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Author Topic: How did Bitcoin go from $0.10 to $10,000 ??  (Read 239 times)
First77
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April 12, 2018, 07:21:30 AM
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When Bitcoin was launched in 2009, you would get 1 Bitcoin for $0.10. Now 1 Bitcoin = $7,000

How did Bitcoin price go up some 50,000 times ??   Huh
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April 12, 2018, 07:34:25 AM
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When Bitcoin was launched in 2009, you would get 1 Bitcoin for $0.10. Now 1 Bitcoin = $7,000

How did Bitcoin price go up some 50,000 times ??   Huh

Bitcoin's value depends on the acceptance of the people of the cryptocurrency. If there are lots of people buying than selling their bitcoins then its price would surely go up. Hodlers played vital role in bitcoin's value. They are long term investors that are fond of holding very good amount or huge amount of bitcoins whatever it takes for they do believe in the technology behind it and they can surely profit from it long term.

The sudden dip of bitcoin is caused by some hodlers selling huge amounts of bitcoins cos of some issues regarding the regulation of bitcoin by the government. Some countries even ban bitcoin.

There's a limit of 21M bitcoins that we could mine until its impossible to acquire, this is one reason why bitcoin's value is increasing due to mining difficulty and the scarcity of the coin in the future. The law of supply and demand plays a vital role when it comes to increasing price of bitcoin that is why bitcoin is one of the best store of value just like gold.

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franky1
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April 12, 2018, 07:35:56 AM
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main cause/trigger was bitcoin being used to buy real like stuff..
first price push was due to 'bitcoin pizza'
then shadier things like silk road
then legit things via bitpays merchant tools
then coinbase adding merchant tools

..
its not about scarcity, as there are many crap coins with more scarcity
its not about function of sending funds in ~10mins, as many crapcons can do it faster
..
but now core devs hate the idea of bitcoin used as common real world product purchasing currency.
and with the tx fee drama. and drop off of merchant adoption.. bitcoin is in a lull period where investors/community are unsure of the future real life utility of bitcoin.
Quote
Gavin Andresen believes that the “average transaction fee paid will rise, people or applications unwilling or unable to pay the rising fees will stop submitting transactions, [and] people and businesses will shelve plans to use Bitcoin, stunting growth and adoption.

Bitcoin Core developer Pieter Wuille replies to Andresen’s comment above:
“Is it fair to summarize this as ‘Some use cases won’t fit any more, people will decide to no longer use the blockchain for these purposes, and the fees will adapt.’? I think that is already happening […]
Furthermore, systems that compete with Bitcoin in this space already offer orders of magnitude more capacity than we can reasonably achieve [...]
I don't know what subset of use cases Bitcoin will cater to in the long term. They have already changed - you see way less betting transactions
these days than a few years ago for example
- and they will keep changing, independent of what effective block sizes we end up with. I don’t think we should be afraid of this change or try to stop it.

yes the propangandist hyping sheep will promote LN, but the truth is LN is not consumer ready for the half million merchants and millions of customers that USED TO use bitcoin daily for real life things. and wont be ready any time soon.

so right now everyone is screaming to just hold, and treat btc as a store of value and ignore bitcoins original utility.. even though to have a value of store, btc needs a utility to give it value.. otherwise its just like facebook credits but on a distributed network

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
First77
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April 12, 2018, 07:37:27 AM
 #4

There's a limit of 21M bitcoins that we could mine until its impossible to acquire, this is one reason why bitcoin's value is increasing due to mining difficulty and the scarcity of the coin in the future. The law of supply and demand plays a vital role when it comes to increasing price of bitcoin that is why bitcoin is one of the best store of value just like gold.

Silver was $80/ounce in 1980. That is like $3000/ounce today. But now Silver is $17/ounce.

All the signs that Bitcoin is going the Silver way.
ladyinredcoins2018
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April 12, 2018, 07:43:22 AM
 #5

When Bitcoin was launched in 2009, you would get 1 Bitcoin for $0.10. Now 1 Bitcoin = $7,000

How did Bitcoin price go up some 50,000 times ??   Huh
This shows how relevant bitcoin is in our modern society. The price went up to these value nowadays simply for the reason that people can see the potential of its system and that it will surely grow. And it did! Who would have thought that from that price from 2009  it went up to 20k  last year of december?  If many people believe and invested at that early year many would have become millionares or billionaires by now. Only the people who saw and believe in bitcoin at its early conception has now enjoy the result of their faith in bitcoin.
penig
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April 12, 2018, 07:50:30 AM
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Its down to speculation, just like the price of Silver in 1980.
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April 12, 2018, 08:02:02 AM
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When Bitcoin was launched in 2009, you would get 1 Bitcoin for $0.10. Now 1 Bitcoin = $7,000

wrong
when bitcoin was first launched it had no real value. it was only some code on a computer. then that code gained value slowly as more people started using it and as it gained more usages and was exchanges with real goods as Franky1 said above it started to gain real value. and to this day this value is mainly increasing based on the real adoption that bitcoin gains as a currency and partly because of speculation.

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April 12, 2018, 08:13:41 AM
 #8

Bitcoin is the pioneer crypto. by then there was little competition. it came and filled the cryptocurrency gap which was void by then. with time more people adopted it hence high demand and short supply, the price therefore steadily rose to 10k
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April 13, 2018, 06:29:49 AM
 #9

i know hahaha other coins are so desperate
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April 13, 2018, 06:36:48 AM
 #10

they found out that bitcoin has a value thus, bitcoin is being recognized little by little
the more people will appreciate, invest and recognize bitcoin then the bitcoin will grow more
but who would have thought that bitcoin will go to such a jump? well so those people who hold bitcoins from the past years are surely millionaires right now. .

fargoway
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April 13, 2018, 06:39:53 AM
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This happens all the time in different areas. Securities can do such jump as well. You can find a lot of examples in the economics. Maybe the numbers will be a little bit different, but the idea is the same.
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April 13, 2018, 06:42:21 AM
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It's a very surprising and also very special that makes a lot of people want to invest in bitcoin, and I think this bitcoin price increase due to the bubble and the number of investors who interest in bitcoin investment.
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April 13, 2018, 06:48:14 AM
 #13

When Bitcoin was launched in 2009, you would get 1 Bitcoin for $0.10. Now 1 Bitcoin = $7,000

How did Bitcoin price go up some 50,000 times ??   Huh
I think because of this on the good platform of Bitcoins, Pay no fee and fast transaction with just one click. That is why the demands have risen and many people have made an interest in it. And another of the ones affected really is the price increase

GeorgiyBilyk
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April 13, 2018, 07:24:02 AM
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the demand grows and this prediction becomes small! on this bitcoin shows such growth! and I'm sure that the price we saw in December is not a chapel! this year, the bitcoin will beat new records! the price of bitcoins is then calm when there are worthy competitors with good capitalization!

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April 13, 2018, 07:26:34 AM
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In the same way as will go from 7.000$ to 100.000$.. Same road, not even the end will be there.
People discover the real value of bitcoin, and every day more people start to buy it.

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April 13, 2018, 08:40:04 AM
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As bitcoin supply is limited and many investors are buying bitcoins.Because bitcoin is simple, and they believe that bitcoin will become the international currency in the future.
Because they believe bitcoin is valuable
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April 13, 2018, 08:41:29 AM
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well it is hard to argue with someone whose whole post history is filled with FUD about bitcoin and only comes out whenever he loses money trying to trade bitcoin.
one must first want to be open to discussions to be discussed with.














 

 

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jaaeeeyyyy
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April 13, 2018, 09:08:48 AM
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That is how the volatility of bitcoin works as well as the fluctuation of the market, this is the representation of 100% volatility rate of bitcoin where it can go to 0-100 or 100-0 with a short time span. Obviously, it can also because of massive demand from market (demand and supply) which can boost the price of bitcoin or the whales are creating a big wave to the market.

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April 13, 2018, 09:17:46 AM
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Bitcoin was not much popular until 2012.  It was after that when people started taking interest in it. It became globally accepted since it was decentralized. People then started to use it for illegal things which caused its price to skyrocket and then the big players started to invest in it. They started trading BTC and that is how the big players hold the much portion of BTC. Over the years BTC became more and more popular and it's price started to grow. During the beginning of last year it was around $2k and then it spiked up to $19k and then dumped back. The correction is over now and BTC must rise again now.














 

 

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First77
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April 13, 2018, 09:39:51 AM
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well it is hard to argue with someone whose whole post history is filled with FUD about bitcoin and only comes out whenever he loses money trying to trade bitcoin. one must first want to be open to discussions to be discussed with.

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