Bitcoin Forum

We always ask why Bitcoin price goes down or up?
But most important thing that we don't understand is that we control Bitcoin price.
You control Bitcoin price!
No Banks, No goverments...

If we all would decide to not sell Bitcoin in exchanges for less than a million Bitcoin would worth 1 million.
My message is that if you want Bitcoin price to become one million don't sell it cheap at exchanges it worths much more...

Yes, everyone should know this, don't sell Bitcoins for cheap price. Don't panic if price go down, it will come back with even more in 1 - 24 hours,
Also people should know that they not missed the boat, everyone who owns couple bitcoins will become millionaires.

Maybe one day it will. For now we are looking at a price of just $1200 which is way too low in my opinion, but things will change. I'm looking 24/7 at all the commodities (BTC is a commodity too), and they only keep rising. This is good news, maybe the real price will show up sooner than we think. To reach $1M though, Bitcoin needs years probably.

Your idea is good .
But think about it thoroughly that in the bitcoin job about 90% bitcoiners are making earning from buy/sell Bitcoin and buy/sell Bitcoin for altcoin .
And rest of bitcoiner are wasting time in gambling and small fraction of people are in the signature campaign earning .
Now here you can think easily if these 90% of the people will not make sell then how can they make profit .
So here buy/sell of bitcoin is a profitable result and balanced thing in the bitcoin world .
But you are right for 10% of the bitcoiner , who usually hold Bitcoin to not to sell but sell after the price go to the rock .

That isn't how it works. We can't just start selling Bitcoin for a million dollars and expect people to buy it. If Bitcoin is really only worth 1.2k, then why the hell would anyone, in the right state of mind, buy Bitcoin for 1 million dollars. It just doesn't make sense. We are not the only people who control the price, there are a lot of things that add together to make the value of Bitcoin.

For every one not selling Bitcoin, you'll find 10 which will sell it, especially at this price.
And it's OK. Really. The economy needs Bitcoin to flow, the people need to get used with it around them.
Then even 1M$ is possible, of course, this may mean a "rebranding" first to mBTC or such to make it look more accessible.

Bitcoin cost was 0.10$ cents now 1300$, why they should pay 1300$ instead of 0.10$ cents?
Because Bitcoin now worth more than cents, same would be with the million.
If Bitcoin costs a million, then it really costs a million.

I think what op meant in his post is that if nobody sells, bitcoin will reach a price of one million dollars per bitcoin one day.
Not that there are people out there, stupid enough to pay a million per bitcoin today.
Op's theory is that we dictate the price by not selling.

I don't think it works that way because if we all decide to sell at that price ($1million) and the Altcoins which are capable of offering the same services as Bitcoin on the blockchain is selling at say 10$ give me a reason why they would opt for Bitcoin ahead of the other potential Altcoins?

Altcoins is like an counterfeit money, they steal the idea of Bitcoin, they worth nothing, only Bitcoin is the real thing. We have countires where we can buy everything with Bitcoin.

An individual really cannot control the price of bitcoin ,if i am holding a couple of million dollars worth of coins then i could manipulate the price as you say.When it comes to not selling bitcoin ,you really cannot restrict anyone and the price you quoted over here is just a dream and my expectation is that it could reach up to $10 k at the max if everything goes well.

The price of altcoins is irrelevant.  If the price of Bitcoins become higher people just buy smaller fractions of a Bitcoin - people aren't stupid, they know that Bitcoin is far more established, with a better community and arguably is better.  Changes in the value of Bitcoin are only relevant as a comparison to what people bought them for, not generally.  Gold is expensive, does that mean you say "they'll just buy silver"?  No, they buy a smaller amount of gold, obviously.

If everyone is holding, then the price will not move, it will be stagnant. Price develops because there is demand, there is buy and sell. But if everyone is holding, nothing moves. Even the blockchain will be useless because there is no transaction to record.

I don't see how this scenario of determining Bitcoin prices is feasible because if we all decide to sell at 1 million all of a sudden some May sell it for say $800,000 or less and the consistency to maintain it at a million dollar might be lacking. It is also an avenue for people to flood the Internet with shitcoins which are forked bitcoins in order to present an alternative and so might lead to Bitcoin losing its originality and global acceptance.

How dare you to judge something which you have no idea about? There are many altcoins which are even greater than Bitcoin. Bitcoin is only a prototype, the origin cryptocurrency and It can not be stronger as other cryptos which have been developed, fixed and improved. You should go home or people here will laugh at your face

People don't want to sell if their are no negative news or bugs that pops up,every want wants to hold their Bitcoin but sometimes there's negative news coming up or speculation created by traders who wants to purchase it much lower that it's current price..

Exactly. Bitcoin being the first coin in the block doesn't yet mean the development of the alternatives should stop. Stupid cloning is unfortunately part of the process, but that shouldn't eclipse the full image: that is the only way to advance, by prototyping and getting new ideas.

When  btc will hit the 1000000 mark, you dont want to change them for fiat. For now fiat is a nice reference.

Exactly, there will be no transactions to perform and the miners together with everyone on the blockchain would have to wait for tge whole world to agree to buy at our price before we roll the blockchain back in action. This is not a good idea OP, lets nurse Bitcoin to grow naturally.

We don't have better crypto than Bitcoin. Pokemon...

First sentence could not be more incorrect.
* If nobody is selling bitcoin then who will buy them.
* If everyone start to sell bitcoin at $1Million then would not that be classic example of dump?
* bitcoin price reached barely ~$1200, already speculating about it reaching 1Million mark?  To quote Shakespeare
"There are more things in heaven and earth, Horatio,
Than are dreamt of in your philosophy. "
- Hamlet (1.5.167-8), Hamlet to Horatio

* At this ATH there are signs of more volatility in bitcoin price than getting to the stability. Just check how much swing is there.
* Not to sound pessimist but be aware of 'pump and dump' situation. Right now pump is at peak, wait for dump.

We do have better crypto then Bitcoin.  But as it shows in past years quality is not something that Crypto space cherish much. It is all about marketing and hype.

First off, it is never going to be possible for everyone to hold their Bitcoins, but assuming we have a situation like that at hand, price will certainly not be stagnant as not selling goes to mean, many more demands are left unfulfilled, kind of creating some scarcity and so the price would no doubt appreciate.

I think pump peak is yet to be obtained, we have still more than one week before the SEC decision on ETF.  We are aware of the fact that the nearer we get to the  event, the bigger the hype and influence it will make to the market.  So probably price will still climb maybe to almost $1300 before the event date.  I just hope ETF to be approved so we can celebrate with higher Bitcoin price.

By the way market works, there is still the tendency that market price would keep appreciating well until a day before the ETF news hits the airwaves. To that effect, 2 days to the news would be a realistic  time to offload some coins, because there is every likelihood that price would drop in view of what the outcome would look like. Nevertheless, Bitcoin is destined for great heights, so regardless of the outcome of the ETF, the journey to the moon stays on course!

The number of people that completely lack any basic understanding of networks or economics seems to be growing rapidly. This combined with manipulators is the only thing driving btc at the moment.

You can't just overcome fundamental protocol flaws with idiots adopting something, it will crash hard at some point.

Bitcoin fundamentally does not scale and there is no plan or consensus on how to resolve this huge problem.
Bitcoin offers no usable privacy.

The price of the bitcoin now into something profitable for all things, because with the advent of bitcoin we have the advantage of being much better than before. To get hundreds of millions of dollars only it only takes 4 years (if you have a lot of funds at a time when the price of the bitcoin was at a very low price). So, to be able to benefit in the bitcoin is not only selling at low prices but in the way we use the bitcoin

Well we need patience to see that the price of bitcoins goes up or down .in my opinion that the price of bitcoins to grow so much , we may not be available as the price of bitcoins to reach 1 million dollars .it could take more than 70 years , it means during the extinction of petrol and diesel.

The Bitcoin will not rise with the holding of bags , but will rise with involving more and more people, Circulating coin, demanding every monetary thing in terms of bitcoins.
Still only 12% or even less use bitcoin in Thailand, what if all of them start to use it? The question is not whether should we sell/buy bitcoins, the question is how can we pitch people to use it.

regards,
chevas

if the price of bitcoin really achieve such there will be a miracle. everyone who has bitcoin could be the richest man in the world. while those who never knew bitcoin then they will regret it until whenever.  ;D ;D

i couldn't agree more.
and in my opinion bitcoin needs more adoption, and more adoption in real world application area. i mean more merchants and more services to accept bitcoin and more people to use it as a currency.
as far as being a speculation tool goes, i don't think we can see very large prices anytime soon because majority of people (average Joe) won't invest in bitcoin because of the volatility.

Wow, that's really a big price to reach. I feel happy to be a part of such a valuable coin. Though everything is speculative one won't make a speculation without having a value. So bitcoin has the ability to reach high.

yes indeed, i can not imagine what will happen if the price is higher like that. i think every people which hold bitcoin will have a big smile to see this and they can sell their bitcoin with easy. i think for now, its still a dream that will come true in the future, so we can stick and follow with the price now and make a good trading and finally we can make big profit like we want.

Every one dreams that bitcoins should achieve that price in future so that we can become rich in future but dreams should be realistic and I don't think that we should waste our time in something which is never gonna happen in future.

You're right, the Bitcoin price is decided by the market.  So therefore we analyse the market and what other people are going to do because not everyone acts unanimously and buys Bitcoin at stupidly high prices because we tell them to.  The market acts primarily in its own interest.

In the spirit of the free market, this isn't true.  If banks or governments wanted to, they could easily control the Bitcoin price.  All they'd have to do is buy loads and dump it at super low prices - they have more than enough money to do it.  It's only about how much money you have and in reality it's not a community decision - if you build a collection of 20 people who own 0.2 Bitcoin and don't understand any basic economics, they won't have any significant impact on the market at all if you tell them to buy or sell.
Hang on, didn't you just say that we control the Bitcoin price?  So doesn't that mean that it's "worth" exactly as much as it's worth right now, since we control it?

Your concept that bitcoin is controlled by demand and supply is right but to believe that if people stop selling it will go to million, who in the world will buy it have your ever thought of it. People will stop buying and price shall crash and it shall crash badly ever thought of that. You should aim to be more realistic rather look ignorant. The prices are quiet high maybe a few 1000 $ plus more is nice but I doubt that will happen cause of bu and segwit looming.

Believe, though it's unrealistic it has got chances of reaching the quoted price if the technology supports and adoption takes place in a much bigger volume. As it has got limited coins to be mined respect to the supply and the much increased demand because of increased adoption sure the price will peak