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Author Topic: Does the Price of Bitcoin Matter?  (Read 294239 times)
Coinbuddy
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May 13, 2015, 01:30:12 PM
 #1

For true devotees of Bitcoin, the price of the digital currency is almost irrelevant. They believe in its inherent value or, more frequently, cannot see any value at all in the alternative of government issued fiat currency. Price is therefore not a concern. At the other end of the spectrum, for those that harbor what appears to be an irrational hatred of Bitcoin and anything to do with it, the exchange rate also matters little. They were screaming that it was all worthless when the price was at over $1000, and somehow convince themselves that an exchange rate of over 200 times what it was before that bubble proves their point. For the vast majority of people somewhere in the middle, however, the price of the currency in Dollar, Euro, Yuan or whatever terms is important.

Read more: http://www.nasdaq.com/article/does-the-price-of-bitcoin-matter-cm476312#ixzz3a1cH4qcU

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May 13, 2015, 01:37:38 PM
 #2

If I answer you no then I'll be lying. Even though my hope is for us to see 1 btc equivalent to 1 btc some day with the price of fiat mean nothing to us, the current movement of the price still gives us the indication in how well accepted btc is and its demand. I do agree with your reasoning but until the I will still closely follow the btc price movement.

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May 13, 2015, 01:40:14 PM
 #3

For true devotees of Bitcoin, the price of the digital currency is almost irrelevant. They believe in its inherent value or, more frequently, cannot see any value at all in the alternative of government issued fiat currency. Price is therefore not a concern. At the other end of the spectrum, for those that harbor what appears to be an irrational hatred of Bitcoin and anything to do with it, the exchange rate also matters little. They were screaming that it was all worthless when the price was at over $1000, and somehow convince themselves that an exchange rate of over 200 times what it was before that bubble proves their point. For the vast majority of people somewhere in the middle, however, the price of the currency in Dollar, Euro, Yuan or whatever terms is important.

Read more: http://www.nasdaq.com/article/does-the-price-of-bitcoin-matter-cm476312#ixzz3a1cH4qcU

It does not matter for the usefulness of value transfer, in order to overcome some hurdles the banks and governments have created.

It matters for the general popularity of bitcoins, and it is crucial for savers.

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May 13, 2015, 01:55:55 PM
 #4

What actually matter is not the actual price, it's the trend.
If the price is stable or rising, the adoption increases. People and businesses get more confident in bitcoin and start using it. More miners start up their gears.
If the price is falling, people get scared / suspicious and will go away from bitcoin.

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randy8777
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May 13, 2015, 02:41:01 PM
 #5

of course the price matters. it matters for 90% of the people who bought their coins. if the price is stable more people are willing to convert their savings into bitcoin. which isn't the case right now.
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May 13, 2015, 02:50:50 PM
 #6

it matter more than many think

a better price means more miners, the network is more secure
a better price means more adoption, if there will be a better price is because the adoption is increased
a better price means a better purchasing power, who own few bitcoin has a better chance to buy more thing
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May 13, 2015, 03:13:54 PM
 #7

There have been endless discussions on this, the only thing it coms to is the fact, that are you in it for the technology or do you have money invested. If you are a person using it for sending money to another place, and only buy it at the point of the use, then it doesn't matter. But if you happen to store it for long term, then obviously it matters as you will essentially be losing money on it.
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May 13, 2015, 03:23:38 PM
 #8

of course the price matters. it matters for 90% of the people who bought their coins. if the price is stable more people are willing to convert their savings into bitcoin. which isn't the case right now.
It matters at the moment! Everything's value is priced at fiat money. To gain value bitcoin has to be pegged to fiat money otherwise it is useless. The Bitcoin's ecosystem doesn't complete yet. So you have to convert BTC to fiat to spend them!

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May 13, 2015, 03:49:39 PM
 #9

Of course it matters!
I wonder how those who bought it at $600/BTC feel right now? (hint: probably they won't be in this forum).

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May 13, 2015, 04:01:08 PM
 #10

It is the least important number for me.
What is the price? Really its a guess at value, and the price at an exchange reflects an aggregate of peoples perception of value. When we were rallying up to $1000 there was a great deal of speculation that we were about to go way up. But those guesses were wrong. Now we have fallen to a place that, for the moment, seems to support a valuation of $240. That is much more in line with the current use and scale of bitcoin. So if price is a guess, although our best one, why not look at something that is a fact instead?


Far more predictive numbers include:
1. number of venders that accept BTC
2. amount of capitol investment
3. number of markets exploiting BTC potential (online retail, remittance, etc.)
4. number of people and institutions using BTC


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May 13, 2015, 05:09:18 PM
 #11

Of course it matters. It's easy to say that it doesn't and that we should be concerning ourselves with the network or whatnot, but lets not forget that it is the miners that prop up and support the entire network and the only reason the vast a majority of them do so it to turn a profit. If the currency was to fall to a price that they were operating at a loss they would soon shut up shop.
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May 13, 2015, 05:52:19 PM
 #12

Well, if the final goal of bitcoin is full acceptance and implementation (aka you can use it like FIAT), then yes price definitely matters, but not in the way your thinking.

A "STABLE PRICE" is more important to that goal than whether BTC is $200, $500 or $1,000 a coin. What's the biggest force against mass implementation now is that it can be $120 one week, $94 next week, $1,000 a month later and now back to the mid $200s...

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May 13, 2015, 06:30:13 PM
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The price is always a good indicator how the demand of something is. Sames holds for Bitcoin. But for further development the price does not really matter.

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May 13, 2015, 07:17:10 PM
 #14

Well, if the final goal of bitcoin is full acceptance and implementation (aka you can use it like FIAT), then yes price definitely matters, but not in the way your thinking.

A "STABLE PRICE" is more important to that goal than whether BTC is $200, $500 or $1,000 a coin. What's the biggest force against mass implementation now is that it can be $120 one week, $94 next week, $1,000 a month later and now back to the mid $200s...

We have abolished the stable value for the hard volume. In a all bitcoin economy, the participants will have to take the expected money value into account. Just like now really. There will be no regulation of money value, but that is also like now, really, all we know about fiat is that it will never generally appreciate (except in a debt deflation, the likes we will not have in an all bitcoin economy anyway).

So just forget about a stable price and do your own projection. If you can't stomach it, just STFU and GTFO.

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May 13, 2015, 08:10:52 PM
 #15

Yes it does matter, but that's not the only thing that matters. Sadly I think a 99% of people just get involved with bitcoin nowadays for the profit potential but as we've seen its not a guaranteed investment. Part of me wishes bitcoin would just find its 'true' value and stay there but another part of me is excited by the speculative value of bitcoin and where it can go to in the future but I'd rather it be successful as a technology than make a load of money off of it (though both would be nice  Cheesy) . I guess we can only wait to find out.
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May 13, 2015, 08:12:48 PM
 #16

bitcoin need miners, miners need electricity and electricity is paid in fiat..maybe it is surprise for you but btc price is important.. for all..
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May 13, 2015, 10:21:26 PM
 #17

Yes, it matters to some extent, but I will continue using Bitcoin no matter what the price is.

Most people (including myself) will use Bitcoin regardless of the price.

But would you hold your coins for let's say a few years if price was not important to you? I wouldn't. I would just buy coins when I need to pay someone or to buy stuff online.

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May 13, 2015, 10:38:58 PM
 #18

I would like it to be bigger in value only for things to become easier in real life, but it does not really matter because that is what work is for and I never planned on bitcoin making me rich it will if it will and if it doesn't then no harm done. Have to say it does not matter to me overall.
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May 13, 2015, 10:41:58 PM
 #19

It is the least important number for me.
What is the price? Really its a guess at value, and the price at an exchange reflects an aggregate of peoples perception of value. When we were rallying up to $1000 there was a great deal of speculation that we were about to go way up. But those guesses were wrong. Now we have fallen to a place that, for the moment, seems to support a valuation of $240. That is much more in line with the current use and scale of bitcoin. So if price is a guess, although our best one, why not look at something that is a fact instead?


Far more predictive numbers include:
1. number of venders that accept BTC
2. amount of capitol investment
3. number of markets exploiting BTC potential (online retail, remittance, etc.)
4. number of people and institutions using BTC

I agree with your points but price is a very easy way to get at your more predictive numbers.  I think it matters quite a bit for miners and for conveying that bitcoin is a serious technology.
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May 13, 2015, 10:45:25 PM
 #20

It is the least important number for me.
What is the price? Really its a guess at value, and the price at an exchange reflects an aggregate of peoples perception of value. When we were rallying up to $1000 there was a great deal of speculation that we were about to go way up. But those guesses were wrong. Now we have fallen to a place that, for the moment, seems to support a valuation of $240. That is much more in line with the current use and scale of bitcoin. So if price is a guess, although our best one, why not look at something that is a fact instead?


Far more predictive numbers include:
1. number of venders that accept BTC
2. amount of capitol investment
3. number of markets exploiting BTC potential (online retail, remittance, etc.)
4. number of people and institutions using BTC

I agree with your points but price is a very easy way to get at your more predictive numbers.  I think it matters quite a bit for miners and for conveying that bitcoin is a serious technology.

I don't understand how you think the price matters to show it is a serious technology, would you please explain so I can understand? Yes I agree it matters to miners but anyone else who has not invested more than they can afford to lose it should not really matter as long as the tech is still going no matter the price I will be here for as long as the blockchain and community is here.
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