In the world of cryptocurrency, the one with the first mover advantage is the be all end all. All other altcoins that comes after the first one will basically have to be based on the first one, even though and no matter it has better features or not. The way cryptocurrencies work or even exist in the first place is because of Bitcoin. So Bitcoin can't ever die, just like Internet can't ever die. It's a protocol. There may be an Internet 2.0 if there needs be and in the same way there will be a Bitcoin 2.0 if there needs be but it won't ever disappear.

there's no demand for gold from the general public either. How many percent of the world populations owns gold? Yet gold prices have risen and are at an ATH. And gold's true intrinsic value isn't even close to the perceived market price, but that didn't stop it from demanding the current price it is now innit. Scarcity is what gave gold its value. Bitcoin has that same element and it's knowingly finite. That's all you need to make something valuable. coupled with fungibility and liquidity of course.

same could be said for owners of bitcoin when they bought them at $5. or $12. or $48. or $120. or $266. or $330. or even $450.

Are you saying there's no demand for bitcoin? If you, or anyone here wishes to get rid of their bitcoins, I'll gladly take them. At no charge
 

Because the number of bitcoins that can ever be created is limited, because the cost of mining bitcoins will keep getting higher and higher as it gets more difficult to mine, because less and less bitcoins will be mined the more there are mined, because awareness and adoption and infrastructure can only grow, because more people are going to want bitcoins, and because fiat is inflationary,  the value of bitcoins will and can only rise. Bitcoin has the law of mathematics backing it, the only certain law that governs the universe.

You could wait till btc rises then litecoin may follow suit, or it may not. But if btc rises then you would've missed the btc boat if you haven't bought into btc when the price is low. It's hard but it's better to offload any altcoins you have and just get into btc solely.

You should sell your litecoins now it's actually overvalued at the moment. How much did you buy your ltcs at btw?

No one can answer that but yourself. If you're thinking long term, then I can surely say that prices in the future in terms of years will be much, much higher than today

That's just looking at the short term. To me, just like the discovery of gold, once the first ever cryptocurrency is created, everthing else that follows, will be based on that very first one. Gold, once discovered will forever be gold, nothing can replace it. In the same way, Bitcoin, once conceived will forever be Bictoin, nothing can replace it

Pray tell, sir, what has AI got to do with Bitcoin or anything for that matter?

There seems to be a lot of new threads lately popping up  speaking of the crash and doom of Bitcoin, presumably by the same person under different names. I suggest forumers here pay no heed to these threads, not even bothering to replying them cause that will ultimately fulfill their goals: to get noticed. Read what it's all about, have a chuckle, ignore and move on.

Those older members and those who understands what Bitcoin really is, know better to even read what these attention seeking doomsday trolls write let alone contemplating and being convinced of but I urge also those here who just heard about Bitcoin and are interested to know more but are still unsure to realize that these trolls are just trying to get their kicks by spreading negativity about Bitcoin.

I created this thread with all my sincerity to help those who are new here to simply understand that Bitcoin is not something like a fad that will just be gone overnight. Bitcoin is indeed a revolution to those who truly understand it. Bitcoin may perhaps be one of the most important milestone in modern human history as we know it but because it is a product of a digital world and not a physical thing in our analog, physical world, it may perhaps be a bit difficult for those unable to grasp the technicality of it to understand the revolutionary elements of Bitcoin.

Bottom line is, Bitcoin won't die, it's not a fad, it's not some kind of ponzi scheme though how ever can Bitcoin be accused of something to be like a ponzi scheme is truly beyond me, for it simply makes no sense, absolutely no literal sense at all. Like saying money is a ponzi scheme, what?

OP, I think it's for the better that you got out of Bitcoin. One doesn't go into something one knows nothing about. But please stop spouting nonsense.

I'm planning to hold my bitcoins for at least 20 years. Really, the price now has zero concern for me. I'm just monitoring the fluctuation to try to get in at the bottom whenever I can to get as many bitcoins as I'm able to. Cos in 20 years time I know I would've killed to get my bitcoins at today's prices

It might fluctuate here and there now and then, but it's gradually rising. actual production cost its about $550 per bitcoin, so anything below $500, it's an automatic bargain

yes. prices will fluctuate but if you're not looking to sell anytime soon or intend to hold, then definitely, practically yes

I'm really glad you did. Sometimes we can get sucked in into all the negativity surrounding Bitcoin (no thanks to the forever bears) especially to those who are new into Bitcoin that it helps to know how things were back then and by keeping the faith it all comes out better than we can possibly imagine

How long do you plan to hold onto it? cos if you only bought 1 btc, now, and later, when the price rise to say, $1000, are you going to sell it? keep buying more? hold onto it some more? just curious about your thoughts right now, cos I was like you, ecstatic when I bought my first coin

These stories would be the stuff of legends a few years down. So glad I'm going to be part of it and have my own stories to tell other wide eyed newbies in a few years time.

"Look guys we been through this before. Just buy and hold. $5000 a bitcoin is a steal right now"

I so look forward to saying that in the near future

the reason? the resilience of bitcoin. at $300 practically all miners would need to shut down because they are only generating losses.

Satoshi Nakamoto said on Feb. 21, 2010 and I quote:

"In the absence of a market to establish the price (of bitcoin, estimates) based on production cost is a good guess and a helpful service (thanks). The price of any commodity tends to gravitate toward the production cost. If the price is below cost, then production slows down. If the price is above cost, profit can be made by generating and selling more."

the current levels are still undervalue for the actual production cost of bitcoin, so definitely it's a better time to buy at these levels.