Bitcoin's future (and BTC in Kuwait!)

[aceboy44]

For those who don't know me I posted a thread last year about my experience with bitcoin.

Recently I noticed some huge interests in Kuwait regarding Cryptocurrencies. People are buying Bit/Alt coins as a store of value and for profits (as opposed to its original purpose, serving it as a currency.)

Now there are few things that I can't comprehend. The Kuwaiti Dinar is the top currency in the world, and bitcoin was created to replace fiat. My question is: How will BTC price increase in value if people are buying it as a store of value (as opposed to using it on regular transactions?) And why are Kuwaiti's buying BTC when our currency is the top in the world? It just makes no sense to me  

I ask this since I'm still reluctant on whether to go back to BTC or stick with my currency, but seeing my own countrymen started accumulating Cryptocurrencies has gotten me lost in this Crypto world    

[mk4]

My question is: How will BTC price increase in value if people are buying it as a store of value (as opposed to using it on regular transactions?)

If anything, people buying bitcoin as a SoV is actually better in terms of price increase because it takes coins out of the markets. In contrast to using BTC for payments whereas with most payment processors, the BTC is automatically sold for fiat the moment the transaction confirms.

And why are Kuwaiti's buying BTC when our currency is the top in the world? It just makes no sense to me 

Because no matter how good/bad your currency is, it's still in the firm grasp of your government and can be inflated at will.

[NeuroticFish]

The Kuwaiti Dinar is the top currency in the world, and bitcoin was created to replace fiat. My question is: How will BTC price increase in value if people are buying it as a store of value (as opposed to using it on regular transactions?) And why are Kuwaiti's buying BTC when our currency is the top in the world? It just makes no sense to me  

From what I see in charts, Bitcoin price usually increases also compared to KWD. For example look at this chart (google didn't give me a better one) and change it to 1 year or 3 years to see the bigger picture.

So people buy it as investment, on the logic that you buy "now" 1000$ worth of Bitcoin and at some point later you can sell it for 1500$, 3000, or 10000$. If you're lucky.
Bitcoin supply is limited. This means that as long as there's demand for it, as long as people buy it, no matter why, the price should increase overall. (of course, it doesn't necessarily means it will)
Bitcoin's use as a currency is still limited and I hope that it won't take that long until it'll get much better. If you look at it only as currency, you have missed half of it. Also, it's not that sure that Bitcoin will replace fiat. That won't be easy and may not be necessary. But it can work very well in parallel with all other currencies.

All in all, it can make you earn money and it also can make you lose money, so you better research more. Don't invest what you don't afford to lose, since the price goes up and down like crazy. Also, if you get easily scared by the price movements (even if you did invest money you afford to lose), then you better just stay away.

[stompix]

And why are Kuwaiti's buying BTC when our currency is the top in the world? It just makes no sense to me  

The strength of your currency is not measured by the value of your denomination.
One yen is less than 1 us cent, does that mean that the yen is worthless?
Besides, your currency is pegged against a basket of other currencies so its value was chosen arbitrarily, more of a propaganda thing that actual reflection of the economy.

Another oil crisis and you will again abandon the pegging and choose a new random value.

My question is: How will BTC price increase in value if people are buying it as a store of value (as opposed to using it on regular transactions?)

Simple economic laws of offer and demand, fewer coins for sale as they are held in wallets as a store of value, less offer on the market more demand, the price goes up!
By how much, that's a different question, you need a really good crystal ball for it. If we would know how many people are planning on spending x amount on buying coins and how many plans on selling then we could guess the price, but again, that is nothing anyone would ever been able to know.

[dkbit98]

Kuwait is not immune to inflation and I see that official data is showing current inflation is 3% but I guess it's much higher than this if you check everyday prices for food and other stuff.
I don't think it's backed by gold or anything else anymore and I see it was previously pegged with pound sterling, than US dollar, and now it is pegged to basket of other fiat currencies.
What do you think will happen with you dinar when all other currencies lose value and hyperinflate, and your currency is pegged with them?

1BTC is currently around 14800 KWD, and Bitcoin is rising in price because all other fiat currencies are overprinted worldwide especially US dollar.
Check out how much was 1 BTC worth last year and before that so you would understand how ''stable'' and strong your currency really is.

[kryptqnick]

Forgive me for not knowing this, but how is Kuwaiti dinar a top currency in the world? When someone asks about top fiat, USD, EUR and perhaps CNY come to mind, and I've never seen or heard of Kuwaiti dinar even being available in local fiat exchange places. If we judge fiat by them being traded, the most traded currencies are USD, EUR, JPY and GBP. Kuwaiti dinar isn't even in top-35, according to Wikipedia. And if it's not traded, it means that other countries aren't very interested in it. Or did you mean that it has the highest value? But IMO having technically the highest value while not of interest to the international community isn't enough to say that the currency is the top one.
As for the growing popularity of Bitcoin, maybe that's because it offers things that fiat cannot: a limited supply, decentralization, investment opportunity.

[livingfree]

It's not always that your currency is going to be at the top. Just think of the example of US dollars when they've been known to be one of the most strongest for a long time but they've dropped a lot when the pandemic came and they were forced to inject money.

This time you might have the best economy but there will be factors that will change the fate of it sometime in the future. And if you're asking about how bitcoin's price and value increases if people are buying, that's due to the law of supply and demand.

Bitcoin got a fixed supply and it's scarce.

[stompix]

Forgive me for not knowing this, but how is Kuwaiti dinar a top currency in the world? When someone asks about top fiat, USD, EUR and perhaps CNY come to mind, and I've never seen or heard of Kuwaiti dinar even being available in local fiat exchange places.

The author thinks that because one Kuwaiti dollar is worth more than any other currency, it's 3.30$, and 2.70 Euros, he thinks that if the unit of a currency is valuable more than a different currency this one is the strongest. But of course, that's not a way of looking at the strength of a currency, for example, Apple stands at $120 per share while Amazon at $3200, but it doesn't make Amazon 15 more valuable than Apple.

He is comparing value like in one kilo of gold is worth more than one of iron so it means gold is more important than iron

It's not always that your currency is going to be at the top. Just think of the example of US dollars when they've been known to be one of the most strongest for a long time but they've dropped a lot when the pandemic came and they were forced to inject money.

More like few percentages, the us dollar lost barely 5% from April to April compared to the euro for example, and it's on the same level with the yen as it was in January 2020.
And injecting money doesn't make your currency stronger, quite the other way around.

[masterrex]

I think your countrymen have already seen the potential of Bitcoin and other cryptocurrencies as an investment asset. IMHO, it doesn't matter if it was not used as a currency, or whatsoever for me what matters most is that more and more people have used it as an alternative store of value asset other than Gold. But it doesn't mean that Bitcoin is failed to achieve its purpose to be used as a currency. Because the truth is BTC can still be used both as a currency or as an investment asset so the purpose was still there with a twist and benefits of a decentralized currency or an asset. 

[aysg76]

For those who don't know me I posted a thread last year about my experience with bitcoin.

Recently I noticed some huge interests in Kuwait regarding Cryptocurrencies. People are buying Bit/Alt coins as a store of value and for profits (as opposed to its original purpose, serving it as a currency.)

Now there are few things that I can't comprehend. The Kuwaiti Dinar is the top currency in the world, and bitcoin was created to replace fiat. My question is: How will BTC price increase in value if people are buying it as a store of value (as opposed to using it on regular transactions?) And why are Kuwaiti's buying BTC when our currency is the top in the world? It just makes no sense to me  

I ask this since I'm still reluctant on whether to go back to BTC or stick with my currency, but seeing my own countrymen started accumulating Cryptocurrencies has gotten me lost in this Crypto world    

So according to Kuwaiti Dinar is most powerful currency globally? No it is most expensive (not powerful) when exchanged to other currencies because of the economic stability of Kuwait and rich oil fields and supply to the world.You cannot trade KWD in foreign trades everywhere as most commonly USD and Pound are used and that is what makes the value of currency.

Your so called Kuwaiti Dinar fell to 5 cents in value compared to US dollar when Iraq invaded Kuwait in 1990 and after that banks revalued the currency and then it was set against based on gold valuation to 1 KWD=$3.47.

People are investing in Bitcoins and alts as source of investment which are opposed to inflation and deflationary in nature.Moreover you can make global transactions without the centeral intervention at minimal costs.They want to invest what is giving returns as well can be interchangebly used with Fiat for use.

Prices are increasing due to large volume of demand and less liquidation or say supply in the market beacuse people and sharks are holding at this time rather then selling which is situation of scarcity.After having the rewards have been halfed at 6.25 btc per block and only around 1.3 million btc additional to 18.5 million will be in circulation till 2024 halving.So it is just that way if you understand.

[livingfree]

It's not always that your currency is going to be at the top. Just think of the example of US dollars when they've been known to be one of the most strongest for a long time but they've dropped a lot when the pandemic came and they were forced to inject money.

More like few percentages, the us dollar lost barely 5% from April to April compared to the euro for example, and it's on the same level with the yen as it was in January 2020.
And injecting money doesn't make your currency stronger, quite the other way around.

Yes, that's what I'm saying about the injected money.

It's not really making a currency stronger yet it's going to be the one reason to drop it just as I've said. The stimulus was the temporary help and solution that they've come out with since last year.

But I think that they're recovering gradually.

[perfect999]

Recently I noticed some huge interests in Kuwait regarding Cryptocurrencies. People are buying Bit/Alt coins as a store of value and for profits (as opposed to its original purpose, serving it as a currency.)

Now there are few things that I can't comprehend. The Kuwaiti Dinar is the top currency in the world, and bitcoin was created to replace fiat. My question is: How will BTC price increase in value if people are buying it as a store of value (as opposed to using it on regular transactions?) And why are Kuwaiti's buying BTC when our currency is the top in the world? It just makes no sense to me  

That your country's currency has more value than every other currency in the world doesn't mean your countrymen shouldn't invest money in assets or stocks. Investment is a normal thing that you should be doing if you want to increase your wealth. When they invest their money in Bitcoin the price goes up and by the time they will be withdrawing it they will have more than what they have invested.

Bitcoin is a huge investment at this time and I don't think this is an investment that anyone would like to miss, especially now that the whole market has been bullish. And just look at all these coins that have been bullish as of lately and they don't seem to be slowing down anytime soon, so it's best to go for it now and not miss out.

[romero121]

I'm not sure about Kuwait, but there is good number of cryptocurrency users in Dubai which is also an east Asia country. Importance of bitcoin isn't known much around the world. With the very limited number of participants Bitcoin has increased as the top valued cryptocurrency. This is all because of its decentralized feature which isn't available with the kuwait Dinar. Maybe if the Kuwait Dinar is made to function decentralized it might grow higher in value.

[shadow123]

Yes mate. Actually now there are many newcomers in this pandemic situations. Hopefully there is a good time for BTC and other digital currencies after world get back to normal. Not only Kuwait in here also peoples are trying to buy some coins. But until we get back the BTC will be up blandly. I think the BTC price will up more than100k$ within one year.

[Asuspawer09]

Probably just storing the value of money in bitcoin since its still fiat money even though you say that Kuwait fiat is one of the top fiat money in the world still, it is still fiat money, and inflation is a big problem with that since you could just create this fiat compared to bitcoin that only has a fix 21million.

Storing some in bitcoin could be good most of the time and at the same time bitcoin is a great investment even though it's really risky because of the volatile market price, but that just means that they are supporting bitcoin since they are willing to risk a big amount of investment on it.

Also, it's probably good timing to invest in this cryptocurrency or bitcoin since we are in a dump. Still investing is always a reasonable thing to do.