Why Bitcoin cannot drop in price

[NathanJB]

The price of bitcoin is dropping as we speak. That means bitcoin can drop in price. That's a basic crypto thing, up and down the curve, price fluctuations. But as the number 1 spot, that will hardly be taken by some other crypto. Bitcoin is the pioneer of everything there is cryptocurrency. The rest are following its footsteps. The foundation is pretty much established by bitcoin that is why crypto people believe in bitcoin as the most stable among the rest.

[fokilpt]

And remain the No. 1 cryptocurrency at that

If we are to cut the crap and face the facts, Bitcoin is at the top of cryptocurrencies simply because it has managed to attract the biggest amount of fiat (dollars, euro, etc) compared to other currencies (note that this has nothing to do with the so-called "market cap"). And it did so because it has been outpacing most other coins in terms of generating profits in the long term (while generating less losses when it didn't fare quite well, say in 2014-2015), apart from being the first mover, of course. Some coins have recently been (or had been in the past) more profitable than Bitcoin but they all lacked consistency, i.e. the capability of generating profits over long enough time frames. Conversely, if Bitcoin starts generating losses and that wouldn't be temporary while some other currency shows more profitability over the same time span, people will start losing interest in Bitcoin as a speculative asset and turn toward that currency. The inference is that if you want to make Bitcoin die a painful and miserable death, you should, first, make its prices at least stagnant, and, second, pour enough cash into some other coin (more or less decent in terms of technology behind it, say, Litecoin) while (and this is the most important point here) keeping this growth for a certain period of time until the process turns self-sustainable and self-reinforcing

That might not make a lot of sense in the past when Bitcoin was strong (since that would be outright prohibitively expensive), but things may change if, for example, Bitcoin fails to scale successfully. In fact, it may happen even without external and deliberate influence but just because of Bitcoin price declining for a sufficient amount of time on its own. And this is the point I want to discuss

It is dropping though. I think after this error or whatever they had; Bitcoin is going to drop little by little until it stabilizes again. I lost $5 today just by keeping bitcoin in my blockchain wallet heh.

[deisik]

Bitcoin is not and cannot be digital gold [...] If Bitcoin is not transacted (traded, used as a means of payment, etc), it will lose any value and significance since the value that it has follows from its specific use, not from its qualities directly.

Exactly that's what I wanted to say with my post.

My conclusion: If Bitcoiners want to maintain Bitcoin's leadership, they MUST care about the ecosystem of "Bitcoin as a currency" and encourage real-world usage. They must also care about scaling, because the ecosystem growth will be "capped" in a state that is probably much too small for a serious payment network, if we keep with a transaction capacity of less than, let's say, 100 tx/sec.

Otherwise, Bitcoin will fail  - or be a niche currency/play money forever, with occasional speculative bubbles.

All what generic bitcoiners mostly care for are profits

Heck, even miners care only for profits. They are not there to change the world. It is developers that are actually to do something that wouldn't be directly aimed at making more profits. But that doesn't mean that what they might be up to should necessarily be good for Bitcoin (profits just may not be their top priority, or not a priority at all). That said, we are in a sort of stalemate, since the majority are there for short term profits (read they are afraid of changes) but without consensus it is impossible to push through the required changes. Does it mean that Bitcoin is set to fail and fall eventually? Not necessarily in the next few months but maybe in a year or two (given the competition raising its head)

[Amph]

Bitcoin is at the top of cryptocurrencies simply because it has managed to attract the biggest amount of fiat (dollars, euro, etc) compared to other currencies.

no not at all.
bitcoin is on top because it is the most secure and the most decentralized cryptocurrency. it has the best developers team which kept the code good and powerful and it is the most reviewed code out there.
then it attracted a lot of real usage as a currency by lots of merchants.
then it attracted a lot of fiat no the other way around

I think the real usage of Bitcoin as a means of payment is inconsequential at best

Since most of Bitcoin value comes via speculation (i.e. "those who see bitcoin as a "cash cow" to milk for more money"). You personally may not not quite like it (I certainly understand your pains), but your dislike can't change anything in this department. That's why I said that we should cut the crap and face the facts in the first place. Apart from that, I can't possibly agree that Bitcoin is "the most secure and the most decentralized cryptocurrency" out there. If you disagree with this, namely, that Bitcoin today cannot be considered as safe and decentralized, then "there is no point even arguing with you". In fact, by "some other coin" I meant Litecoin as the most likely candidate to take Bitcoin's place if the latter fails to scale up properly (I changed my post to reflect that)

this might be true in the past but with japan adoption, there is a real usage now for bitcoin, much more than before

and it was make bitcoin different than other pure speculative currency, all the other currency don't have merchants support, they are there just for pump and dump at the moment

[freedomno1]

I'm of the view that more than one can co-exist and were at a stage where Cryptocurrencies as an asset class is just touching 100 Billion dollars so even if we account for price drops and price shifts we still need to see signifcant scale and growth for the class of cryptos before we start seeing Bitcoin stagnate and kill itself due to better competitors. That doesn't mean that some other currencies will not surpass Bitcoins marketcap in theory and lead to more speculation on them, but for now the wave is rising for all the boats in the harbor and the general trend is up.
http://coinmarketcap.com/

(Also historically with miners there were sites that compared the yields of mining a certain altcoin vs the return to Bitcoin so those have been around for ages but Bitcoin miners still mine BTC lol)
https://whattomine.com/asic
https://www.coinwarz.com/cryptocurrency

(Looks at Dash/ETC/ETH/LTC) on Coinwarz

[anylic]

everything now are dependent on a notice from BTC core. If the BTC is parsed, the price of the BTC will fluctuate greatly. More likely the price of BTC will collapse so powerful and when that investors will pay attention to the altcoin

[deisik]

I think the real usage of Bitcoin as a means of payment is inconsequential at best

Since most of Bitcoin value comes via speculation (i.e. "those who see bitcoin as a "cash cow" to milk for more money"). You personally may not not quite like it (I certainly understand your pains), but your dislike can't change anything in this department. That's why I said that we should cut the crap and face the facts in the first place. Apart from that, I can't possibly agree that Bitcoin is "the most secure and the most decentralized cryptocurrency" out there. If you disagree with this, namely, that Bitcoin today cannot be considered as safe and decentralized, then "there is no point even arguing with you". In fact, by "some other coin" I meant Litecoin as the most likely candidate to take Bitcoin's place if the latter fails to scale up properly (I changed my post to reflect that)

this might be true in the past but with japan adoption, there is a real usage now for bitcoin, much more than before

and it was make bitcoin different than other pure speculative currency, all the other currency don't have merchants support, they are there just for pump and dump at the moment

I don't think we could claim that in earnest

This "adoption" seems to be as misleading as the market cap that likely fooled more people than this forum has members. As to me, it could be counted toward real adoption if the merchants, instead of converting the bitcoins they receive as payment for their goods to fiat (or even before that), started paying wages with them. In other words, if somewhere down the line these bitcoins still end up being exchanged for fiat, this cannot be considered as genuine adoption (as I have already explained earlier in the thread), just like the so-called market cap can't reveal real money flows in the market (which is what ultimately counts)

[zulkarnaen]

The price of bitcoin is dropping as we speak. That means bitcoin can drop in price. That's a basic crypto thing, up and down the curve, price fluctuations. But as the number 1 spot, that will hardly be taken by some other crypto. Bitcoin is the pioneer of everything there is cryptocurrency. The rest are following its footsteps. The foundation is pretty much established by bitcoin that is why crypto people believe in bitcoin as the most stable among the rest.

Currently bitcoin is the highest coin among coins in crypto market, but bitcoin has a fluctuating price and sometimes it is difficult for us to analyze price movements. And bitcoin is the latest innovation and successful digital currency pioneer and has many users in various countries.

[Sniper150]

The high level of demand for bitcoin may not last forever. Why invest money in something than you don't use and that has no capitalization. If you will not develop trade with bitcoin we may be witnessing the collapse of bitcoin.

Yes , because it depends upon the supply and demand. The lower the price, the higher its demand, the higher the price the lower its demand. For short it is inversely proportional to each other. It's better when the price was high, convert it into fiat money so that when its price fell again there is a big possibility to increase your savings in your wallet. Just keep an eye on its price for you to be updated.

[Mike Mayor]

So many strong opinions and some so bias and silly. Also people posting walls of text.

Simple version.

Bitcoin = Payment method. Fast. secure. Safe. Trustless. No bank involvement my money is mine.

Paper notes = Stone age money. Same as printing things out and using s fax machine. Stone age. We like in the digital times so save s tree and stop using paper. Also bank deposit and eft and PayPal are all horrible and overly complicated and have horrible fees many hidden people who say bitcoin fees are high clearly have no experience using banking.

Is Bitcoin the best/leader ? = Who cares ? It's crypto and you pay with it. Use what gains you most profit at the time.

Conclusion = Bitcoin is not going anywhere anytime soon. If it does then we going backwards and may as well start trading in live stock again.

[DentalFx]

And remain the No. 1 cryptocurrency at that

If we are to cut the crap and face the facts, Bitcoin is at the top of cryptocurrencies simply because it has managed to attract the biggest amount of fiat (dollars, euro, etc) compared to other currencies (note that this has nothing to do with the so-called "market cap"). And it did so because it has been outpacing most other coins in terms of generating profits in the long term (while generating less losses when it didn't fare quite well, say in 2014-2015), apart from being the first mover, of course. Some coins have recently been (or had been in the past) more profitable than Bitcoin but they all lacked consistency, i.e. the capability of generating profits over long enough time frames. Conversely, if Bitcoin starts generating losses and that wouldn't be temporary while some other currency shows more profitability over the same time span, people will start losing interest in Bitcoin as a speculative asset and turn toward that currency. The inference is that if you want to make Bitcoin die a painful and miserable death, you should, first, make its prices at least stagnant, and, second, pour enough cash into some other coin (more or less decent in terms of technology behind it, say, Litecoin) while (and this is the most important point here) keeping this growth for a certain period of time until the process turns self-sustainable and self-reinforcing

That might not make a lot of sense in the past when Bitcoin was strong (since that would be outright prohibitively expensive), but things may change if, for example, Bitcoin fails to scale successfully. In fact, it may happen even without external and deliberate influence but just because of Bitcoin price declining for a sufficient amount of time on its own. And this is the point I want to discuss

what goes up must come down 

[MancyZz]

in my opinion bitcoin can drop in lastyear or in august . because bitcoin very high price every 4 years

[Sarah08]

And remain the No. 1 cryptocurrency at that

If we are to cut the crap and face the facts, Bitcoin is at the top of cryptocurrencies simply because it has managed to attract the biggest amount of fiat (dollars, euro, etc) compared to other currencies (note that this has nothing to do with the so-called "market cap"). And it did so because it has been outpacing most other coins in terms of generating profits in the long term (while generating less losses when it didn't fare quite well, say in 2014-2015), apart from being the first mover, of course. Some coins have recently been (or had been in the past) more profitable than Bitcoin but they all lacked consistency, i.e. the capability of generating profits over long enough time frames. Conversely, if Bitcoin starts generating loses and that wouldn't be temporary while some other currency shows more profitability over the same time span, people will start losing interest in Bitcoin as a speculative asset and turn toward that currency. The inference is that if you want to make Bitcoin die a painful and miserable death, you should, first, make its prices at least stagnant, and, second, pour enough cash into some other coin (more or less decent in terms of technology behind it, say, Litecoin) while (and this is the most important point here) keeping this growth for a certain period of time until the process turns self-sustainable and self-reinforcing

That might not make a lot of sense in the past when Bitcoin was strong (since that would be outright prohibitively expensive), but things may change if, for example, Bitcoin fails to scale successfully. In fact, it may happen even without external and deliberate influence but just because of Bitcoin price declining for a sufficient amount of time on its own. And this is the point I want to discuss

100% agree with op and let's hope that bitcoins price do not fall. I also feel that bitcoin has by far been the most successful crypto currency, in between they were screaming for ethereum and then came the fall, people are far more comfortable with Bitcoin than any other coins, and with so many Asian countries adoptiong and leading the way any thing is possible, we yet don't know what will August 1st bring except we can be just pray for the best and let's hope it rises only.

It is really hard to unnoticed the things like this because you can see your investment in cryptocurrency is going down in a high speed and not just  little bit or a normal going down in price but a lot its hard to predict if its just a normal thing or maybe bitcoin reach its limit .

[Zemangat]

I think why bitcoin does not go down and always up from year to year. Maybe people are already familiar with bitcoin and buy bitcoin with a large amount. They use bitcoins to save and invest. The more people buy bitcoin the higher the bitcoin price. And it makes us fortune to invest bitcoin. I remember once I bought 1 btc for 1000 $ and now btc reach 3000 $ .. from there I feel if I invest bitcoin now .. 5 years to come will surely increase the price

[steampunkz]

Bitcoin is now so popular the price of it will not drop because of many users are supporting and using it. Because of its high price many investors are  attractive  to it going to invest there money. Because bitcoin now is the future!

[mdripon]

And remain the No. 1 cryptocurrency at that

If we are to cut the crap and face the facts, Bitcoin is at the top of cryptocurrencies simply because it has managed to attract the biggest amount of fiat (dollars, euro, etc) compared to other currencies (note that this has nothing to do with the so-called "market cap"). And it did so because it has been outpacing most other coins in terms of generating profits in the long term (while generating less losses when it didn't fare quite well, say in 2014-2015), apart from being the first mover, of course. Some coins have recently been (or had been in the past) more profitable than Bitcoin but they all lacked consistency, i.e. the capability of generating profits over long enough time frames. Conversely, if Bitcoin starts generating losses and that wouldn't be temporary while some other currency shows more profitability over the same time span, people will start losing interest in Bitcoin as a speculative asset and turn toward that currency. The inference is that if you want to make Bitcoin die a painful and miserable death, you should, first, make its prices at least stagnant, and, second, pour enough cash into some other coin (more or less decent in terms of technology behind it, say, Litecoin) while (and this is the most important point here) keeping this growth for a certain period of time until the process turns self-sustainable and self-reinforcing

That might not make a lot of sense in the past when Bitcoin was strong (since that would be outright prohibitively expensive), but things may change if, for example, Bitcoin fails to scale successfully. In fact, it may happen even without external and deliberate influence but just because of Bitcoin price declining for a sufficient amount of time on its own. And this is the point I want to discuss

In long term, obviously  good suport economic so cannot drop in Bitcoin price.

[amar32]

Its been droping and coming up always there is no specific reason

[Gaff]

And remain the No. 1 cryptocurrency at that

If we are to cut the crap and face the facts, Bitcoin is at the top of cryptocurrencies simply because it has managed to attract the biggest amount of fiat (dollars, euro, etc) compared to other currencies (note that this has nothing to do with the so-called "market cap"). And it did so because it has been outpacing most other coins in terms of generating profits in the long term (while generating less losses when it didn't fare quite well, say in 2014-2015), apart from being the first mover, of course. Some coins have recently been (or had been in the past) more profitable than Bitcoin but they all lacked consistency, i.e. the capability of generating profits over long enough time frames. Conversely, if Bitcoin starts generating losses and that wouldn't be temporary while some other currency shows more profitability over the same time span, people will start losing interest in Bitcoin as a speculative asset and turn toward that currency. The inference is that if you want to make Bitcoin die a painful and miserable death, you should, first, make its prices at least stagnant, and, second, pour enough cash into some other coin (more or less decent in terms of technology behind it, say, Litecoin) while (and this is the most important point here) keeping this growth for a certain period of time until the process turns self-sustainable and self-reinforcing

That might not make a lot of sense in the past when Bitcoin was strong (since that would be outright prohibitively expensive), but things may change if, for example, Bitcoin fails to scale successfully. In fact, it may happen even without external and deliberate influence but just because of Bitcoin price declining for a sufficient amount of time on its own. And this is the point I want to discuss

In long term, obviously  good suport economic so cannot drop in Bitcoin price.

Absolutely. Bitcoin has variations to engaged in the economy. The rate of bitcoin may be in a lower point but it rises as soon as the economic growth develops. It's like supply and demand case wherein the product rises when there is scarcity but in the world of bitcoin, money is traded in different ways whether goods, investments,and the like. At the end, the price won't drop for people hold to what bitcoin stands. As a result, bitcoin could increase higher and bigger to reach.

[EthBooks]

->The main advantages of Bitcoin are network effect and proven security. Both are nearly insurmountable advantages.

->Bitcoin has a large lead as a store of value over every altcoin in having existed 8 years without failure.

->Bitcoin is more accessible, with more exchanges, more merchants, more software and more hardware that support it. Bitcoin is far more liquid, with much larger volumes than every altcoin.

[Rizky Aditya]

Bitcoin is now so popular the price of it will not drop because of many users are supporting and using it. Because of its high price many investors are  attractive  to it going to invest there money. Because bitcoin now is the future!

  bitcoin users are increasing day by day and I think it will increase bitcoin value instead of dropping it down so it could not be the reason of its decreased value ever. Now bitcoin is more popular than before so we cannot say anything about bitcoin because it’s unpredictable for its price.