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Author Topic: Is DeFi benefiting Bitcoin?  (Read 795 times)
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October 12, 2020, 10:28:06 AM
Last edit: October 12, 2020, 10:41:08 AM by Bitcasino.io Support
 #1



Hi everybody,

Bitcoin’s price has been hovering around the range of US$8,500 to US$10,000+. DeFi tokens, on the other hand, have surpassed Bitcoin massively.
What’s interesting to note is that the more DeFi tokens gain upward momentum, the more Bitcoin could possibly be boosted when DeFi undergoes a correction.

With the rise of DeFi, this brings us to ask: can Bitcoin be boosted by DeFi?

Read on here: Is DeFi benefiting Bitcoin? and let us know your thoughts on this.

Thanks,
Karl
Bitcasino.io


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October 12, 2020, 10:29:40 AM
 #2

I think, any crypto related project that attracts more people befenits Bitcoin. Just like Bitcoin benefits the other crypto projects. That doesn't necessarily mean that DeFi is a good idea or a solid project.




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October 12, 2020, 10:34:32 AM
 #3

-
Bitcoin’s price has been hovering around the range of US$8,500 to US$10,000.
-

Am I reading right here? We are in the $11300+ level right now. So the range you are referring here was couple of months back? But on the note that DeFi is benefiting btc, I believe yes. Because those noncrypto users that got attracted to DeFi because of the hype, will eventually learn about bitcoin. And from that situation, they can compare the difference of btc and defi. And I think some of them will appreciate the benefits that btc will bring to them.

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October 12, 2020, 10:35:47 AM
 #4

I was going to enter into the discussion, but I put the OP on ignore because of that stupid great image. What on earth was the point of including that to waste everybody's time and bandwidth?

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October 12, 2020, 10:36:16 AM
 #5

with the arrival of defi it does not affect bitcoin at all and bitcoin will still be able to run without the influence of defi, currently bitcoin has shown $ 11K+ and will continue to move up even though there may be defi that surpass bitcoin but bitcoin will still be an idol to keep looking for . conclusion without any defi bitcoin can still move well.

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October 12, 2020, 11:06:20 AM
 #6

Hi everybody,

Bitcoin’s price has been hovering around the range of US$8,500 to US$10,000+. DeFi tokens, on the other hand, have surpassed Bitcoin massively.
What’s interesting to note is that the more DeFi tokens gain upward momentum, the more Bitcoin could possibly be boosted when DeFi undergoes a correction.

With the rise of DeFi, this brings us to ask: can Bitcoin be boosted by DeFi?

Read on here: Is DeFi benefiting Bitcoin? and let us know your thoughts on this.

Thanks,
Karl
Bitcasino.io


We may have different opinion on this but I think the there's a pro's and cons regarding on the Defi discussion and what is the effect on bitcoins.

Provably there is since for sure people will grab some Bitcoin first in exchange to Defi tokens available on some top tier exchange and medium tier ones, for this it will possibly create a demand for Bitcoin. Also the somehow bad effect I see from it is the scammers joining the DEFI scene since they might create a market confusion if they turn scam and dump their accumulated bitcoins.

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October 12, 2020, 11:09:25 AM
 #7

OP should first know that it is not the price of a coin that matters, it is the marketcap, why are the DeFi projects that surpass bitcoin in price not gotten above bitcoin in ranking. DeFi never at all surpass bitcoin and they all have a long way to go, summing up the whole DeFi project is nothing before bitcoin.

Let me explain this for you to know better, each projects on DeFi counts on ether price, I mean the more investors are investing on DeFi projects, the more will the price of ether is increasing. Still, ether is nothing before bitcoin not to mention the whole DeFi.

There is a DeFi project called wBTC, in which investors can invest on and make profit, the more investors invest on wBTC, the more the price of bitcoin will increase and the more the price of ether will increase, but the increase in price of bitcoin is so small because wBTC contributes to less than 1% of bitcoin marketcap. Most DeFi are built on ethereum network, which makes it contributing to Ether price and marketcap itself. Some are built on tron network but not as strong as the ones of ethereum platform in reflect to marketcap.

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October 12, 2020, 11:13:59 AM
 #8

Once a crypto bubble pops and you're part of it, two things happen most of the time: you either sell in complete sadness and never go back to crypto again, or you repeat the same mistake until you finally realise you would've been so much better off with Bitcoin.

So yeah, it does tend to benefit Bitcoin especially as people quit DeFi. Besides verified fiat-crypto exchanges, the best and quickest way to get out of a hype is by exchanging the said coins into other cryptocurrencies - and most money goes straight back into BTC and ETH. The more altcoins lose power, the more power Bitcoin gains.





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October 12, 2020, 11:16:10 AM
 #9

In my opinion yes. Bitcoin is the primary cryptocurrency and all new investors that will enter DeFi will surely buy first bitcoin before they start buying DeFi token that preferred. The majority of crypto user preferred Bitcoin as there main coin in there portfolio and most of the investors diversify there investment. If many new traders will surge to buy DeFi token,  I'm pretty sure that they will buy BTC too to add on there portfolio.

BTC is just like Gold in precious metal. If a trader will buy silver, they will buy too Gold once they have enough money because human is always looking for more much better things.

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October 12, 2020, 11:20:48 AM
 #10

So yeah, it does tend to benefit Bitcoin especially as people quit DeFi. Besides verified fiat-crypto exchanges, the best and quickest way to get out of a hype is by exchanging the said coins into other cryptocurrencies - and most money goes straight back into BTC and ETH. The more altcoins lose power, the more power Bitcoin gains.
The most money will go back to bitcoin only, the reason is that if you invest on DeFi project on ethereum network, the marketcap of ether will increase, while the price also will increase (it is like people are still buying ether but although it is DeFi coins). If investors leave the DeFI project by withdrawing there money, it means the price of ether will fall because most of the money will go to bitcoin and ether, but more money if withdrawn from ethereum platform (DeFi projects) than the ones sent to ether which will make the price of ether to fall.

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October 12, 2020, 11:25:06 AM
 #11

Before we answer that question, there are few things we need to ask
1. Is it build on top of bitcoin (whether as side-chain or off-chain) ?
2. Does it utilize Bitcoin at all (e.g. using Bitcoin as payment option or option to swap altcoin/token with Bitcoin) ?

Unfortunately the answer is no for both question on most DeFi, so i doubt DeFi benefiting Bitcoin directly.

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October 12, 2020, 11:52:49 AM
 #12

It does. We can compare this scene to the ICO bubble and that made bitcoin pump as high as it did and everyone will agree that the ICO market helped bitcoin to pump during that time. So does this defi market also giving benefits to bitcoin but as for this defi market, this can't stand alone. Without bitcoin, it can't last but bitcoin even without this crowdfunding, defi market, and any other sort of the same project, it can stand on its own and we all know about it.

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October 12, 2020, 12:52:17 PM
 #13

It did not benefit Bitcoin (blockchain) but it contributed to bitcoin (BTC) somehow. I guess there are plenty of people who bought more BTC and locked it up or tokenized it to get more rewards from these DeFi projects.

Or maybe it does benefit Bitcoin a little? More BTC lock up in DeFi projects would mean less BTC in circulation which leads to less transaction and less network congestion Grin

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Vatimins
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October 12, 2020, 12:57:22 PM
 #14

     People will always have contrasting opinions about this since if we think about it, defi can both be a pretty good thing or a bad thing for the crypto currency industry and not just to bitcoin itself. At the end, what it comes down to is the different types of perspective that everyone has and how the majority would act on any thing related. Just as how things has been happening in the past years

onecall123
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October 12, 2020, 01:18:50 PM
 #15

The 2018 cryptocurrency crash put the market in the disappointment mood. Bitcoin price have experienced downtrend for a long time. In the ongoing DeFi publicity we've encountered some advantages and disadvantages but somehow the whole market back into mainstream as before. People back into the crypto market that is the primary concern how DeFi publicity benefiting Bitcoin.
20kevin20
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October 12, 2020, 01:43:45 PM
 #16

The most money will go back to bitcoin only, the reason is that if you invest on DeFi project on ethereum network, the marketcap of ether will increase, while the price also will increase (it is like people are still buying ether but although it is DeFi coins). If investors leave the DeFI project by withdrawing there money, it means the price of ether will fall because most of the money will go to bitcoin and ether, but more money if withdrawn from ethereum platform (DeFi projects) than the ones sent to ether which will make the price of ether to fall.
Your argument doesn't make sense. Money going out of DeFi and into Ethereum/Bitcoin means DeFi's market cap should theoretically be reduced while Ethereum/Bitcoin's should increase. Besides the fact that most DeFi tokens are based on Ehereum's blockchain, I don't think there is any other correlation between the two.





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MusaMohamed
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October 12, 2020, 01:52:06 PM
Merited by CaVO32 (1)
 #17

DeFi can benefit bitcoin or harm bitcoin. It depends.

- DeFi is a hype scam. People who lost money with their investment in DeFi will feel fear of crypto after that. Especially if they are newbies. The scam and their easy losses can force them keep investment distancing with bitcoin and crypto (not social distancing, LOL).

- DeFi can benefit bitcoin. People who don't lose money in DeFi or luckily earn profit and exit fast enough. They see the fail of DeFi and realize how good bitcoin is. They will stay with Bitcoin. It is a side of benefit DeFi brings to Bitcoin.
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October 12, 2020, 02:46:39 PM
 #18

For most people when reading about any crypto project they tend to find out about Bitcoin as well. So in theory it helps to know more about the whole ecosystem. Since DeFi is complex and requires study.

But as mentioned, no DeFI is built on top of Bitcoin. It does not use the same code. It is not possible to trade with Bitcoin.

The only impact is on the Fomo that people use and end up buying everything while the bubble is rising.
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October 12, 2020, 03:14:56 PM
Merited by LFC_Bitcoin (1)
 #19

DeFi is a hype scam. People who lost money with their investment in DeFi will feel fear of crypto after that. Especially if they are newbies. The scam and their easy losses can force them keep investment distancing with bitcoin and crypto ~
That's what I wanted to say. But I will add little more thing here. People who loss their money in DeFi project may move to bitcoin when they will realize it is much safer than any DeFi project. Though it won't give them much profit shortly as DeFi does. Not only profit maker moves to bitcoin from DeFi. Currently DeFi project attracting a lot of newbie in crypto world. Many of them finally showing interest in bitcoin too.

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October 12, 2020, 03:44:33 PM
 #20

DeFi can benefit bitcoin or harm bitcoin. It depends.

- DeFi is a hype scam. People who lost money with their investment in DeFi will feel fear of crypto after that. Especially if they are newbies. The scam and their easy losses can force them keep investment distancing with bitcoin and crypto (not social distancing, LOL).

True! Defi market is full of scammers and we have seen few exit scams already where people have lost their money big time! However, there are few defi programs as well which has definitely grabbed a million eyeballs and still growing stronger. Defi can definitely boost bitcoin but indirectly. I don't see any direct benefits on bitcoin.

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