gunhell16
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Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars.
Rather, Bitcoin appears to have value for the following reasons: It is popular.
In short, people accept and trade in Bitcoin because other people accept and trade in Bitcoin.
popularity is not an issue but an addition to it. Bitcoin price depends on the supply and demand. bitcoin price is base on the people, the price they bid and ask. bitcoin will get more price as the supply will not grow more than 21million pieces. |
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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GeckoTrader (OP)
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February 21, 2018, 11:34:49 AM |
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I would argue that part of the value of Bitcoin lies in the fact that it can be used to transfer large amounts of money, with relatively low fees.
It's still a lot faster than traditional banking and I'm absolutely positive that there are many people who use Bitcoin just for that.
In
Also don't discount its utility as a payment method for online payments. It provides a great alternative for credit cards, which some people have no access to.
I beg to disagree what you said that bitcoin has low fees in transfering money. I tried to transfer $100 worth to my other account the the fee is so high. For that one hundred dollars they charge me about 14 dollars which I can say that it is very expensive. |
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Georgi99
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February 21, 2018, 08:39:31 PM |
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Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars.
Rather, Bitcoin appears to have value for the following reasons: It is popular.
In short, people accept and trade in Bitcoin because other people accept and trade in Bitcoin.
this issue can be addressed in different ways. First, I agree with you, bitcoin is really nothing physical, just a code, and is not a payment system, which is sad, but it is hardly possible because of its instability: it grows, it falls. But on the other hand, we extract the physical from the non-physical or even imaginary, that is, we profit from the same Bitcoin by investments, the growth of which goes into our pocket, when selling their shares! Therefore, I believe that as long as there is a demand for cryptocurrency and the market, people are increasingly interested in this opportunity and prospects, there will be a good profit for Bitcoin holders! In the market everything is bought and sold for Bitcoin, so what to do with Bitcoin, the decision is yours! |
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godsavethebitcoin
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February 21, 2018, 08:53:58 PM |
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Let's say that I create another form of money, I call it Braincoin. You can use money with your brain. The only thing you need to do is to think at what you want to buy and say the price. So you go to a coffee shop that accepts your Braincoin, you just think of your coffee and say "three Braincoins". Very simple, who wouldn't use this form of payment?
Does it have a value? Looking at how you phrased your question, it doesn't, because it's not a commodity and it is not accepted as legal tender like dollars.
From my point of view, it has an immense value, because this revolutionize the whole concept of money and payments. It is clearly better than fiat money.
This is why Bitcoin has value.
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onnz423
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February 21, 2018, 09:59:35 PM |
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Why does gold or the dollar have any value? Because every agrees it has value, that is all it takes. The same goes with digital currencies like Paypal and Skrill, they have value because everyone agrees they have value. Bitcoin has value because it has utility, that utility is both being a store of value, and a medium for the exchange of value.
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Teodiff
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February 21, 2018, 10:10:59 PM |
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What is the difference between an decent apple on the tree that nobody wants and expensive apple on the Tokyo market? Some things have their purpose and gain value because of that. And some things are valued because we give them value.
In simple terms Ferrari Berlineta when was new had a price of 300k today you can find unused ones for 900k ( producing stopped in 2017). Yes it is maybe one of the last aspirated w12 Ferrari in the world and maybe there is his value. Is it better than a new model, no, but why he got that value now? Well we gave him that value, because it's becoming increasingly rare as time passes.
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Dexion
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February 21, 2018, 10:21:53 PM |
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yes, bitcoin has a very high value and can survive until today. bitcoin has a lot of experience when compared to other altcoins.
but that makes bitcoin has value, is a lot of the public who believes in bitcoin, so spreading and bitcoin volume is increasing and high. and it makes the bitcoin value higher.
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nhanhzam
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February 21, 2018, 10:35:57 PM |
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As long as there are supply and demands, things will always have value.
Why do you thing paper money have any value? It is just paper, you can not eat it. Bitcoin is just the same.
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Aztek
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February 21, 2018, 10:58:20 PM |
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Bitcoin is a decentralized cryptocurrency, it's a digital currency it has a value because it's release as a currency like other centralized fiat currency. it have a own usages like other products. gold is a physical commodity if you accept then it's have a value other then it's valueless commodity bitcoin also follow this rule accept and valuable.
That is actually true, bitcoin is also a form of currency which indicates a decentralized system that does have a value in the form of cryptocurrency. Bitcoin is also decentralized in the sense that no sector of the government manipulate it. Maybe in some point we think Bitcoin does not have value yet it does have value that is dependent on the movement of its stock on the market. |
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GeckoTrader (OP)
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February 22, 2018, 05:12:55 AM |
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yes, bitcoin has a very high value and can survive until today. bitcoin has a lot of experience when compared to other altcoins.
but that makes bitcoin has value, is a lot of the public who believes in bitcoin, so spreading and bitcoin volume is increasing and high. and it makes the bitcoin value higher.
They told me that bitcoin has limited supply only at about 21 million. How come you told me that bitcoin volume is increasing and high? So that means bitcoin total supply is increasing? |
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GeckoTrader (OP)
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February 22, 2018, 05:19:43 AM |
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The value of Bitcoin is derived from the way people want it at the moment, including other factors like the economy.
What you said is confusing to me. You said that the value of bitcoin is derived from the way people want it at the moment. So if that is the case why does the price of bitcoin going low and decreasing? Why not just breaking the all time high everytime? |
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amzad
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February 22, 2018, 05:45:49 AM |
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Bitcoin is a new technology with unique features - it is an irreversible interpretation that transfers these amounts and savings. It's free from censorship and other attacks. It also has the power to confiscate authority (directly or indirectly through inflation). At the beginning (year 2009) Bitcoin had no value, but the above lists became attractive to the people because they did not want mine and offered the first deal for the dollar. So, the first standard was established as such. Then, this was made stronger - more people saw that Bitcoin could be sold - and that Bitcoin applied unique feats to conserve / move / keeping value.
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CryptoMoonDevil
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February 22, 2018, 05:49:39 AM |
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Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars.
Rather, Bitcoin appears to have value for the following reasons: It is popular.
In short, people accept and trade in Bitcoin because other people accept and trade in Bitcoin.
because its "Popular"? no. not so. bitcoin isn't that popular. USD is popular. the GBP is popular. the CYN is popular. Bitcoin has value because of its store of value. it is a social value NOT linked to anything (not even popularity) Satoshi Nakamoto purposely created bitcoin to be this way. otherwise it would ebb and flow as would the value of whatever it was linked to. Hence miners solve complicated monotonous algorithms that do NOTHING for mankind. it just burns energy, thus giving Bitcoin its own value independent of all other variables. |
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Fundamentals Of
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February 22, 2018, 05:57:41 AM |
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Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars.
Rather, Bitcoin appears to have value for the following reasons: It is popular.
In short, people accept and trade in Bitcoin because other people accept and trade in Bitcoin.
I don't agree with your view. And I don't agree making this thread a moderated one as well. Bitcoin is popular, that is true. And a lot of people are joining the Bitcoin community because it is already gaining so wide popularity all over the world. But before it became popular, Bitcoin was a lonely invention which started very anonymously. But it has a good use. It is an alternative form of payment to people who prefer to avoid the role of banks in their every transaction. And from there, Bitcoin is gaining the trust of the people. |
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Rrotess
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February 22, 2018, 08:31:24 AM |
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Rather, Bitcoin appears to have value for the following reasons: It is popular.
that is just your opinion. anything has value for its utilities. Gold has value not because it is physical but because it has usages. same as anything else. bitcoin is a decentralized currency and that is its usage and what's giving it value. Exactly. Call it speculative but in the future, btc price will go up because of ita transactional use. Its very similar to fiat form of money,where we seem to be making a simple thing like paper the most important asset we have. Yes it is true that bitcoin value price in the future even now was grows up and make an income to all of us here.We recognized the possibility that bitcoin is our main source to make our life full of gracies and happiness. |
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hubble_kind
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February 22, 2018, 08:47:33 AM |
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Because it is still valuable. I think because bitcoin becomes the first cryptocurrency technology. It was responsible for other cryptocurrency markets besides bitcoin also rose in popularity.
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Direwolve735
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February 22, 2018, 08:56:18 AM |
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I think bitcoin is very valuable because of this many people change their life they can earn money in easy way
I don`t think that`s the reason.Bitcoin has not really changed the lives of many people. I believe there is no rational way to help determine the real value of bitcoins. Bitcoins are valuable as collectibles. Their reliability as "custodians of value" depends on the number of people that use them. The more people believe in the seriousness of Bitcoin, the more confidence people will have in this payment system. |
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Harrisonimo
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February 22, 2018, 09:05:03 AM |
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Basically, in summary, it is demand and supply that makes bitcoin gets its price values. The other main reason is its use as base currency in purchasing most of the altcoins and also the easiest coin in converting to our fiats. This has earned bitcoin its high regard and value.
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Carlsen
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February 22, 2018, 09:09:15 AM |
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I like to compare bitcoins with patents.
A patent only allows you to do something. If many people want to have that permission, the patent is worth really a lot.
Bitcoin allows you to transfer money without banks. And that is something many people want.
Bitcoin allows you to earn because of its increase in price. That is something many people want as well.
To me there is the value of bitcoin.
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taiwww
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February 22, 2018, 09:43:53 AM |
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Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars.
Rather, Bitcoin appears to have value for the following reasons: It is popular.
In short, people accept and trade in Bitcoin because other people accept and trade in Bitcoin.
Everything has its value. As long as the recognized people are more valuable. An antique, for example, is not really useful, but it is often valuable because there are many people who approve of it. The same is true of bitcoins, which are now accepted by many people. How this one is good though you tried to express it completely but there is difference between the bitcoin and antiques. Though the comparison was upto the market conspiring the OP's question. So yeah, anything that has recognition or anything where people want to invest their own money (which is valuable ) gets the value of that much of money. For example, Lisa Painting, now what the use of that, despite the thing that it is just known for its mysterious smile and people want to have it because it is popular in the world and one of its kind! The end result is billion dollar painting. In similar ways, bitcoin is crypto currency with at least some use for us. Its getting value because the demand for the same is growing day by day and people are putting huge investment into it. That why its getting value. |
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