⛔️⛔️⛔️ Is The Current Price Of Bitcoin Practical? ⛔️⛔️⛔️

[ShortCoins]

Theres 7.5 billion people in the world. That number will grow. There's only 21 million BTC. Sure it can be broken down to infinite numbers of decimal points and yada yada but with 17 million already mined and accounted for, is it reasonable to expect the 7.425 billion people who haven't adopted bitcoin yet to accept the current inflation of the coin??

$2 per coin in 2012
$16000 per coin in 2017


That's 8000% increase based on what exactly? Theres mining costs of course. But is that a storage of value? Or a loss of value? Think about what is really happening as coins are mined. Fiat currency is exchanged for equipment to create digital currency. The digital currency is then sold for fiat currency. The equipment expires and the digital currency becomes, theoretically, more and more difficult as well as expensive to create. Bitcoin is destroying value rather than creating value.

Approximately 1% of the world has adopted bitcoin. This has artificially skyrocketed prices to an unsustainable rate of 8000% in 5 years. If the 7.425 billion people who still use fiat currency agree to use bitcoin, there's no way they will agree to deflate their own purchasing power by 8000%. I think the current price of bitcoin is impractical for mainstream adoption.

I think a niche group (first 1% of population) who see the vision and the future of crypto have artificially driven this price up so high that it isn't likely the remaining population of the world will buy into it (at the current levels). Sure crypto could be the future of our money system. But the current prices do not seem realistic if we are trying to get the entire world in on it. I don't think crypto needs universal adoption to be successful, but it certainly needs more users and use in general than it has now. As it stands now, bitcoin and altcoins are more of an investment tool and less of an actual currency.


Do you think the current price of bitcoin is practical?

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[ShortCoins]

Is the price practical? Why or why not

[Realist247]

The majority of those that own BTC live in the 3rd world.  The current price makes it impractical to the point that it might as well be impossible for them to actually spend it since the fees and transaction times are obscene.  It's like I posted in much greater detail in another thread...if BTC has any chance of survival, it must be made practical to the masses in 3rd world nations that believe in it with religious conviction.  Most of the posters on this forum should be proof enough of that statement.  If the poor are ignored in this case, BTC is already dead...it's just an AIDS patient receiving daily blood transfusions and large amounts of dopamine and forgets its reality completely due to the euphoric high that never ends...until  the end.

[GeePeeU]

What is "Practical" anymore, anyway?

[Realist247]

What is "Practical" anymore, anyway?

For those living paycheck to paycheck, cash is still king since it isn't around long enough (no savings) to be affected by inflation.

[Laland]

I think it is but im sure that the 1% of those investors are just rich businessmen wanting to earn more. It's hard to imagine people in low classes would take time to that investment. The price is growing up not because of the more users are going in to it but the more income you get the more upgrade you will do to your mining system. Any users you are not mining might not be even considered in 1% because they are a product of a mined bitcoin or altcoin.

[MkGregor]

The majority of those that own BTC live in the 3rd world.  The current price makes it impractical to the point that it might as well be impossible for them to actually spend it since the fees and transaction times are obscene.  It's like I posted in much greater detail in another thread...if BTC has any chance of survival, it must be made practical to the masses in 3rd world nations that believe in it with religious conviction.  Most of the posters on this forum should be proof enough of that statement.  If the poor are ignored in this case, BTC is already dead...it's just an AIDS patient receiving daily blood transfusions and large amounts of dopamine and forgets its reality completely due to the euphoric high that never ends...until  the end.

Why do you believe that the majority of Bitcoin holders are from 3rd world countries?

[Realist247]

The majority of those that own BTC live in the 3rd world.  The current price makes it impractical to the point that it might as well be impossible for them to actually spend it since the fees and transaction times are obscene.  It's like I posted in much greater detail in another thread...if BTC has any chance of survival, it must be made practical to the masses in 3rd world nations that believe in it with religious conviction.  Most of the posters on this forum should be proof enough of that statement.  If the poor are ignored in this case, BTC is already dead...it's just an AIDS patient receiving daily blood transfusions and large amounts of dopamine and forgets its reality completely due to the euphoric high that never ends...until  the end.

Why do you believe that the majority of Bitcoin holders are from 3rd world countries?

These forums should be evidence enough of that.  Most people posting here don't own even 0.2 BTC...not even close.

That plus the majority of the human population lives under 3rd world standards.  Extrapolate from there.

[darklus123]

I can somewhat agree to your way of thinking
I am more comfortable if the price did not went up to $5000. I think that it was more pratical for any type of business having that price. Unlike now in which we can't even pay a box of pizza using bitcoin without paying the fee more than the price of our pizza

[MkGregor]

The majority of those that own BTC live in the 3rd world.  The current price makes it impractical to the point that it might as well be impossible for them to actually spend it since the fees and transaction times are obscene.  It's like I posted in much greater detail in another thread...if BTC has any chance of survival, it must be made practical to the masses in 3rd world nations that believe in it with religious conviction.  Most of the posters on this forum should be proof enough of that statement.  If the poor are ignored in this case, BTC is already dead...it's just an AIDS patient receiving daily blood transfusions and large amounts of dopamine and forgets its reality completely due to the euphoric high that never ends...until  the end.

Why do you believe that the majority of Bitcoin holders are from 3rd world countries?

These forums should be evidence enough of that.  Most people posting here don't own even 0.2 BTC...not even close.

That plus the majority of the human population lives under 3rd world standards.  Extrapolate from there.

Hm... That's an interesting point. But on the otherside, who will tell you how much bitcoin they have? Even online. But actually, it would be interesting to have spome kind of demographic about Bitcoin users.

[netcashfx]

I think bitcoin price can go way further. It's designed to rise exponentially and adoption is currently growing exponentially. It's completely mad. It's free money. And it's really happening. I was against bitcoin but accepting to bought it for a lot more than it was when I first hear about it changed my mind and I am still buying when there is a dip. Actually I will now put a bit of my savings every month in it because it's so easy to convert them when you use a mobile bank such as revolut.
I have written a bit about the bitcoin price here: https://medium.com/@netcashfx/bitcoin-an-experience-of-hyperdeflation-5f7ac369b721

[Realist247]

Why do you believe that the majority of Bitcoin holders are from 3rd world countries?

Like right above...darlus123 said "box of pizza"...99% chance he or she is from the Philippines.

[Realist247]

The majority of those that own BTC live in the 3rd world.  The current price makes it impractical to the point that it might as well be impossible for them to actually spend it since the fees and transaction times are obscene.  It's like I posted in much greater detail in another thread...if BTC has any chance of survival, it must be made practical to the masses in 3rd world nations that believe in it with religious conviction.  Most of the posters on this forum should be proof enough of that statement.  If the poor are ignored in this case, BTC is already dead...it's just an AIDS patient receiving daily blood transfusions and large amounts of dopamine and forgets its reality completely due to the euphoric high that never ends...until  the end.

Why do you believe that the majority of Bitcoin holders are from 3rd world countries?

These forums should be evidence enough of that.  Most people posting here don't own even 0.2 BTC...not even close.

That plus the majority of the human population lives under 3rd world standards.  Extrapolate from there.

Hm... That's an interesting point. But on the otherside, who will tell you how much bitcoin they have? Even online. But actually, it would be interesting to have spome kind of demographic about Bitcoin users.

I know from first hand experience since I know many people that make maybe $100 per month doing bounties.  They get their entire families and villages involved.  They tell everyone they know about it.  Lots of students and stay at home parents or relatives with nothing better to do...and that is a LOT of people.

[aanbudi]

Practical here what do you mean? And for the problem of 7,425 billion people, there is no compulsion to invest and use Bitcoin / Altcoins. And as long as there is FIAT Currency, I think there is no problem even if 7 billion people do not use Bitcoin. Because basically Bitcoin is just an Alternative, of the many methods of payment and currency.

[MkGregor]

I can somewhat agree to your way of thinking
I am more comfortable if the price did not went up to $5000. I think that it was more pratical for any type of business having that price. Unlike now in which we can't even pay a box of pizza using bitcoin without paying the fee more than the price of our pizza

That's where other cryptocurrencies should come in play. Something else, what can be used as a transaction unit, rather than a value storage.

[thecodebear]

Theres 7.5 billion people in the world. That number will grow. There's only 21 million BTC. Sure it can be broken down to infinite numbers of decimal points and yada yada but with 17 million already mined and accounted for, is it reasonable to expect the 7.425 billion people who haven't adopted bitcoin yet to accept the current inflation of the coin??

$2 per coin in 2012
$15000 per coin in 2017


That's 7500% increase based on what exactly? Theres mining costs of course. But is that a storage of value? Or a loss of value? Think about what is really happening as coins are mined. Fiat currency is exchanged for equipment to create digital currency. The digital currency is then sold for fiat currency. The equipment expires and the digital currency becomes, theoretically, more and more difficult as well as expensive to create.

Approximately 1% of the world has adopted bitcoin. This has artificially skyrocketed prices to an unsustainable rate of 7500% in 5 years. If the 7.425 billion people who still use fiat currency agree to use bitcoin, there's no way they will agree to deflate their own purchasing power by 7500%. I think the current price of bitcoin is impractical for mainstream adoption.

I think a niche group (first 1% of population) who see the vision and the future of crypto have artificially driven this price up so high that it isn't likely the remaining population of the world will buy into it (at the current levels). Sure crypto could be the future of our money system. But the current prices do not seem realistic if we are trying to get the entire world in on it. I don't think crypto needs universal adoption to be successful, but it certainly needs more users and use in general than it has now. As it stands now, bitcoin and altcoins are more of an investment tool and less of an actual currency.


Do you think the current price of bitcoin is practical?

Your reasoning doesn't seem to make sense. You talk about artificially skyrocketing the price and asking what 7500% increase is based on. It's based on pure supply and demand. Nothing more nothing less. How does that make it artificial? It's impossible for it to be artificial because the price is based purely on market demand, which means the price is always exactly where it should be because there are no artificial influences that can affect it.

And how exactly are you getting the idea that buying bitcoin deflates your purchasing power? Purchasing power is deflated by inflationary currencies. Bitcoin is deflationary which means the opposite of what you are saying - as more people buy they will get more purchasing power. People will buy it at these prices and at ten times these prices precisely because unlike fiat currency, Bitcoin doesn't deflate your purchasing power, in fact it increases your purchasing power.

[Realist247]

Theres 7.5 billion people in the world. That number will grow. There's only 21 million BTC. Sure it can be broken down to infinite numbers of decimal points and yada yada but with 17 million already mined and accounted for, is it reasonable to expect the 7.425 billion people who haven't adopted bitcoin yet to accept the current inflation of the coin??

$2 per coin in 2012
$15000 per coin in 2017


That's 7500% increase based on what exactly? Theres mining costs of course. But is that a storage of value? Or a loss of value? Think about what is really happening as coins are mined. Fiat currency is exchanged for equipment to create digital currency. The digital currency is then sold for fiat currency. The equipment expires and the digital currency becomes, theoretically, more and more difficult as well as expensive to create.

Approximately 1% of the world has adopted bitcoin. This has artificially skyrocketed prices to an unsustainable rate of 7500% in 5 years. If the 7.425 billion people who still use fiat currency agree to use bitcoin, there's no way they will agree to deflate their own purchasing power by 7500%. I think the current price of bitcoin is impractical for mainstream adoption.

I think a niche group (first 1% of population) who see the vision and the future of crypto have artificially driven this price up so high that it isn't likely the remaining population of the world will buy into it (at the current levels). Sure crypto could be the future of our money system. But the current prices do not seem realistic if we are trying to get the entire world in on it. I don't think crypto needs universal adoption to be successful, but it certainly needs more users and use in general than it has now. As it stands now, bitcoin and altcoins are more of an investment tool and less of an actual currency.


Do you think the current price of bitcoin is practical?

Your reasoning doesn't seem to make sense. You talk about artificially skyrocketing the price and asking what 7500% increase is based on. It's based on pure supply and demand. Nothing more nothing less. How does that make it artificial? It's impossible for it to be artificial because the price is based purely on market demand, which means the price is always exactly where it should be because there are no artificial influences that can affect it.

And how exactly are you getting the idea that buying bitcoin deflates your purchasing power? Purchasing power is deflated by inflationary currencies. Bitcoin is deflationary which means the opposite of what you are saying - as more people buy they will get more purchasing power. People will buy it at these prices and at ten times these prices precisely because unlike fiat currency, Bitcoin doesn't deflate your purchasing power, in fact it increases your purchasing power.

I think the OP is speaking in market terms here.  The word "artificial" is referring to how there are little or no underlying fundamental reasons why the price has increased so fast.  There is little or no news that drives prices...and what little news that may or may not drive prices...people only speculate or correlate the volatility that may or may not follow it.  It's like Jamie Dimon condemning BTC and the price goes down...but then the grand poobah of Vanguard (much more influential and credible) does the same and the result is ATH.  So the news probably isn't the driver here.  Also what drives the price is greed and the same things that drove crazes in the past.  These are considered "artificial" motivators by markets since they are unpredictable.

As far as reduced purchasing power it's all about fees, transaction times, and places where BTC is accepted.  The fees alone make purchases impractical for most users...so they just HODL and cling to hope of a miracle in the future.  If no one is spending their coins, that is a net decrease in economic purchasing power with respect to volume and the amount of tangible goods trading hands.

[Zekemporium]

Theres 7.5 billion people in the world. That number will grow. There's only 21 million BTC. Sure it can be broken down to infinite numbers of decimal points and yada yada but with 17 million already mined and accounted for, is it reasonable to expect the 7.425 billion people who haven't adopted bitcoin yet to accept the current inflation of the coin??

$2 per coin in 2012
$15000 per coin in 2017


That's 7500% increase based on what exactly? Theres mining costs of course. But is that a storage of value? Or a loss of value? Think about what is really happening as coins are mined. Fiat currency is exchanged for equipment to create digital currency. The digital currency is then sold for fiat currency. The equipment expires and the digital currency becomes, theoretically, more and more difficult as well as expensive to create.

Approximately 1% of the world has adopted bitcoin. This has artificially skyrocketed prices to an unsustainable rate of 7500% in 5 years. If the 7.425 billion people who still use fiat currency agree to use bitcoin, there's no way they will agree to deflate their own purchasing power by 7500%. I think the current price of bitcoin is impractical for mainstream adoption.

I think a niche group (first 1% of population) who see the vision and the future of crypto have artificially driven this price up so high that it isn't likely the remaining population of the world will buy into it (at the current levels). Sure crypto could be the future of our money system. But the current prices do not seem realistic if we are trying to get the entire world in on it. I don't think crypto needs universal adoption to be successful, but it certainly needs more users and use in general than it has now. As it stands now, bitcoin and altcoins are more of an investment tool and less of an actual currency.


Do you think the current price of bitcoin is practical?

Yes, i think price of bitcon is practical because bitcoin is first vurtual currency and many people's have curiosity about its nature future of it. So people started mining, investing and transactions of it.
Also as it is decentralised, open to all so people all over the world started investing in it, and hence price goes high and high.

[kasansa]

The majority of those that own BTC live in the 3rd world.  The current price makes it impractical to the point that it might as well be impossible for them to actually spend it since the fees and transaction times are obscene.  It's like I posted in much greater detail in another thread...if BTC has any chance of survival, it must be made practical to the masses in 3rd world nations that believe in it with religious conviction.  Most of the posters on this forum should be proof enough of that statement.  If the poor are ignored in this case, BTC is already dead...it's just an AIDS patient receiving daily blood transfusions and large amounts of dopamine and forgets its reality completely due to the euphoric high that never ends...until  the end.

Why do you believe that the majority of Bitcoin holders are from 3rd world countries?

These forums should be evidence enough of that.  Most people posting here don't own even 0.2 BTC...not even close.

That plus the majority of the human population lives under 3rd world standards.  Extrapolate from there.

Yes,most of holders are from such countries.They struggle for money and they mostly find bitcoin as a safe haven and they show much interest in holding bitcoins.For people of developed countries,bitcoin is just another additional income.For most people of 3rd world countries,its their only source of income.

[gac800]

I think there are so many other coin and technologies that have been invented because bitcoin paved the way, that if the price gets too high for it to be practical then, one of the other coins will fill the demand in that area of the market. Having said that, even if the price of Bitcoin is really high, it can still be broken down into smaller fractions for the smaller transactions.