Bitcoin price

[cafucafucafu]

Bitcoin is moving to $2000 today. What is the impact of this geometrical price movement to the world financial system? Let us discuss.

I wouldn't really say that this has an impact to the "world financial system" but certainly it is something that is very important at least psychologically to the bitcoin users. we have generally seen bitcoin go up further in price when it reaches a round figure(for example $100, $500, $1000 etc.) and I think that $2000 is no different - I wouldn't be surprised at all once we sustain for a short period of time at the $2,000 level that the whales ramp things up and push the price up to the mid $2000's.

However this would present challenges for bitcoin users as the transaction fees will go to $2-3 on average for each transaction once bitcoin hits $2,000. And that's crazy. I used to send 20 transactions or even more per day for a dollar, and if i did that now that would have been $50-60 a day. Not to mention all my transactions were microtransactions with dust amounts and multiple inputs and outputs... Probably would cost closer to $100 a day just to send these.

[m0924]

Wow, its getting higher. I hope it will go down so that I can buy at lower price. For me the move of the bitcoin price has nothing to do with the economy. Bitcoin now a day is in demand and has many use worldwide. Many countries are now using bitcoin as sort of online payments and other online transactions. I hope it would help. So we have to save bitcoins we do not know it will rich 500,000 in price

[kuyaJ]

Wow, its getting higher. I hope it will go down so that I can buy at lower price. For me the move of the bitcoin price has nothing to do with the economy. Bitcoin now a day is in demand and has many use worldwide. Many countries are now using bitcoin as sort of online payments and other online transactions. I hope it would help. So we have to save bitcoins we do not know it will rich 500,000 in price

Agreed. Bitcoin's price in relation with the economy has no real impact as of today but might have in the future especially today that a lot of countries have accepted Bitcoin in their country thus increasing the number of users. If Bitcoin have a considerable amount of users and having a higher price then it would truly affect the economy especially when it is used in a much more meaningful transactions like let's say as a medium of exchange in the global market.

One thing is certain, everyone would be happy with Bitcoin price reaching $2000 and Bitcoin would undergo price correction after but who know that it might exceed with $2000 expectation.

[legarde23]

Maybe bitcoin will increase like 200k more in 2018 just like the old times when i started in bitcoin it is like 10k but now wow 1900$ awesome

[webtricks]

Bitcoin is moving to $2000 today. What is the impact of this geometrical price movement to the world financial system? Let us discuss.

In just one word, nothing

In more than just one word, the price itself is meaningless outside the exchanges (since Bitcoin is not used in real life), so there is no way it can affect the world financial system. And it is the price alone which matters. If someone sold 1 satoshi for 1 dollar, would that mean anything? Apart from that, the price can easily lose all reference even between exchanges if there happens a thing which I called Bitcoin Big Rip. With higher prices we will see higher volatilities (in fact, we are already seeing them), up to a point where volatility becomes comparable to price itself. That would be a Big Rip event or moment

That's true.
Bitcoin simply as a mean of speculation won't contribute even a penny to World Economy. It will be merely a trading system outside the bracket of real world, having zero utility for the working of economy. If we wanna see it making some difference in financial system then we should concentrate on Bitcoin foundations rather than making merry on its insane speculative rise.

I would argue that Bitcoin does have a small impact on the world economy, especially with these price increases.
Some countries have put regulations in place so they can tax you when you make a profit with Bitcoin and cash it out for fiat, that has an effect on the world economy, albeit small.

I don't think tax income for countries is the factor shaping development of economy. The true essence of economic development only implies when public in general earn and raise their per capita income. Government tax income is just general pledged money and ow no liability to economic development.

[izanagi narukami]

Bitcoin is moving to $2000 today. What is the impact of this geometrical price movement to the world financial system? Let us discuss.

Bitcoin and my currency will not take any effect because they are different things.
Just 1 for sure that when bitcoin reach $ 2000 , it become my greatest investation I've ever had and I'm glad that I'm ever know bitcoin

[salmanahmedone]

The geometric price? Huh? None i guess. But the reason prices go up so high is due to whales having their btc on multiple exchanges. They then buy in at same time and coordinate. We r bring pumped up. Almost no news happened in btc world to justify this price.

The only news is that soon bitcoin will be legalized in Australia. But this is not news. I am also frightened by such a rapid rise in the price of bitcoin. I hope that soon we will not see a sharp drop

My heart is pumping fast also as i am also not selling my bitcoins now and wait it to be raised above 3000$ to 4000$ by the end of the year.  Lets hope bitcoin prices are stable and not being because of any bubble etc.

[deisik]

However this would present challenges for bitcoin users as the transaction fees will go to $2-3 on average for each transaction once bitcoin hits $2,000. And that's crazy. I used to send 20 transactions or even more per day for a dollar, and if i did that now that would have been $50-60 a day. Not to mention all my transactions were microtransactions with dust amounts and multiple inputs and outputs... Probably would cost closer to $100 a day just to send these

Personally, I stick to a different opinion

I don't think that low fees are actually as important for reaching higher prices as many people around here are inclined to think. How come? Prices are determined on exchanges, but people that are trading there rarely move their coins, and when they move them they certainly move large amounts or use cheap altcoins such as Litecoin as a transfer vehicle if they don't want to pay hefty taxes. So we may see both prices and fees rising at the same time (in Bitcoin terms as well), and that may last for long

[Tyrantt]

However this would present challenges for bitcoin users as the transaction fees will go to $2-3 on average for each transaction once bitcoin hits $2,000. And that's crazy. I used to send 20 transactions or even more per day for a dollar, and if i did that now that would have been $50-60 a day. Not to mention all my transactions were microtransactions with dust amounts and multiple inputs and outputs... Probably would cost closer to $100 a day just to send these

Personally, I stick to a different opinion

I don't think that low fees are actually as important for reaching higher prices as many people around here are inclined to think. How come? Prices are determined on exchanges, but people that are trading there rarely move their coins, and when they move them they certainly move large amounts or use cheap altcoins such as Litecoin as a transfer vehicle if they don't want to pay hefty taxes. So we may see both prices and fees rising at the same time (in Bitcoin terms as well), and that may last for long

Well fees are rising with the price and with the mining difficulty too, right? Personally, these higher fees don't bother me as much as the confirmation times and the fact that blockchain.info wallet is giving me such a low fee with 120sat/byte.

[OROBTC]

However this would present challenges for bitcoin users as the transaction fees will go to $2-3 on average for each transaction once bitcoin hits $2,000. And that's crazy. I used to send 20 transactions or even more per day for a dollar, and if i did that now that would have been $50-60 a day. Not to mention all my transactions were microtransactions with dust amounts and multiple inputs and outputs... Probably would cost closer to $100 a day just to send these

Personally, I stick to a different opinion

I don't think that low fees are actually as important for reaching higher prices as many people around here are inclined to think. How come? Prices are determined on exchanges, but people that are trading there rarely move their coins, and when they move them they certainly move large amounts or use cheap altcoins such as Litecoin as a transfer vehicle if they don't want to pay hefty taxes. So we may see both prices and fees rising at the same time (in Bitcoin terms as well), and that may last for long

It does indeed look like the days of small transactions with Bitcoin are coming to an end.  But, I still think that high fees and long confirmation times are very bad for Bitcoin, those will scare off potential new users.

Fees *seem* to have been rising faster than BTC price has.  So sending (or receiving, in my case Sig Campaign payments) look to be a more serious matter (longer confirmation).  We'll have to see how that goes.

I suppose I need to look at some of the "Alt Threads" to see which are commonly used, are liquid, etc.  *Sigh*  Another learning curve...

[bouren]

The geometric price? Huh? None i guess. But the reason prices go up so high is due to whales having their btc on multiple exchanges. They then buy in at same time and coordinate. We r bring pumped up. Almost no news happened in btc world to justify this price.

The only news is that soon bitcoin will be legalized in Australia. But this is not news. I am also frightened by such a rapid rise in the price of bitcoin. I hope that soon we will not see a sharp drop

My heart is pumping fast also as i am also not selling my bitcoins now and wait it to be raised above 3000$ to 4000$ by the end of the year.  Lets hope bitcoin prices are stable and not being because of any bubble etc.

It is not that difficult to ascertain whether btc rises because of certain reason or it is mere bubble. Depending on present situation, I must say btc rising due to wider adoption in countries like Japan. So we can conclude these prices are not temporary and will be increasing in coming months.

[raven7886]

The geometric price? Huh? None i guess. But the reason prices go up so high is due to whales having their btc on multiple exchanges. They then buy in at same time and coordinate. We r bring pumped up. Almost no news happened in btc world to justify this price.

The only news is that soon bitcoin will be legalized in Australia. But this is not news. I am also frightened by such a rapid rise in the price of bitcoin. I hope that soon we will not see a sharp drop

There is nothing to be afraid of high bitcoin price. This is not 2013 where the price go up high and then dump fast. From the 3rd quarter of 2016 the bitcoin price is moving rapidly towards an upward trend and the only reason for this I see, is the real demand of bitcoin in the society.

When bitcoin is making new all time high prices, due to media coverage definitely it will attract more number of new investors hence demand may support skyrocketing prices for bitcoins in coming months.

[deisik]

However this would present challenges for bitcoin users as the transaction fees will go to $2-3 on average for each transaction once bitcoin hits $2,000. And that's crazy. I used to send 20 transactions or even more per day for a dollar, and if i did that now that would have been $50-60 a day. Not to mention all my transactions were microtransactions with dust amounts and multiple inputs and outputs... Probably would cost closer to $100 a day just to send these

Personally, I stick to a different opinion

I don't think that low fees are actually as important for reaching higher prices as many people around here are inclined to think. How come? Prices are determined on exchanges, but people that are trading there rarely move their coins, and when they move them they certainly move large amounts or use cheap altcoins such as Litecoin as a transfer vehicle if they don't want to pay hefty taxes. So we may see both prices and fees rising at the same time (in Bitcoin terms as well), and that may last for long

It does indeed look like the days of small transactions with Bitcoin are coming to an end.  But, I still think that high fees and long confirmation times are very bad for Bitcoin, those will scare off potential new users

High fees are part of the package

And thus they cannot be ridden of unless the whole package gets tackled. I refer to Bitcoin mining which has become a real roadblock to further Bitcoin development and adoption. Regarding altcoins, you may look no further than Litecoin. I've been using it myself for some time already as a vehicle for transferring value between exchanges instead of Bitcoin, and it has really fast confirmations (compared to Bitcoin times) and very low fees at that (somewhere on the margin of a few hundredths of a cent). And what surprised me most, Litecoin volatility is way lower than that of Bitcoin

[Baofeng]

The geometric price? Huh? None i guess. But the reason prices go up so high is due to whales having their btc on multiple exchanges. They then buy in at same time and coordinate. We r bring pumped up. Almost no news happened in btc world to justify this price.

The only news is that soon bitcoin will be legalized in Australia. But this is not news. I am also frightened by such a rapid rise in the price of bitcoin. I hope that soon we will not see a sharp drop

My heart is pumping fast also as i am also not selling my bitcoins now and wait it to be raised above 3000$ to 4000$ by the end of the year.  Lets hope bitcoin prices are stable and not being because of any bubble etc.

It is not that difficult to ascertain whether btc rises because of certain reason or it is mere bubble. Depending on present situation, I must say btc rising due to wider adoption in countries like Japan. So we can conclude these prices are not temporary and will be increasing in coming months.

Japan really push the price of bitcoin to go even more. And yes, it is not a bubble. The price has risen slowly are compare to the bubble of 2013. The general public has indeed invested on bitcoin recently that's why the price is going up to the roof. Australia is coming as well on July 1. So I think the price is really sustainable for the long term.

[Barbut]

The geometric price? Huh? None i guess. But the reason prices go up so high is due to whales having their btc on multiple exchanges. They then buy in at same time and coordinate. We r bring pumped up. Almost no news happened in btc world to justify this price.

The only news is that soon bitcoin will be legalized in Australia. But this is not news. I am also frightened by such a rapid rise in the price of bitcoin. I hope that soon we will not see a sharp drop

My heart is pumping fast also as i am also not selling my bitcoins now and wait it to be raised above 3000$ to 4000$ by the end of the year.  Lets hope bitcoin prices are stable and not being because of any bubble etc.

It is not that difficult to ascertain whether btc rises because of certain reason or it is mere bubble. Depending on present situation, I must say btc rising due to wider adoption in countries like Japan. So we can conclude these prices are not temporary and will be increasing in coming months.

Japan really push the price of bitcoin to go even more. And yes, it is not a bubble. The price has risen slowly are compare to the bubble of 2013. The general public has indeed invested on bitcoin recently that's why the price is going up to the roof. Australia is coming as well on July 1. So I think the price is really sustainable for the long term.

I also was confused with term "geometrical price movement" and I searched in google to see what that means, well absolutely nothing, I couldn`t find nothing similar to that either. Bitcoin price rising not just cause of whales, people are joining, countries are making space for digital currency and they are slowly adopting the blockchain. We are talking for years about this, and things are happening for bitcoin and other currencies. Japan or Australia or who knows who is pushing the price, we will see where will price be in couple months and was this just a pump or natural grow.

[Sled]

Bitcoin is moving to $2000 today. What is the impact of this geometrical price movement to the world financial system? Let us discuss.

Bitcoin will have a world financial impact if they are using bitcoin or even adopting it because if they don't accept bitcoin or even invest some amount of money in it then they will not benefit for the pump price of bitcoin that is ranging more than $2,000 now. Bitcoin is a good investment and the people who only get the benefits are the investors.

[Cherylstar86]

Bitcoin is moving to $2000 today. What is the impact of this geometrical price movement to the world financial system? Let us discuss.

Bitcoin will have a world financial impact if they are using bitcoin or even adopting it because if they don't accept bitcoin or even invest some amount of money in it then they will not benefit for the pump price of bitcoin that is ranging more than $2,000 now. Bitcoin is a good investment and the people who only get the benefits are the investors.

Yeah we can appreciate the good benefits of $2000 current price updates in the market. However it's a great opportunity for those who holds bitcoin for several months, and it's their exact time now to sell their bitcoin and exchange for fiat cash money; then use it for personal spendings. Maybe because of this certain situation of btc price, the world might became educated with digital currency so that it will make currency a better future of the world's economy.

[deisik]

The geometric price? Huh? None i guess. But the reason prices go up so high is due to whales having their btc on multiple exchanges. They then buy in at same time and coordinate. We r bring pumped up. Almost no news happened in btc world to justify this price.

The only news is that soon bitcoin will be legalized in Australia. But this is not news. I am also frightened by such a rapid rise in the price of bitcoin. I hope that soon we will not see a sharp drop

My heart is pumping fast also as i am also not selling my bitcoins now and wait it to be raised above 3000$ to 4000$ by the end of the year.  Lets hope bitcoin prices are stable and not being because of any bubble etc.

It is not that difficult to ascertain whether btc rises because of certain reason or it is mere bubble. Depending on present situation, I must say btc rising due to wider adoption in countries like Japan. So we can conclude these prices are not temporary and will be increasing in coming months.

Japan really push the price of bitcoin to go even more. And yes, it is not a bubble. The price has risen slowly are compare to the bubble of 2013. The general public has indeed invested on bitcoin recently that's why the price is going up to the roof. Australia is coming as well on July 1. So I think the price is really sustainable for the long term.

I also was confused with term "geometrical price movement" and I searched in google to see what that means, well absolutely nothing, I couldn`t find nothing similar to that either. Bitcoin price rising not just cause of whales, people are joining, countries are making space for digital currency and they are slowly adopting the blockchain. We are talking for years about this, and things are happening for bitcoin and other currencies. Japan or Australia or who knows who is pushing the price, we will see where will price be in couple months and was this just a pump or natural grow

Somehow it was clear what that poster meant, at least, to me

Obviously, he referred to either exponential growth or growth in geometric progression (he may also meant both in such a fun composite way). Anyway, I agree that the current price rise is more about ordinary (and hopefully, new) people converting their fiat savings into bitcoins. It is almost always the case recently, while the whales seem to be more active when the question is about crashing the price since in the situation of an overall bullish sentiment it may require plenty (read insane amount) of bitcoins to drive the price down (let alone crash it)

[pearlmen]

Bitcoin is moving to $2000 today. What is the impact of this geometrical price movement to the world financial system? Let us discuss.

I guess its time we start talking about moving beyond that price level because as at today, we are already above the $2000 and hopefully it will be kept at that but at the same time we should not be unmindful of the challenges it brings which is the unconfirmed transactions that I got my own portion of yesterday when I make some and till today unconfirmed that I am even lost as to how to go about it.

[ocid]

With rising bitcoin prices at the moment may have a purpose behind it all, As do so many other krypto rivalries that invite many investors to plunge into this digital currency.
I think with such a price increase is so good that bitcoin is able to compete with global currencies.