Is Bitcoin really driven by individuals?

[Kaznachej123]

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?

    I believe the past two months have been the most productive period for BTC and crypto, especially in institutionalizing the market and strengthening its infra. Many asked why it doesn't have any impact on the price. Lack of impact on price may suggest large OTC accumulation is going on.

[Qurelal]

Many attribute this control role to bitcoin core developers. This is definitely not the case. Although the developers of the Bitcoin core do have a noticeable influence, in reality two groups of people manage Bitcoin: users and miners.
Bitcoin itself is, in fact, just a protocol; a language that computers can share. And it is very important that Bitcoin is an “open” protocol: there are no gatekeepers or requirements for those who want to become part of the Bitcoin network, apart from the willingness to follow the protocol.
Any sufficiently competent developer can make his software to join the protocol. But, of course, everything is done in such a way as to simply download and run software developed by others.
Bitcoin itself is ultimately controlled by users running the software on their computers.
This type of control is perhaps better than natural languages. While there is no single authority that once introduced English to everyone, many people voluntarily accept the same grammar rules to communicate. People "manage" English using it.

[liskanth]

The notion that cryptocurrency doesn't need intrinsic value is nonsense, because market value always depends in part upon intrinsic value. “Currencies to be exchangeable have to be backed by something,” Greenspan points out. Without intrinsic value, nobody would have assigned Bitcoin a value in the first place

[serjent05]

Yes it is. Its value is determined by people who use it. No institution, no highest entity regulates and determines its value but the people who patronize it. The more people demand for it the more the value increases. If everyone stop using and needing it its value will drop or even die.

[mahibul49]

though bitcoin and other alts are decentralized but still i think bitcoin price is controlling whales right now.but when more money will come to bitcoin market cap.no individuals person can driven it.the more people will demand bitcoin ,the more price will go up.

[Mpamaegbu]

Scarcity gives a thing its value. This is the major reason that gold and diamond are expensive. Bitcoin as the pioneer cryptocurrency is highly limited in supply and I believe this has impacted its price. Therefore, we can confidently say the people impact the market and the market forces decide the price. It's a sentiment thing and nothing more to it. The same Bitcoin that was worth over $19,000 is now around $6000. Nothing has really changed except the people's sentiment towards it.

[pavka]

though bitcoin and other alts are decentralized but still i think bitcoin price is controlling whales right now.but when more money will come to bitcoin market cap.no individuals person can driven it.the more people will demand bitcoin ,the more price will go up.

Indeed, it is precisely demand and supply that set the price for bitcoin and as it turned out, these processes can be successfully managed by holders of a large number of coins. I think in the future, in order for Bitcoin to become independent of the influence of whales and become less volatile, a method will be invented for limiting the number of coins that are in the free market at a certain point in time.

[basyang]

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?

Yes. You are right about that because it is decentralized and even government can not handle it. Because of demand and supply thats why its brings value and drives us because of its volatility of price. Its value is one of the reasons why it popular, thats why many investors are interested to buy and sell bitcoins. But its up to us how we see the value of bitcoin and how we used it to driven its value.

[CoinsGazer]

Bitcoin has value because it is useful as a form of currency. Bitcoin has the mathematical properties of money (persistence, portability, interchangeability, scarcity, severability, and legibility) rather than relying on physical characteristics (such as gold and silver) or the trust of the central authority ( Such as legal tender). In short, bitcoin is supported by mathematics. With these characteristics, what is needed for a monetary form to have value is trust and use. For Bitcoin, this can be seen in its growing base of users, merchants and start-ups. Like all currencies, the value of Bitcoin comes directly from people who are willing to accept it as a means of payment, and this is the only source.

[Tapyaks72]

Bitcoin has value because it is useful as a form of currency. Bitcoin has the mathematical properties of money (persistence, portability, interchangeability, scarcity, severability, and legibility) rather than relying on physical characteristics (such as gold and silver) or the trust of the central authority ( Such as legal tender). In short, bitcoin is supported by mathematics. With these characteristics, what is needed for a monetary form to have value is trust and use. For Bitcoin, this can be seen in its growing base of users, merchants and start-ups. Like all currencies, the value of Bitcoin comes directly from people who are willing to accept it as a means of payment, and this is the only source.

Yeah because it is a decentralized currency it is controlled by the peoples and investors it is just like in a market place that there's no middle man manipulating prices in the process. P2P transaction will eliminate manipulation and keep transaction faster, economical and efficient.

[jikurpa]

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.

very true opinion that you convey, because we know all the development of cryptocurrency good and bad cryptocurrency depends on the investor itself, strength lies in the interest and trust of the investors themselves

[suzanne5223]

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.

very true opinion that you convey, because we know all the development of cryptocurrency good and bad cryptocurrency depends on the investor itself, strength lies in the interest and trust of the investors themselves

You both make your point but in my opinion vitcon is drive by 3 catdgories of people and they are investors (the level of new investor), the whales(cause they have the money whic they can use to manipulate the market) and the community action concern news (which could either be FUD or not but the community decision will determine the market price).

[ynclksnr321]

It is a market crypto market, which is definitely the price of people rather than corporate. At this point, too many btc holders in the hands of a little more direction while giving the little ones in the hands of the others, unfortunately, determine their status according to the movement.

[Ucy]

I wish people could tell us what they really want regulated by government in Cryptocurency.
Is it the anonymity part?
Is the censorship part?
Is it the deflation part?
The immutable part?
The transparency?
The fixed supply?


What exactly do you want regulated? Because Bitcoin is doing just fine without so called institution regulations.

[princestan]

the truth is that the more individuals in the system the better,safer and more beneficial it becomes... Individuals drives the rise and fall of bitcoin during there day trading and also there long term trade. So in short, No individual no cryptocurrency

[bitezoid]

minimum price will not happen

[Herbys]

The value of Bitcoin is inseparable from its usefulness as a form of payment and the ability to be used by more and more people around the world.

In the future, Bitcoin is very attractive for the possibility of being a means of capital savings.

[kwakufavour]

This is one question most people fail to answer. Bitcoin is a decentralized currency. Yet upon its decentralization, there is a force behind it. Influencial people in the crypto space also influence bitcoin. So i sometimes i tend to get confused as to how this is decentralized in itself if it is still under the influence of others.

[Omega Weapon]

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?

The value of something comes from different several sources, and when it comes to bitcoin its value comes from being a network that no one controls directly and that cannot be censored, that is very valuable in itself and when you add the fact that you have a coin that is not controlled by any centralized party then it's not really weird to find that people are giving a very high value to it.

[Ains_sama]

once again, this is like gold. prices are due to mutual agreement by bitcoin users. bitcoin has value because of its technology review, so that technology developers give value to bitcoin. It is said that bitcoin technology is better than banks, so this technology cannot be ignored. and always rated every time.