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Author Topic: Is Bitcoin really driven by individuals?  (Read 1831 times)
Webberson
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October 04, 2018, 03:09:19 PM
 #1

Bitcoin is seen as a currency that is not regulated by any institute. It does not generate any revenue and therefore, has a zero minimal value. What then brings about its value and drives it as well?

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October 04, 2018, 03:20:16 PM
 #2

To a certain extent, most prices are driven by individuals.

If no-one wanted to pollute the planet and thus the demand for gasoline fell sharply, so would the price (until all the infrastructure was destroyed thus raising the price of obtaining gasoline by reducing the supply to near 0.


Bitcoin is more independent the traditional markets because there is usually no third party involved therefore individuals have more control over the price.


Again, with gasoline the government imposes a lot of taxes on it thus raising the minimum price.

This doesn't happen with bitcoin.
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October 04, 2018, 03:26:47 PM
 #3

The independent nature of bitcoin is the major factor driving it. I believe people are tired of government, being controlled and watch over like some nanny  Cry . They want to control themselves and don't want a third party and the politics of money.

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October 04, 2018, 03:52:49 PM
 #4

It can be driven by individuals because Bitcoin's price is based on the law of supply and demand. If many people will be using Bitcoin, it will lead to more demand and higher price. The total number of Bitcoin is limited only so if there is higher demand than the supplies, the price will soar higher.
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October 04, 2018, 04:04:15 PM
 #5

What bring about the value of bitcoin is it market capitalization because the price depends solely on the force of demand and supply once the the demand increase the market cap will increase and that result in the increase of it value in the exchange market so we as a community are the determinant factor in the value of bitcoin.

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October 04, 2018, 05:04:18 PM
 #6

This has become a rhetorical question, honestly.

Bitcoin has its value due to the demand present for it. The tech it offers alongside with the institutions surrounding it is what gave its value. Every person involved in bitcoin has their own valuation of 1BTC, and can go on to pay for so much, and sell for a definite amount of their liking. Same as fiat, the government tells us that those paper and metals have some corresponding value due to them providing something for their citizens in return while normally, a paper doesn't really amount to anything and a metal is, well, a metal. We individuals unconsciously agree to this concept thus creating some value for a rather valueless piece of object/digital data.

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October 04, 2018, 05:21:30 PM
 #7

For me I believe the number of investors that keep joining and buying it are the ones driving the price up. Through this, a lot of persons have come to have confidence in it has a currency. The believers of bitcoin and their trust in the incorruptible technology of the blockchain.  When the bitcoin value rose to as high as $20k, this was possible as a result of the much inflow of fund to the Crypto market and we saw the dominance of the bitcoin, but when investors started pulling off their fund, the value of bitcoin started dropping to this days as seen.

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October 04, 2018, 05:42:04 PM
 #8

This has become a rhetorical question, honestly.

Bitcoin has its value due to the demand present for it. The tech it offers alongside with the institutions surrounding it is what gave its value. Every person involved in bitcoin has their own valuation of 1BTC, and can go on to pay for so much, and sell for a definite amount of their liking. Same as fiat, the government tells us that those paper and metals have some corresponding value due to them providing something for their citizens in return while normally, a paper doesn't really amount to anything and a metal is, well, a metal. We individuals unconsciously agree to this concept thus creating some value for a rather valueless piece of object/digital data.

Right. Rumors spread and people tend to speculate. And the people who believe it has value are the ones who actually give it value so in a way yeah, individuals do influence btc in a big way.

 
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October 04, 2018, 05:50:51 PM
 #9

Bitcoin is seen as a currency that is not regulated by any institute. It does not generate any revenue and therefore, has a zero minimal value. What then brings about its value and drives it as well?

Cryptocurrencies are decentralised and no one can control the bitcoin or altcoins.

If the value grow or dump it is all because price manipulation attempt done by the various sides. Mostly negative and positive news does this price changes.
Next to that bulk bitcoin manipulation may occur the dump or bump mate.
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October 04, 2018, 06:05:52 PM
 #10

Large bitcoin holders can manipulate the market. They have a lot of money and they can pay the media and spread any news or stir up the hype, like it was last winter.

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October 06, 2018, 07:47:07 AM
 #11

Bitcoin is currency which is driven by the basis of supply and demand. The market will rise with the increasing number of investor. So, Bitcoin is driven by the individuals rather than any institute.
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October 06, 2018, 07:55:32 AM
 #12

Independency and decentralization are the bigest advantages of Bitcoin or at least were at the begininig.
Price is defined on the market and use and support of users, so individuals, is something that actually keeps Bitcoin alive.
Some are convinced that individuals that posses huge amount of Bitcoin are actually defining the price and driving the market but I don't think their influence is so big.

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October 06, 2018, 07:58:37 AM
 #13

Yes, I think that is possible. Individuals can directly influence the value of bitcoin if they buy bitcoin in bulk. The value of bitcoin can increase. We know that the amount of bitcoin is limited. If it is big investment. It will directly affect the value of bitcoin and create price fluctuations

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October 06, 2018, 08:14:33 AM
 #14

Sovereignty and individuality is a main characteristic of bitcoin and that made it so demanding. The price value might vary according to the market price, but the usage and exchange totally depends on the investor.
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October 06, 2018, 08:29:35 AM
 #15

Bitcoin having a value from the deep dark market it is only become valuable when being use to trade for good and other materials someone was buying by then the market increase its major value seeing every now and then bitcoin being used every minute someone purchasing it and using it for the reason why it's price surge time by time it is being broadcast to blockchain.

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October 06, 2018, 10:11:55 AM
 #16

Bitcoin is seen as a currency that is not regulated by any institute. It does not generate any revenue and therefore, has a zero minimal value. What then brings about its value and drives it as well?

A group of researchers from the American Institute of Technology Stevens found that the price of Bitcoin can increase tenfold thanks to the comments and posts of users of social networks. This assessment of experts published in the journal The Journal of Management Information Systems.

Scientists came to this conclusion, having studied the comments of users of the Bitcointalk forum for two years and posts on Twitter for the same period with mention of Bitcoin - there were 3.4 million.

Analysts divided the comments into positive and negative, and their authors into two categories: active users and the “silent majority”, people who rarely mentioned Bitcoin.

As a result, the scientists came to a rather unexpected conclusion: it turned out that the comments and posts of active users had practically no effect on the dynamics of the Bitcoin price, whereas due to the meager statements of the “silent majority” the price sometimes increased tenfold.

The head of the research explains this paradox by the fact that active users of social networks may have certain intentions, in particular, to create a “HYIP” for pumping a Bitcoin course or other cryptocurrencies in which they invested. Therefore, the words of those who write about Bitcoin rarely and, most likely, sincerely express thoughts, have much more weight and more influence on the course than obsessive statements in support of or against a particular coin.
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October 06, 2018, 10:22:42 AM
 #17

Bitcoin is seen as a currency that is not regulated by any institute. It does not generate any revenue and therefore, has a zero minimal value. What then brings about its value and drives it as well?

Same us other things that has value, bitcoin's value really depends on the supply and demand of the market. Adoption of the public to bitcoin determines its value. We know that bitcoin has a limited supply of 21M and as we are closing to those limits the difficulty of mining one will increase and its value will increase as well depends on the demand. That is why I'm very positive that bitcoin's value will really increase 2-3 years from now because of those things. Supply limit and difficulty in mining btc will really affect the value of bitcoin in the long run.
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October 06, 2018, 10:29:43 AM
 #18

Bitcoin is seen as a currency that is not regulated by any institute. It does not generate any revenue and therefore, has a zero minimal value. What then brings about its value and drives it as well?

You're wrong. It is driven by everyone in the market. And the total collection of each individual push the price of bitcoin. Imagine thousands of trader everyday buying/selling it, so its going to be a cycle so to speak.

So when there are not buyers the price goes down, but when there's a demand the price shoots out and goes to the moon.

 
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October 06, 2018, 10:44:42 AM
 #19

There are no "centralized" organization driving Bitcoin. This was tried before with the Bitcoin foundation and it failed, because Bitcoin does not need a "centralized" organisation to represent them. Bitcoin adoption is driven by normal "word of mouth" from one person to the next and some collaborative actions from some smaller role players in this scene. <Bitcoin services>

The price can go to zero, but it looks like this is going to be highly unlikely in a normal environment. <If nothing fails>  Wink

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October 06, 2018, 10:53:13 AM
 #20

In my views, I believe btc is driven by the people in a way where there is more demand for btc then more buying will be made thus resulting to a positive impact for the btc market. More people using btc as transaction payments is also good for the circulation in the crypto market and could also make btc market more active and evolving.

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