Bitcoin Forum

Bitcoin's price is irrelevant for its functionality

We can do anything Bitcoin does regardless of the price being $10000 or $0.001 / BTC

I held n hold a lot of Bitcoin and I like the price and I like the price to increase

But in fact its price is entirely irrelevant LOL

Well if we're talking about Bitcoin as a global currency, then the price is very relevant. There's only 21 million Bitcoin, so lets say there's $70 trillion circulating the world, For bitcoin to meet that amount , and for Mbtc and μbtc denotations to be used effectively and be relative, the price of one Bitcoin would have to reach $3,333,333.

Yes, of course, this statement is absolutely correct. The functionality of Bitcoin and the technology behind it which is the blockchain technology is not directly connected with its value. In fact, the Bitcoin now valued at $2,600 is almost the same Bitcoin when it was valued at just $10.

The current value of Bitcoin is reflective of the demand and supply dimension just like any commodities traded in an open market. Though we have to understand that this can be largely attributed to the speculative nature which many of Bitcoin holders are into.

If Bitcoin's value is very low, like $0.001 in your example, mining becomes a literal waste of power because of near-zero rewards from blocks and fees. This means that difficulty will drop to very low levels, as only true altruists would keep mining (essentially donating their electricity). This means that it would be cheap for some attacker to gather enough hashing power to execute 51% attack and disrupt the network. Conclusion: Bitcoin at $0.001 wouldn't work the same as Bitcoin at $10000.

What are you talking about while Bitcoin pricing is very important. You can not tell between $ 10,000 and $ 0.001 different? In other words, the higher the value of Bitcoin, the greater its functionality, and it will be applied to more things