Bitcoin is so costly. Why would that be?

[janaka29]

Bitcoin is so costly on the off chance that it will be changed over to my nation's money it will cost hundred of thousands. Why bitcoin worth that much even its lone a digital money would someone be able to give me a thought.

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[Quartx]

Among the many millions of threads we already have here, and the other million articles that would have been written from someone in your country if one bitcoin can be converted to "hundred of thousands in your currency".

Have you ever thought of using the search terms "What is bitcoin?", or "Why is bitcoin rising?"

The thought I am going to give you is one does not simply not use google for simple questions like this.

[lagista]

currently bitcoin places itself as one of the most expensive coins in cryptocurrency. bitcoin can be like that because of the high demand and supply of bitcoin is very high and unstoppable again.
bitcoin will continue to be one of the most expensive and strongest coins in the world of cryptocurrency until the next few years.

[kaya11]

Bitcoin is so costly on the off chance that it will be changed over to my nation's money it will cost hundred of thousands. Why bitcoin worth that much even its lone a digital money would someone be able to give me a thought.

You might read some articles regarding Bitcoins growth dramatically, there are some famous authors that may clarify and might give you some thoughts about why bitcoin's price is so high. Actually it was not that high on it's early days. I's was only cents at that time but we didn't knew it's price will blast like an eruption and even 1 Bitcoin is hard enough for us to buy.

[FooliNgNooBs]

Bitcoin is so costly on the off chance that it will be changed over to my nation's money it will cost hundred of thousands. Why bitcoin worth that much even its lone a digital money would someone be able to give me a thought.

Bitcoin price is based by the users, bitcoin mined and the ones available for purchase on the market.
Probably the high amount of people holding also means that price will increase.

[iamTom123]

Bitcoin is so costly on the off chance that it will be changed over to my nation's money it will cost hundred of thousands. Why bitcoin worth that much even its lone a digital money would someone be able to give me a thought.

I am sure you are still new with Bitcoin and cryptocurrency for that matter based on your very newbie type of a question. Well, welcome to the Bitcoin party and I am hoping that, just like many of us here, would also find your luck and fortune with the help of Bitcoin and other coins available in the open market.  There is no question, Bitcoin right now has become of the most expensive thing to buy or get into. In its almost 10 years of existence, Bitcoin has shown how something digital in nature can grow by leaps and bounds due to many converging factors. Bitcoin is representing a new revolution in finance and because of its limited supply and the great demand the value skyrocketed to new heights many times. Right now, it is poised to reach $15,000 without blinking the eyes (though there can always be corrections too). Despite the great opposition from many governments and many leaders from the finance and banking sectors, Bitcoin has been accelerating for the past few weeks and this can be attributed for the coming Bitcoin futures contracts to be opening soon to the investing public. As one of the newbies myself last year, I am advising you to never give up on Bitcoin as it has has very lucrative and bright future ahead of itself.

[timerland]

Bitcoin is so costly on the off chance that it will be changed over to my nation's money it will cost hundred of thousands. Why bitcoin worth that much even its lone a digital money would someone be able to give me a thought.

Bitcoin is divisible. Just because one bitcoin is worth tens of thousands doesn't mean that you cannot pay for a cup of coffee or anything like that. You are still able to do day to day transactions without any problem,s it's just that you'll be dealing with decimal points.

Right now, the pump is generated by the fact that bitcoin is now a household name.

Simple economical theory, the more demand by more people, the higher the price will be for an asset. And with bitcoin on the verge of becoming mainstream, it's no surprise that its price is going up by the week.

[omorfi]

Bitcoin price continue to rise due to high demand. I sold my btc 11k usd. But i wish i could keep on waiting.  Now i feel like that i made a big mistake. I want to buy it back in the first correction.

[TERA2]

Its a runaway bull rally now involving every speculator in the world.

[thecodebear]

Bitcoin price continue to rise due to high demand. I sold my btc 11k usd. But i wish i could keep on waiting.  Now i feel like that i made a big mistake. I want to buy it back in the first correction.

You did make a big mistake! Sorry to hear that. I can't imagine why anyone would sell at these prices unless you bought in years ago and are already rich now and living off your bitcoin profits. We're still very early in the big rise. I plan on selling a little bit between $50k and $100k. And the rest I will slowly sell once it has passed $100k. The next dip I bet will only at most go down to $11k or $12k. I'd say just pick it back up right now, maybe leaving a little money in case the next dip does go back under $12k. But if you pick up now you only lose out on $2000 of price. In the long term thats not much at all.

[TERA2]

I highly advise against the poster above. Its up 1200% in a matter of months in a full tilt bubble phase and speculating on scalping another tiny 50% or so rise is folly. Right now everyone in the world who doesnt havea clue what bitcoin is, is in just to ride the upwards momentum train. Were talking an all you can eat weak hands buffet. It would be much better to wait a couple months and get 3 times more coins than if you bought back now.

[sukamasoto]

Because we are live in digital era , let's take a look , everything can be more faster if they purchase something in digital way for example : Credit Cards.
With bitcoin, they make a revolution for transaction and by seeing bitcoin value reach $ 11.000++ it means that a lot of people interest on this technology !

Just keep hold it if you have a chance to purchase bitcoin !

[thecodebear]

Bitcoin is so costly on the off chance that it will be changed over to my nation's money it will cost hundred of thousands. Why bitcoin worth that much even its lone a digital money would someone be able to give me a thought.

The price is purely based on supply and demand. Price is rapidly increasing because supply is capped and only a little bit of supply is added each day, meanwhile demand surges rapidly. As long as more people buy than sell the price will go up. And yes in the next few years you should expect a Bitcoin to cost hundreds of thousands of dollars.


If you're asking why it is in demand. Well then you can research that. But basically the reasons are:

1. it allows people to securely store their money without a bank (plus obviously get much better interest than the 0.1% annual interest or whatever you get from a bank savings account) that you yourself control rather than the bank and through them the government being in control of your money. It basically is a replacement for the entire banking industry.

2. it offers borderless payments so that you can send any amount of money to anyone in the world quickly and cheaply and securely without involving banks and governments and the associated fees and long processing times. It basically is a replacement for the entire wire transfers/sending money industry and will be a replacement or at least competitor to credit card companies.

3. since supply is capped it acts as a store of value and a hedge against uncertain economic times just like Gold. It basically is a replacement for gold for the tech age.


Each of these 3 key features are HUGE and by themselves are worthy of a price far far higher than the current price. When you put all three together, well, that's why you have some people talking about future $1 million Bitcoin.

[thecodebear]

I highly advise against the poster above. Its up 1200% in a matter of months in a full tilt bubble phase and speculating on scalping another tiny 50% or so rise is folly. Right now everyone in the world who doesnt havea clue what bitcoin is, is in just to ride the upwards momentum train. Were talking an all you can eat weak hands buffet. It would be much better to wait a couple months and get 3 times more coins than if you bought back now.

If you wait a few months you're gonna get half the coins! People have been saying exactly what you're saying all year, and guess what, every correction brings in new investors. Now we've got Wall St on the brink of getting in next year. This ain't a full tilt bubble, this is the early phase of the RISE. 3 times the coins means it would go back to $4000 hahaha god don't try to trick people prices that low are a fantasy. Hell, prices under $10k are a fantasy now, never to be seen again.

For every one of you telling people to wait until the price crashes to a tiny amount, there's a thousand people buying up everything they can at current prices and would swipe up any and all Bitcoin at even slightly discounted prices. And there's millions of more people backing them up getting ready to buy in the near future. Who do you think is gonna win that game...the millions of people coming in with new money plus the many billions of $ from Wall St, or the occasional FUD spreader like you trying to warn of incoming doom and gloom. I'm gonna side with the clear money on this one.

[jakaria005]

because the demand of bitcoin is so high and it is also organized by users. so the demand of bitcoin rising gradually. 

[hiscall]

Bitcoin is so costly on the off chance that it will be changed over to my nation's money it will cost hundred of thousands. Why bitcoin worth that much even its lone a digital money would someone be able to give me a thought.

huge or hero demand make bitcoin equals hundred of thousands of your nation's money.

very good news for old holding

[TERA2]

It doesn't matter how high it goes, even if it goes to $30k, it's going to correct to the same level somewhere between 2k and 5k. So higher price increase's don't increase the reward/risk, it decreases it. You have this backwarfs. No amount of increase is going to change my mind and make me want to go all in again. That's called chasing and ends catastrophically.

[pieppiep]

Its only because of demand going higher which is taking price to higher level and in coming years we will see even higher price of bitcoin as more and more people will start investing money in bitcoins which will contribute in taking price very high.

[ajochems]

Its only because of demand going higher which is taking price to higher level and in coming years we will see even higher price of bitcoin as more and more people will start investing money in bitcoins which will contribute in taking price very high.

The number of Investors in bitcoin is increased day by day.Actually it constantly increasing, not even a slight deviation. So this makes steady raise of the price now.Now the price is 12800$,I had thought this will happen at the end of this year .But this price achieved very easily as then expected due to increasing in Investors.

[thecodebear]

It doesn't matter how high it goes, even if it goes to $30k, it's going to correct to the same level somewhere between 2k and 5k. So higher price increase's don't increase the reward/risk, it decreases it. You have this backwarfs. No amount of increase is going to change my mind and make me want to go all in again. That's called chasing and ends catastrophically.

haha ok have fun waiting forever for that $5k bitcoin.

You're not getting that we've already been having these crashes you're waiting for. They've come and gone which is how we're at the current price and still rising. It DID crash down to under $3k. But that was back in September. That time has passed. Just like after the late 2013 run-up it didn't crash down to $60, because that was the previous one before that! It's not and never has crashed back down to the base of several boom-bust cycles ago, it crashes back down to the base of the current boom-bust cycle.

As adoption increases and Bitcoin gets bigger and bigger it pulls more and more people in quicker and quicker. It's called an S-curve. Automobiles, TV, computers, internet, and every other mass adopted technology as followed the same type of S-curve. Adoption speeds up dramatically once the network effect gets to a certain point and just starts running away with itself. The crash you're looking for happened in June/July, again in September, again in early November, again in late November.

You're just living in a Bitcoin past from years ago before the network effect got very big. Come join us in 2017. Current price is just a stepping stone, as is $30k and so on.

You are right that it doesn't matter how high it goes it will crash back. But you haven't realized that its been doing that this whole time! We're not on the $2k-$5k base level anymore, that was months ago. It keeps rising with every one of these crashes that you predict but fail to notice each time.

[TERA2]

We havent had a single crash up here - only frothiness.

[alisafidel58]

The only reason is see fit to why bitcoin now is costly more than fiat is because more and more companies have been investing in bitcoin and its not just a normal company but big ones like CME.
Bitcoin has limited supply on its ecosystem compared to US dollar alone, with the limitation the value will be more costly as years go by.

[TERA2]

We're now in FOMO. My relatives are coming to me like 'OMG OMG OMG OMG IT KEEPS GOING UP. I have to get in now I'm going to miss out people are saying its going to 40k. I cant get all my money on an exchange,  pleasssee would you sell me your coins'