Bitcoin is Based on People's Faith

[iamTom123]

I was researching and reading a certain Whitepaper from a good token project and this statement really struck my thinking:

"With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value. In other words, solely the market mechanism determines the price of cryptocurrencies. At my time of writing, that faith is worth is over $2000 per Bitcoin and this doesn’t spur from the Bitcoin’s intrinsic value, but from what it allow users to do."

In this case, what will happen when that same trust from Bitcoin holders can be diminished or for heaven's sake be gone...would that be the end of Bitcoin?

This also  lead me to the question: is Bitcoin really a store of value or more of a medium where our trust is plastered on?

[mk4]

I was researching and reading a certain Whitepaper from a good token project and this statement really struck my thinking:

"With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value. In other words, solely the market mechanism determines the price of cryptocurrencies. At my time of writing, that faith is worth is over $2000 per Bitcoin and this doesn’t spur from the Bitcoin’s intrinsic value, but from what it allow users to do."

In this case, what will happen when that same trust from Bitcoin holders can be diminished or for heaven's sake be gone...would that be the end of Bitcoin?

This also  lead me to the question: is Bitcoin really a store of value or more of a medium where our trust is plastered on?

Indeed we don't have like an owner or leader, and that's what makes bitcoin great. And yes, bitcoin's future depends on the devs and miners and our faith and trust in them.

If ever the devs decided to abandon bitcoin (kinda unlikely), then yes, it would be definitely the end of bitcoin. unless some other devs decided to join in and carry on to developing bitcoin.

Bitcoin is great when talking about store value. But just like every other kind of investment, there's risk.

[Proton2233]

It is very difficult to understand on what is based the confidence in bitcoin and allowing you to have such a demand for it. But as my friend said "Not necessarily know how it works, you just need to believe in bitcoin".

[DirkMasline]

Bitcoin is Started on People's Faith, Based on Technology and Demands

[LouVandetta]

I was researching and reading a certain Whitepaper from a good token project and this statement really struck my thinking:

"With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value. In other words, solely the market mechanism determines the price of cryptocurrencies. At my time of writing, that faith is worth is over $2000 per Bitcoin and this doesn’t spur from the Bitcoin’s intrinsic value, but from what it allow users to do."

In this case, what will happen when that same trust from Bitcoin holders can be diminished or for heaven's sake be gone...would that be the end of Bitcoin?

This also  lead me to the question: is Bitcoin really a store of value or more of a medium where our trust is plastered on?

I believe that's true.

We all have faith in bitcoin that eventho the price may go down, but at a certain time it will rise up again.
And this thing keep repeating, again and again.

At some point, we might lose hope in bitcoin. And thought soon or later bitcoin will come to an end.

[leexhin]

Yeah I really think that bitcoin started with the Faith of the people using it,
And I hope that bitcoin would continue and be with us for a long time.

[ASHLIUSZ]

There is nothing to deny. The growth happened just because of the faith that people had over it. Apart from this the innovation is something that has never made an evolution in the economic sector. Here the technology itself got implemented on various sectors just because of the effective functioning. This is also the reason why people have faith on it and upcoming days no fall will happen as more users have been continuously making faith on it.

[buwaytress]

You do realise that most fiat currencies aren't actually backed by much more than people's trust in the government or the banks, right? Even the most used currency in the world used to be backed by actual, physical gold, but not any more.

If you want a recent example of what happened when those governments failed to keep their promises in backing money, read up on Greece.

[OmegaStarScream]

If the developers leave the development, others will come and since the project is open source, anyone could contribute. If miners decide to stop, that will make it less difficult for other people to mine so others will join. The only issue would be to see the bitcoin community leaving, then, you can say bitcoin will die. I don't see it happening though, It's growing, more ATMs are spreading around the world, more services are accepting it, more countries are regulating it, It can't simply crash overnight.

[goinmerry]

People believes in bitcoin because they have reason to believe.

That's why the strong foundation of bitcoin is the development of it. Once it was fully enhanced, people's faith will be more stronger as time passes by. What about those newbies who doesn't know technically about bitcoin? Their faith came from what they read as positive or others saying. And once they slowly learned what bitcoin is, then expect they will have more faith to bitcoin.

[xuan87]

Yes everything in bitcoin is based on trust and all of the investors investing in bitcoin based on trust, they believe that bitcoin will have a better value in the future that is why they invested in bitcoin, and if that trust is broken then investor will change to another coin to invest

[Juggy777]

I was researching and reading a certain Whitepaper from a good token project and this statement really struck my thinking:

"With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value. In other words, solely the market mechanism determines the price of cryptocurrencies. At my time of writing, that faith is worth is over $2000 per Bitcoin and this doesn’t spur from the Bitcoin’s intrinsic value, but from what it allow users to do."

In this case, what will happen when that same trust from Bitcoin holders can be diminished or for heaven's sake be gone...would that be the end of Bitcoin?

This also  lead me to the question: is Bitcoin really a store of value or more of a medium where our trust is plastered on?

I am bit amazed actually, you do research read papers and you don't know a simple concept of demand and supply. Bitcoin rises when it's in demand and supply is less or some major event happens, like Japan accepted it and rest is history, now it will fall if it supply exceeds demands. It is important to understand basis first, before reading papers, you can even head to the economic section you will enlighten yourself a lot.

[ladydark]

Your doubt seems very logic.Since there is no central board for bitcoin unlike world gold council for gold which controls gold price,bitcoin price directly depends upon the increase or decrease in demand for bitcoin.But,we could see japan has legalized bitcoins and following it,more companies are ready to join that rally.Also,newer companies are coming forward to accept bitcoin payments.We could easily judge that probability is more for bitcoin price increase.So no need to worry about bitcoin losing its value.

[franky1]

the part i hate most is faith
people think if they just sit and wait something miraculous will happen

bitcoin has no voice of its own.
bitcoin has no legs or arms.

i see many people cry that they cannot use it at their local store, but then say "if i wait it will happen"

people need to actually go to the store and request the store accepts it. set up bitcoin meetups with other locals and actually do things in their local area.

thinking bitcoin will code itself into the retailers system wont happen, bitcoin is not an self replicating artificial intelligence. it require people.

unlike other crap coins, bitcoin is better due to merchant acceptance and utility. all it needs now is people to stop waiting for miracles and to start making things happen to help grow bitcoins utility.

anyone saying bitcoin will just be a store of value are usually the people that dont want it to have any other utility or cant be bothered to help grow that utility

[deisik]

I was researching and reading a certain Whitepaper from a good token project and this statement really struck my thinking:

"With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value. In other words, solely the market mechanism determines the price of cryptocurrencies. At my time of writing, that faith is worth is over $2000 per Bitcoin and this doesn’t spur from the Bitcoin’s intrinsic value, but from what it allow users to do."

In this case, what will happen when that same trust from Bitcoin holders can be diminished or for heaven's sake be gone...would that be the end of Bitcoin?

This also  lead me to the question: is Bitcoin really a store of value or more of a medium where our trust is plastered on?

Bitcoin is not and cannot be a store of value

It is a speculative asset and highly if not to say extremely speculative at that. Such assets simply cannot be a store of value by definition. Regarding faith, it is equally applicable to fiat currencies as well. It doesn't really matter if there is a government behind a currency or just an algo limiting its issuance, it still inevitably and ultimately comes down to faith. Zimbabwean dollar had the government "backing it up", and how much did that help it? If the majority of people lose their faith in some currency, it is basically doomed, and the US dollar is no different in this regard

[Red-Apple]

you can call it faith, demand, value based on utility, {or whatever other names you like.} in the end bitcoin is not different from anything else in the world that has a value.

value of everything you can think of comes from {put that name here}. who says a Gold bar's value is not based on faith of people.
who says an apartment's value in the middle of the city is not based on people's faith.
....

people use these words to give meaning to things they can not understand. in fact bitcoin value comes from many things it is first the demand, then the utilities, the merchant adoption, the security, being an excellent store of value and a currency at the same time...

[Intersan]

There is nothing to deny. The growth happened just because of the faith that people had over it. Apart from this the innovation is something that has never made an evolution in the economic sector. Here the technology itself got implemented on various sectors just because of the effective functioning. This is also the reason why people have faith on it and upcoming days no fall will happen as more users have been continuously making faith on it.

Aside from people’s faith, the growth of bitcoin happened because more people are using it and investing in it now. Without them, those people who invested, it is impossible for the price of bitcoin to get an increased just like what recently happened. Another country invested in bitcoin which results to a sudden increased in bitcoin’s price from less than 100K to over 130K in PHP.

For me, people’s faith is not enough for bitcoin to be of more use. It will be very helpful if, aside from faith, we are going to do something to help bitcoin gain more popularity. Another is that if bitcoin become more popular, it will attract more investors and more projects are going to be implemented through the use of bitcoin and crypto currencies.

[MingLee]

I was researching and reading a certain Whitepaper from a good token project and this statement really struck my thinking:

"With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value. In other words, solely the market mechanism determines the price of cryptocurrencies. At my time of writing, that faith is worth is over $2000 per Bitcoin and this doesn’t spur from the Bitcoin’s intrinsic value, but from what it allow users to do."

In this case, what will happen when that same trust from Bitcoin holders can be diminished or for heaven's sake be gone...would that be the end of Bitcoin?

This also  lead me to the question: is Bitcoin really a store of value or more of a medium where our trust is plastered on?

Well the same things goes for fiat money, it's not like fiat is able to work without the people's faith that it will still be buying them bread or circus tickets. If people stopped believing that they would be able to pay in fiat then its value would collapse too, since the government, while saying it "can" buy stuff, wouldn't necessarily be able to enforce something like that.
But yes if the community was losing all trust and people were no longer accepting Bitcoin, which would also be shown with a drop in value, then there's a pretty high chance that Bitcoin could collapse because of it, since it relies on the community to propagate.

[Novun]

Every single thing in life is base on faith. Even basic necessities like bread. The price is based on the expectations and fears of all of us.
Bitcoin is no different, which is great. If bitcoin was different from normal investments I would be truly worried.
Just diversify and you will be fine.

[ImHash]

Cough bullsh*t cough bitcoin was from the moment it was born in to this world completely based on mining power, looks like you don't understand it well enough, bitcoin is like microwave, when it was invented people saw good use for it and started to buy for their houses.
Electricity is a great invention and now our lives depend on it, bitcoin simply is offering a decentralized currency and has the ability to act as the bank for every user, now as we can see there are many different cryptocurrencies just like there is Apple/ Samsung/ LG just different brands but the same concept.