Topic: Why people debate so much about BTC value? - page 7. (Read 1232 times)
It's more of bitcoin is being treated as an investment that's why we're all seeking for the high prices which is based on USD. And that's the sole basis of the market for it to have a monetary value, it has to be converted with USD because it's the most used currency and basis of most currencies and even as gold, silver and other commodities and investments.
~snip~
If you just look at this forum, most still think about how the price will one day jump high enough to make them rich. In the end, it all comes down to money and profit, Bitcoin is no exception, no matter what idea Satoshi Nakamoto had when creating it. I do not think it is realistic for BTC to replace the fiat completely, at least not in the near future. It is not only a technical matter, but it is also a human habit to leave most of the decisions in their lives to others, and in the case of finance, we are accustomed to having banks play a leading role.
Talking to people about owning BTC means being your own bank does not fall to fertile ground, because very few people want to take on that responsibility. Swimming downstream is always a lot easier than fighting the power of the river and swimming upstream.
Without the factor of value in the whole story hardly BTC would be interesting to people. It is true that 1 BTC is always 1 BTC, but it is impossible for people to get out of their heads the value of that 1 BTC. I've been tracking BTC since it was less than $200, and I can't escape the fact that it's worth 40 times more today.
Well, even if we are dealing with cryptocurrency, we are still living in the real world where existing traditional infrastructures and platforms are doing their jobs everyday. All world currencies have their value equivalent in other currencies, without exceptions. No exception can be made for Bitcoin because without its equivalent value it would be hard to use it as a currency. Just put yourself on the side of the merchant, how would you price your items for sale if there will be no equivalent value of Bitcoin? Are we then returning back to the barter stage, for that matter? No, that would be impossible. And just because we are getting the USD equivalent of Bitcoin does not mean that it is actually tied to the dollar. Bitcoin is not yet a mainstream and prime currency, sad to say that.
I also wish there is no need to convert BTC to USD but it will never happen because every materials in this planet have an equivalent value in USD. And Bitcoin is one of them. It would be easy if shops will accept Bitcoin directly and items are priced in BTC independent from its USD value but alas, it does not work that way.
The price of Bitcoin has been discussed or, if you prefer, debated over the years, ever since it has got one. And the price of Bitcoin was basically based on USD. Even before Bitcoin got the $1 value, the price is already a topic. I guess the price of Bitcoin is very much a big deal to many because it is more or less an objective way to gauge how much Bitcoin is growing in terms of demand or how valuable it is to the people. And the fact that Bitcoin is being publicly traded, there has to be a certain importance attached to its price.
Another reason why the price of Bitcoin is a big deal is probably the fact that the USD is still the king of the currencies and the highest in demand. As much as we hate it, we want it. As much as we want it replaced, we still want to become richer in terms of it. And so it is even hypocritical to say that it does not matter whether the price of Bitcoin is $5,000 or $20,000 because 1BTC is always 1BTC. We always know what $20,000 can do to our lives. We are not living outside the real world where the real stuff does not matter. We want to buy a house, a car, earn a college degree, create a good life for our family, take a nice vacation every once in a while, and so forth. If Bitcoin will fall to $100, everything will change.
Another reason why the price of Bitcoin is a big deal is probably the fact that the USD is still the king of the currencies and the highest in demand. As much as we hate it, we want it. As much as we want it replaced, we still want to become richer in terms of it. And so it is even hypocritical to say that it does not matter whether the price of Bitcoin is $5,000 or $20,000 because 1BTC is always 1BTC. We always know what $20,000 can do to our lives. We are not living outside the real world where the real stuff does not matter. We want to buy a house, a car, earn a college degree, create a good life for our family, take a nice vacation every once in a while, and so forth. If Bitcoin will fall to $100, everything will change.
Since ages, people keep debating - will BTC pump? Will it go to the moon? Will it drop?
I'm asking myself what's the purpose of these questions? BTC wasn't created to compete with the value of USD or other fiat currencies, but to replace them completely. Therefore, if people would just think prices for various stuff in BTC, instead of calculating them in the BTC value compared to USD, all these questions would be irrelevant.
Think just that 1BTC is equal to 1BTC, not to its value in USD. Take as an example what happens in this forum with the price of VIP account: it was 50BTC since the beginning and it remained 50BTC, no matter the value of BTC in USD. Because the price was calculated in BTC and not in USD.
And even if we would think about the value of BTC in USD: it is 8000 times more valuable than USD!!! It is world's most valuable currency! It actually crushed the USD! So why does it matter if it is 8000USD or 1000USD? Even if it was 1000USD, it would mean it is 1000 times more valuable than the dollar, right? Even if BTC was valued at 2$, it would be twice as valuable compared to USD which is world's most important fiat currenct.
I'm asking myself what's the purpose of these questions? BTC wasn't created to compete with the value of USD or other fiat currencies, but to replace them completely. Therefore, if people would just think prices for various stuff in BTC, instead of calculating them in the BTC value compared to USD, all these questions would be irrelevant.
Think just that 1BTC is equal to 1BTC, not to its value in USD. Take as an example what happens in this forum with the price of VIP account: it was 50BTC since the beginning and it remained 50BTC, no matter the value of BTC in USD. Because the price was calculated in BTC and not in USD.
And even if we would think about the value of BTC in USD: it is 8000 times more valuable than USD!!! It is world's most valuable currency! It actually crushed the USD! So why does it matter if it is 8000USD or 1000USD? Even if it was 1000USD, it would mean it is 1000 times more valuable than the dollar, right? Even if BTC was valued at 2$, it would be twice as valuable compared to USD which is world's most important fiat currenct.
This thing called valuable was truly amazing, and this has been very controversial on different forums aside from bitcointalk. People do't want to dig deeper on how bitcoin is going to increase at any predictions. What they're about to see was the effect of the hype and other possible factors that will affect the growth of increasing value of bitcoin. Indeed, it was more profitable than USD and it's the reason Government was seriously regulating the usage of bitcoin through legit purpose; limiting people on investments like ICO or the latest one which is an IEO.
But do you think that at this point already, Bitcoin can replace fiat currency?? And also about the value of Bitcoin being compared to usd is just normal. Most of other currency are also being compared to usd. Just like in my country, the exchange between the value of PHP to USD does matter to the country. They always tell it in the news, and it's just the same with bitcoin's value. And Bitcoin is volatile so we always have to monitor it's price movement by comparing it to other currency like fiat.
Since ages, people keep debating - will BTC pump? Will it go to the moon? Will it drop?
I'm asking myself what's the purpose of these questions? BTC wasn't created to compete with the value of USD or other fiat currencies, but to replace them completely. Therefore, if people would just think prices for various stuff in BTC, instead of calculating them in the BTC value compared to USD, all these questions would be irrelevant.
Think just that 1BTC is equal to 1BTC, not to its value in USD. Take as an example what happens in this forum with the price of VIP account: it was 50BTC since the beginning and it remained 50BTC, no matter the value of BTC in USD. Because the price was calculated in BTC and not in USD.
And even if we would think about the value of BTC in USD: it is 8000 times more valuable than USD!!! It is world's most valuable currency! It actually crushed the USD! So why does it matter if it is 8000USD or 1000USD? Even if it was 1000USD, it would mean it is 1000 times more valuable than the dollar, right? Even if BTC was valued at 2$, it would be twice as valuable compared to USD which is world's most important fiat currenct.
I'm asking myself what's the purpose of these questions? BTC wasn't created to compete with the value of USD or other fiat currencies, but to replace them completely. Therefore, if people would just think prices for various stuff in BTC, instead of calculating them in the BTC value compared to USD, all these questions would be irrelevant.
Think just that 1BTC is equal to 1BTC, not to its value in USD. Take as an example what happens in this forum with the price of VIP account: it was 50BTC since the beginning and it remained 50BTC, no matter the value of BTC in USD. Because the price was calculated in BTC and not in USD.
And even if we would think about the value of BTC in USD: it is 8000 times more valuable than USD!!! It is world's most valuable currency! It actually crushed the USD! So why does it matter if it is 8000USD or 1000USD? Even if it was 1000USD, it would mean it is 1000 times more valuable than the dollar, right? Even if BTC was valued at 2$, it would be twice as valuable compared to USD which is world's most important fiat currenct.
Bitcoin only came to existence a decade ago and as far as I remember people have been asking these price related questions a lot after 2017. As many invested in it at those price levels and some are still stuck.
There is nothing wrong in questioning about price if you are investing money into the product.
Purpose of Bitcoin was different but it's existence is because of its price, therefore there is nothing wrong in asking price related questions.
People don't have too much options to buy products using bitcoin. They need to convert it to the fiat money to do so. So it is obvious that they are concerned about the BTC value. If the daily life products will be available in terms of BTC values then people will not concern as much as they do now.
Another thing is most of the people see the bitcoin as an investment rather than a technology. So they don't think that they are using new technology but they think they have invested and their investment should grow in value so that they can make profit out of it.
Another thing is most of the people see the bitcoin as an investment rather than a technology. So they don't think that they are using new technology but they think they have invested and their investment should grow in value so that they can make profit out of it.
For now, the value of BTC matters and will be widely talked about since the world has a unit of monetary conversion which makes it easy to peg the prices of goods and services across nations and in this regards, the USD is the world reserve currency so a reference is taken from the USD and other major currency of the world. For now, the world government is yet to officially accept BTC as a legal tender, so it just can't be pegged against our everyday transactions. This is why it's still been pegged to the existing financial system.
I'm pretty certain that even the most hardcore OG's are trading Bitcoin back and forth in order to accumulate more Bitcoin in the long run. How can they not? Bitcoin's market is so repetitive that it is a wasted opportunity to not do something with the boom and bust cycles. You know it does those crazy bull runs, and you know it does those crazy bear markets.
1BTC=1BTC is kinda irrelevant at this point. Every asset in the world falls under the umbrella of the US Dollar, so people will use that currency to benchmark Bitcoin against.
1BTC=1BTC is kinda irrelevant at this point. Every asset in the world falls under the umbrella of the US Dollar, so people will use that currency to benchmark Bitcoin against.
will BTC pump?
I hate that term "pump" when it's applied to bitcoin, and I want to pull my hair out every time I see someone writing it in a post, which is quite often. It has its origins in the phrase pump and dump, which isn't applicable to bitcoin and I don't think many people even think about that fact.Anyway, bitcoin is primarily an investment even if you think it's a currency that was designed to replace fiat (which I'm not sure is actually the case, OP). That being the case, it's only natural that people are going to focus on how much it's worth in terms of fiat--which it isn't even close to replacing. And even if it was used far more as a currency, its fiat value indicates its purchasing power so people would still be focused on bitcoin's price in terms of fiat. The only thing that would change that is if items were priced in terms of bitcoin. So far that hasn't happened, and even when things are priced in bitcoin, that price is usually always fluctuating because bitcoin's value (relative to fiat) is always fluctuating.
And me? I'm happy with bitcoin being an investment more so than a currency, and it makes perfect sense that its fiat value is extremely important.
Think just that 1BTC is equal to 1BTC, not to its value in USD. Take as an example what happens in this forum with the price of VIP account: it was 50BTC since the beginning and it remained 50BTC, no matter the value of BTC in USD. Because the price was calculated in BTC and not in USD.
I get what you mean, but tell that to a store owner. BTC a store owner accepted could be worth less(or more, of course) tomorrow, hence potentially losing money on their sales. "But 1 BTC =1 BTC!", well, most store owners and other merchants of whatever industry don't really care. We can also say 1 Venezuelan Bolivar = 1 Venezuelan Bolivar, but that 1 Bolivar is worth a lot less today compared to years ago, and pretty much has little to no buying power now.And even if we would think about the value of BTC in USD: it is 8000 times more valuable than USD!!!
*snip*
Doesn't work that way. You need to take total supply into account; BTC is only capped at only 21 million, hence obviously it will be priced higher than $1, but it doesn't make it more "valuable" than the USD. *snip*
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Since ages, people keep debating - will BTC pump? Will it go to the moon? Will it drop?
I'm asking myself what's the purpose of these questions? BTC wasn't created to compete with the value of USD or other fiat currencies, but to replace them completely. Therefore, if people would just think prices for various stuff in BTC, instead of calculating them in the BTC value compared to USD, all these questions would be irrelevant.
Think just that 1BTC is equal to 1BTC, not to its value in USD. Take as an example what happens in this forum with the price of VIP account: it was 50BTC since the beginning and it remained 50BTC, no matter the value of BTC in USD. Because the price was calculated in BTC and not in USD.
And even if we would think about the value of BTC in USD: it is 8000 times more valuable than USD!!! It is world's most valuable currency! It actually crushed the USD! So why does it matter if it is 8000USD or 1000USD? Even if it was 1000USD, it would mean it is 1000 times more valuable than the dollar, right? Even if BTC was valued at 2$, it would be twice as valuable compared to USD which is world's most important fiat currenct.
I'm asking myself what's the purpose of these questions? BTC wasn't created to compete with the value of USD or other fiat currencies, but to replace them completely. Therefore, if people would just think prices for various stuff in BTC, instead of calculating them in the BTC value compared to USD, all these questions would be irrelevant.
Think just that 1BTC is equal to 1BTC, not to its value in USD. Take as an example what happens in this forum with the price of VIP account: it was 50BTC since the beginning and it remained 50BTC, no matter the value of BTC in USD. Because the price was calculated in BTC and not in USD.
And even if we would think about the value of BTC in USD: it is 8000 times more valuable than USD!!! It is world's most valuable currency! It actually crushed the USD! So why does it matter if it is 8000USD or 1000USD? Even if it was 1000USD, it would mean it is 1000 times more valuable than the dollar, right? Even if BTC was valued at 2$, it would be twice as valuable compared to USD which is world's most important fiat currenct.
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