Why people debate so much about BTC value?

[GazetaBitcoin]

Since ages, people keep debating - will BTC pump? Will it go to the moon? Will it drop?

I'm asking myself what's the purpose of these questions? BTC wasn't created to compete with the value of USD or other fiat currencies, but to replace them completely. Therefore, if people would just think prices for various stuff in BTC, instead of calculating them in the BTC value compared to USD, all these questions would be irrelevant.

Think just that 1BTC is equal to 1BTC, not to its value in USD. Take as an example what happens in this forum with the price of VIP account: it was 50BTC since the beginning and it remained 50BTC, no matter the value of BTC in USD. Because the price was calculated in BTC and not in USD.

And even if we would think about the value of BTC in USD: it is 8000 times more valuable than USD!!! It is world's most valuable currency! It actually crushed the USD! So why does it matter if it is 8000USD or 1000USD? Even if it was 1000USD, it would mean it is 1000 times more valuable than the dollar, right? Even if BTC was valued at 2$, it would be twice as valuable compared to USD which is world's most important fiat currency.

[1714997098]

1714997098

[mk4]

Think just that 1BTC is equal to 1BTC, not to its value in USD. Take as an example what happens in this forum with the price of VIP account: it was 50BTC since the beginning and it remained 50BTC, no matter the value of BTC in USD. Because the price was calculated in BTC and not in USD.

I get what you mean, but tell that to a store owner. BTC a store owner accepted could be worth less(or more, of course) tomorrow, hence potentially losing money on their sales. "But 1 BTC =1 BTC!", well, most store owners and other merchants of whatever industry don't really care. We can also say 1 Venezuelan Bolivar = 1 Venezuelan Bolivar, but that 1 Bolivar is worth a lot less today compared to years ago, and pretty much has little to no buying power now.

And even if we would think about the value of BTC in USD: it is 8000 times more valuable than USD!!!

*snip*

Doesn't work that way. You need to take total supply into account; BTC is only capped at only 21 million, hence obviously it will be priced higher than $1, but it doesn't make it more "valuable" than the USD.

[The Sceptical Chymist]

will BTC pump?

I hate that term "pump" when it's applied to bitcoin, and I want to pull my hair out every time I see someone writing it in a post, which is quite often.  It has its origins in the phrase pump and dump, which isn't applicable to bitcoin and I don't think many people even think about that fact.

Anyway, bitcoin is primarily an investment even if you think it's a currency that was designed to replace fiat (which I'm not sure is actually the case, OP).  That being the case, it's only natural that people are going to focus on how much it's worth in terms of fiat--which it isn't even close to replacing.  And even if it was used far more as a currency, its fiat value indicates its purchasing power so people would still be focused on bitcoin's price in terms of fiat.  The only thing that would change that is if items were priced in terms of bitcoin.  So far that hasn't happened, and even when things are priced in bitcoin, that price is usually always fluctuating because bitcoin's value (relative to fiat) is always fluctuating.

And me?  I'm happy with bitcoin being an investment more so than a currency, and it makes perfect sense that its fiat value is extremely important.

[1Referee]

I'm pretty certain that even the most hardcore OG's are trading Bitcoin back and forth in order to accumulate more Bitcoin in the long run. How can they not? Bitcoin's market is so repetitive that it is a wasted opportunity to not do something with the boom and bust cycles. You know it does those crazy bull runs, and you know it does those crazy bear markets.

1BTC=1BTC is kinda irrelevant at this point. Every asset in the world falls under the umbrella of the US Dollar, so people will use that currency to benchmark Bitcoin against.

[Leonardo7]

For now, the value of BTC matters and will be widely talked about since the world has a unit of monetary conversion which makes it easy to peg the prices of goods and services across nations and in this regards, the USD is the world reserve currency so a reference is taken from the USD and other major currency of the world. For now, the world government is yet to officially accept BTC as a legal tender, so it just can't be pegged against our everyday transactions. This is why it's still been pegged to the existing financial system.

[suvo05]

People don't have too much options to buy products using bitcoin. They need to convert it to the fiat money to do so. So it is obvious that they are concerned about the BTC value.  If the daily life products will be available in terms of BTC values then people will not concern as much as they do now.

Another thing is most of the people see the bitcoin as an investment rather than a technology. So they don't think that they are using new technology but they think they have invested and their investment should grow in value so that they can make profit out of it.

[pakhitheboss]

Since ages, people keep debating - will BTC pump? Will it go to the moon? Will it drop?

I'm asking myself what's the purpose of these questions? BTC wasn't created to compete with the value of USD or other fiat currencies, but to replace them completely. Therefore, if people would just think prices for various stuff in BTC, instead of calculating them in the BTC value compared to USD, all these questions would be irrelevant.

Think just that 1BTC is equal to 1BTC, not to its value in USD. Take as an example what happens in this forum with the price of VIP account: it was 50BTC since the beginning and it remained 50BTC, no matter the value of BTC in USD. Because the price was calculated in BTC and not in USD.

And even if we would think about the value of BTC in USD: it is 8000 times more valuable than USD!!! It is world's most valuable currency! It actually crushed the USD! So why does it matter if it is 8000USD or 1000USD? Even if it was 1000USD, it would mean it is 1000 times more valuable than the dollar, right? Even if BTC was valued at 2$, it would be twice as valuable compared to USD which is world's most important fiat currenct.

Bitcoin only came to existence a decade ago and as far as I remember people have been asking these price related questions a lot after 2017. As many invested in it at those price levels and some are still stuck.

There is nothing wrong in questioning about price if you are investing money into the product.

Purpose of Bitcoin was different but it's existence is because of its price, therefore there is nothing wrong in asking price related questions.

[Eclipse26]

But do you think that at this point already, Bitcoin can replace fiat currency?? And also about the value of Bitcoin being compared to usd is just normal. Most of other currency are also being compared to usd. Just like in my country, the exchange between the value of PHP to USD does matter to the country. They always tell it in the news, and it's just the same with bitcoin's value. And Bitcoin is volatile so we always have to monitor it's price movement by comparing it to other currency like fiat.

[3la9l_kolbaCa]

Since ages, people keep debating - will BTC pump? Will it go to the moon? Will it drop?

I'm asking myself what's the purpose of these questions? BTC wasn't created to compete with the value of USD or other fiat currencies, but to replace them completely. Therefore, if people would just think prices for various stuff in BTC, instead of calculating them in the BTC value compared to USD, all these questions would be irrelevant.

Think just that 1BTC is equal to 1BTC, not to its value in USD. Take as an example what happens in this forum with the price of VIP account: it was 50BTC since the beginning and it remained 50BTC, no matter the value of BTC in USD. Because the price was calculated in BTC and not in USD.

And even if we would think about the value of BTC in USD: it is 8000 times more valuable than USD!!! It is world's most valuable currency! It actually crushed the USD! So why does it matter if it is 8000USD or 1000USD? Even if it was 1000USD, it would mean it is 1000 times more valuable than the dollar, right? Even if BTC was valued at 2$, it would be twice as valuable compared to USD which is world's most important fiat currenct.

This thing called valuable was truly amazing, and this has been very controversial on different forums aside from bitcointalk. People do't want to dig deeper on how bitcoin is going to increase at any predictions. What they're about to see was the effect of the hype and other possible factors that will affect the growth of increasing value of bitcoin. Indeed, it was more profitable than USD and it's the reason Government was seriously regulating the usage of bitcoin through legit purpose; limiting people on investments like ICO or the latest one which is an IEO.

[Darker45]

The price of Bitcoin has been discussed or, if you prefer, debated over the years, ever since it has got one. And the price of Bitcoin was basically based on USD. Even before Bitcoin got the $1 value, the price is already a topic. I guess the price of Bitcoin is very much a big deal to many because it is more or less an objective way to gauge how much Bitcoin is growing in terms of demand or how valuable it is to the people. And the fact that Bitcoin is being publicly traded, there has to be a certain importance attached to its price.

Another reason why the price of Bitcoin is a big deal is probably the fact that the USD is still the king of the currencies and the highest in demand. As much as we hate it, we want it. As much as we want it replaced, we still want to become richer in terms of it. And so it is even hypocritical to say that it does not matter whether the price of Bitcoin is $5,000 or $20,000 because 1BTC is always 1BTC. We always know what $20,000 can do to our lives. We are not living outside the real world where the real stuff does not matter. We want to buy a house, a car, earn a college degree, create a good life for our family, take a nice vacation every once in a while, and so forth. If Bitcoin will fall to $100, everything will change.    

[bitcoindusts]

I also wish there is no need to convert BTC to USD but it will never happen because every materials in this planet have an equivalent value in USD.  And Bitcoin is one of them.  It would be easy if shops will accept Bitcoin directly and items are priced in BTC independent from its USD value but alas, it does not work that way. 

[CryptoBry]

Well, even if we are dealing with cryptocurrency, we are still living in the real world where existing traditional infrastructures and platforms are doing their jobs everyday. All world currencies have their value equivalent in other currencies, without exceptions. No exception can be made for Bitcoin because without its equivalent value it would be hard to use it as a currency.  Just put yourself on the side of the merchant, how would you price your items for sale if there will be no equivalent value of Bitcoin? Are we then returning back to the barter stage, for that matter? No, that would be impossible. And just because we are getting the USD equivalent of Bitcoin does not mean that it is actually tied to the dollar. Bitcoin is not yet a mainstream and prime currency, sad to say that.

[Lucius]

~snip~

If you just look at this forum, most still think about how the price will one day jump high enough to make them rich. In the end, it all comes down to money and profit, Bitcoin is no exception, no matter what idea Satoshi Nakamoto had when creating it. I do not think it is realistic for BTC to replace the fiat completely, at least not in the near future. It is not only a technical matter, but it is also a human habit to leave most of the decisions in their lives to others, and in the case of finance, we are accustomed to having banks play a leading role.

Talking to people about owning BTC means being your own bank does not fall to fertile ground, because very few people want to take on that responsibility. Swimming downstream is always a lot easier than fighting the power of the river and swimming upstream.

Without the factor of value in the whole story hardly BTC would be interesting to people. It is true that 1 BTC is always 1 BTC, but it is impossible for people to get out of their heads the value of that 1 BTC. I've been tracking BTC since it was less than $200, and I can't escape the fact that it's worth 40 times more today.

[boyptc]

It's more of bitcoin is being treated as an investment that's why we're all seeking for the high prices which is based on USD. And that's the sole basis of the market for it to have a monetary value, it has to be converted with USD because it's the most used currency and basis of most currencies and even as gold, silver and other commodities and investments.

[Youghoor]

Since ages, people keep debating - will BTC pump? Will it go to the moon? Will it drop?

I'm asking myself what's the purpose of these questions? BTC wasn't created to compete with the value of USD or other fiat currencies, but to replace them completely. Therefore, if people would just think prices for various stuff in BTC, instead of calculating them in the BTC value compared to USD, all these questions would be irrelevant.

Think just that 1BTC is equal to 1BTC, not to its value in USD. Take as an example what happens in this forum with the price of VIP account: it was 50BTC since the beginning and it remained 50BTC, no matter the value of BTC in USD. Because the price was calculated in BTC and not in USD.

And even if we would think about the value of BTC in USD: it is 8000 times more valuable than USD!!! It is world's most valuable currency! It actually crushed the USD! So why does it matter if it is 8000USD or 1000USD? Even if it was 1000USD, it would mean it is 1000 times more valuable than the dollar, right? Even if BTC was valued at 2$, it would be twice as valuable compared to USD which is world's most important fiat currenct.

You have a very valid points there but the truth is that, we live in a world where the value of everything is rated with the US dollar. People always prefer to determine the value of anything in US dollar since its kinda the standard of almost currencies in the world. There is no way the value of bitcoin wouldn't be evaluated in US dollar since its a worldwide used fiat currency in this world...

[bitmover]

BTC wasn't created to compete with the value of USD or other fiat currencies, but to replace them completely.

Where did you get that information from? Satoshi never said that. And this makes absolute no sense in my opinion.
This is so unrealistic, almost delusional.

BTC will not replace fiat currencies completely, if it becomes an internet money, a travel money, and a reserve of value and so on it will be amazing already.

Fiat currencies and traditional payment methods (such as wire, swift, visa, etc) have lots of limitation which our generation (most of us here are millennials I guess) don't accept.

For example, if I want to buy a digital good in Amazon.com I will be charged about 10% in banking fees and taxes. This makes no sense. While if I could buy with bitcoin, it would be ok.
There are also inflation problems.

However, fiat currencies certainly have their pros, just some of them:
- Cash is 100% anonymous, more than Monero.
- You can store cash in a bag and you know that you don't need even an internet connection or battery to spend it.
- The existence of hundreds of fiat currencies than a single currency (bitcoin) is important for diversification in the world. What if someday someone finds a bug in bitcoin code, or finds a way to break down cryptography or whatever? World can't rely only in Bitcoin code.

Let's no create a fantasy that bitcoin will replace all hundreds different Fiat currencies in the world. There is space for them to coexist, and we probably need it.

[Linkkoin]

You have a very valid points there but the truth is that, we live in a world where the value of everything is rated with the US dollar. People always prefer to determine the value of anything in US dollar since its kinda the standard of almost currencies in the world. There is no way the value of bitcoin wouldn't be evaluated in US dollar since its a worldwide used fiat currency in this world...

Therefore if anyone wishes for cryptocurrency replacing USD as a mean of payment, such opportunity may appear only with the fall of US which cannot be replaced by any other country as a global empire.

[gentlemand]

1 BTC = 1 BTC is totally meaningless.

We live in places that have a cost, we stay alive by eating things that have a cost, we murder people over certain amounts of money.

All of those costs have to be measured and if we can't meet that cost we're screwed. If 1 BTC = 1 loaf of bread that's rather different than 1 BTC = 1 house.

Nothing concrete sets Bitcoin's value. It's the decision of the collective and that decision will change constantly due to innumerable factors. I can't see that ever changing.

[mk4]

BTC wasn't created to compete with the value of USD or other fiat currencies, but to replace them completely.

Where did you get that information from? Satoshi never said that. And this makes absolute no sense in my opinion.
This is so unrealistic, almost delusional.

Precisely. I've been reading so much of this. "Bitcoin is for x, Bitcoin is for y, etc". Well, the good news is, Bitcoin is for whatever you want to use it for! Want to use bitcoin for payments, go ahead! Want to use bitcoin as a speculative investment, sure no one's stopping you! Want to use bitcoin as a hedge for economic uncertainty? Hodl on!

Also, it really doesn't matter what Satoshi says now. Bitcoin is decentralized. No one person or entity decides what it's for and how it will transform for the future.

[chaoscoinz]

I think that debating about the value of Bitcoin is healthy for the community and cryptocurrency infrastructure. Bitcoins nature is very volatile and the volume is constantly within a state of influx and outflux, more than the traditional markets like stocks or Forex. I think the talking (speculation) helps add to the atmosphere and ecosystem which keeps people motivated, captivated, inspired and interested within the market. It is good that Bitcoin keeps people speculating, being that it is a supply and demand market. I would be afraid of the day that people stopped talking about the value of bitcoin as much, that's where the real trouble starts.