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Author Topic: What do you think about bitcoins primary value?  (Read 152 times)
vibingpositively
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May 22, 2018, 10:36:39 PM
 #21

Hi, I am still learning about block chain and bitcoin. Some of peoples are saying that bitcoins primary value comes from it's "censorship resistance" and some of them are argued it's primary value proposition comes from as a fact that bitcoin is peer-to-peer electronic cash system.I am some what in a confusion and I want to know what you guys are thinking? Smiley

I don't believe that bitcoin's value comes from a single source, but a multitude of reasons.

But if you want the primary reason, then I believe that its value is derives from its ability to serve as money. It's immutable, and not manipulable by governments, and thus, people have a demand for bitcoin as money.

It's similar to how gold has value, because it was the best thing available as a decentralized form of money many centuries ago.

Decentralization, and a strict cap on the supply of coins is where bitcoin's value comes from. If bitcoin was centralized, then I doubt it'll have any value at all, simply because it can't fulfill any purpose.

Totally agree, and this is why I am concerned with the movement of so called hodlers and a believe growing in our community, that the currency-like usecase of Bitcoin is irrelevant. Also, I  watch spikes in transaction fee level (whenever the Bitcoin price becomes volatile) with concern and I don't like when this and that and the next merchants drops bitcoin from accepted payment methods.
When it comes to new technologies there is also a bump in the road. If everybody began using it as intended the network would look a lot different 9 years into it. We need more time for these infant markets to mature, more investors to enter, and the price to rise. After all those have happened, people will spend freely. I don't think we will see this in the next year or two, but after 2020 I fully expect Bitcoin to be an everyday currency in which we buy our groceries, gas, and clothes with.

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May 22, 2018, 10:45:51 PM
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Bitcoin is like any other commodity that has its value tied to the demand and supply of it. The demand factors and supply factors determine the actual value or the price bitcoin ought to be.
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May 23, 2018, 07:35:39 AM
 #23

Hi, I am still learning about block chain and bitcoin. Some of peoples are saying that bitcoins primary value comes from it's "censorship resistance" and some of them are argued it's primary value proposition comes from as a fact that bitcoin is peer-to-peer electronic cash system.I am some what in a confusion and I want to know what you guys are thinking? Smiley

I don't believe that bitcoin's value comes from a single source, but a multitude of reasons.

But if you want the primary reason, then I believe that its value is derives from its ability to serve as money. It's immutable, and not manipulable by governments, and thus, people have a demand for bitcoin as money.

It's similar to how gold has value, because it was the best thing available as a decentralized form of money many centuries ago.

Decentralization, and a strict cap on the supply of coins is where bitcoin's value comes from. If bitcoin was centralized, then I doubt it'll have any value at all, simply because it can't fulfill any purpose.

Totally agree, and this is why I am concerned with the movement of so called hodlers and a believe growing in our community, that the currency-like usecase of Bitcoin is irrelevant. Also, I  watch spikes in transaction fee level (whenever the Bitcoin price becomes volatile) with concern and I don't like when this and that and the next merchants drops bitcoin from accepted payment methods.
When it comes to new technologies there is also a bump in the road. If everybody began using it as intended the network would look a lot different 9 years into it. We need more time for these infant markets to mature, more investors to enter, and the price to rise. After all those have happened, people will spend freely. I don't think we will see this in the next year or two, but after 2020 I fully expect Bitcoin to be an everyday currency in which we buy our groceries, gas, and clothes with.

I also think bitcoin will be an everyday currency in coming years. But i doubted weather it will comes before 2020 if following rumors are true

1) Nasdaq going to launch their own crypto exchange where people can exchange fiat currency into cryptocurrencies. They will be mostly focusing
    on adding BTC,LTC,BCH,ETH. So fresh money will be entering into crypto market.

2) NYSE(New York Stock Exchange) also will be developing a trading platform where investors can BUY, HODL and SELL bitcoins (NYSE having a
    market cap of around 21 Trilloion USD)

3) Goldman Sachs also planning to start a trading platform where bitcoin can be traded against fiat currency(USD). Goldman Sachs is the fifth-
     largest bank in the US by total assets worth 916 Billion USD

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May 23, 2018, 07:51:49 AM
 #24

What is clear is that the bitcoin utu is generated / influenced by Supply and Demand bitcoin on the market

Any market whether physical or digital market will surely be influenced by the economic laws of supply and demand.
When more demand than supply then, the price will Rise
When the supply is more than the demand then, the price will Decrease
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May 23, 2018, 08:36:51 AM
 #25

Bitcoins primary value is its decentralization factor which means no third party such as banks that acts as intermediaries that has cost to operate and complete the transactions.
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May 23, 2018, 09:09:33 AM
 #26

Hi, I am still learning about block chain and bitcoin. Some of peoples are saying that bitcoins primary value comes from it's "censorship resistance" and some of them are argued it's primary value proposition comes from as a fact that bitcoin is peer-to-peer electronic cash system.I am some what in a confusion and I want to know what you guys are thinking? Smiley

I don't believe that bitcoin's value comes from a single source, but a multitude of reasons.

But if you want the primary reason, then I believe that its value is derives from its ability to serve as money. It's immutable, and not manipulable by governments, and thus, people have a demand for bitcoin as money.

It's similar to how gold has value, because it was the best thing available as a decentralized form of money many centuries ago.

Decentralization, and a strict cap on the supply of coins is where bitcoin's value comes from. If bitcoin was centralized, then I doubt it'll have any value at all, simply because it can't fulfill any purpose.

I agree with this explanation, especially with the comment about Bitcoin's value coming from a multitude of reasons, because there are many features of Bitcoin that attract people to invest in it.
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May 23, 2018, 09:42:30 AM
 #27

I think bitcoin primary value is someday decrease or increase
Example:may 15k
                 June18k                 
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May 23, 2018, 11:30:54 AM
 #28

Hi, I am still learning about block chain and bitcoin. Some of peoples are saying that bitcoins primary value comes from it's "censorship resistance" and some of them are argued it's primary value proposition comes from as a fact that bitcoin is peer-to-peer electronic cash system.I am some what in a confusion and I want to know what you guys are thinking? Smiley
I don't think that's the primary value of bitcoin, as important as bitcon shows itself in the present, and how it develops in the market of cryptocurrencies and all is not bad.

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May 23, 2018, 02:55:26 PM
 #29

I think bitcoin primary value is someday decrease or increase
             
Do you expect anything else will be happening to bitcoins primary value rather than decreasing and increasing Smiley. Since 2008 bitcoin has faced several crashes and depreciation in value, but it always found a way to recover by any means. That's BITCOIN dude.

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May 23, 2018, 03:17:56 PM
 #30

I see primary value of Bitcoin and cryptocurrency in general as a regulating economy system that been built by society, not a government.
vphasitha01
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May 23, 2018, 06:40:34 PM
 #31

By making changes it doesn't affect the value but it could encourage a lot of people who used to hate the currency back then because of how unusable it was several months ago. When Bitcoin Cash was released Bitcoin was expected to go down but it went the other way around. There's a couple of solutions for this like having a Segwit address and Lightning Network for now not a lot of people use them but in the future it'll be a huge help for all of us once the network becomes busy.

Really nice explanation with the answers for my another clouded area ( what are the solutions Bitcoin can get in order to compete with other alternative networks when network becomes busy?). Now I got cleared some of the doubted areas where I should searched like segwit address , lightning network etc..Now I feeled what actually this kind of a forum can do for enhancing other people's knowledge. Sharing knowledge, it's like cutting a diamond which shines everytime when it cuts and polished.Thanks again Smiley

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May 23, 2018, 07:14:24 PM
 #32

I think bitcoin primary value is someday decrease or increase
             
Do you expect anything else will be happening to bitcoins primary value rather than decreasing and increasing Smiley. Since 2008 bitcoin has faced several crashes and depreciation in value, but it always found a way to recover by any means. That's BITCOIN dude.
As at now, the value of Bitcoin is depreciating and most people are selling like crazy but it’s not going to be the end of bitcoins at all. It’s going to eventually rebound.



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May 24, 2018, 08:36:25 AM
 #33

I believe that the main value of Bitcoin comes from mutual trust and there are no other parameters for it. However, the actual price is determined on the basis of various aspects and is largely influenced by demand and supply in the market. There are several factors that influence supply and demand and it makes the market fickle, on the other hand, its value goes up or down gradually, unlike the price. In fact, bitcoin is not worth today. There are already many newer and more advanced decentralized technologies and coins, which are much better than their ancestors. But it turns out that bitcoin determines the whole cryptocurrency market as a whole located in the first place in capitalization. Unfortunately, bitcoin is now like before gold for fiat currencies. Bitcoin defines the entire market today.
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May 24, 2018, 03:54:26 PM
 #34

The ones, who were created by a few codes and clicks are not "currencies" at all, as they are called tokens or assets.

Bitcoin's primary value is being a community currency. Being unowned, decentralized and offering everyone to be their own banks is something we can't dismiss...

Agreed, nowdays anyone can create a token with few codes( sometimes we don't want to know anything about coding and just pay few dollars to some freelancer and can create a token) You can even find YouTube vedios also how to create a token in few minutes with few bucks.But those are not not currencies as you mentioned. Bitcoin is the father of all the altcoins.

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