Topic: Why would one pay $7K for Bitcoin if he/she can get the same thing for $0.001? (Read 772 times)

The fact that they have to let go of several thousand dollars for one coin and they get others for sod all should be a wee clue for them.

With a market like this is that there's no hiding and no fudging. Dangly breasts like OP can disingenuously whine all they like. The price is the impermeable riposte to that whining and wilful mindlessness.

Pay it or fuck off. No one else gives a shit what you claim to think.

What’s the difference between Picasso’s “the Dream” and a child’s school painting? Answer the question why one costs 150mln, while other is 0. Then you’ll have a clear understanding between BTC and similar coins price difference.
You can’t compare pricing between different kinds of assets. Pricing of consumer goods asset class and store of value (SOV) asset class is absolutely different.
BTC is the best SOV in existence. Firstly, because of its inner qualities. Limited supply, impossible forgery, high liquidity, instant transfers, zero cost storage. You can argue with each of those qualities in general, but you have to compare those with other SOVs. Not with let’s say smartphones or cars, or cash (usd, eu, any other). You have to compare it with gold, arts, real estates.
Secondly, comparing BTC to other coins. Please, feel free to find and show another coin with same qualities, worths million times lower. By qualities, I mean same safety, supply, tokenomic model, premine and so on. Maybe you’ll find a few similar. But here comes supply and demand. In order to become a store of value, people should actually use it (have trust) as SOV and be able to transfer, and convert it easily. BTC is trusted and used as SOV right now. And at current mcap it fulfills all the needs of people who use it in terms of SOV. Billions are stored and transferred via BTC network. When there will be a need for tens or hundreds of billions to be stored in BTC, we will see natural mcap growth.
Why Picasso’s painting worth 100mln+? Cause people decided to use it as SOV. And never sell it lower than they’ve purchased it. That’s it. It has all qualities of SOV as well. All of them are worse than the same of BTC, except total supply. Only 1 painting and 21mln BTC.
So what do we got in the end? To become a SOV, asset should have qualities of it (inner  value) and people should decide to use it as SOV. No other coin like that for now.

This question demonstrates the real problem with socalled crypto adoption.

If people actually think altcoins and Bitcoin are the same thing, then we have a long way to go for actual mainstream adoption and understanding.

Of course, we see the same thing happening in tech cycles. People thought IE and Chrome were the samething long ago. Or that yahoo mail is the same as protonmail.

Now people know. Some day hopefully everyone knows the diff with btc and most alts.

So are diamonds, gold and plenty of other forms of store of value. It is the reputation and trust making price to stay at such levels.

The Original Post is ABSOLUTELY RIGHT


Bitcoin is a mania, and the only thing that gives it value is what same greater fool will pay for it 🙈🙈🙈🙈


Being FIRST means nothing.  Is the first brick size Motorola Cell Phone the most used and most Valuable phone    The cell network was the future, just like blockchian is the future, but bitcoin is NOT the blockchain... No more than the first Motorla cellphone was the cellular network.


People buy and hold bitcoin because they think the price is going to go to the moon !!!   The moment this mania ends, Bitcoin will go down to its intrinsic value of near zero.


Hard Facts

Well, that's not entirely true. Bitcoin as the most liquid coin by default is less volatile than an altcoin with much lower liquidity and market cap, which is why we see some altcoins pump 20-50% on a daily basis.

For whales it's impossible to cash out positions at once, but for small few thousand dollar fishes these markets are liquid enough to participate in, especially when they have been pumping for a while and thus attract more capital.

other than that no one know if one of the altcoin can also be successful like what happen to BTC . Bitcoin has been proven as a usable online currency  for many years . More people adopt that currency because they see the potential of it to use in any country which is already happening right now. Altcoin cant do that easily.

But we should consider the high risks in dealing with altcoins since as we know a lot of altcoins are come and go. When you invest in Bitcoin, it is much less risk since there is a massive volume in the market backing it unlike some altcoins out there. A lot of people been saying that Bitcoin’s price is high right now to enter and expect massive returns but the thing is that Bitcoin’s price surpasses its current prices much greater than what it was. Not investing now in Bitcoin would be much too late than doing it later on.

Why one purchases bitcoin instead of altcoins which is comparably lower in market price? Because bitcoin is not the the same cryptocurrency compared to those with lower price. The fact is yes, they can be use for transactions, but the difference is that, they cannot have the opportunity that bitcoin is providing to people which in fact, returns greater ROI because of huge volatility where other crypto could is trying their best to be at that state.

People do not understand what is inherent in Bitcoin. Each overpaid for the quality and reliability of the asset, and not for speed or some features. This is the main sense of Bitcoin.

Because:
1. Bitcoin is the real cryptocurrency
2. Bitcoin is very unique. Most of other coins are copycats, sorry.
3. Bitcoin is first and the oldest cryptocurrency.
4. It has stood the test of time and still standing strong without major problems.
5. If bitcoin isn't useful/valuable, people wouldn't want it thar much. The principle of Demand and supply dedicate the price.
6. It's close to what a proper money should be: scarce, decentralized, transparent, valuable, long lasting, with immutable ledger, trustless, easy-to-use, These are probably why it's highly priced.

And value is an objective factor, depending on your needs and supply. Here is an example: a power generator normally can be worth 200 USD.
But in a place where there had just been a natural disaster and there is no electricity at all - its value can be 10 times bigger, as there is very limited access to such devices, while demand is soaring.
This is why in countries like Venezuela, or Iran the price of Bitcoin can be MUCH higher than what we see on coinmarketcap.

I can understand the logic you are thinking, but I disagree

I can make a lot of reasons here to debate, but you have to understand just one thing:

Do you prefer 200 Venezuelan bolívar or 100 dollars?

You will have a higher number of money with bolivar, but these 200 bolivar only worth 20 USD

So you have to learn and think about VALUE

Am also trying to understand this same question... it's rather confusing you know.

Well, I am not convincing people, but symply stating facts about price. Price is the amount of money given in payment for something. In the crypto world,  "something" refers to elimination of middlemen, low transaction costs, immutability, anonymity, transparency and traceability of transactions, etc. People can get all these things at the price of $0.001 by entering into alternative crypto payment system. In the long run, there is no rational reason for people to pay $7,000 for something that they can get millions times cheaper. Once the hype is gone,  Bitcoin will simply go down to the price of an average coin and settle around $0.001.

@OP this is one argument that you can not win so there is no point to even try, as much as you try hard to convince people to see the reason why btc isn't worth it's current price, it won't work, btc is superior than other alts for now, my personal experience have told me so, alts are nothing but disappointment, you loss -90% of your investment, plus they have nothing to offer, that should be enough.

why not look for other bakeries and buy the bread at a cheap price ? or unless he is lazy and wont work for more miles just to hunt those bread  .

why not possible ? you already explained a scenario and it did actually happen on real life because the pricing differ from different stores  .

the scenario is more applicable to cryptos because cryptos can go down or go up in different volumes while stuff on real word dont  . cryptos dont have same feature . other is faster and cheaper or cost cheaper in terms of fees  , this is why they create different cryptos  .  btc is costy simply because its way more valueable thant the others  .

The thread with the same topic discussion already exits somewhere on this forum. It is true that other similar blockchain like Bitcoin exist in crypto world and coins those blockchain is many fold cheaper than Bitcoin then why is the price of Bitcoin so high. I think it purely depends upon demand and supply. As far as people in my country are concerned, 9 out of 10 people know about Bitcoin but if I ask them about ETH, NEO, BNB or any other popular cryptocurrency I am sure only 1 person out of 10 people will recognize it and this may be the scenario everywhere around the world. This may be the reason Bitcoin is in high demand and its price is so high.

Alts don't have the same features though, do they?

They don't have the network effect. They don't have the liquidity, they don't have listings on all the exchanges against fiat.

It's only worth investing in an alt if you think it will gain network effects (or if you are willing to invest time as well as money to build those network effects yourself).

This is just like saying dont buy Ferrari rather buy a toy car of Ferrari, as both looks same. So why wasting time for real Ferrari.
BTC consensus algorithm till date is most robust and no other consensus algorithm till date has been developed to beat that. That's just one aspect of BTC superiority there are too many to discuss here.