacted is preserved. It's trust-less and transparent feature makes bitcoin a trusty investment.

Aandosq1

newbie

Activity: 68

Merit: 0

Quote from: vphasitha01 on May 19, 2018, 12:03:03 AM

Hi, I am still learning about block chain and bitcoin. Some of peoples are saying that bitcoins primary value comes from it's "censorship resistance" and some of them are argued it's primary value proposition comes from as a fact that bitcoin is peer-to-peer electronic cash system.I am some what in a confusion and I want to know what you guys are thinking?

Bitcoin is the first decentralized peer-to-peer payment network that is fully controlled by its users without central or intermediary authority. If likened, Bitcoin like cash on the internet. Bitcoin is the digital currency within the P2P open source (peer-to-peer) payment network system. P2P is one computer network model consisting of two or several computers, where each station or computer contained within the network environment can be shared.

badakjawa

member

Activity: 336

Merit: 20

many aspects that make bitcoin have great value, one of them is sensor resistance, sensor resistance not only make bitcoin has great value, but also make bitcoin persist.
sensor resistance also will not work if not supported by the flow of investment from investors.

peer to peer systems also operates to work and stabilize transactions.

onurgozupek

hero member

Activity: 1288

Merit: 592

In #Bitcoin me trust

Quote from: cryptoknows on May 22, 2018, 04:43:47 PM

In fact, bitcoin is worth nothing today. There are already much more new and advanced decentralized technologies and coins on them, which are many times better than their progenitor. But it turned out that bitcoin determines the entire cryptocurrency market thoroughly located in the first place in capitalization. Unfortunately, bitcoin is now as before gold for the fiat currency. Bitcoin defines the entire market today.

Are you serious? The more advanced decentralized technologies all have the same problem: Ownership. Ethereum Smart Contracts changed the crypto currencies entirely and now there are hundreds of decentralized apps. But do all of them solve different issues? All of them are required? In fact if any altcoin has a value today is because of Bitcoin. The ones, who were created by a few codes and clicks are not "currencies" at all, as they are called tokens or assets.

Bitcoin's primary value is being a community currency. Being unowned, decentralized and offering everyone to be their own banks is something we can't dismiss...

cryptoknows

jr. member

Activity: 277

Merit: 5

In fact, bitcoin is worth nothing today. There are already much more new and advanced decentralized technologies and coins on them, which are many times better than their progenitor. But it turned out that bitcoin determines the entire cryptocurrency market thoroughly located in the first place in capitalization. Unfortunately, bitcoin is now as before gold for the fiat currency. Bitcoin defines the entire market today.

Topic: What do you think about bitcoins primary value? (Read 223 times)