Is Bitcoin really driven by individuals?

[ansarose1]

I think that no one specifically driven bitcoin's value except i think the admin or organization that creates bitcoin. I also think if its driven by the people, its price is affected when numerous people trying to sell now 'panic selling' and does effect decreasing price of bitcoin, the demand and volume.

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[princeyeboah]

Bitcoin is decentralized, hence it is not controlled by any central authoritative body. The price and value of Bitcoin on the market is determined by several factors which all points out to its users attitude towards it on the market. It is influenced by the principle of demand and supply, hence once the number of users increases, the demand of Bitcoin increases. The readiness and willingness of users to trade BTC at certain high or low price at a particular point in time over a certain period of time determines its price and value on the market.

[Coinifyx]

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?

Decentralized and anonymous nature gives it tremendous value

[JackyChu]

Every market can be regulated by someone. To be honest, this is true, there always some big investors drive the price, they can make it go up or down.

[saumang2m]

May be like this. Because in today's time many people are connected to Bitcoin. And the more people associated with Bitcoin, the bitcoin that bits will appear in the market.

[Techbtc]

It can me driven

[sumsum90]

It is driven by individuals, the volume of the BitCoin is spread amongst a lot of people and completely decentralised. The point of block chain is complete decentralisation and anonymity. There is a lot of people that invested in it when the price was a two digit number and if someone like that decides to sell his coins at the given situation, of course that it will have a huge impact.

[Kurevazeyo]

It can be! A lot of panic sellers who eventually support the bitcoin when it hits the lowest point of price. These panic sellers are the one who make the price dump. They tend to sell their shares at the lowest price because they are scared of their investment. In this kind of situation, individual reaction lead to a downfall or succession of Bitcoin.

Individuals are clearly a determinant in creating bitcoin prices, and that happens in the bitcoin trading market. Prices can be created because sellers and buyers make large-scale transactions that will trigger prices to rise or prices to fall. Speculators play a very big role, because they have very much bitcoin.

[Ethan Argu]

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.

Individual people are the most common investor of bitcoin. Many of the bitcoin holder are individuals than the other businessmen or stakeholders. Many of the individuals learns to handle accounts and making profit thru bitcoin. Investing in bitcoin and make it business. Some of the individuals are using it by collecting money and investing it in bitcoin until they got the percentage of profit.

[denzkilim]

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.

It is more likely driven by individuals with a huge amount of hodlings or should we call them whales, these are people here in the digital assets world that has the power to control the price of a certain Crypto Currency because of the very huge number of coins that they hodl. We all know that Bitcoin is a decentralized asset(I call it an asset because it is used as an asset now instead of a currency) without any central bank or government that controls it and it is purely driven by the community of holders.

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.

But sometimes this features of Bitcoin can be abused by those people that have a lot of hodlings and the price can be manipulated and manipulation is one of the things why Securities and Exchange Commision would not approve the Bitcoin ETF. But I have a feeling after this year will end SEC might approve some of the ETF proposals for Bitcoin and this good news might make the price recover again.

[trauchot]

Like many people, I think that bitcoin is manipulated by big players, there are various communities in which there are a huge number of millionaires and billionaires and they decide what to do with bitcoin, when to withdraw their money so that the market will drop or when to invest their money to pump bitcoin. Bitcoin values are really incredible, because bitcoin has not yet been fully disclosed and bitcoin technologies already help in various fields and this brings incredible opportunities and discoveries for the future of humanity.

[dongyi17]

I guess Bitcoin really has driven not only of individuals but corporate team, those highly individual who works as a team has influence on the changes on bitcoin or its value in the marketplace, but then the different situation all over the world has an effect for bitcoin.

[axxo]

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?

Bitcoin is driven by people or groups who used to invest in the crypto currency. The movement of the crypto currency market depends on the transactions made by those investors including us.

[aray80]

I think Bitcoin gets more support from the community that joins for the development of bitcoin and cryptocurrency rather than individual support (individuals)

[gheawari431]

It can be! A lot of panic sellers who eventually support the bitcoin when it hits the lowest point of price. These panic sellers are the one who make the price dump. They tend to sell their shares at the lowest price because they are scared of their investment. In this kind of situation, individual reaction lead to a downfall or succession of Bitcoin.

In bitcoin trading, the role of individuals is very influential on the stability of the price of bitcoin. They easily panic when prices go down or are very happy when prices rise, so they sell immediately. Bitcoin holders with characters like this are very many.

[Bennix]

Of course, bitcoin is driven by individual of different categories, and we have witnessed many people selling their bitcoin at price below the cost price as a result of some influential individual tagging bitcoin bad name.In response to this,we have seen people panic selling their bitcoin because of the news carried by some individual, even when people know that bitcoin has come a long way.
This is also the reason people are not playing with any negative news focused on bitcoin,and people sell aggressively so they can buy at the bottom.
If,on the other hand, bitcoin is not driven by individual bitcoin price won't have been subjected to a high degrees of volatility.

[anitaraymonds]

Bitcoin is decentralized and cannot be controlled by any individual or bodies. But the actions of the holders of the coins is what is seen as the market reaction which now moves the market in the desired direction depending on the strength of the actions of the individuals. This is called market sentiments and it is responsible for price movement in the market.

[Fesatmas]

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?

That may be true, but at this time we do not know the real truth. People who make bitcoin are still mysterious, many people say that he just disappeared, but how can this bitcoin be as popular and highly valued we don't know that.

[pant-79]

Bitcoin value doesn't equal 0, at least for one reason - the cost of mining. Without mining, Bitcoins will not be, that is, a necessary condition for the existence of Bitcoin is mining. In order to make mining possible, it is necessary to purchase special equipment and pay for the power grid that will be spent on the operation of this equipment. That is, already at this stage, Bitcoin production has costs.
We all know that over time, bitcoin mining becomes more difficult, and the block reward decreases. That is, the initial cost of extraction of a single unit grows. This is what determines that the value of Bitcoin can't be equal to 0.
And the demand for bitcoin affects its current price.

[mohammedmattar]

This depends on your value criterion
Minerals, for example, in their mass
And its price is determined on the basis of its characteristics and scarcity and this concept
But what is the value of Fiat?
It's just a paper ..
Their value has been determined by our recognition of this value and our acceptance of it
The BTC offers a technology that is more useful than Fiat that just an expression of the strength of the country's economy.