why is bitcoin price important? - page 12.

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Quote from: larry_vw_1955 on July 08, 2022, 12:45:20 AM

alot of posts seem to be focused on the price of bitcoin.

Of course, people will focus on the price of bitcoin because bitcoin is an excellent long-term investment. What person doesn't want to invest in something and have a 10x profit? who would leave a good investment like that? and where is it wrong for someone to use bitcoin this way?

Quote from: larry_vw_1955 on July 08, 2022, 12:45:20 AM

i thought it was originally designed to just be a way to transfer digital cash in a decentralized manner but it seems like people don't really care about that part of it and all they care about is what its price is. seems they got the wrong idea of bitcoin.

people use bitcoin for investments, to buy things in the real world, to transfer money to friends and relatives. we cannot think that people are just using bitcoin to make hodl, recently we saw that many people made donations to ukraine using bitcoin, we saw El Salvador taking a big step towards bitcoin adoption

Quote from: larry_vw_1955 on July 08, 2022, 12:45:20 AM

thing is, for alot of people it seems like when bitcoin price is "high" they think that means it is succeeding more than when it is "low". but if we think about bitcoin's intended purpose, it doesn't matter what the price is as long as bitcoin can be transferred peer to peer without any centralized party being involved. so if bitcoin was worth $1 people shouldn't complain.

people know that the price of bitcoin will not drop to zero, they just complain about losing money

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For different reasons cryptocurrency price is much important. If bitcoin haven't got good increase in the price, surely this could've restricted people from investing on Bitcoin. Going through the users of bitcoin, it is possible to see majority of the users getting into the market understanding its increase in the price. Very few understand the underlying technology and get into market.

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Quote from: larry_vw_1955 on July 08, 2022, 12:45:20 AM

so if bitcoin was worth $1 people shouldn't complain.

I agree with the rest of your post but this part am quoting is the part I don't agree with, there is absolutely no way you should expect someone not to complain if for example, they buy Bitcoin at a price of $20,000 and while still holding the Bitcoins, it's price drops to $1, I honestly would bet my d!ck that you too @op would complain, it is important that when we make posts like this, we should try as much as possible to be realistic in our approach and assumptions.

If people can complain when ever the price of their local currency drops against the US dollars (please note that local currencies has less volatility) how would you say they shouldn't, or expect them not to complain when the price of Bitcoin (which has a way way higher volatility) drops against the dollar?

The beautiful thing is that, Bitcoin is decentralized, so if anybody is complaining about its price, he or she is complaining to no one, he's not complaining to me or you, he's just complaining, this applies to us individually as well, when any of us complain about the price of Bitcoin, we complain to no one because Satoshi is not here anymore, nobody owns Bitcoin, so all and any complain doesn't change anything.

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Because no offense that most people are investing to take certain profits. We don't know if the holders have been holding Bitcoin for many years, right? Each holder has a certain target price in order to take profits in some certain price. Moreover, Bitcoun price also commonly will infleunce the altcoins, that is why people are also concerning in the Bitcoin price due to the altcoins. In this case, there is nothing wrong that Bitcoin goal is not only as a payment method, but also for investment. And once again the purpose of investment or trading is to take profits. We may realize it exactly

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The thing is you can't purchase many things with Bitcoin at the moment because only a few countries in the world have declared it a legal tender. You see... people don't want an asset that does not produce them money, protect their money, nor they can use as a payment method. So as long as Bitcoin is not a mainstream currency accepted directly by merchants and not through a payment processor that quickly converts it into fiat price will be important. What is price anyway? --> The equivalent in other instrument/asset that you can get from other market participants.

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Quote from: larry_vw_1955 on July 08, 2022, 12:45:20 AM

alot of posts seem to be focused on the price of bitcoin. i understand why because they are wanting to sell it for a profit but is that the purpose of bitcoin or was there some other purpose for it? i thought it was originally designed to just be a way to transfer digital cash in a decentralized manner but it seems like people don't really care about that part of it and all they care about is what its price is. seems they got the wrong idea of bitcoin.

thing is, for alot of people it seems like when bitcoin price is "high" they think that means it is succeeding more than when it is "low". but if we think about bitcoin's intended purpose, it doesn't matter what the price is as long as bitcoin can be transferred peer to peer without any centralized party being involved. so if bitcoin was worth $1 people shouldn't complain.

The function of bitcoin and its value are two different things. The main purpose of Bitcoin is to determine the type of digital asset transfer that is valued and its price is determined through trading based on its practical benefits. It is true that people often pay more attention to trading or its price than to use case.

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I always thought that price wasn't very important for bitcoin, i.e. it wasn't the main thing. Of course it's nice when it's worth 50k and not 100 dollars. But its price has no effect on moving value from one point to another. So whatever the price of bitcoin, people will use it and the blockchain will succeed.

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Quote from: Bitstar_coin on July 10, 2022, 01:31:17 AM

The creator of btc had a different purpose in mind when he created this tech (to serve as alternative payment option, give people the ability to have some control over their funds) but right now people have different purpose towards btc, some sees it as an profit making assets, others as store of value or an alternative payment option. I think the number of people who sees it as a profit making assets are more. The majority only talks about the price, the next ath and so on which is why imo it is one of the reason why btc is so loved and popular.

Exactly, today people get into bitcoin because they see it as an asset to invest in profitably. Big companies and corporations like MicroStrategy invest in bitcoin, they are also just for the profit it will bring them in the future, very few people see it as a payment method so the price is concerned above all else. Whatever bitcoin's original purpose was, most importantly bitcoin has been helping people create their own value and privacy like no other asset class can.

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Quote from: bestcoins1 on July 10, 2022, 06:55:33 AM

Bitcoin is a very good cryptocurrency asset and is very good overall. Likewise with the network that is already alive and is also used by many people in the past until now so it is appropriate for Bitcoin to have a price and that is very important for Bitcoin's resilience and competitiveness with other products in the cryptocurrency space.
Because for any asset that is already excellent and already valuable, it is always very important to have price as an additional benchmark after the concept and purpose of Bitcoin itself.

Network is the thing that bitcoin is selling basically. Because, blockchain is the thing that makes bitcoin different from all other digital "money" that has been created. If it was such an easy thing, ulltima online money would be valid like this and would have big worth, but it doesn't. Because, bitcoin has blockchain and others don't. After that smaller altcoins got created and now there is a huge market after over a decade, but it doesn't mean that it would make sense for them to be as valuable as bitcoin since that was the first one.

We should believe how much bitcoin worths in price equals to how much people like the concept of blockchain backed money. In my opinion as well, price of bitcoin is important as it is an explicit measurement to know about the growth of bitcoin.

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Bitcoin price is important. Because lot of people trust in btc and like btc pear to pear Network system. It is totally freedom and its transcation can dome totally anonymously. already many popular company even Tesla, Apple, Microsoft involved in Bitcoin. that's why Bitcoin price is must important

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Quote from: larry_vw_1955 on July 08, 2022, 12:45:20 AM

...///...;;; so if bitcoin was worth $1 people shouldn't complain.

The price! It is perhaps the most coveted and the first for which many come to bitcoin, many have no ~~fckg~~ idea who Satoshi Nakamoto is or what his initial idea was but they do care about the price of bitcoin.

I think would say that the issue of the price of bitcoin gives it an objective that supports the entire "also" important environment that surrounds it, so as not to go into specific details, let's mention (1) technology, (2) ventures; everything that was generated with the arrival of bitcoin, mining, businesses, exchanges, casinos, etc. (3) users, they coexist and promote bitcoin and by the way it is worth saying that with equal importance in the three elements mentioned in their specific weight in relation to price of bitcoin.

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Back in the days when Bitcoin price doesn't matter that much to them they didn't complain but once it started to pump once there's a bull run or halving that's the time people would complain. It seems that the more people using Bitcoin the more its value will continue to increase although not from time to time but because of the demand and supply.

And people could use it whatever the way they want without the involvement of any centralized third-party. Be it as a crypto for payment or as an asset like gold but most people would choose to make profit that's why they are in this crypto market.

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Its an asset, what to expect anything else from the bitcoin ?

It needs to be priced so that one can understand how much worth it is and how to work on the transactions. If you have value you can trade it easily for various stuff.

With the advancement in different transacting modes Bitcoin can be traded for real world stuff so it needs to be priced something to understand its value.

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Bitcoin is a very good cryptocurrency asset and is very good overall. Likewise with the network that is already alive and is also used by many people in the past until now so it is appropriate for Bitcoin to have a price and that is very important for Bitcoin's resilience and competitiveness with other products in the cryptocurrency space.
Because for any asset that is already excellent and already valuable, it is always very important to have price as an additional benchmark after the concept and purpose of Bitcoin itself.

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Quote from: larry_vw_1955 on July 08, 2022, 12:45:20 AM

alot of posts seem to be focused on the price of bitcoin. i understand why because they are wanting to sell it for a profit but is that the purpose of bitcoin or was there some other purpose for it? i thought it was originally designed to just be a way to transfer digital cash in a decentralized manner but it seems like people don't really care about that part of it and all they care about is what its price is. seems they got the wrong idea of bitcoin.

thing is, for alot of people it seems like when bitcoin price is "high" they think that means it is succeeding more than when it is "low". but if we think about bitcoin's intended purpose, it doesn't matter what the price is as long as bitcoin can be transferred peer to peer without any centralized party being involved. so if bitcoin was worth $1 people shouldn't complain.

The purpose of Bitcoin is to remove the authority from banks and Governments over their power & control over people's money. To put the power back in the hands of the people to control their own finances. Its price is determined, at any given time, by what people are willing to spend to get the Bitcoins, or what price they're willing to let them go for.

The price will be important as long as other currencies exist. The value of what they own goes up when price is high, the value goes down when it is low. This directly impacts what they could use their Bitcoin for, and in what capacity, so it will always be important as long as other currencies exist.

The crazy part is seeing people complain about $20,000 BTC. Most Bitcoiners would have never imagined such a USD price in 2022, perhaps not even Satoshi himself. Bitcoin is doing very well in terms of price.

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Quote from: larry_vw_1955 on July 08, 2022, 12:45:20 AM

(....)
thing is, for alot of people it seems like when bitcoin price is "high" they think that means it is succeeding more than when it is "low". but if we think about bitcoin's intended purpose, it doesn't matter what the price is as long as bitcoin can be transferred peer to peer without any centralized party being involved. so if bitcoin was worth $1 people shouldn't complain.

Because most of the people who start to own Bitcoins are just for money, they thought buying Bitcoin is easy money. They don't even know how Bitcoin works.
This is the most mistake of people right now that should be practiced. That's why spreading education about Bitcoin is good for everyone, not only about the money.

Look at now, if the price is dumping of Bitcoin, less talk about and lot of people crying because they are losing their money.

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Quote from: larry_vw_1955 on July 08, 2022, 09:17:26 PM

How do you go about making bitcoin price more stable though? Isn't that like trying to make bitcoin into something it wasn't meant to be? Or are you saying that more widespread adoption and use will stabilize the price more, I'm not sure i can see how because it's already "out there" pretty large volume everyday being traded.

Mass adoption would make the price more stable. Complete stability does not exist in any financial market. I could go on a tangent on the philosophical notions of stability, but for the purposes of the financial sector -- stability doesn't actually exist. The traditional currencies that you might think are stable actually aren't. Their value is decaying constantly, and the rate of decay (inflation) varies.

Quote from: larry_vw_1955 on July 08, 2022, 09:17:26 PM

I don't see how bitcoin can ever reach a "stable price". Since it's not a stablecoin. I think that's just one of the things people have to accept if they are going to use bitcoin is it can sometimes have big price swings. There's no solving that. Because theres no way to predict world events and world events can affect bitcoin price. Things like wars, viruses, political forces, etc. Those type of things don't happen everyday but then there are smaller "micro-events" which probably cause smaller price fluctuations more often which you can't get rid of either like crashes in the crypto market caused by exchanges becoming illiquid aka celcius, voyager type events.

As I mention, mass adoption would help. Stablecoins aren't stable. If they're pegged to a currency, the stablecoins's purchasing power decays at the same rate the currency it's pegged to does. And whatever centralized authority issues out the stablecoin, you better hope they remain solvent.

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Quote from: larry_vw_1955 on July 08, 2022, 12:45:20 AM

thing is, for alot of people it seems like when bitcoin price is "high" they think that means it is succeeding more than when it is "low". but if we think about bitcoin's intended purpose, it doesn't matter what the price is as long as bitcoin can be transferred peer to peer without any centralized party being involved. so if bitcoin was worth $1 people shouldn't complain.

For long term crypto investors the bitcoin price doesn't really matter so much, they know there is a long term trend and that the bitcoin price is eventually going to recover. It is mostly the day traders who are worrying about the price and are afraid to lose their money. The purpose of bitcoins is to have a decentralised currency that can be used all around the world. The price is still important if we actually want to buy something with our coins. Sure I can send BTC around the world at low fees and shouldn't worry about the price quoted in Fiat, but if I want to buy some goods like a new cell phone or laptop I need to consider the prices in the country I want to buy in. If bitcoin was worth only $1 like a stable coin that many people would complain because they bought bitcoins at much higher levels. What we need is more stability in the price levels, not a cheap bitcoin price.

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Quote from: larry_vw_1955 on July 08, 2022, 12:45:20 AM

thing is, for alot of people it seems like when bitcoin price is "high" they think that means it is succeeding more than when it is "low". but if we think about bitcoin's intended purpose, it doesn't matter what the price is as long as bitcoin can be transferred peer to peer without any centralized party being involved. so if bitcoin was worth $1 people shouldn't complain.

Bitcoin's intended purpose was to be an alternative to the banking system. A new currency that could be decentralized and censorship-resistant. Just like foreign exchange, the price of such an asset would be speculated on, a by-product of the system.

Now consider the fact that you have
1. the original product - a new currency
2. the by-product - a speculative asset for trading

How many countries immediately made bitcoin or for that matter till date made it legal to transact in completely? At the time when bitcoin was started it was close to nil.

Hence the people who gathered bitcoin as a part of their total assets, never got a place to spend it properly, therefore the by-product become more attractive than the original product. Hence the things became like that and trading became way more popular than actually spending your bitcoins for paying a merchant. This will not change easily and hence the price becomes the thing people talk about so much.

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The creator of btc had a different purpose in mind when he created this tech (to serve as alternative payment option, give people the ability to have some control over their funds) but right now people have different purpose towards btc, some sees it as an profit making assets, others as store of value or an alternative payment option. I think the number of people who sees it as a profit making assets are more. The majority only talks about the price, the next ath and so on which is why imo it is one of the reason why btc is so loved and popular.

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