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Author Topic: Bitcoin is useless so why high price?  (Read 4588 times)
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January 25, 2018, 09:50:39 PM
 #121

Bitcoin is useless because of his price and long transactions, but the same time I think it's useful for big transactions, that you can't realise in banks.
Why so big? I think because of pumping and speculative activity, there are no more reasons.

Well, although there is a lot of speculation regarding bitcoin, I think that bitcoin is not that overpriced. It is kind of useless right now for small transactions, but as you pointed out, it might be a good solution for big ones. It also has the potencial to grow a lot more, if it's scalability problems get solved, so I would say that bitcoin is already pricing the potencial it has once those problems are solved. So although it's still speculation, since small fees and fast transactions are not a reality yet, it's price is a way of people supporting it, and claiming their faith in it's future development. It's normal to invest in startups for it's potencial, and I guess that is what is happening with bitcoin right now.
The price of Bitcoin comes only second to the technology that Bitcoin has. A lot of people that saw the history of Bitcoin can understand that.

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January 25, 2018, 09:56:05 PM
 #122

1. Bitcoin is the coin that is listed on basically every exchange, indicating its exposure is the highest among all coins. 2. The number of bitcoin holders is larger than that of other coins. The result is that there are more shillers that are dedicated to shill bitcoin. 3. Lightning network and other off chain scaling solutions are incoming, creating a hype that Bitcoin will be the dominant currency of the world.

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January 25, 2018, 10:15:57 PM
 #123

Bitcoin will be detronized by some altcoin but it will take a couple of years for that to happen. Most people out of crypto who heard about bitcoin do not know any other coin. It takes time another crypto will be introduced to wide public.
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January 25, 2018, 10:28:04 PM
 #124

1. Bitcoin is the coin that is listed on basically every exchange, indicating its exposure is the highest among all coins. 2. The number of bitcoin holders is larger than that of other coins. The result is that there are more shillers that are dedicated to shill bitcoin. 3. Lightning network and other off chain scaling solutions are incoming, creating a hype that Bitcoin will be the dominant currency of the world.
I think that all the excitement around Bitcoin is artificial, which led to an increase in demand for coins. The result we saw And it's a maximum of 20,000 dollars for one Bitcoin. But for today the senseless coin starts to lose in the price and many investors can not keep their heads in their hands. Your explanation for me did not work and I do not understand the value of Bitcoin in fact, compared to the same etherium or other altcoin.
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January 25, 2018, 10:28:24 PM
 #125

Right now that is indeed the problem, however since bitcoins are really flexible and a the whole community sees the problem perhaps another push for segwit2x would occur and that it would likely unite the whole community this time around. As the transactions has not really improved after just the initial segwit upgrade, I think the upgrade to a segwit2x would be a much needed one. Well this will result to another debate over the upgrades all around the community but I do hope we reach a consensus before it is too late that everyone wants to get out of BTC.
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January 25, 2018, 10:38:02 PM
 #126

Yes bitcoin has a high transaction fee but its not useless if you have any tokens and bitcoin if you convert it its has a same price. just like your salary in signiture camapaign convert it into another token or to bitcoin it has the same value. and before other currency bitcoin is first no bitcoin no tokens.
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January 25, 2018, 10:39:09 PM
 #127

Bitcoin is very slow transaction and fee is rediculus then why people bother buying it or considering it. I have £130 of bitcoin and I want to move it and it is asking for £28 network fee. Why should people bother having it. I can't wait to get rid of it when the fee is low.

Bitcoin fees is really high, but I don't agree that this is useless because I believe in the future of every cryptocurrency and bitcoin is one of them. If you really think bitcoin is nothing then stop holding on it. Bitcoin will be better in 2018 and people who sold it on panic will surely buy back.

OP already states that he/she will not hold BTC, and doesn't show any sign of panic.

My answer to OP's question: Although BTC has very high transaction fees, has diverged from its 'decentralized' philosophy thanks to greedy ASIC farms, and has no real-world features like of ETH's, it is still Bitcoin, the pioneer of all cryptocurrencies.
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January 25, 2018, 10:42:52 PM
 #128

Bitcoin is very slow transaction and fee is rediculus then why people bother buying it or considering it. I have £130 of bitcoin and I want to move it and it is asking for £28 network fee. Why should people bother having it. I can't wait to get rid of it when the fee is low.

This is new problem in bitcoin blockchain.
Regarding high price, bitcoin has high price before this problem appear. And alsi because bitcoin is the most famous one so thats why people demand bitcoin and it makes bitcoin goes in high price.
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January 25, 2018, 10:48:43 PM
 #129

There will always be value when there's limited supply and high demand. Simple econ
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January 25, 2018, 11:03:45 PM
 #130

Bitcoin is very slow transaction and fee is rediculus then why people bother buying it or considering it. I have £130 of bitcoin and I want to move it and it is asking for £28 network fee. Why should people bother having it. I can't wait to get rid of it when the fee is low.

In my opinion, the high fee doesn't make bitcoin useless. Of course the amount of the fee which you said is really high, but I think bitcoin has the biggest popularity and the highest price in the cryptocurrency world.
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January 25, 2018, 11:06:34 PM
 #131

In my perspective the biggest rallies for Bitcoin are of the past. Last year we experienced again another crazy run, but when you're a small investor (like me), trading with less than $5000 I don't think it makes much sense to invest in Bitcoin anymore. Could it be profitable? Maybe, if you're seeking for a 3-4x gain this year. I still think this would be possible, but I would say this would be a year of the alt coins. Bitcoin lost a lot of ground if you're comparing the dominance of BTC now with a half year ago.
There are more and more promising ICO's with real potential (still only around 20% tops maybe) and a lot of the excisting coins/tokens on the market also have more potential to rise in price than BTC. Ofcourse we had a few months before the end of the year, where there was practicly no bad news whatsoever, which made all the coins rise exponentionally. Now the market is being shadowed by FUD in all kinds of forms and coming from all around the world. But, in the end, cryptocurrencies will stand ground. We HODL through all the nonsense and will likely rise, like we always will.
For now, every altcoin out there will still need Bitcoin. When BTC crashes, the market crashes with it. But it won't take long before this will change, I believe. And perhaps real privacy coins will be the best solution with all the regulations and SEC coming our way, who knows! We can only speculate and try to wrap our minds around it at this point.

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January 25, 2018, 11:07:12 PM
 #132

Bitcoin is useless in the same way gold is useless..it's not.

You don't use gold for everyday purposes.

you dont move gold around daily.

You hold gold for years until you need it.

Bitcoin also dominates the entire market. All pricing is based off Bitcoin. It's extremely useful and if it goes down, everything goes with it.
choubao0514
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January 25, 2018, 11:20:57 PM
 #133

Bitcoin is useless in the same way gold is useless..it's not.

You don't use gold for everyday purposes.

you dont move gold around daily.

You hold gold for years until you need it.

Bitcoin also dominates the entire market. All pricing is based off Bitcoin. It's extremely useful and if it goes down, everything goes with it.

Yes. btc is very similar to gold, you can not eat it or use it to buy something directly, but it is worthy, right? So that is the definition of currency, you should know that.

redhack
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January 25, 2018, 11:29:57 PM
 #134

Because Bitcoin is not useless but you are? Scalability problem will be over next few months. Meanwhile we are using Bitcoin as store of value. It's not a good way to send money for low amounts. If you won't send more than 10k USD at least, don't go for Bitcoin, just use a cheaper and faster altcoin.
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January 25, 2018, 11:42:40 PM
 #135

Nowadays the only reason to buy Bitcoin is a speculative one - nobody is USING Bitcoins. Too many people trying to speculate with Bitcoin produces a rise in the price. But beware: what goes up can also go down...

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January 26, 2018, 01:11:27 AM
 #136

bitcoin is the first to be created and because of its success altcoins emerge. and the main reason for altcoins to emerge was to improve Bitcoin’s flaws and to somewhat, try to compete with bitcoin by innovating and developing new features as to improve and surpass bitcoin limitations. so without bitcoin altcoins could be nothing.
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January 26, 2018, 01:17:20 AM
 #137

Do you will forget your father if something bad happen to him? same thing happend to bitcoin because he the father of cryptocurrency no matter how bad he is no matter what he do he still your father.

yeah..., sure you currently use an IBM computer


I've seen things you people wouldn't believe. I have seen tips of thousands of Dogecoins. All those moments will be lost in time, like tears in rain.
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January 26, 2018, 04:42:09 AM
 #138

I've been converting it to DOGE to send it between exchanges. 120000sats to withdraw from cryptopia or 3DOGE (180sats).
Good strategy but converting bitcoin to doge might have some charges even I think it’s worth. I was converting ethereum from exchanges while sending to other exchanges. But for me no option while sending to local exchanges only option pay high bitcoin transaction fees.
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January 26, 2018, 04:43:41 AM
 #139

Bitcoin is useless in the same way gold is useless..it's not.

You don't use gold for everyday purposes.

you dont move gold around daily.

You hold gold for years until you need it.

Bitcoin also dominates the entire market. All pricing is based off Bitcoin. It's extremely useful and if it goes down, everything goes with it.

Yes. btc is very similar to gold, you can not eat it or use it to buy something directly, but it is worthy, right? So that is the definition of currency, you should know that.

It's no longer a currency. You should know that.
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January 26, 2018, 04:52:56 AM
 #140

Bitcoin is very slow transaction and fee is rediculus then why people bother buying it or considering it. I have £130 of bitcoin and I want to move it and it is asking for £28 network fee. Why should people bother having it. I can't wait to get rid of it when the fee is low.


Bitcoin might be useless for now due to the obsolete of their technology, however we cant deny the fact that Bitcoin was the head of all the current and coming up coins. They tap on the technology of bitcoin to improve on either technology or other area that can be improved on..  Which is just like the computer technology we are using daily which was evolve from windows 97 last time.....
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